Executive Summary
Motiv Rings company is a company based in USA whose headquarters are located in the San Francisco street. Motiv Rings manufactures lightweight fitness trackers and its aim is to come up with devices or trackers which are simple in order to keep living better (Von et al., 2017). Motiv Rings was founded in the year 2013 and it has about 11-20 employees and 11 investors.
Evaluation of the strengths, opportunities, threats and weaknesses of the company was the major foundation for strategic analysis and the marketing plan. The major focus of the plan is the growth strategy of the organization, suggesting ways to build on the existing customer relationship and development of new products that target specific customers (Warren, 2018). The Motiv Rings is currently referred to as technology company since it produces fitness devices that help in monitoring activities.
This plan is about a fitness ring making company called the Motiv Ring. It is a plan about the marketing of the company in order to enable the company to achieve competitive advantage in future.
Motiv Rings was founded in the year 2013 (Motiv, 2018). The company’s aim is to a new technology in the fitness tracking devices so as to improve and make better the living style of people. Before starting making the fitness rings, the company used to make cinema camera accessories. Motiv Ring now makes fitness rings which are portable and can be won all time. The company has an online and offline store which are both operating. A customer can make an order through the online store from anywhere in the world. This strategy is used to be able to spread to the international market (Plan, 2006). The main aim of the company is to be able to meet the customer expectations and also if possible exceed the expectations.
Motiv Rings focuses on meeting and exceeding the customer needs (Cravens & Piercy, 2006). Their target is mostly the young fitness generation that is active. Motiv Rings main threat is the likelihood of competitors such as Samsung and other technologically advanced companies.
The Motiv Rings company focuses on providing the best technological fitness devices which can be very reliable and can exceed the customer requirements (Motiv, 2018). It focuses on the young fitness group of the age bracket from 17-40 years. The company also intends to extend its market to go beyond international boundaries (Dost et al., 2018).
- Political environment. The current political environment does not have influence in the production and making of the rings in Motiv Rings.
- Economical forces. Not every person appreciates new technology. This happens especially when the new devices are appreciating in cost. The new technology is expensive to put in practice to meet customer needs.
- Societal forces. In todays generation in the society, consumers are looking for the devices which are easy to use and easy to interact with. Therefore the mobile application and the ring need to have interactive interface for ease of understanding to the customers
- Technological environment. A new and major emerging technology is devices that are fast in data processing portable devices. If the ring is able to capture and process data then it will attract many customers. The ring’s technology has to be the current technology.
- Legal forces. There are rules and regulations set on how to monitor and use technology. Today the main issue is information security. The company has to make a device which will not allow every person to see other peoples information.
- There is a little number of employees in motive things and are well compensated and have a good relationship with customers hence they are loved by customers. The manageable number of the staff is an advantage because it promotes smooth work order and also it boosts the communication between either the employees themselves or employees with customers.
- The company has partnered with many other companies. The partnerships are an advantage to the companies growth. The company is able to grow through the partners. It means that it does not only rely on itself but it has many sources of information which will help it grow.
- The company applies a differentiation strategy to their unique product. This helps it to acquire a strong marketing orientation. The company is focused to make the living better through their product. They are focused on making it acquire high quality, customize the product and even acquire and offer commendable support services. This is through the making of microtechnology devices which can monitor the health of a person.
- The company has an added advantage for it offers products that fit the needs of the people. This is done by identifying the needs of the people and then come up with devices that can be used to satisfy customers and keep their life healthy and suitable.
- The technological rings offered by the Motiv Rings are very compatible and can be used in all activities including when sleeping, swimming, exercising and doing other activities. The ring has a long-lasting battery which is rechargeable and can last for 2-3 days.
Weaknesses
- The application made for the fitness rings is only available for iPhone users only. Hence, lack of compatibility is likely to hinder the growth of the company.
- Negative publicity. This includes some people talking negatively about the rings. There are some people who are always looking on the negative side of technological advancements. Some of them may discourage potential customers to avoid buying the product.
