MRKT20052: Marketing Management and Digital Communication Assessment 2

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MRKT20052: MARKETING MANAGEMENT AND DIGITAL COMMUNICATION
Assessment 2: Marketing plan
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Contents
5. Situational Analysis.....................................................................................................................3
Company Analysis.......................................................................................................................3
PESTEL Analysis........................................................................................................................3
Competitive Analysis...................................................................................................................4
Customer analysis........................................................................................................................5
SWOT Analysis...........................................................................................................................5
6. Problem Statement.......................................................................................................................6
References........................................................................................................................................7
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5. Situational Analysis
Company Analysis
Music Lens is a technological company providing the smart glasses which are unique and speak
to lovers of music, trendsetters, and people having a busy lifestyle. The music can be listened to,
make phone calls, and tune into the radio without putting anything in ears. This product will be
launched in Australia in the year 2019. In the market currently, there are no widely used smart
glasses and Music Lens will be the first smart glasses with the affordable prices and this is
practical in use. It is super convenient, safe, healthy hearing and trendy in choice which can
make it a successful product in Australia. This product is the combination of the trend vision and
intelligent hearing of avant-garde’s styling which allow customers enjoying the ultra- high-
quality hearing technology of bone conduction which liberates the ear film wherever the
customer is and can enjoy the music with full fun. The best part about this product is that it does
not harm the eardrums or does not cause ache to ears even after wearing for the whole day (Dey,
et.al, 2012).
PESTEL Analysis
While launching of the product music lens in the Australian market it is important to do the
PESTEL analysis
 Political factors:-
Australia has a stable regulatory and political environment. It is progressive and open.
The government policies of Australia are such which welcomes the new and innovative
products and companies in their market so that they can benefit the Australian citizen.
Good subsidiaries are granted to new companies and products in Australia (Stevens.et.al,
2013).
 Economic Factors-
Australia has good economic growth and trends which is a positive point for the Music
lens to get launched. There is a stable rate of interest, high level of employment, low
inflation rate, and the rising rate of interest. Trade cycle for Australia is much similar to
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the global cycle for trend. The open market is available with less restriction is a good
environment for the music lens to do business.
 Social factors-
There is a diverse cultural environment in Australia having a collection of diverse people
who are living in young society and are keen for the new and innovative products in the
market. This creates a good platform for the music lens as it has high-quality bone
conduction hearing technology which will attract the customers and can capture large
market share in Australia increasing its profitability.
 Technological factors-
Australia is a highly technologized country with different and high-quality technology.
The adoption of new technology is more frequently in Australia if compared to other
countries. Music lens being an innovative and highly qualified technology will be easily
adopted in the Australian market. Rate of technological diffusion is also needed to be
considered at the time of launching the Music lens (Cronin-Gilmore, 2012).
 Environmental factors-
The weather and climate of the country play a crucial role in doing the business and
various environment protection acts are applied in Australia and while making any of the
decisions government also ensures to consider the impact of the environment.
 Legal factors-
The legal framework in Australia is robust enough for protecting the rights of intellectual
property of an organization. Laws related to the data protection, consumer protection
laws, discrimination laws, and anti-trust laws are well applied in the country which
makes it easier and safe country for Music lens to get launch in the Australian market
(Stevens.et.al, 2013).
Competitive Analysis
Although Music lens is the market leader in producing the smart glasses that can be used daily
having headphones for radio, music, and phone but there are probability and threats to the
company that it can have many prospective competitors in future due to which its selling can be
affected simultaneously affecting its market share and customer segments and ultimately
resulting in affecting its profitability and growth of success. The companies such as Intel vaunt,
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Vue, Spectacles Nico along with Veronica, Bose frames are some of the companies that also
offer good glasses. It might be possible that these companies or any other company can start
producing such smart classes with varies additional innovative technology which can affect the
business of Music Lens (Cronin-Gilmore, 2012).
Customer analysis
The company Music Lens will target three types of customers in the Australian market which
includes the customers who are called as the early innovators, music lovers, no price issues.
Customers who are early innovators are the people who are willing to try the new product and
new innovative technology that come in the market and as Music lens product will be one of the
innovative product in Australia then it can attract such customers. This will include the
customers with the age group from 13 to 60 (Pratiwi.et.al, 2017).
The persons who are music lovers will love this product and the company will target them so that
it can increase its customer base. The customers with this target segment will include all the
people of any age group as the music lovers cannot be defined with the particular age group.
People of all age group are the lovers of music and along with it some also want to try smart
glasses. It will also target the customers who have no price issue and can go for the innovative
product without thinking about the price (Chang.et.al, 2013).
SWOT Analysis
Strengths Weaknesses
 It has bone conduction with crystal
clear sound and has enhanced bass
 Can be played continuously for nine
hours
 Offline storage of $ GB is available
 Bluetooth with 5.) frequency is
available
 Wear detection and touch controls in
which the micro-sensors respond to
touch
 This is an innovative product with the
use of high technology due to which
more costs incurred in its
manufacturing
 The high cost of the product
 Lack of awareness of the brand
(Kotler.et.al, 2017)
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 Availability of prescription glasses
 Calls can be answered with the simple
tap
 Wearing recognition
Opportunities Threats
 Meet the standards of Europe, USA,
and China
 Eco-friendly
 Sound technology is always welcomed
 To increase the customer segments and
increasing the target market because of
its high-quality technology of bone
conduction (Pike, & Page, 2012)
 The entry of new competitors in the
market for the same field
 Low consumer income customers do
not prefer to buy high price product
 Being a new product there is a threat if
the product will be acceptable by a
large number of customers or not
 Growing technological expertise
 Increasing regulations of the
government
 The pressure of downwards pricing
6. Problem Statement
It is possible that the Music lens can face some of the problems while introducing its product in
Australia. It can include lack of awareness the customers have regarding the product of Music
Lens and for this, the company will be required to make an investment in its marketing and
promotional strategy which will increase the cost to the company. The other problem that the
company can face may be related to the pricing strategy as if eth company will set a reasonable
pricing strategy then it might face with the affecting its profitability issue. The company can face
the distribution challenge as it might be possible that national distribution types are not available
to them.
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References
 Chang, A. Y., Hu, K. J., & Hong, Y. L. (2013). An ISM-ANP approach to identifying key
agile factors in launching a new product into mass production. International Journal of
Production Research, 51(2), 582-597.
 Cronin-Gilmore, J. (2012). Exploring marketing strategies in small businesses. Journal of
Marketing Development and Competitiveness, 6(1), 96-107.
 Dey, K., Modani, N., Nanavati, A. A., Prasad, S. K. N., & Nagar, S. (2012). U.S. Patent
No. 8,296,175. Washington, DC: U.S. Patent and Trademark Office.
 Kotler, P., Bowen, J. T., Makens, J., & Baloglu, S. (2017). Marketing for hospitality and
tourism.
 Pike, S., & Page, S. J. (2014). Destination Marketing Organizations and destination
marketing: A narrative analysis of the literature. Tourism Management, 41, 202-227.
 Pratiwi, A., Sutopo, W., Zakaria, R., & Rasli, A. M. (2017). Formulating Strategy
Through QSPM Based on SWOT Framework: A Case Study Spin-Off Company in
Malaysia. Advanced Science Letters, 23(9), 8646-8651.
 Stevens, R. E., Loudon, D. L., & Nykiel, R. A. (2013). Marketing your business: a guide
to developing a strategic marketing plan. Routledge.
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