This assignment is based upon Making planning and strategies for the Marketing of the RunX 2.0 device. This device is a perfectly and high technology wearable device for the Fitness purpose. In this assignment, I will make planning and marketing strategies through which company would market the product the market. The current wearable market is about $20 Billion in 2015 and it's expected that the market would reach up to $70 till 2025. (IDTech, 2015). Apart from this, the marketing consists of different means which can be Television, print media, social media marketing. I will consider different means of the marketing and will choose the best means to market the product.
WebX technology is an Australia-based IT and engineering product manufacturer and service company with having businesses from 80 countries in all continents. Nowadays peoples are becoming more health concuss so they are now being aware o to physical exercises and benefits. Taking this as an opportunity company is launching all new product “runX 2.0” . This is a wearable device which has different features basically based upon the physical fitness. This device can be used as a pedometer, heart rate measurement, Blood pressure and for taking up calls while running. This is the result of high-tech R& D of the Company.
High-tech device with a range of facilities which has inbuilt pedometer, heart rate measurement and motion sensors. This device is compatible with the Apple and Android operating systems.
The current market trend for the wearable fitness equipment is increasing sharply as well as its being predicted that future prospect of the devices is going to surge. Wearable devices mainly consist of Glasses, wristbands, legwear. As in 2015, the wearable business was about $15 billion in later years it is being predicted that the market will surge to $70 billion. The dominant sector will remain the Healthcare sector because peoples are becoming more and more health conscious. In healthcare bands or fitness bands, there are many companies who are operating in the market such as Apple, Sony, Reebok, Samsung and many other companies. Our company brand run 2.0 is one of the newest launches in the Australian market and this is made from the perspective of the increasing demand and broad market. The demand of the wearable products varies from place to place; the demand is different in different continents,
Europe and North America are leading market for the product. As well as there is increasing demand in Australia too about the product, we are firstly going to launch the product in Australian market with the brand name “ RunX 2.0”
Australia’s market for the wearable gadget market is considered to be in inception, as well as introduction of the new and latest technology based smart watches and wristbands, are expected it ignite interest in the peoples. According to the report presented by the Frost & Sullivan, they forecast a surge of 78% in the demand for the wearable gadgets in the Australian market. It is also expected that the revenue will reach about $1 Billion. There are different factors which are responsible for the increase in the demand and interest such as innovations by local companies and high activity and merger attempt by the Google and Apple so that they can improve and grab the market share for their own company. (Jeremiah, 2015)
There are several local companies which are working in this section, new technological growth and interest among the public will drive the growth. Our company will also make this situation beneficial and will take advantage of this situation.
Marketing Strategies is one of the critical section of any company. The company must act accordingly to target the customers and increase the revenue. The companies have to set up strategies to cover border market,
- Objective oriented marketing
- Marketing should be based upon the customer base. As young and elders who can be future customers.
- Need to point out the superior Quality of the product.
- Brand Endorsements
- Association with different Healthcare groups will benefit the company.
- Online Presence
- The company must invest in sponsoring health awareness events so that they can make a significant impact on the masses.
The above-mentioned points are directly related to the branding of the company. Online marketing is considered as one of the best ways to market products throughout the world and also in the local Australian market. Apart from this Social media marketing is one of the widely used tools for the marketing of the products and also increasing the traffic to the website. One of the most noticeable approaches is the making consciousness among the peoples about the products and benefits.
The company has to expand the current Market and they are also wanted to increase the revenue in this competitive market. This can be achieved by the applying a proper set of proposed marketing strategies which the Company has to follow.
Requirements: There are certain requirements of the company such as a Marketing Team, the proper budget allocation for the marketing campaigns and Social media marketer and Search Engine Optimizer. In current market online marketing is considered as one of the best ways to promote and market the products to the customers.
SEO: Search engine optimization is one of the tools which is required by each company so that they can elevate their ranking in the Google page server. A company can utilize this aspect to increase the traffic to the website. Online marketing of the products or marketing through social media is considered as more effective. Apart from these we can promote and market our products by Print media, television and Brand endorsement techniques. Social media platforms such as Facebook and Twitter can also be utilized for the brand marketing and reach to the masses.
Evaluation and Control:
There are different things and processes which needed to be maintained at once. It includes manufacturing, R& D, Marketing, and distribution. In the company there are separate teams who are working to fulfill the desired and expected goals and achieve the target. This is a vast and long process for which company has to allow a separate amount from the yearly budget and company administration should concentrate on the working team capabilities so that they can track the progress. A target must be set up before starting the marketing campaign at the administrative level and they should track the ongoing development. This is the correct way of controlling and managing the effort.
- Technologically frontward: Our product is one of the best and technologically advanced among healthcare electronics devices.
- Superior service: Company provides high-quality service to the customers and other stockholders
- Proper Marketing Strategies: Our Company has a Marketing Team who takes care of all the marketing aspects.
- Competition: There are many big companies who are offering these products at even low prices.
- Brand: we are still in the forming phase and need to do a lot for the brand endorsements to compete with fit bit and Apple brands.
RunX 2.0 is one of the best products in the category of wearable electronic products. We have also done a market analysis for the product and seen that the trend is increasing day by day. Making a proper marketing policy will help- the company to cover more diverse market and reach to the public. I have also made some points where the company could focus and make a significant impact on the branding and marketing such as social media marketing and digital marketing. These marketing strategies must be implemented accordingly and the management should provide all the financial and material support for this work. The company should also make a website which will be used for the sale of the products. This recommendation will help the company as well as the stockholders involved with the company. At the last I have done SWOT analysis of the company and mentioned some of the Strength and Weakness. Control strategies were also discussed in the assignment.
Doole,I & Lowe, .R, (2008), International Marketing Strategy: Analysis, Development, and Implementation, Cengage Learning EMEA
Rangan, .K, (2006), Transforming Your Go-to-market Strategy: The Three Disciplines of Channel Management, Harvard Business Press
Pearson Custom Business Resources: Principles of Marketing. Boston,( 2010), Pearson Learning Solutions
Jeremiah, 2015, Australian wearables market to grow at CAGR of 78%; revenue of A$1 billion by 2018, says Frost & Sullivan.