Business Development: Sensoria Smart Sock 2.0 Sales Plan for Norway

This report details a sales plan for the Sensoria Smart Sock 2.0, aiming to introduce the product in Norway. It begins with an analysis of Norway's market, including its population, GDP, and technological advancements, highlighting its suitability for the product. The report evaluates the business potential of the smart sock, emphasizing its features and competitive advantages over rivals like FeetMe and Run Scribe. It outlines sales targets for the first three years, along with short-term and long-term goals. The report identifies the target audience, primarily active consumers and tech-savvy individuals aged 20-29 with a fixed income, and proposes strategies such as pricing, content marketing, social media marketing, and cold calling. The report also addresses the product launch strategy, including pricing, and marketing strategies, concluding with key performance indicators to measure the success of the business in Norway. This assignment provides a comprehensive overview of business development and sales management strategies for a wearable technology product in a new market.

Running head: BUSINESS DEVELOPMENT AND SALES MANAGEMENT
BUSINESS DEVELOPMENT AND SALES MANAGEMENT
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Introduction
In today’s highly advanced and digitalized technology, e-textile wearables are gaining
popularity and growth in the global market. The main wearable e-textiles are incorporated with
resistive and optical sensors enabling textiles to sense humidity, temperature, pressure, touch and
strain. The sensors present in the e-textiles are connected to the control boards which is
responsible for processing information. The purpose of this report is to provide a sales planning
for the Sensoria Smart Sock 2.0, planning to introduce the product in Norway.
The report analyzes Norway, the position of the product in the market. It
evaluates the business potential for Sensoria Smart Sock 2.0 in Norway
(Sensoriafitness.com. 2020). It provides the rationale for market entry in Norway.
It determines the commercial targets, the long term and short term goals. It
identifies the strategy to launch the product in the target country. It provides
the key performance indicators to determine the success rate of the
business. Lastly, it sums up the main points and concludes the report.
1. ANALYSIS
1.1. Analysis of Norway
Norway has a population of 5.3 million which makes it favorable for business expansion
in Norway. The GDP of the country is $380.0 billion in the year 2019. It has been identified that
the country has grown by 1.8% since the past year (Caporusso et al. 2019). The inflation rate of
the country is 1.9% (CPI). The country has abundant availability of natural resources and social

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safety, thereby ensuring economic safety. Norway has a distinct culture with a modernized
lifestyle. Latest and advances technology are a part of their lifestyle and culture.
Sensoria Smart Sock 2.0 is a world leader in its wearable garments and
advanced technology. The product is powered by Sensoria Core technology
(Grønhaug and Gripsrud 2015). The sock is anti-bacterial, sweat wicking material
and anti blistering. The textile by which the product is made up of is two time
lighter than the current smart socks. The sensors present in the socks
protect the legs from sweat and water, which makes it highly reliable,
accurate and comparatively healthier (Awolusi, Marks and Hallowell 2018). The
features of the products are highly competitive and has innovate product
line, which gives it a competitive advantage. The Sensoria core technology
measures the speed of running and measures how well the consumers can
run. The sock provides constructive feedback, which is lacking among the
competitors products. However, Sensoria faces direct competitor with
FeetMe. The company operates in Health Care technology industry and
generates $1.5 more revenue than Sensoria. Run Scribe is the second most
important competitor of sensorial; it also operates in the Health Care
Technology industry. Sensoria have certain advantage over Run Scribe, as
they have comparatively fewer employees than Sensoria (Awolusi, Marks and
Hallowell 2018). The product niche is aimed to satisfy the sport lovers, the
physically active consumers and the tech savvy consumers. It has been
identified that Norway people are highly active and there focus on their

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physical fitness. Therefore, the product is particularly suitable for the
consumers in Norway.
1.2. Evaluation of the business potential for the chosen product in Norway
The Sensoria Smart Sock 2.0 is powered by Sensoria core technology,
which is highly valuable for the sports lovers and the tech-savvy consumers
in Norway. Sensoria Smart Sock 2.0 is an ultra light sock which enables foot
landing, crucial core metrics. The sensorial technology implemented in the
product not only measures how fast the runner can run, but also how fast a
runner can run. The upgraded version of the smart socks offers an upgraded
version with improved level of comfort and breathability (Awolusi, Marks and
Hallowell 2018). Moreover, the smart sock offers precise metrics to the sporty
people which help them to take their running to the next level. The most
important feature of the smart sock is that it is an antibacterial, sweat
wicking. Moreover, the smart sock has upgraded textile pressures which can
protect the skin from water and sweat (Boateng et al. 2015). These features
make it reliable and accurate. The product is four times smaller in size and
has larger battery life. The Sensoria Smart Sock 2.0 streams data in real time
and saves distance running statistics enabling the consumers to carry out
their exercises without using their Smartphone devices. These are some of
the unique and special benefits for the target population in Norway (Boateng et
al. 2015).
As per research and analysis, it has been identified that Norwegians
are turning to technology for greater comfort and development. The country

