MRKT20052 Assignment 2: Marketing Mix Strategies for MusicLens

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MRKT20052 - Assignment 2

9. Marketing Mix Strategies
There are several possibilities to fulfil the needs of clients and target audiences including
customers. Several types of advertisement platform, social media, magazines, newspaper, and
digital marketing key techniques are available, can be used. Thus, with so many options, there
are varieties of strategies that can help an organization to simplify all these activities and select
the best suitable by identifying the market. Marketing Mix Strategies are the tool that enables to
take control, an organization creates to generate a fast response in target market usually prefer
four terms. The four terms are the product, price, distribution, and promotion also called 4P. This
four P could be used by the organization in the Australian market for the MusicLens: Advanced
Bone Conduction Audio Glasses. MusicLens, a worldwide leader in Advance Bone Conduction
Audio Glass is urban inspired audio enabled glass. It allows a user to hear music and make calls
directly with the help of glasses and also a user can wear an ear-piece audio device. Here the 4 P
terms for the music lens has been describing to help the organization to promote this in the
Australian market.
 Product
A good product or service means having a combination of a long-lasting and competing
product, offered by the organization to the target audience. This offer could be a service or a
product or a combination of both. MusicLens is physical product inspired by urban audio
enable glasses. The musicians use bone conduction technology, that works by making use of
small bone around of ear and amplify audio through the bypass of eardrum and vibrations.
Since the audio didn’t enter in the eardrum, allow a user to hear audio without disturbing
other people, unlike traditional earphones. It enables a user to hear backend noise and make

aware of what is going because it didn’t block the ear canal. It consists of several volumes of
control setting for in-house, outdoor.
 Price
Price is the other factor which directly makes a product more competitive and eye-catchy for
the user. So, the new product MusicLens an advanced bone conduction audio glasses have a
reasonable rate for all version. For the urban design modern trending MusicLens, the price is
$189. This reasonable price makes it competitive in the Australian market in comparison to
all existing products.
 Distribution (Place)
Distribution of price decides to reach ability to the user. So, having done several types of
research it is decided to introduce the product on crowd fund on the Indiegogo rather than
selling it directly to the consumers. The goal behind doing a crowdfund is $10000 that could
be met in just 3 to 4 hours. In the Australian market, the crowd funding step for the music
lens will reach the goal of $50000. With this strategy, the organization can sell more than
100000 units per year once it will able to buy. Once it touches the boundary of 100000 the
organization will work on it and make this product for the next generation. This strategy
could be done with online marketing skills on several available platforms. There are several
possibilities of a new place for the selling of music lens. These entire platforms will play a
tremendous role in the distribution of the product and make available to every user.
(Dundas, 2019)
 Promotion
Promotional marketing strategy is an attempt that could be made by the organization to
inform or remind the consumer about the product with the feature, build quality and prices
with availability. Every organization uses some specific type of promotional strategy on the
basis of goals. Since the organization wants more and more crowd funding to sell a minimum
of 50000 unit of product, have to focus on all possible promotional activities. The social
media platform is the fastest moving promotional platform which can help the organization

to introduce the product in the Australian market for short term result. Online marketing
could also be an efficient and fast result oriented promotional technique that will allow the
organization to introduce the music lens in a short time period. Using different media like
Lifestyil.com, fines, fashioned and etc.
("Promotion Strategy – Introduction to Business", 2019)

10. Budget Allocation
Budget Allocation should be reasonable. It should also link to the objective and marketing
mix strategy
Budget is a financial plan and there is several-budgeting or style available. The organization uses
a different style as per suitability with the product and need. The budget plan of the organization
could be five yearly, half-yearly or annually. The different budget of the product could be
applied for different purposes like capital expenditure, sales and etc. The budget for the planned
product should be reasonable and all quality should be considered in terms of capital amount of
investment and selling. (AMCOS, 2019)
The first budget allocation for product selling is sales and marketing. This will lead the product
for the introduction of the product. The initial strategy for introducing music lens is crowd
funding which requires $2 Million Australian dollars of the total budget.
Capital expenditure is another primary budget allocation which decides the base price of the
product. Since this is an advanced urban-inspired product with the quality of sound without the
problem of hearing loss. So, the price of one-unit production should be $70-$80. Other
expenditure like distribution and marketing through media agencies will cost the company
around $50000 for the one-year tenure. Means the selling price of one advanced urban music
lens should be an average of all basic expenditure. The price decided for one unit with analysing
the competitive market and need should be in the range of $189 to $200 at the initial stage. This
price will help the organization to attract the all class of user who cares about the ear and has a
passion for hearing music with the latest trending products like MusicLens (Gunn, 2019).

Reference
 AMCOS, A. (2019). Budget 2019: live music grants a win for small business, thanks to
industry lobbying. Retrieved from http://apraamcos.com.au/news/2019/april/budget-
2019-live-music-grants-a-win-for-small-business-thanks-to-industry-lobbying/
 Dundas, S. (2019). Crowdfunded MusicLens Spent $2 Million To Create Bone-
Conduction, Audio-Enabled Glasses. Retrieved from
https://www.forbes.com/sites/suziedundas/2019/04/19/crowdfunded-musiclens-spent-2-
million-to-create-bone-conduction-audio-enabled-glasses/#5b8d5a9b6182
 Gunn, N. (2019). ScoMo Gov’t commits millions to Australian music in next budget.
Retrieved from https://theindustryobserver.thebrag.com/scomo-govt-commits-millions-
to-australian-music-in-next-budget/
 Promotion Strategy – Introduction to Business. (2019). Retrieved from
https://opentextbc.ca/businessopenstax/chapter/promotion-strategy/
 Successful grants - CBF. (2019). Retrieved from https://cbf.org.au/grants/successful/