MRKT20052: Comprehensive Marketing Plan for Musiclens in Australia

This report details a marketing plan for Musiclens, focusing on its potential in the Australian market. It begins with an executive summary, followed by an introduction to Musiclens' innovative smart glasses and the competitive landscape. A situational analysis using PESTEL factors assesses the political, economic, social, technological, and legal environments. Competitive analysis compares Musiclens with competitors like Niro, Vue, and Intel Vaunt. The report identifies the target customers through demographic, geographic, psychographic, and behavioral segmentation. A SWOT analysis evaluates Musiclens' strengths, weaknesses, opportunities, and threats. Marketing mix strategies, including product, price, and place, are outlined, along with budget allocation, implementation plans, and promotional schedules. The report concludes with a summary of findings and recommendations.

Running head: MARKETING MANAGEMENT
Marketing Management
Name of student
Name of University
Author note

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Executive summary
The report was prepared to demonstrate the potentiality of Musiclens in operating in the
Australian business scenario. The assignment also provided a brief explanation of the various
factors contributing to the business functioning as well as the strengths of the brand and its
product that could allow for sustaining within the competitive business environment. The
objectives of the company were to increase the profit level and at the same time, benefit the
shareholders and expect investments to be made for ensuring that the new product could be
launched successfully in the market. The pricing was done properly and also the assessment of
competitors and market segments further helped in proper targeting and positioning of the new
product in the market with ease and effectiveness.

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Table of Contents
Executive summary.........................................................................................................................1
Introduction......................................................................................................................................3
Situational analysis..........................................................................................................................3
Political factors............................................................................................................................4
Economical factors......................................................................................................................4
Social factors...............................................................................................................................5
Technological factors...................................................................................................................5
Legal factors................................................................................................................................6
Competitive analysis........................................................................................................................6
Identification of the target customers..............................................................................................7
SWOT analysis................................................................................................................................9
Weaknesses....................................................................................................................................10
Marketing mix strategies...............................................................................................................12
Product.......................................................................................................................................12
Price...........................................................................................................................................12
Place...........................................................................................................................................13
Budget allocation...........................................................................................................................14
Implementation plan......................................................................................................................14
Promotional schedule.....................................................................................................................15

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Conclusion.....................................................................................................................................15
Reference.......................................................................................................................................17

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Introduction
Designing the marketing management strategy is one of the most important factors to be
considered by the contemporary business organizations. This is due to the reason that the current
business scenario is much competitive and intense with the presence of number of competitors.
Thus, the more effective will be the marketing strategy, the more will be the potentiality for the
business entities in gaining maximum from the market. In the recent time, Musiclens are creating
stir in the American market by introducing innovative sunglasses and spectacles. The smart glass
being offered by Musiclens are unique in their way (Lusch & Vargo, 2014). The feature lists of
the products include bone connection audio with enhanced bass and Bluetooth facility. In
addition, users will have the touch screen controls and battery lasting up to 9 hours playtime.
Thus, with the smart glasses of Musiclens, users will be able to have truly hands free experience
in streaming music. However, with the increase in the market opportunity for the smart glasses,
competition is also getting increased for Musiclens with the entry of new players (music-
lens.com, 2019).
This report will discuss about a detailed marketing plan analysis of Musiclens including
all the required elements. In addition, the target market for them will be also identified and based
of the identified factors, marketing objectives will be identified. Marketing mix strategy will be
analyzed and implementation plan will be designed.
Situational analysis
Determination of external business situations is important for Musiclens due to the reason
that external business factors are changing in rapid pace and it is important for Musiclens to cope

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up with these changes. The following section will discuss about the external situations of
Musiclens on the basis of PESTEL factors.
Political factors
Australian political scenario is favorable towards the foreign investments due to the pro
business attitudes of the Australian government. Australia is having democratic and capitalist
type of government that will help Musiclens in gaining favorable political environment in the
country. The political factors include the taxation, rate of interest and other factors that are
mainly controlled by the Government of Australia to create an impact on the income generated
within the music industry (Beeson & Higgott, 2014). Moreover, the trade agreements and
positive diplomatic relationships between the United States and Australia will also help
Musiclens in trading process between the two countries. However, it should be noted the political
gains will be maximum for Musiclens if they are having manufacturing facility in Australia.
Economical factors
It is reported that Australia is witnessing positive trend of economic growth in the last
few years and this will have favorable impact on the business operation of Musiclens. This is due
to the reason that products of Musiclens are priced at premium and thus positive economic
conditions are important. Moreover, the competition for the smart glasses of Musiclens is also
low in the Australian market due to the new and innovative product in the market. However, on
the other hand it should also be noted that Australian economy is highly globalized in nature and
thus the risks of global recession is more in the country (Bishop et al., 2013). In the case of
Musiclens, it will have negative impact due to the fact that recession in the economy will affect
the premium products the most. The rate of inflation can influence the spending made by the

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customers while the demographic conditions also influence the performance of the music
industry. The buying behaviors of consumers can also make the clients ready to make purchases,
hereby make the product mature in the market, furthermore according to the business life cycle.
The economic growth prospects can also facilitate growth of options of suppliers and ensure
steady production, which can allow for business expansion too.
Social factors
Australia is also having high intensity of social globalization and thus it will be easier for
Musiclens to market their products. This is due to the fact that of globalized society will have
more acceptances towards the new and innovative product. In addition, the young generation in
the country is having acceptances towards tech gadgets. The recent trend has been change in
behaviors and lifestyle choices of young generation, which can also make them inclined towards
the new products made available (Bradshaw et al., 2013). However, on the other hand, it should
also be noted that the taste and preferences of the customers towards the tech gadgets and this
will be challenging for The political factors include the taxation, rate of interest and other factors
that are mainly controlled by the Government of Australia to create an impact on the income
generated within the music industry. This is because of the fact that it is difficult to change to the
product variety of the tech gadgets in rapid pace.
Technological factors
Technology is the key and core factor for Musiclens because they are tech products. It is
identified that the smart glasses being offered by Musiclens are one of the kind in the market.
Thus, they are already having the leadership in terms of innovation. In addition, Australia is a
developed country and thus having access to developed technological infrastructure. This will

