Echo Music's MusicLens: A Comprehensive Marketing Report

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Marketing plan of MusicLens
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Executive Summary
The is the project for providing information about the plan of marketing as the plan of marketing
gives the essential informational needs that can be helpful in determining the efficiency of the
product. This report has been made for discussing the marketing plan of the new innovative
product MusicLens which is a unique smart glass. MusicLens is a great product for music lovers
and also for those who love music but don't have time for it. This product provides great music
experience to the customers; one can listen to music through radio also and it also allows one to
attend voice calls through application in the smartphones.
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Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Situation analysis.............................................................................................................................5
Marketing mix strategy..................................................................................................................10
Budget............................................................................................................................................12
Evaluation of the implementation and campaign..........................................................................13
Conclusion.....................................................................................................................................14
Recommendation...........................................................................................................................15
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Introduction
For the analysis of the market in an applied productive way, the required information is extracted
through the use of a marketing plan. The information can be legal or documented. The
implementation of the marketing plan is necessary for the company as it includes the marketing
structure of the current and future. Marketing is essential because it is the way by which the
customers get to know about the product or service. Through marketing, the customers also get
to know if the product or service the company is providing is useful for them or not. This is why
there is a need for identifying and implementing approaches which are efficient and effective for
the implementation of the marketing plan. For effectively studying the marketing plan and its
components the chosen product is the MusicLens which is designed in a way to provide the
music lovers a better experience of music and also to those who don't have time but loves music.
This report identifies the significant information that is relevant to the product's success through
a marketing plan.
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Situation analysis
Analysis of company
The company Echo Music is a provider of music software with new innovative technologies and
a great experience. One of the products of Echo Music is the product named MusicLens that has
been designed by the company to provide a new experience to its customers. MusicLens is the
product that allows customers to listen to music in a whole new and different way. This product
is designed for the people who are not comfortable in using headphones by allowing customers
to listen to music through wearable sunglasses and prescription spectacles. There are adequate
strategies by which the company can maximize its customers (Feng, et. al., 2013).
For the improvement in the product on a regular basis, the company takes feedback from the
customers that can also help the company in building a strong relationship with the customers.
The company has also put efforts into building strong channels for the distribution of the
products. There are many different structures for better sales of the product in the organization.
Analysis of the environment
Effects of the external environment in the daily operation of the business are needed to be taken
into consideration. The analysis of the environment is done for the identification of the factors
that are external to the organization and can affect the functions and operations of the business
majorly. It is important for the company to properly examine the external factors for the
successful business. The external environment factors can be analyzed by a tool known as
PESTLE.
PESTLE analysis
PESTLE stands for the factors that political, economic, social, technological, legal, and
environmental. The PESTLE analysis for the MusicLens is as follows:
Political factors
Political factors are the factors that may affect the product’s sales politically. The political factor
like taxation policy may affect the sale of the product majorly and can also influence the
operation performed by the organization (Liu, et. al., 2017). So it is important for the company to
analyze the political factors to stay in the growing competitive world. MusicLens is gaining more
and more popularity in the market all over the world because the company has analyzed the
political factors in an effective manner.
Environment factors
Environment factors include the attitude and behavior of people towards the product and also the
power consumption if the product is an electronic product or consumes some amount of energy.
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The company Echo Music provides music software to the customers and is known for producing
safe, new, and innovative products of its field. For the sales of the product, it is important to
analyze the attitude of the customers towards the product. The company should sell products or
services that are useful to the people and also to take the needs of the customers into
consideration. The product should be made in an environmentally friendly way that is without
harming the environment (Lee, et. al., 2016).
Social factors
The social factors include factors like media influence, distribution of the income, lifestyles, and
powers of demographics. These factors can influence the sales of the product majorly. The media
influence can be understood as the promotion of the product through social media platforms can
make a major impact on the sales of the product. It is impossible that everyone can afford the
product but the price should be decided in a way that it can reach to a maximum number of
people. Echo Music should consider the factors which are social and can affect the sale of the
product MusicLens.
