Marketing Report: Solar Smart Watch Strategies, Analysis, and Budget

This report provides a comprehensive marketing analysis and strategy for a solar smart watch. It begins with an executive summary and delves into the current situation, including the background of sustainable offerings and environmental analysis, highlighting the need for renewable energy sources. The report then identifies the target market as tech-savvy, high-income customers, and discusses market segmentation strategies focused on behavioral and geographic aspects. It outlines financial, marketing, and sustainability objectives, followed by a detailed discussion of marketing strategies, including product positioning, pricing, place, and promotion. Marketing implementation plans and budget allocations are also presented, alongside evaluation and control mechanisms to ensure the achievement of set objectives. The report concludes with a list of references.

Running head: MARKETING PRINCIPLE
Marketing Principles
Name of the Student
Name of the University
Author note

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Executive Summary
This paper will highlight the various marketing strategies and principles which will be used
by solar smart watch. The paper will carry out the environmental analysis and a background
of the current offering. The targeted market and the customer analysis will also be carried out
in the paper. Further 4Ps and the budget have also been discussed in the paper.

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Contents
Current Situation........................................................................................................................3
Background to sustainable offering.......................................................................................3
Environmental analysis..........................................................................................................3
Market and customer analysis................................................................................................3
Objectives...................................................................................................................................4
Target market.............................................................................................................................5
Marketing strategies...................................................................................................................5
Positioning and Product offered.............................................................................................5
Price........................................................................................................................................6
Place.......................................................................................................................................6
Promotion...............................................................................................................................6
Marketing implementation.........................................................................................................7
Budget........................................................................................................................................7
Evaluation and Control..............................................................................................................8
References..................................................................................................................................9

3MARKETING PRINCIPLE
Current Situation
Background to sustainable offering
The concept of solar smart watch was introduced due to the excessive usage of non-
renewable sources of energy and the need to save energy for future consumption. This is also
being done to reduce the gap between the usage of renewable energy source and
nonrenewable energy sources. With complete research and understanding of idea and concept
the team was able to form a complete business idea of introducing a new product (Tasaka and
Iwasaki 2016).
Environmental analysis
While doing the environmental analysis it is necessary to know the current condition
of the non-renewable sources of energy in the world. However, the managers should be aware
of factors that causes a depletion in the non-renewable sources of energy and put forward
certain economic factors that will help them to gain financial stability. For this reason the
business can come up with the new solar enable smart watch (Hamatani et al. 2017).
Market and customer analysis
The main target market for the solar smart watch that the business wants to launch
keeping in mind the depleting amount of non-renewable resources will be the high income
and tech savvy customers. There are customers that love to buy and own technologically
advanced things. These types of customers will be targeted by the customers. The solar power
enabled smart watch will not only offer the tech savvy customers to have a new experience
with different type of watch, it will also improve the environmental condition and check the
depletion of non-renewable energy resources. The customers will get the opportunity to try

4MARKETING PRINCIPLE
something new, educate their family about the necessities of saving energy that will not hurt
the environment further (Komninos and Dunlop 2014).
Solar enabled smart watch will enter the market with the aim to improve the condition
of energy used by the customers and educate them about the usage and benefits of solar
energy. This will be done by the business with the help of market segmentation. Market
segmentation is one of the best way company can enter in the market and be successful. This
is because it becomes easy for the company to penetrate into the market after dividing it into
different sections. This allow them to set their goals and other marketing variables according
to its different target markets. The solar smart watch introduction will primarily focus on the
behavioral aspect of the market. In the behavioral aspect it focuses to capture almost 80
percent of eh total revenue from only 20 percent of sale (Pipada and Xu 2016). For this
purpose the company will target the niche customer market that loves to accept the advanced
technology at any possible prices. The next segmentation that the company aims at is the
geographic segmentation in which it will focus at the geographic areas having maximum
number of niche customers having the mentality of buying technological advanced products.
It will also look for areas having the least non-renewable resources available and will readily
accept products that is a substitute of those resources (Baran and Iftene 2015.).
Objectives
The goals that solar smart watch will achieve to target in will include fianancial,
marketing and sustainability objectives. They include both the short term and the long term
goals. The objective has been designed in such a way so that it becomes easier for the
company to achieve the realistic and time bound ideas (Zhou et al. 2014).
The financial objectives of the company are-

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 Achieve gross profit of 65% and net profit of 45%
 Generate sales of $20000
The marketing objectives of the company are:
 Attract new customers
 Provide customer satisfaction
 Available to the customers at an affordable cost.
The social and the sustainability objectives of Solar Smart Watch are:
 Eco-friendly product to be preferred by the customers.
 Create awareness among the people and encourage people to use these watch rather
than battery or digital watch
Target market
Target market is that group of consumers at which the company aims its product and
services. The main target group of solar smart watch is the tech savvy people. People who are
an ardent watch collector or wearer will prefer to buy solar smart watch. The target group is
the customers of the age group of 18-45 years who prefer to use their smart phone without
carrying them. They can use it through their smart watch which will be in operation with
solar energy. The watch will not have any battery. China is the main target market of the
company. If any company sets up in China, it can produce its product at a cheaper cost due to
low cost of labor and low cost of raw materials. The neighboring countries of China are also
the target market of the company.