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had major technology success in the past years such as Opera software and
Kahoot. Therefore, it can be said that internet and development of
technology is a part of their common lifestyle and culture. This is a favorable
situation for Sensoria Smart Sock 2.0. According to Information Society
Development commitment, majority of the population in Norway have access
to internet, which makes it favorable (Fagiani and Hakvoort 2014). The country is
technologically developed. As per the surveys, it has been identified that a
major population of Norway is tech savvy; they are keen on various
technological developments and improvements. Further, it has also been
identified that the outdoor activities and exercises are central to the lifestyle
of the Norwegians. They have a modernized culture and lifestyle. Along with
technological development and improvements, they collaborate to ensure
human benefits and boost technology (Fagiani and Hakvoort 2014).
2. COUNTRY CHOICE:
As per research and development, it has been identified that Norway is wealthy country
with high level of economic stability. They have a strong economy which makes it favorable for
launching Sensoria Smart Sock 2.0 in the country. There are significant
opportunities in the Norwegian market. The country has highly level of
political stability which no pressures from the political parties as compared to
other countries (Fagiani and Hakvoort 2014). The stable political and economic
situation of Norway makes it attractive for the business organization to
expand their operations in the country. Norway has scored 73.0 in economic

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freedom, along with rich endowment of natural resources (Fagiani and Hakvoort
2014). Furthermore, Sensoria can get the support from the government as
they favor technological development and advancement in the country.
There are high level of judicial effectiveness and integrity present in the
country, which makes it favorable for launching the product in the country.
The corruption level of Norway is low as compared to other countries. The
country has favorable and transparent regulatory framework (Nascimento,
Oliveira and Tam 2018). The country is technologically advanced, which provides
opportunity to the company for further improvements and technological
developments in the product. Majority of the population in the country have
access to internet, which makes it favorable for launching the product in the
market. As the country is advanced in various aspects, it will provide more
opportunities and chances to sell Sensoria Smart Sock 2.0 in the Norwegian
market (Godfrey et al. 2018)..
3. DETERMINE YOUR TARGETS
Sales target

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Source : (Godfrey et al. 2018).
By year one, the aim is to attain a profit of at least $400,000, by the end of year 2, the
business organization have an aim to attain $600,000 to $700,000 and by the end of year 3, we
aim to attain more than $800,000 sales. Therefore, by the end of the financial year, the company
must attain sales revenue of $ 800,000 (Godfrey et al. 2018). On the monthly basis, the company
must attain at least $30,000 and on a weekly basis, the sales target is $7500. Therefore, the sales
executive of the business organization must attain the set goals and targets on weekly, monthly
and yearly basis. Both the short term and long term goals of the business organization must be
attained by the sales department of Sensoria. The sales department must implement
the strategies to attain the sales goal of the business organization.
Strategies to achieve the sales target and enhance sales
 Clearly defined target audience- The sales department of the
business organization must have clearly defined sales target audience

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to which the advertising or promoting will be directed. The target
audience for Sensoria Smart Sock 2.0 will be described below in later
part of the report (Godfrey et al. 2018). Considering the target audience for
the particular product, the sales team and the marketing team will be
promoting and communicating the benefits of the products to the
consumers.
 Developing competitive advantage: Sensoria Smart Sock 2.0 is
unique product suitable for sporty and highly active consumers in the
market. The Sensoria Smart Sock 2.0 is equipped with Sensoria core
technologies, which are unique feature and a competitive advantage
for the organization (Schoenherr and Swink 2015). The features of the
product such measuring the runner speed and how well they run are
some of the unique features of the product. These are some of the
competitive advantage of the product and must be highlighted to the
customers.
 Content and social media marketing: The Company may use
various social media platforms and websites to reach out to the target
audience (Khan 2013).. The marketing department of the business
organization can build strong relationship with the consumers through
these social media sites and content marketing. Strategies such as
social media marketing and promoting the product on the social media
websites are crucial for the success of any business organization (Khan
2013)..

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 Cold calling: Cold calling essential prospects are also an important
strategy for the business organization. It enables the business
organization can warm up the potential customers of the business
organizations. This involves generating interest among the people by
calling the potential leads and turning them into potential customers
(Bhargava 2014).
 Focus on retaining the customers- It is also essential for the
business organization to retain old customers in the business
organization (Bhargava 2014). The sales and marketing department of the
business organization must focus on keeping strong relationship with
the potential customers. It must be ensured that consumers gain more
trust and value to the product.
Long term goals and short term goals (Roberts, Candi and Hughes 2017)
Short term goals Long term goals
1. Immediate marketing/sales support and
training
2. Value added marketing to sales
3. exploring niche ventures and marketing
4. Attain weekly target of $7500
5. Attain Monthly target $ 30,000
1. Sustain efficient operations culture
2. Increase visibility and engage with
consumers on social media platforms
3. Incorporate qualified sales lead and turn
them into potential customers
4. To attain $800,000 by the year of the third
year.

