MusicLens Smartglasses: A Marketing Strategy Report

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Marketing Management
MusicLens
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Executive Summary
This report measure and evaluate the innovative product, i.e. MusicLens is recognized as a
smartglasses by the customers. It is the most innovative product in the market, latest features
offer by this product is receiving calls by the smart glasses, listening to music, precise
visualization and intelligent look. The product is highly demanded in the market. The youngster
is appreciating this product and increasing its selling rate. Due to the advanced features in the
glass, people liked it most and recommended to their friends and relatives. The SWOT analysis
describes its strength, weakness, opportunities and threats of this particular product by which
company can measure its result and make it effective manner. The marketing mix of product
address all the relevant features of the merchandise which include s 4P’s such as Product, Price,
Promotion and Place. The mission statement of the MusicLens is to maximize its sales by
approximately 25% — the promotion strategy developed by social media promotion,
advertisement in e-commerce sites and print media. The corporate vision is providing updating
version of the MusicLens.The price will remain constant by which the customer can easily
afford. The implementation plan of MusicLens will enhance its productivity, and all the activities
will be pursued appropriately.
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Table of Contents
Introduction.................................................................................................................................................4
Situation Analysis........................................................................................................................................5
Company Analysis...................................................................................................................................5
Environmental Analysis..........................................................................................................................5
Competitive Analysis..............................................................................................................................7
Customer Analysis...................................................................................................................................7
SWOT Analysis.......................................................................................................................................7
Problem Statement......................................................................................................................................8
Target Market Identification and Justification.............................................................................................9
Objectives..................................................................................................................................................11
Marketing Objective..............................................................................................................................11
Financial/Sales Objective......................................................................................................................11
Communication Objective:....................................................................................................................11
Marketing Mix Strategies..........................................................................................................................12
Implementation..........................................................................................................................................16
Campaign Evaluation................................................................................................................................17
Conclusion.................................................................................................................................................18
Recommendation.......................................................................................................................................19
References.................................................................................................................................................20
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Introduction
This report will be discussed about the latest innovative product MusicLens. This is the most
prominent product which provides various new features in the product. The company launched
this product to increase its customer rate and enhance its brand image in the customer. The report
will measure the SWOT and PESTLE analysis. The Situation analysis will focus on the existing
condition and approach the company. For this reason, the marketing mix will also explain about
the product features and the particular which need to distribute the product. The means will be
online or the local stores as well. Customers are also appreciating this product due to the
implementation of an innovative idea, and it is available at an affordable price. The company has
some marketing objectives which need to be a concern before and after the product launch. It is
the responsibility of company employees and owner to maintain the productivity of the product.
Customer analysis and competitor analysis will reflect the company image. This report will help
to create a budget estimation of the product. Due to the budget estimation, the company will
develop its strategies in a future innovative product.
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Situation Analysis
Company Analysis
MusicLens is developed to implement unique innovation in glasses. Its main aim is to provide
high-quality music, attempting phone calls by the lenses. Its goal is to attract a large customer
rate by giving high-quality service at an affordable price. Company has an extensive network
over distribution channels. It is designed with unique, and it is cover all the demand for customer
organizational structure follows all the predetermined policies of the organization. The next task
for MusicLens is updated and new innovative approach according to trend. Its primary focus is to
take decisive action towards feedback and opinion of the customers. There are many opinions of
the customer. It is not an easy task to work on every idea so that the common issue which was
dealing with the customer. The company needs to work on that and resolve that issue as soon as
possible.
Environmental Analysis
External environment factors are based on the planning, monitoring, protection and research of
the sustainable resource. Environment analyses ensure the business environment which relates to
the external factors of the company. Companies launches and implement its product by
evaluating all the relevant factors which maximize or minimize productivity.
