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

Running head: ASSIGNMENT _2 _PART B _YOUR MARKETING PLAN 10

Assignment 2: Part B: You’re Marketing Plan

Shalice A. Ravenell

Strayed University

Professor Dr. Victoria Hailey

MKT 500: Marketing Management

May 15, 2017

Assignment 2: Part B: You’re Marketing Plan

Branding is the process of defining and refining target audience, content, marketing channels and outcome measurement. Branding strategy defines what company stands for, the promises the company makes to its potential and actual users of the product and the personality that the product conveys. Moreover; branding strategies also include the company logo, color and slogan. Besides; company brand usually develop in each day to day interaction in the market by the images it conveys, the messages it deliver in the company website, proposals and campaigns it undertakes. Also, the way the employees interact with customers will help to position the company in huge consumer segment.

Smart watches marketing intelligent team plan to create strong brand which will help build brand equity and value to the company in terms of market positioning. The company majors in manufacturing smart watches which are used for different purpose for example; smart watches are used in connecting with families, friends in social media, streaming of live videos from YouTube and other websites. The company extends its own name to the products as one way of creating brand recognitions (Baker, 2014). The benefit of using this branding strategy is that; consumers are more likely to remember the company product. Also the company plan to uniquely position itself in the market segment by catering for underserved niche in the market.

The strategy of differentiation is the best for startup business. The company plans to use various methods to difference company product from other competitor’s brand. Smart Watch Company’s; targets corporate clients, health practitioners, taste for women and men as well as current needs of most youths. The company logo will encompass two colors which have different meaning to individual for example we target to use blue and red (Baker, 2014). Red color is considered to be highly arousal, often stimulating people to take risk in terms of investment. The color also arouses feeling of power, energy, passion and love. Having this color in our smart watch logo will help to attract more ladies and individual who have taste for colors. The branding will also encompass the blue color which is often associated with coolness of the sea and sky.

The blue color is the most preferred color for men. For example wrist watch which will have red color will evoke strong emotions about love and appetites. The company plan to have brand extension on repair. The extension will help to offer other service related to smart watch repairs and recycling of dead watches. The company plans to use slogan which states that “bridge the Gap with amazing quality” (Baker, 2014). This slogan will help the company towards marketing its brand. Also the statements talk a lot on quality therefore we hope to target individual who purchase product due to personal factors influence in occupation, personality and family.

The company plan to establish better content marketing especially in online platforms. The online content includes web and mobile content, video and audios, white papers or eBooks and others. The content strategy will be designed in accordance to customers’ needs. This branding strategy will help to build trust within the company (Baker, 2014). Also it aims at creating brand awareness, and brand advocates. In order to continue building consistence confidence the company will continues using various marketing channels such as social media, mobile, website, print and in-person to market smart watch brand.

The best marketing strategies help to define the overall directions and goals for marketing the company products. The company outlines the process, distribution channels and mechanism that they will use to makes sure customer needs are met. The company has established better marketing mix tactic to makes sure customers’ value and needs are catered for. The marketing need encompasses four Ps that is product, price, promotion and place (Baker, 2014). The company product include smart watch, water prove superior brand. The brand features are tailored to meet needs of all consumers in this changing techno world.

The company plan to position some of the company product in premium market segment with aim of attracting individual who like to buy product which are high expressive in nature or out of prestige. Our pricing models will be based on consumer’s choice and taste (Baker, 2014). The cost for each smart watch brand will be based on the features the watch contains. Smart watches which have MP3 player will cost more compared to the one which has normal features. In the costing we have accounted the cost of promotion, distribution and production to makes sure our products are profitable.

Our products will be available in online shops, retail stores outlet and other in our main stores. The products are widely available in urban stores located in Majors Street in the city; where we aim at attracting large pool of customers. Also customers can order the watches via our websites. We have come up with various methods to market our products as well of improving product recognitions (Baker, 2014). The marketing strategy of promotion is aimed at attracting the right clientele for our brand. We will utilize online platform such as Facebook’s, twitter and Google ad words to makes sure our brand is most preferred in the market. Also we plan to utilize the company sales force, public relation and advertisement in radio and televisions as a method of increasing product recognition. Television adverts will be running during morning hours and evening news broadcast as well as radio spots.

The company plan to market the product in a period of one year. Television and radio adverts will run on Friday and Saturdays. We also plan to put several billboard in the main highways. The company has signed an agreement with local government to put several billboards in major busy highways for a period of three months (Baker, 2014). In order to reduce budgeted cost on advertisement; the company will be advertising the product in the first two weeks of every months that is Friday and Sunday. The reason why we target to be advertising in every first two weeks of every month is order to cut cost on our side as well maximize sales because we target to take advantage on employed individual who get monthly salary every end months.

The smart watch company majors on manufacturing watches; irrespective of that the company also offer repair services for its customers or replace the products in case it has problems. The Company targets to reach different democratic level including corporate individuals, teenagers and health and fitness segments (Baker, 2014). The watches will be tailored to meet different need of consumer in each market segments. Some products will be placed in premium segments which attract individual who are guided by self-concept and personality attributes

The product will offer value for your money because it has various features which are only available to smart watches. For example the watches has MP3 players, it is water proofs and can be used to connect your with employers and family (Baker, 2014). We promise to provide constant supply as well as pricing the products in accordance to the features it contains. Customers have various colors to choose according to their taste. Customer can as well return the watch for repair if the warrantee document is not expired. We also offer home delivery if you order your product on our online platform.

Perceptual map that show Smart Watch Manufacturing Company

Smart watch company understand the consumers behaviors and how it can influence purchase for the company products. The target market for smart watch company includes teenagers, corporate individual and students. This market is influenced by psychological, personal factors and social factors. The individual influenced by psychological make decisions whether to purchase the company product due to perception that the company product is of high quality (Baker, 2014). Also beliefs and attitudes play an integral part towards influencing psychological behavior. Most of our consumer makes decision to purchase our brand due to influence of economic situation, lifestyle and occupation.

The relevant consumer behavior for our target market is mostly influenced by personal factors and is the largest segments we target to achieve. The brand name, logo, slogan, brand extension, as well as the positioning statement and marketing strategy are right for the identified target market because some of the features in logo and slogan may be the key attributes being considered by potential and actual users of our brand (Baker, 2014). Marketing strategies has placed some company product in certain segments by minimizing features accompanying the watch. The logo has some colors which are most preferred by individual working in corporate level like blue color.

Company mission statements

The company is committed to offer quality products which offer wide benefits to the users. The company primary markets include health and fitness segments, corporate segments and students. The mission of our company is to make sure customer needs and value are achieved. The marketing plan offer high quality innovative watches which are unisex. Some of the smart watch watches are tailored in order to fit to each customer budget (Baker, 2014). The company target to maintain customer loyalty, quality standard and look to provide more innovative production which will provide paths way for new quality design. As much as we want to introduce new product design our corporate goal is to maximize on profits and increase sales in the next five years to come.

Reference

Wheeler, A. (2013). Designing brand identity: An essential guide for the whole branding team.

Johnson, E. J., Pham, M. T., & Johar, G. V. (2007). Consumer behavior and marketing. Social Psychology: Handbook of Basic Principles, 869-887.

Sengupta, S. (2005). Brand positioning: Strategies for competitive advantage. New Delhi [u.a.: McGraw-Hill.

Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2012). Essentials of marketing. Mason, Ohio: South-Western Cengage Learning.

Baker, M. J. (2014). Marketing strategy and management.