Technological factors
The factors related to technology come under this part. The growing digitalization, it is very
important to take these factors of technology into consideration by the company as it plays an
important role in the success of a business. As the product MusicLens is a new innovative idea
with advanced technology, it has become the center of attraction for the people. The technology
of MusicLens allows customers to listen to music through wearable sunglasses and prescription
spectacles also by connecting to mobile phones through Bluetooth. The price of the product is
also affordable so that the maximum number of people can afford this product.
Legal factors
The legal factors in this include factors like business laws, safety policies, etc. it is important for
the company to work under the laws of business or anyone can take legal actions against the
company and the product. MusicLens is the product designed by following all the business laws
respectfully. It helps the customers to remove the headache of carrying headphones everywhere.
The product has been made by taking the safety and security factors into consideration.
MusicLens can be used by the customers anywhere and at any time (Ozata and Ozdama Keskin,
2014).
Economic factors
The factors like spending potential of the customers, economic growth, rates of inflation, and
employment rates are included in the economic factors. Echo Music has built its high reputation
and economy by successfully introducing the product MusicLens which has become famous all
over the world. The brand value of the company is increasing day-by-day in global marketing.
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Competitive analysis
MusicLens is the first every smart glass discovered by the company Echo Music and is designed
by taking all the safety measures so that it cannot harm any of the customers of the company.
The product is of new innovative technology and has to gain the attention of the customers
enormously which is making the company lead the market. But innovations cannot be stopped
and there is a regular threat to the company form glassmaking companies who are trying hard to
bring some more new innovative idea in the field. This can affect the company majorly and the
company will be forced to decrease the rate of the product (Kraak, et. al., 2017). So to not let that
happen, it is important for the company to regularly improve the flaws in the product. For the
improvement in production, the company needs to build its improvement strategies stronger. It
has been found that Echo Music’s major competitor is the company Corning which is regularly
using advanced technologies and trying to bring new innovative products in the market.
Customer analysis
Echo Music has designed the product MusicLens for the people who love music. There are many
different features in the MusicLens that are being provided to the customers. The safety
measures like while driving and other outdoor activities it is dangerous to use a Smartphone and
with the use of MusicLens which is a wearable sunglass or prescription spectacle individual can
avoid these dangers. MusicLens also allows customers to attend calls and to play radio. The
company has targeted the entire age segment for the sale of the product except for children. The
quality of the product is very good with good sound quality and standard glasses (Payangan, et.
al., 2017). The company regularly takes feedbacks from the customers to make improvement in
the product so that they can lead the market for a longer period of time and to build a stronger
relationship with the customers of the company. The company also analyses the behavior and
attitude of the customers towards the product.
SWOT analysis
Strengths
 The cost of the product is affordable.
 It is a new innovation and is very
attractive.
Weaknesses
 As the idea is new and innovative many
people are not aware of it.
 Difficult features of the product.
Opportunities
 As the product is of new innovation,
there is an open market available for
the company.
 The product will have less competition.
Threats
 Threat from the new entrants to the
market.
 Not for every segment.
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Problem statement
Since the product is new in the market, the customers are not much aware of the product which is
creating a problem in the sales of the product. To make the people aware about the usage of the
product the company will have to make a huge investment in the promotion of the product. The
company also needed to make a strong relationship with their customers as the customers may
talk about the product to some other individuals which will attract the customers to the product.
Many other problems can be faced by the company if the company has a poor strategy of
marketing and to avoid those problems the company is needed to do some research on the
market.
Targeting the market
The targeted segment of the company Echo Music is the individuals that regularly use earphones,
headphones, Smartphone, and glasses. As in today's generation, everyone uses a Smartphone, the
product will be useful for almost every age segment. The product is designed for the use of the
children. The features of the product are very innovative and that will help the company to attract
customers to the company (Lin, et. al., 2013). MusicLens is used by millions of people like the
product is very useful and the company has made it in the reach of everyone.
