Marketing Management And Digital Communications For Motiv Ring

Strategic Marketing analysis

Every successful business organisations whether small or big need to have an effective business plan. This plan may spell out amongst all the marketers and employees in the way by which the organisation intends to utilise the resources and involved in the production. Most specifically, a sound business plan needs to include a strategic marketing plan for enhancing marketing sales.

A strategic marketing plan revolves around the type of environment that the entity desires to desires to develop for the customers in the quest to improve sales. The plan usually involves with the concepts such as geographic and demographic potential market. Based on the factors of marketing, the study focuses on the strategic marketing plan for a Motiv ring used by fashion retail organisation in Australia.

Motiv Ring has been currently identified as an impressive creation of engineering and fashion users. It is a small lightweight fitness tracker fitted with patented technological components that are smaller than a grain of sand. Considering the existing amalgamation of fitness concerns and fashion the study highlights a marketing plan for the marketing of the product in Australia.

• To set up a different target in Australia for changing the experience of the customer by emphasising the connected future.
• To provide the customer with personalised smart home experience with a marketing of the product that has not yet hit the entire market.
• To accomplish the goal of making a fitness ring and sleep tracker that will allow the customers to wear it 24/7. The ring will be small in outlook, lightweight, waterproof, fashionable and will have a long longevity of battery provided with a good look (Luxton, Reid & Mavondo, 2015).
• To set up an affordable price for the Motiv ring with a usable quality for attracting an increased number of customers in Australia.
• The company is required to establish themselves as experts in the market that provides them with the opportunity to quote in the major trade press and gaining awareness (Valos et al., 2016). However, the measurable and specific objectives will be introduced in three major events as required for the international market entry.
• By the end of the year, the company will be required to have the major brand identity that can be shared with the customers. The company as well needs to distribute the awareness through the website for creating multi-continental awareness.

• Sales of AU$315,000 within the year 2018 and AU$1 million by the year 2020.
• Gross margin of the market needs to be higher than 80%
• Net gross income needs to be more than 10% of the sales by the end of the year 2020.

The company will be focusing on potential customers in Australia and partnering with a few high tech manufacturing firms those are mainly required for the manufacturing of the product. Since the device is a smart activity tracker that helps to track movement that can be worn around the wrist or can be attached to the clothing. Therefore, Roque & Raposo (2016) stated that the selected customers for the products are young, middle-aged and teenager women mostly who are concerned about the health.  The male population can also be targeted who are concerned about their health.

Motiv ring product deals with the exploitation of natural resources for the purpose of economic production. However, the efficient and sustainable use of these resources is a social interest and is an important subject for political discussion and decision making.  According to Nowak et al., (2015), Australian is a liberalist Capitalist democracy; there is a freedom present within the environment of business without much of the political obligations.  

However, currency fluctuation owing from variations in tax may impact on the pricing of the product. Moreover, observing the rising average life expectancy, increasing ratio of the seniors and the growing prevalence of chronic decision the government of Australia has set up several healthcare policies to address the issues.  

Set up of marketing objectives

These policies may help in increasing care and provide residential monitoring through the development of the product. However, there may be several challenges faced by the organisation while manufacturing the objective due to Australian health associated and health alliances while working through regulatory issues (Kirá?ová & Pavlí?eka, 2015).

Australia maintains a capitalist economy, with a moderate income that is significantly coming from the fashion and technology sectors. In this context, Felzensztein et al., (2014) reported that it has been found that almost 42% of CAGR has been used in the year in between 2012- 2018 for the production of fitness devices. However, the reduced cost of inflation signifies that there is more disposable income that may be advantageous for the organisation in manufacturing the product as it would allow them to retain more customers. Health concerned products have a huge market that requires investment in technology as well marketing the product. Therefore, this factor could have a higher value based return on the market investment than the savings investment.

Owing to the emergence of globalisation, there is a variation in cultural diversity in Australia wide broad acceptance of people from different cultural backgrounds. Moreover, it is the international surge of fitness through media platform, network and incredible strategies used by different marketing team of Australia (Shan et al., 2015). Based on the cultural and social change it can be said that the product Motiv ring will be able to make most of the social and cultural approval in the fitness and fashion industry.

Australian country is highly equipped with upgraded technology and a high amount of income invested for the R&D efforts. Apart from these, factors there are also tax exemptions areas that will encourage the marketers to carry out research on the product opportunity along with tax exemptions in Australia. In the case of the Motiv Ring, the product has a better opportunity as the market will automatically increase owing to the import production of the art equipment.

The APRA approved mandatory legal regulatory reforms for starting up a new product within the fashion retail organisation will not have to face many problems in expanding their bases. This is because the organisation will be setting up new branches for marketing the product within the country.