- The ring does not differentiate sleeping and just lying in the bed. It will think that a person is sleeping even during the day when the person is actually just lying on the bed.
- The ring can only recognize the active performance of an activity when a person wearing it is swinging the hand. This means that in case a person is pushing a trolley and not swinging the hand the ring will not record any activity.
- Advancements in technology are one of the greatest opportunities of the Motiv Rings. This means there are high possibilities of growth in the future as technology advances. Smart watches and smartphones have become common and technology is developing rapidly.
- The target market is a strong target. This is because human health is becoming a very important day by day. Using technology to monitor the health of a person is a good market target and is likely to grow in the future.
- The fitness rings are compatible with the daily activities of a person. This is likely to make the adoption of the rings grow in since it can be used in many daily activities.
- The fitness ring has high ability to measure the overall minutes that a person is active, measure the types of activities undertaken and other activities. This is likely to help the company grow.
Threats
- The company faces a threat of theft of their idea and pirating of the product.
- The threat of entry of a new competitor due to the minimal technology required to produce the fitness rings.
- Advertising requires new strategies and since the company is new in the market this might mean that it will use a lot of resources to advertise their product.
The marketing strategies of the Motiv Rings need to be addressed. To do this, changes will be made according to the research outcomes of the data collected from the customers. This will lead to attracting more customers and eventually it will lead to the growth of the organization.
Introduction and Background
Due to the great aspiration to achieve product quality, Motiv Rings made and implementation of differentiation strategy in the wide market. The differentiation strategy has attracted a large amount of returns.
Motiv Rings high target is on the young fitness generation to make living better as their mission states. These people are the ones within the age bracket of 17-40 years. The company, therefore, focuses on the digital generation because the rings are digital and are connected to the application (Fine, 2017). The fitness group is very sensitive and they need to monitor their activities in order to keep fit and healthy.
The company started by making wristbands which due to incompatibility changed to rings which can be worn without feeling uncomfortable even when sleeping (Motiv, 2018). This led to the attraction of more customers and increase in sales.
- Large companies that have already gained a competitive advantage and their brand are selling high. Example, Samsung. The company can decide to partner with the companies that have already gained the competitive advantage. These can be any technology company that is willing to partner with Motiv Rings.
- The users of all types of smart devices that are advanced in technology and especially the fitness young generation. This can be the users of smart watches, smart phones and any other digital portable devices.
- Professional football and other game players. This can be the big football clubs and other games to monitor the activities of their players and to ensure the players are fit.
Motiv Rings focus on making living better by coming up with fitness rings that can monitor the heart activities and other health activities (Fine, 2017). The company should, therefore, come up with a precise objective of net profit growth of cumulatively 50 percent in the next five years. Half of the 50 percent mentioned above should at least come from new customers, and from the unseasonal products.
The Motiv Rings should strive to accomplish its objectives. To do so, they can do benchmarks from other similar competitors and see what they do. There should be regular reviews of the set objective in order to gather enough feedback and any possible corrections in time (Garcia et al., 2016). The main objective of marketing is to understand the needs of the customers and to know whether the customers are satisfied with their products. Since the Motiv Rings uses the best technology in their rings and they are compatible, then its current customers must be satisfied.
The Motiv Rings can come up with new products also. This can be done by first doing a thorough research and find out which other fitness products can be made or any other technological devices (Jarach, 2017).
The company does not have any debt currently. The company, therefore, needs cash for funding of the current operations. Therefore, the company will borrow some money in order to have enough for running the operations.
The company’s financial objective is to make an increase in the profits earned and also the revenues of approximately 12% from last years earnings. The stated revenues are expected to go beyond $6 million and the profits to increase up to $1.5 million.
Situational Analysis
The Motiv Rings provides a high quality and technologically advanced device. The value of one fitness ring is $199 which is generally affordable for most international customers.
The Motiv Rings are durable in such that they are coated with titanium so as to resist wear and tear. The rings have a rechargeable battery that can last for three days and the device is waterproof for swimmers. Motiv Rings aims at the meeting and exceeding the customer needs.