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Marketing strategies
Positioning and Product offered
As solar smart watch is a new concept which is widely accepted by the people. The
companies that have developed or are trying to develop the product has to position its product
in the market in such a way so that people will prefer to purchase the watch. The consumers
will prefer to use these watch because of its wireless charging method. Moreover, it will also
use GPS technology and thus it will be easier to track different location or serve the needs of
the customers. It will be also eco friendly and consumers can also exchange their watch after
using it for longer period of time. The smart watch will also have alarm monitor and can also
be connected easily to the smart phones.
The product will be available in varied ranges for customers of all age group. The kids
and the youth who prefer fashion and are tech savvy will prefer to purchase the watch
because of its benefits at an affordable cost.
Price
The price of solar watch varies according to the product range and benefits. Some
watches will be user friendly and will be available at an affordable cost. On the other hand
there are some premium and high quality brands which are costlier and will be preferred by
high income groups. The functions of these watches will also vary depending on the price
range.
Place
Solar watch will be preferred by customers all over the world. Though this watch will
run on solar energy but it will also be preferred by the people of USA and UK because of its
eco friendly advantage. The watch will be preferred mostly by the people of Asian countries
such as Thailand, Singapore, China, Nepal and many more (Xiao et al. 2014).

7MARKETING PRINCIPLE
Promotion
The company will use various television advertisements for its promotion. Moreover,
it will also use social media and e-commerce sites for its promotion. Hoardings will also be
used so that people become aware of the product and they will be willing to purchase the
product. Customers will get attractive discounts if they purchase the product online. The
products will also be available in varied offline stores (Wile et al. 2014).
Marketing implementation
The marketing and advertising campaign of Smart watch will worth $10000 for the
first year and it will also cover varied elements such as TV advertising, e-commerce
advertising and many more. Solar smart watch will spend $1250 on TV Advertisement.
Advertisement will be broadcasted especially on sports channel which is viewed by people of
all age group. The advertisement commercial will run for 15 seconds in various channels
other than sports channel. The company will also spend a huge amount on billboard
advertisements. Moreover, investments will also be made on development of e-commerce
websites. Social media advertising is also used by the company so that the customers can post
their query and know more about the product. Paid advertisements will be also be used by the
company on facebook pages. Moreover, if a customer will also get 30% discount on the
fourth watch if he/she purchases 3 watches at a time (Chen et al. 2104).
Budget
The budget of solar smart watch is given below for the first year of operation. The
revenues and cost will be based on the demand of the customers and the cost incurred on
manufacturing and marketing. The profit generated will exceed the targeted profit if the
company can sell the product of $34000 in the first year of operation. Discounts will be given
to the premium customers who purchases high quality watches.

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Revenue $240000
Total income $450000
Gross Profit $25000
Expenses
Advertising fees $10000
Other costs $4500
Total expenses $14500
Net Profit $87500
Evaluation and Control
There are different people who are engaged in the company for monitoring the
financial, marketing and sustainable objectives. The company needs to check that it meets all
its financial requirements by tracking the weekly and the monthly sales and expenses of the
company. This will help to keep a check on the revenue and cost incurred by the company.
There is special team who is responsible for keeping a check on the marketing objectives. It
includes keeping a track of the customers, sendi8ng premium customer’s attractive discounts
and offers and thus attracting new customers. Moreover, efforts must also be made by the
company to keep a check that it maintains sustainability and eco-friendliness. The objectives
of the company will be achieved if all the requirements are met (Gordon et al. 2016).

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References
Baran, A.B. and Iftene, A., 2015. Disruptive Technologies-UV Protect-Smart Watch
Application. In RoCHI (pp. 87-90).
Chen, X.A., Grossman, T., Wigdor, D.J. and Fitzmaurice, G., 2014, April. Duet: exploring
joint interactions on a smart phone and a smart watch. In Proceedings of the SIGCHI
Conference on Human Factors in Computing Systems (pp. 159-168). ACM.
Gordon, M., Ouyang, T. and Zhai, S., 2016, May. WatchWriter: Tap and gesture typing on a
smartwatch miniature keyboard with statistical decoding. In Proceedings of the 2016 CHI
Conference on Human Factors in Computing Systems (pp. 3817-3821). ACM
Hamatani, T., Uchiyama, A. and Higashino, T., 2017, March. HeatWatch: Preventing
heatstroke using a smart watch. In Pervasive Computing and Communications Workshops
(PerCom Workshops), 2017 IEEE International Conference on (pp. 661-666). IEEE.
Komninos, A. and Dunlop, M., 2014. Text input on a smart watch. IEEE Pervasive
Computing, 13(4), pp.50-58.
Pipada, A.D.K.L.R. and Xu, S., 2016. The Effect of Data Security Perception on Wearable
Device Acceptance: A Technology Acceptance Model.
Tasaka, Y. and Iwasaki, H., 2016, October. Curved dual band film antenna of smart watch for
cellular communications. In Antennas and Propagation (ISAP), 2016 International
Symposium on (pp. 980-981). IEEE.
Wile, D.J., Ranawaya, R. and Kiss, Z.H., 2014. Smart watch accelerometry for analysis and
diagnosis of tremor. Journal of neuroscience methods, 230, pp.1-4.

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Xiao, R., Laput, G. and Harrison, C., 2014, April. Expanding the input expressivity of
smartwatches with mechanical pan, twist, tilt and click. In Proceedings of the SIGCHI
Conference on Human Factors in Computing Systems (pp. 193-196). ACM.
Zhou, T., Zhang, C., Han, C.B., Fan, F.R., Tang, W. and Wang, Z.L., 2014. Woven structured
triboelectric nanogenerator for wearable devices. ACS applied materials & interfaces, 6(16),
pp.14695-14701.