 Australia has sufficient amount of natural resources that are highly influenced by the climatic change. Therefore, it is essential to note that the market is not suitable for the temperate climate of Australian but also due to the fluctuating climatic conditions. Therefore, the organisation producing motiv ring needs to keep aside the capital investment for the unpredictable losses, occurring due to poor climatic conditions (Aichner, 2014).

Financial objectives for marketing

The potential customer buying Motiv Ring in Australia is the local customer those who are self-inspired and concerned about fitness. In this most of the corporate customer has the power to associate with the organisations that are based on providing corporate advantages. As stated by Kumar et al.,  (2016)Customers have the power to bargain as there are fitness and other service organisation that also provide personalised fitness products concerning specific sports elements.

As the organisation in Australia will be providing health and fashionable services, it has a long-term partnership with an organisation that is dealing with fitness equipment’s and corporate organisation and e-commerce industries. According to Seele & Lock (2015), the suppliers, therefore, have the power by developing a partnership with the customers by fostering smooth manufacturing of the products by affordable price on the product.

As wearable gadgets devices are increasing in Australia since the period of Globalisation it is necessary for any organisation to consistently keep innovating new idea and by offering standard service for sustaining the competition from the competitive market (Patti et al., 2017). Alongside, the growing competition coming from a wide range of various products and application products, technology is in a consistent position to evolve with the dominant industries. These industries are such as Apple, Google and many others that are developing a wearable smart device for the health conscious customer. Motiv ring manufacturers, therefore, need to use a differentiation strategy and an innovative marketing strategy to sustain the product lifecycle of the motiv ring.

Both new start-up and established international organisations are preparing to develop wearable technology and product that may influence the customers to communicate with the market. For expanding the market several emerging industries are spending increasing amount of time in the market seeking for technology partners to power up next generation of products and services (Ewing & Ramaseshan, 2015). Considering this issues, the organisation needs to develop the motiv ring by giving it fashionable touch alongside the features of smart technology allowing increasing retention of customers.

Threats of being substituted are high in the Australian during the period of 2017-2018. These are because wearable devices such as ring are comparatively new and products are now being created and examined in the market. More companies are entering the market by replicating the similar products that may become a bigger threat for the production of Motiv ring (Hempelmann & Engelen, 2015).

Target market

The strategy of the organisation focuses on the area of the expertise of developing smart devices provided with a fashionable outlook. The company will be expertise in the introduction of new technological products through specific channels for distribution.

The organisation is required to focus on the three demographic trends in the Australian market, the millennial generation, young adults, teenager and middle-aged population. All of these generations are highly conscious about their health and looks (Speed, Butler, & Collins, 2015).

Based on the application of the motiv ring devices, the wearable product can be classified into several different segments, glamour, communication, fitness lifestyle, wellbeing and medical safety of the customers. However, following the marketing trends, it has been found that wearable devices such as fitness trackers and smartwatches have been used by several industries for multiple applications specifically for sports and fitness (Huang & Rundle-Thiele, 2014). On the contrary, some of the devices have also launched smart devices that help in tracking the health condition of patients with diabetes for monitoring the level of glucose.

Considering the growth rate of wearable devices, the market needs to develop the technologies that represent almost more than 50% of the share in the wearable technology market. Focusing on the user’s concerns with the accuracy of the data, the company needs to include advanced features of technology to sustain customer engagement with the product. so the users are able to access accurate data on fitness through motiv ring device.

The motiv ring is a stylish fitness tracker that has the capability to shrink down to the form of a wearable fit ring. The company while promoting and selling the product needs to use a competitive marketing strategy to create differentiation in the market. Therefore, with a premium pricing strategy, the business organisation will be able to set a cost that is comparatively higher than the competitors (Nagle & Müller, 2017).

The premium pricing strategy will be the most effective in the initial stage of the product lifestyle. In this context, the premium price of the product will be around AU $ 199 that will be shipped internationally to various location.  This is because customers’ needs to perceive the product as being worthy of the higher price tag along with a creation of the high-quality product.

Online advertising of the features present in the motiv ring will be an effective method of promoting the product in the market. There is a significant benefit of online advertising and social media marketing as it helps in to make changes in real-time through test campaigns (Eteokleous, Leonidou & Katsikeas, 2016). The company can also use content marketing to promote the motiv ring products that will involve developing persuading and innovative content related to the advantages of the product.

Marketing Audit

Social media is an effective way to propel the business and it can also be comparatively less expensive than the traditional method of advertising. The business organisation can rely on social media channels such as Linkedlin, twitter, instagram and Facebook to communicate with the target audience (Henderson, Cheney & Weaver, 2015). This will help to develop social media content informing the customers about the benefits of the Motiv ring.

Apart from these, the company can also build a partnership with online retailers to sale their products in the growing market. They can add extra features to the device to attract more customers in Australia.