Political Factor
The political view of a product can modify the perception of the overall brand image. Nowadays,
political factors come from social media; global space and other search engine platform. The
MusicLens maintain the balance between promotional activities and their productivity. It is
demandable in the local, market of Australia, but if it’s political view s is higher as per the
expectation, international customers are also demand is the product. For example, Face book,
Instagram and e-commerce website enhance the level of promotion.
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Environmental factor
The MusicLens is an innovative product, but the packaging quality needs to eco-friendly. It is the
responsibility of the product owner that product should use less resource, which affects the
environment. Another factor is the brand image, social media, e-commerce sites. It needs to
consider the size of the product and packaging.
Social Factor:
MusicLens need to concern about the price factor. It acquired price range according to the
income of local customers. It needs to increase its marketing trend by using an online survey,
participate in the campaign. MusicLens delivers its service within Australia; it needs to
maximize the service by improving its image in the international market (Song, 2017).
Technological factors:
MusicLens is based on innovative technology which involves various sensor and partnership
with the other applications. Technology is improved according to the time, so MusicLens need to
be flexible towards its service. If it requires some changes, it can be easily implemented.
Legal Factor
The legal issues of MusicLens consider from the online aspect. The laws for promoting
MusicLens need to be aware of when the marketing team of the company decides to promote the
product on social media sites. This need to be mindful of verification is required to every
customer who purchases the product from the social media sites. For playing music, they need to
collaborate with the music player team. If an organization does not seem able to follows all the
legal policies, it will undergo in a legal case in which copyright infringement, protection of data
and information, promotional content etc.
Economic Factor
Economic Factor: This environmental factor is an efficient tool for the financial market.
MusicLens commercial platforms are not much consistent. For this reason, the principal
company aim is to attract more and more customer. The workforce is the skilled full who may
help to improve its global services.
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Cultural Factor
According to the (Perry, J., 2018), Customer perceptions are highly appreciable regarding the
MusicLens.The quality of music is highly recommendable, and it block the sound from the
outside. Music player, radio, and accept or reject calls is the best feature of this product.
Consumers are recommended to their colleagues to use at least one and aware of its innovative
product
Competitive Analysis
It is the first innovative approach developed by the MusicLens.Other competitive industry who
thinks about this innovative approach .Ray-Ban and Mauji Jim adaptively take the decision
regarding smart glasses .MusicLens completes the work on its features, and it is according to
customer demand. This is innovative but it has a competition with the already named brands to
adopt the innovative approach and launch its new MusicLens.
Customer Analysis
MusicLens is beneficial to the youngster and those who liked music. Those who are passionate
towards music are mostly used the MusicLens. Receiving and rejecting calls make it is unique
among all innovative product. Customer can easily afford because of its reasonable price.
Company motive is to make its customer happy and satisfied with its service. People want more
glasses in different size. The customer creates a positive response to MusicLens (Wang, 2018).
SWOT Analysis
Strength Weakness
 Reasonable price
 Innovative product
 Regular use
 Reliability
 Limited elasticity
 Limited stock
Opportunities Threats
 Enhance income level
 Improve brand awareness
 High demand in next generation
 Competition
 Acceptance
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Problem Statement
The issue arises for this product is people are not much aware regarding this innovative. It is not
easy for the use of those who are not technology friendly. It requires an appropriate promotional
strategy which enhances the interest among new customers. Another basic need is at the time of
purchasing. A live demonstration will make things more accessible to new customers.
Demonstration taught them how to use and what idea will not be implemented like keep water
and liquid substance as far as possible. At the time of update, a verified notification should be
delivered to each customer (Orben, 2017).
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Target Market Identification and Justification
The target market of MusicLens is the youngsters or the who like an adventure in which they can
quickly go to the adventure events with enjoying music and receive or reject the calls by the
smart glass.
Adventurous People: It is the most beneficial who climb mountains in bright sunrays. It
prevents from harmful sun rays and behaves like sunglasses. When their hands are busy, and
they are not able to handle their mobile phones, it is prominent to accept phone calls and listen to
music by during Bluetooth features. People appreciate this innovative idea because, after the
smart watches and mobile, they can use smart glasses (Bozyigit, 2014).