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Indentifying target audience
As per the market research and surveys it has been identified that the target market
customers for Sensoria Smart sock 2.0 are medium to heavy smart handheld Smartphone device
users between the age group of 20 to 29 years (Căpățînă 2014). Users who have higher education
level and having a fixed source of income are most suitable customers for Sensoria Smart sock
2.0. These target customer groups will be more familiar with wearable smart devices such as
wrist worn or head mounted devices that might prefer getting information before making a
purchasing decision (Anderson 2017). These customer segments focus on the functioning of the
product along with the value added services such as the designing and the impression of the
product. The business owners having fixed source of income are also targeted customers for
Sensoria Smart sock 2.0. They hold immense business power and potential with scope of
innovation and acceptance (Baker 2014). The wearable technology trends are most popular
among the sports persons as well as fitness trackers. Henceforth, the product will be marketed to
them.
4. STRATEGY
 4.1. Strategy to launch the product on the chosen country
Pricing strategy for Sensoria Smart Sock 2.0 in Norway
Considering the unique features and functionality of the wearable technology offered by
Sensoria, price skimming policies will be taken into consideration. It involves setting a price
slightly higher than the product price offered by the competitors in Norway (Baker 2014). The

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company plans to skim maximum income layer by layer from the target customer segments
having fixed income and higher education level. As the company targets high income earners in
the country, price skimming strategy will be most suitable for the product launch in Norway.
This strategy is in alignment with the goal of attaining $800,000 by the end of the third year. The
overall aim is to make profitable sales (Baker 2014). Moreover, the product’s quality and image
support the high price value. The price tag for the entire set of Sensoria Smart sock 2.0 will cost
$200 (1,875.30 Norwegian Krone ) with two sock pairs and anklet. The customer can also buy
additional pairs of sock for $50 (468.82 Norwegian Krone). The pricing of the product is worth it
with deep pockets and footwear fashion along with data gathering technology (Chaffey and Ellis-
Chadwick 2019). The product offers sophisticates data dashboard for the customers willing to
pay the price for the product. The pricing of the product will be competitive in the Norwegian
market along with skimming higher revenue from the target customers. The manufacturing cost
in Norway is slightly higher with advanced technology, which ensures quality; hence the pricing
of the product is appropriate (Proctor 2014).
Product forecasting
As per research and surveys, it has been identified that the wearable device market is
expected to increase more than $ 67 billion by the year 2024 and CAGR of 15.5% in the
forecasted period. This is a favorable situation for Sensoria. This technology is more
sophisticates as compared to the hand held devices (Chaffey and Ellis-Chadwick 2019). The
development and growth opportunity for the wearable technology is driven by various consumer
preferences for latest technology and innovation, thereby improving development prospects for
these devices. The major driving factors for these technologies include preferences of the
consumers for sophisticated modern technology, increase in the usage of internet of things (loT)

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and increase in technological innovations and new features (Proctor 2014). However, the
restraining factors include shorter life span of the batter, the electronic sector have a short life,
initial cost of the product is high and it might have various regulatory issues. However, the
strategy of the business organization is to provide better quality smart sock to the customers at
the premium price (Turnbull and Valla 2013). The pricing of the product reflects the quality and
its unique functionality. Sensoria smart sock 2.0 has unique features which are not provided by
the competitors in the market. Hence, it is projected that the sales of the product will be high in
the Norwegian market (Anderson 2017).
Distribution and Logistics
Responsiveness is highly essential for the high tech product to reach to the customers
timely. There will be constant adjustments as per the demands of the consumers. The
manufactured product items will be loaded into trucks and shipped to airfreight space. The
shipments will be monitored by the security guards, and then it will be distributed through all the
distribution centers around Norway (Anderson 2017). The assigned teams will coordinate the
flights and vehicles to move the products from suppliers to assembly plants in Norway. The
operations team, marketing team, sales team and finance team will be consider the forecast as to
how many devices will be sold in the market. The company will be slowly adding other
distribution channels in order to increase number of sales. The company will focus on building
network of stores which can be beneficially for distributing the products. After the product is
launched in the Norwegian market, it might consider opening its own retail stores around
Norway. The company might recruit expert retail floor staffs (Căpățînă 2014). The personal
retail store might provide prospective customers direct experience of its own brand values.