The Motiv Rings has digital promotion strategy hence they offer online selling of their product and this has helped the company for international marketing.
The main aim of the Motiv Rings is to ensure international marketing. This will help the company to reach different market economies. The penetration method that is used by Motiv Rings has helped in maintaining the proficiency of functions of marketing.
Because the current and future production of the Motiv Rings need to be customized in order to meet the requirements of the customers, the marketing function can then be organized by the grouping the customers (Scarborough, 2016). This will allow Motiv Rings to have enough time to focus on each of the customer groups. The marketing efforts of the Motiv Rings will be around; iPhone users group, android users group and smartwatch users group. Each of the above group will be responsible for achieving the organizational objectives (Lidstone, 2017). Each of the groups will be assigned a manager to make sure that the products meet the required standards.
These marketing changes will enable Rings Motiv to be more flexible and also attract more customers. These changes will help to wipe out the current challenge that the app of the fitness ring only works in the iPhone operating system (McDonald, 2016).
The implementation of the stated changes is to start in next year in February (Lamb, 2017). All the activities will be conducted by the current managing director of the Motiv Rings.
- On February 4th, creating new positions will be done for the managers of the different groups. The manager for the Android users and the manager for the smartphone users.
- By February 15th select three members and give them the following projects to undertake; do a research on potential new products and customers, conduct the analysis of the current billing practices and cycle and come up with a survey project for the customers. This is the responsibility of the marketing director.
- By 30th March the project groups assigned will give their report and the outcome of the analysis. The marketing analysis team will then go through the recommendations.
- By 30th April come up with a new marketing system which will be used for monitoring customers order patterns and their satisfaction.
- By 31st may changes made in the billing system will be implemented as according to the marketing analysis team recommendations.
- By 30th June come up with a plan for a new potential product in line with potential customers analysis. This is the responsibility of the business analysis team.
- By 31st July finish the survey on customer satisfaction. This is the responsibility of the marketing manager.
- By October implement the new product and advertise it to both the current and the potential customers.
- By December do the analysis of the customer satisfaction from the new product.
- Renew the marketing analysis team objectives for the next year.
Plan goals and the financial expenditures will be found in the project report (Shank, 2014). The following are the financial indicators and budgets;
- The total budget for the new product research, the analysis of the billing system and the survey concerning the customer will be 60% of the budget for the economic year.
- The following will be the breakdown of the budgeted amount 20% will cover the billing system, 50% will be allocated to the new product and 30% will go to the survey of the customer and development of the marketing system.
- Each team is required to come up with a report of all the financial expenditures, this will include the salaries and any direct expense. The marketing director will create a standard reporting form.
- It is the responsibility of the director of marketing to adhere to the budget and will be reporting to the company managing director each week.
- Expenses due to development will be divided into two years and a comparison of the same with gross income will be done.
To find out how effective the Motiv Ring marketing plan is comparison needs to be done between the actual performance and the planned objectives (Da & Mazzon, 2016). The following are the procedures which will be used;
A concept for the management of the project will be used for evaluation of the implementation of the marketing plan and this will include establishment of the time requirements, needs for human resource and budgetary and financial expenditures (Paley, 2017).
The Marketing Environment
Each team will be required to identify which changes are to be made in the operations, procedures and the focus of the product according to the conducted study.
A comparison will be made between the activities planned and the actual ones on monthly basis for a period of the first one year and on quarterly bases after the phase is initially implemented (Kronick et al., 2017). The director of marketing and the team for doing business analysis will give a report of the comparison between the actual and the planned results to the managing director.
Conclusion
According to the report analysis, Motiv Rings has used the most modern technology and has made wearable devices in a different manner. This approach and the fact that the rings are waterproof and have long-lasting batteries can attract customers and keep them. The people using the rings have currently confirmed they like the new technology in the rings. It is recommended that the company makes and Android application in order to reach every person including Android users.
References
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