Buying Behavior Those people who frequently go on track,
camps, mountain climbing, river crossing.
These people are between 20 to 40 age.
Shopping Habits Official website are the most secure place to
buy these innovative products
Media consumption Newspaper, magazines, Social media sites, e-
commerce sites.
Size Around 25% of the market
Demographics Male and female both can use of any age
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Youngsters
Nowadays, youngsters are curious about innovative products. They love to use and taking their
excellent benefit in their daily life. In youngsters, it is the most common thing to follow the
trend. The innovative product will quickly be trained if someone uses that product and provide
positive feedback.
Buying Behavior Youngsters like because of its reasonable
price
Shopping Habits Online and local stores
Media Consumption Social media and mobile applications
Size Around 40% of the market
Demographics Male and female both
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Objectives
The objective are need to be decided when company launches it new product.It involves the
estimates cost over promotion, marketing strategies, resource require. At the time of launching
MusicLens company objectives is to attract more customers, make its unique position in the
industry and earn more profit. Customers are attracted towards good quality of service. It is the
responsibility of company to manage its responsibility as per the expectation and demand.
Marketing Objective
The marketing objective is based on promotional strategies, pricing strategies and the platform,
which improves the product approach. The aim is to attract a large number of the customer.
Participation in the online event is advanced, which enhances the marketing objective. The aim
increases the sale of the product, so marketing strategy depends on the promotion platform.
Nowadays, companies issue the marketing platform mostly on social networking sites, e-
commerce sites and print media. The primary objective is to choose the marketing platform. The
further objective is to set the price of the product. The company creates its target on three
different criteria (Di Gilio, 2017).
Financial/Sales Objective
The demand for the product is raised around 25% sales rate annually. It will increases by its
brand image, so MuysicLens need to focus on its brand images it will enhance by offering an
occasional discount, warranty and some cash back offer on e-commerce sites.
Communication Objective:
It helps to maintain the sales and marketing strategies in the industry. The quality of the product
sounds its approach. The MusicLens objective is to spread awareness among international
customer at the end of the year. It promotes its business in different local locations and general
area.
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Marketing Mix Strategies
Product
MusicLens is the most innovative approach by the company, this product is not only
groundbreaking for the technology lover but it also helpful for the ordinary peoples because of it
entirely the demand of ordinary people as well. It helps to make thing easier to no headphones,
no mobile in hand and make them fresh in front of their fr4iends. Its battery capacity is more
than other electric gadgets. It can efficiently run 9 to 10 hours. The volume and visualization can
be adjusted automatically. The main goal accomplished by the product such as easy to carry or
portable, reasonable price by which ordinary people can easily afford the MusicLens. Its audio
quality is most evident in the market. It reduces the outside noise. Nowadays people are addicted
to an electronic gadget such as mobile phones a, laptop, tablets etc. because these gadgets have
large medium of entertainment, but smart glasses create a unique position in the market. It
removes lots of burden from the people which they usually carry in their hands. According to the
current research, it is easy to say that other company will surely think about innovation product
and bring something updated features, but MusicLens make its continuous growth (Lin, 2013).
Price
MusicLens are available in a different range of glasses. According to the price, smart glasses
offer features. The Modern MusicLens are available in USD 189. It is the most popular and
highly advanced feature of smart glasses. The consumer also appreciates the Smart glass of
Vogue USD 169 due to its price and basic features. The GEEK smart glass price is USD 129.It is
also useful to approach to attract more customers by providing services at a lower price. The
primary decisive factors of this product are available in the variety of prices, range of colors, and
advanced features make it unique from the rest of the glasses. It is the most prominent factor to
attract customer by offering coupon over online buying and on the local stores that are offering
occasionally discount like o Christmas and other occasions etc (Rauschnabel, 2018).
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