Conclusion 

Therefore, from the above study, it can be seen that strategic marketing is necessary for evaluating the existing marketing trends in Australia. In order to promote the product through various marketing channels using social media, online advertisement, print advertisement, the company is required to measure the market relativity on the development of the product. However, from the study, it is evident that the motiv ring is a smart technological device that can be used to give a fashionable outlook as well. As a result of which young women as well male consumers may prefer the product. From the overall study, it is evident, that these types of devices are seen to have a tremendous impact in the current period and is estimated to prosper in the near future as well.

The quality and quantity of data that the ring provides combined with growing fashionable as well as discreet designs there are few reasons for their popularity as well as success. SWOT analysis, PESTLE and porter’s five analyses have helped to move towards a positive future for the organisation. The trends behind this clinical wearable are couples with existing trends and future budgetary projections that signifies strong marketing options with several prospects for future success.

Reference list

Aichner, T. (2014). Country-of-origin marketing: A list of typical strategies with examples. Journal of Brand Management, 21(1), 81-93.

Eteokleous, P. P., Leonidou, L. C., & Katsikeas, C. S. (2016). Corporate social responsibility in international marketing: review, assessment, and future research. International Marketing Review, 33(4), 580-624.

Ewing, M. T., & Ramaseshan, B. (2015). Integrated marketing communications: Conflicts of interest, politics and performance. In Proceedings of the 1998 Academy of Marketing Science (AMS) Annual Conference (pp. 265-272). Springer, Cham.

Felzensztein, C., Stringer, C., Benson-Rea, M., & Freeman, S. (2014). International marketing strategies in industrial clusters: Insights from the Southern Hemisphere. Journal of Business Research, 67(5), 837-846.

Political

Hempelmann, F., & Engelen, A. (2015). Integration of finance with marketing and R & D in new product development: The role of the project stage. Journal of Product Innovation Management, 32(4), 636-654.

Henderson, A., Cheney, G., & Weaver, C. K. (2015). The role of employee identification and organizational identity in strategic communication and organizational issues management about genetic modification. International Journal of Business Communication, 52(1), 12-41.

Huang, Y. T., & Rundle-Thiele, S. (2014). The moderating effect of cultural congruence on the internal marketing practice and employee satisfaction relationship: An empirical examination of Australian and Taiwanese born tourism employees. Tourism Management, 42, 196-206.

Kirá?ová, A., & Pavlí?eka, A. (2015). Development of social media strategies in a tourism destination. Procedia-Social and Behavioral Sciences, 175, 358-366.

Kumar, V., Dixit, A., Javalgi, R. R. G., & Dass, M. (2016). Research framework, strategies, and applications of intelligent agent technologies (IATs) in marketing. Journal of the Academy of Marketing Science, 44(1), 24-45.

Luxton, S., Reid, M., & Mavondo, F. (2015). Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), 37-46.

Nagle, T. T., & Müller, G. (2017). The strategy and tactics of pricing: A guide to growing more profitably. Abingdon: Routledge.

Nowak, G. J., Gellin, B. G., MacDonald, N. E., & Butler, R. (2015). Addressing vaccine hesitancy: the potential value of commercial and social marketing principles and practices. Vaccine, 33(34), 4204-4211.

Patti, C. H., Hartley, S. W., van Dessel, M. M., & Baack, D. W. (2017). Improving integrated marketing communications practices: A comparison of objectives and results. Journal of Marketing communications, 23(4), 351-370.

Roque, V., & Raposo, R. (2016). Social media as a communication and marketing tool in tourism: an analysis of online activities from international key player DMO. Anatolia, 27(1), 58-70.

Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. London: Kogan Page Publishers.

Seele, P., & Lock, I. (2015). Instrumental and/or deliberative? A typology of CSR communication tools. Journal of Business Ethics, 131(2), 401-414.

Shan, L. C., Panagiotopoulos, P., Regan, Á., De Brún, A., Barnett, J., Wall, P., & McConnon, Á. (2015). Interactive communication with the public: a qualitative exploration of the use of social media by food and health organizations. Journal of nutrition education and behaviour, 47(1), 104-108.

Speed, R., Butler, P., & Collins, N. (2015). Human branding in political marketing: Applying contemporary branding thought to political parties and their leaders. Journal of Political Marketing, 14(1-2), 129-151.

Valos, M. J., Haji Habibi, F., Casidy, R., Driesener, C. B., & Maplestone, V. L. (2016). Exploring the integration of social media within integrated marketing communication frameworks: Perspectives of services marketers. Marketing Intelligence & Planning, 34(1), 19-40.

Villeneuve, J. P., & Pasquier, M. (2017). Marketing management and communications in the public sector. Abingdon:  Routledge.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order