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pose opportunities for Musiclens in doing business in the country. Technological innovations
will also facilitate the marketing efforts put by the company through online promotions and
digital communication channels for better brand exposure and identity
Legal factors
Business laws and regulations will be relevant for Musiclens in doing business in
Australia. This is due to the reason that there are certain legal formalities to be faced by the
foreign investors in Australia. However, the effective legal framework being followed in the
country will be beneficial for Musiclens in their business operations excepts for a few
amendments that might pose challenge to them in coping up with.
Competitive analysis
Apart from the analysis of the external environment, it is also important to initiate the
competitive analysis. This is due to the reason that intensity of the competitors in the market will
determine the extent to which Musiclens will have competitiveness. It should be noted that the
intensity of the competition for Musiclens is more in their home country than in the host country
and some of their major competitors are Niro, Vue and Intel Vaunt (Rauschnabel and Ro, 2016).
All of these brands are offering smart glasses. The following section will compared each of these
brands on the basis of their competitiveness.
Major competitors Background
Niro Niro is having photo capturing facilities with dual camera
installed in the front frame. They can take up to 70 videos and
photos and transfer to the phone. They are following premium
pricing with the expensive price points. However, the product

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varieties are low compared to Musiclens.
Vue Vue is positioned as more mass market and affordable
alternative to Musiclens. However, the features on the product
are inferior compared to Musiclens. It is also identified that this
brand is facing the issue of authenticity and trustworthiness.
They are catering to the customers on the basis of cost
effectiveness.
Intel Vaunt Vaunt is offering one of the most of technologically advanced
smart glasses in the market. They are based on Google glass but
with more user conveniences. In addition, vaunt is having the
retina display in their glasses. On the basis of these features,
premium pricing is being followed.
Identification of the target customers
As discussed in the above section, identification of the target customers is important for
the marketing plan due to the reason that the marketing process will be based on the taste and
preference pattern of the customers. The target customers of Musiclens will be identified on the
basis of different segmentation variables. However, on the basis of the customer type early
innovators and adopters will be targeted. This is due to the reason that early innovators are the
one who will be acceptable towards new technologies and value proposition in the market
(Cross, Belich and Rudelius, 2015). Thus, Musiclens being the innovative product in the market
will witness higher acceptability among the early innovators. On the other hand, early adopters
will be targeted because early innovators are small in number. The major advantage that will be

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gained by targeting the early adopters will be their influence on others. They are given
importance for their opinions and feedback in the society. Thus, targeting them will help
generating positive influence in the market. The following section will discuss about each of the
segmentation variables.
Demographic segmentation In terms of the age groups, customers between the age of 18 and
30 will be targeted. Thus, the young adult age groups will be
targeted due to the reason that this age group is more aware about
the technological development and evolution. In addition, this age
group is also consists of professionals who are having the
affordability of purchasing the premium products of Musiclens.
The age group above 30 will be targeted as the secondary target
groups. This is due to the reason that they are also aware about
the latest tech gadgets in the market and avail the products
(Canhoto, Clark & Fennemore, 2013)
In terms of the gender, both the female and male customers will
be targeted because Musiclens is having glass designs for both the
genders. In terms of the income level of the customers, only the
upper segment will be targeted due to the fact that products of
Musiclens are premium and expensive.
Geographic segmentation Geographic segmentation will include customers from the tier I
cities and regions of Australia. This is because of the fact that
premium customers will be available more in the metropolitan
cities. In addition, the higher average per capita income of the

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customers from tier 1 cities will also be favourable for Musiclens.
Psychographic segmentation Customers with having active lifestyles will be targeted because
smart glasses of Musiclens are aligned with the lifestyles of the
customers. They will have the preferences for the tech gadgets in
complementing their active lifestyles. In addition, customers with
having the preferences for high quality smart devices will also be
targeted. Their preference pattern will be well aligned premium
user experience of Musiclens.
Behavioural segmentation In terms of the behavioural segmentation, customers with specific
demand and expectations will be targeted. This is due to the
reason that pre planned customers are well aware for the latest
gadgets and can review the user expectations. Loyal customers
will be considered by offering then over the air software updates.
SWOT analysis
Strengths
 Musiclens is known for its great knowledge on the industry and delivers great customers
services along with having higher product diversity
 The company has kept up with the latest trends and innovations needed to attract more
customers

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 The company understands the needs of musicians and those who are enthusiastic about
smart music devices properly, which allows for introducing the new products with more
innovation and reasonable price
 By managing the price challenge policy, the Mudicslens are made affordable for the
clients, which has helped in remaining competitive too (Taiminen& Karjaluoto, 2015)
 Great retail store location and availability of wide range of products with variety and
quality. The online presence of Musiclens is helping them to cater to the customers across
the world.
Weaknesses
 Premium pricing is causing the larger customer section to stay away from the products of
Musiclens. Thus, the market potentiality is limited for them.
 Lack of offers and discounts offered for the products and services
 Presence of competitors and each of them is initiating newer innovations with their
products.
 Similar kind of smart devices are available in other companies too and thus Musiclens
will find it difficult to tap the targeted host country.
Opportunities
 The expansion into new markets in Australia and aiming to enter New Zealand can be a
trend setter
 The Australian gadget industry is rapidly developing and initiation of the new
technologies will help all the competitors operating in the Australian market provides
higher sets of value proposition.