MKT 500: Marketing Management Assignment 3: Part C: Your Marketing Plan:

MARKETING MANAGEMENT 8

Shalice A. Ravenell

Professor Dr. Victoria Hailey

MKT 500: Marketing Management

Strayer University

May 1, 2017

Marketing Management.

Marketing management is a process of identification of customer needs, designing quality goods and services that meet the needs of the customers, creation of a communication information platform that advertise the goods and services offered by a company to the prospective customers, ensuring that the goods and services are readily available at all times to the customers and are at a place and location that are easily accessible to the customers, Pricing of goods and services to ensure that the costs are reflected, competition and that the customer can afford to buy the goods and services offered by the company, following up of customer satisfaction after purchase of good by creating a follow- up service. In other words, marketing is a process of delivering customer satisfaction at a profit.

Smart watches are one of the products that’s used for different purposes in this era for example, contacting one’s employer, connecting with family and friends in social media, streaming of live videos from YouTube and other websites among others. However, these smart watches are prone to getting damaged. For example, the smart screen can get cracked, the watch might fall into water, exposure to high temperatures might damage it. The bearing smart wrist watch is a new and affordable smart watch manufacturing company in New-York. The new manufacturing company is intended to launch its products to the market mid this year. The company has three co- founders; Scott Middleton who’s in charge of production and also the vice-president of the company, Barbra McClain is in charge of the sales and marketing department, and Bradley Washington is in charge of the distribution services. Smart watch production is a lucrative business since the smart watches are a new product in the market.

The products will be manufactured in a factory located on Wessey Street in the United States. The new smart watches will then be sold in watch stores in the United States. Our smart watches will be built in German engineering manufacturing technologies. Our main aim is to make the Bearing smart wrist watch company one of the most successful smart watch a manufacturing and repairing companies in the United States of America.

Our company aims at developing new and advanced technological services that are geared toward meeting our clients’ needs and remain competitive with the major smart phone producing companies such as Samsung among others. Our company intends to invest in acquiring of new technologies, getting licenses and investing on research and development. Our long-term goal is to expand our company by increasing products and exporting them not only in the United States but also in other countries, another goal is to increase our profitability and the quality of our products and this can be mainly achieved through brand awareness.

Our primary market covers health and fitness segments, corporate segment, students among others due to the growing smart watch demand in all sectors of life. Our secondary target market are the youngsters since research has shown that young people purchase more smart watches than the older people per capita. Our market plan is to provide our customers with high quality innovative watches. There will be different varieties of smart watches produced by our company and they will be unisex in nature hence any one can purchase them regardless of the gender. We also customize our smart watch products depending on the customers’ needs and specifications.

Bearing Smart Wrist Watch Company is intending to fairly compete with other existing smart watch producing companies. According to Kotler and Keller (2011) the market size for branded smart phone watches was predicted to grow from $ 524 million retail dollars in 1998 to $ 721 million by 2002. The yearly market grow is expected to exceed this number by six percent for the coming years. Bearing smart wrist phone Watch Company is intending to distribute the products through direct channels such as retail outlets that account for almost 70 percent of the watch sales.

The Bearing smart wrist watches company manufactures strong, high quality products, and designed by our best trained technicians, distribution of products to the customer will be done by our most skilled and trained employees to increase our product entry into the market. Our products will also be advertised on media platforms and social media portals websites such as Facebook and other websites to achieve brand awareness for our products. Our product advertisement will be done on a broad scale meaning our advertising cost will be more than that of our competitors. The use of media to advertise our products will cover the main market segments that is executive companies, students, professionals from all walks of life.

Currently in our economy, purchasing a watch is more of a luxury than a need since the income most people are earning is quite low and the middle-class population is decreasing hence the gap between the rich and the poor is increasing at a very high rate since the money that people are earning the are using it to cater for their needs and they mostly don’t have enough to save money hence their level of consumption varies accordingly.

The government on the other hand is supporting the Smart watch industry by providing an exemption in tax sales for 2 years (Kotler & Keller, 2011). New market entrants are not restricted. The government is giving this tax sells exemptions to guarantee their commitments to the innovation and investments made. We intend on carrying out research to know what the customers really want in terms of product improvement and services given. The target market being our focus we intend to look for opportunities rather than wait for our competitors to come up with new improved technologies and products. The Bearing smart watches are water proofed and have a digitalized touch display, they have in- built features like data saving memory, voice recorder, and MP3 player. The watches are designed on the modern look depending on the needs of our target markets that is professionals, students, executives among others hence the price of the watches will vary.

Our goals are to maintain a loyal customer base, maintain quality standards for our products, and Look for more innovative production methods that will provide high potential for new quality designs. We intend to grow our market on a global scale for the next five to ten years. We have a great opportunity to grow our products since the demand for innovative products creates a huge market opportunity for our products. However, we might face some challenges our competitors might have a better brand than ours, existence of strong competition from other smart watch producing companies among others.

Before we launch our product, we intend to create positioning statement messages for our products then write a roll out for the launch this will help us create a clear customer target definition (Mastan, 1990). The new smart wrist watch product will be positioned on our customers’ mind as a high-end product. Our watches will also be positioned on addition of features such as memory space, stylish designs and voice recorder. The smart watch attributes that we want to consider for our company include, price, packaging, brand design and durability of the smart watches (Kotler & Keller, 2011).

Bearing smart wrist Watch Company intends to form collaborative agreements with jewelers. Our products have no legal and political issues linked to them. For our company to evaluate our performance we intend to use metrics to gain strategy results and implementation of our goals. Hence this will help our country determine what it has achieved and what services need to be improved and whether our performance in the market has met the company’s goals and make appropriate adjustments to our products where necessary (Grewal & Levy n.d). We intend to inform our customers before we launch the products since buyers want to know and learn about a new product before they talk come to purchase it (Burnes, 2013).

References

Burnes, R. (2013). 14 Essential Elements of a Flawless product Launch. Retrieved from http://blog. Hubspot.com/ marketing / elements – flawless- product- launch- li Mastan.

Effective Marketing & Product Launch Best Practices (1990). Retrieved from http://www.rossla.org/ article. Html? Aid=141.

Grewal, D. & Levy, M. Marketing, 3rd edition. Retrieved from https://www.inkling.com/ read/ marketing-dhruv- Grewal- Michael- levy- 3rd/ chapter-2/ the- marketing plan.

Kotler, P. & Keller, K., (2011). Marketing Management, 14th Edition.