The targeted market by the company for the sale of products is as follows:
Advanced products users
Demographics MusicLens can be used by both male and
female
Media usage Social media can be used
Size 10% in the overall of the market
Buying behavior Customers get attracted to new innovative
products
Shopping behavior Both Online and offline
Youths
Demographics Both for males and females
Media Tools of social media and online websites
Size 25% in the overall of the market
Buying behavior Affordable rates
Shopping behavior Both online and offline but online more
Objectives
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Objectives of any company are the targeted aims and goals which are needed to be accomplished
for the success of the business. The objectives that are the aims and goals of the company must
be realistic, achievable, and clear. To attain the position of marketing leader the company Echo
Music must set achievable goals and also set the deadlines for the completion of the goals
(Kassirer, et. al., 2014). As the market of Australia is very wide and harsh, the company has to
make clear objectives and frame it in a proper way to stay in the market as the leader. The
company is needed to consider all the needs and factors related to the customers to make clear
objectives.
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Marketing objective
The marketing objectives are the targeted objectives set for marketing (Niu, et. al., 2013). These
are as follows:
 To maximize the sales of the product MusicLens.
 To make a strong relationship with the customers.
 To make strong channels for the distribution of the product.
Financial objectives
The financial objectives are the objectives related to the financing of the company. These are as
follows:
 To make the sales of the product MusicLens go up every year by 5-10%.
 To regularly enhance the product’s quality.
Communication Objectives
 To increase the awareness of the product by building a strong relationship with the
customers.
 To enlarge the business by communicating with the customers and the shareholders of the
company effectively.
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Marketing mix strategy
This has been discussed that marketing is the essential requirement to make the growth of
productivity and organization. Marketing provides some different approaches to attain growth in
the development of the organizational structure. The marketing mix includes some tools which
help to get the determination to build a successful plan. The tools which include in the marketing
mix are the product, price, place, and promotion (Watson, et. al., 2018). These tools are also
known as the 4Ps of marketing. Each of the tools has some significant approaches to be
determined the perfect balance of each approach helps to make a perfect marketing plan.
 Product: The whole marketing plan revolves around the product. The product which is
discussed in this particular plan is music lens this is a smart glass which allows the
consumer to take the benefit of music or listen to the calls without putting anything in the
ears. This can be stated as an advanced technology for those who love to listen to music
or are busy and have to take the calls via the transition of earphones or headphone
(Repka, 2013). The product is better than earphones is that it does not harm the ears as
the long use of earphone can affect the ears in a bad manner. The product is also light
weighted and can be moved anywhere. Another advantage of the product is that it looks
classy to be used in the office premises as well and also provides the benefits with the
outdoor activities.
 Price: This can be taken as the biggest factor to determine the efficiency of the product.
The music lens also offers different prices depending on the quality of glasses. The price
differs as the modern quality glass can behave the amount of $189 USD. The benefits
provided by the glass are that it has better sound and looks elegant. Another glass which
is available is vogue glass that is of price $169 USD the quality of the glass is little less
than modern glass. Another option is of GEEK glass which is of price $ 129 USD. This is
affordable but quality wise this is the glass of lowest quality.
 Place: The place or the way to buy the product is most necessary to be determined as it is
the concept of major concern. The music lens is available on both of the modes that are
online and offline (Necula, 2017). The offline can be by the nearby stores in online mode
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the delivery of the product can vary from the place to place as for some places it can take
1-5 days for some other it can take 15-60 days.
 Promotion: The promotional activities are the main concept to make the product popular
over the current market. The concept of marketing which has been adopted by the owner
of the music lens were both online and offline. The online methods were the social media
pages like Facebook, Twitter and so on. Whereas the offline method of marketing were
the advertisements, catalogs and so on both the methods were necessary to make the
marketing of the product.
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