Discuss About The Organizational Structure Market Objectives?
Kickstarter has launched world’s first smartwatch which is mainly made up for blood oxygen saturation in the body. Main motive of the company behind producing this watch is approaching all customer segments as this is the most affordable smartwatch. This smartwatch has sundry uses such as it helps the users to maintain their blood pressure, it is the first in the smartwatch category which is affordable and also helps the users to track their fitness and other signs of wellness. Organization has launched this device in the name of ‘FitOn: World's 1st Blood Oxygen Saturation Smartwatch’ (Kickstarter, 2018). Major attraction of the device is its price which is set only $49 and according to its price, there are numerous features which are available in FitOn. This smartwatch has SpO2, HRV, Waterproof, Respiratory, and could also be used in sports, fitness and for wellness functionalities.
Marketing objectives of Kickstarter in relevance with the newly launched product include successful introduction in the target markets with the objective to attain expected outcomes. In order to attain sustainable growth and development, Australian market has been chosen for introduction of the product (Armstrong, Kotler, Harker & Brennan, 2015). Thus, management has designed following points in relevance with the introduction of product within the first six months:
Customer satisfaction: Customer satisfaction and retention is one of the primary objectives for organization. The product introduced in the target marketing should be capable enough which could fulfil the target audience’s desires. Thus, it is required for the organization to add unique and qualitative elements in the product which could prove the effectiveness of the product along with determining the factors which could make the product unique and distinct from its competitors’ products (Lee, Kozlenkova & Palmatier, 2015). With the help of unique elements in the product, customer satisfaction will be attained and as the price for the product has been set at the lowest, thus, organization would easily be able to retain them for a longer period of time.
Sales: Objectives relevant to sales varies on the basis of time period. For the initial period from introduction of the product in target market, reasonable sales are forecasted while for the further periods, forecast regarding sales increases and this depends upon the demand generated in the market for the product (Cronin & Skinner, 2015). As FitOn has been introduced at the lowest rates, thus, organization has targeted to uplift their revenues at least by 30% from the target market.
Brand management: This is another crucial objective which describes the goodwill of the organization. Development of brand image and retention both are bit difficult process, thus, those should be executed in an appropriate manner. It is required for the organization that unique elements should be added in the product which could satisfy the needs of target audience. This will act as strength for the organization and will develop positive image amongst the target audience. This operation leads to brand management and for managing the same brand image and effectiveness, it is required to implement certain strategies through which same level of customer satisfaction could be maintained. This is because customer satisfaction and brand management are linked with each other. The more will be customer satisfaction with the utilisation of the organizational product, the higher will be the brand’s effectiveness in the market (Rosenbaum-Elliott, Percy & Pervan, 2015).
These are three basic objectives set by the management of Kickstarter in relation with the introduction of FitOn in the Australian market. To attain them in an effective manner, it is necessary for the organization to adopt and implement certain effective strategies. Apart from this, promotional and advertisement strategy should also be implemented for spreading the awareness with regards to the product with the motive of enhancing its demand. This will help the organization to uplift its performance in the target market along with attaining the desired goals.
Segmentation, Targeting and positioning
These techniques are used by the organization with the motive of establishing an effective image in the target market. In this scenario, organization will use these techniques for establishing the FitOn’s image in the Australian market and for the same, these techniques will be implemented. With the help of these strategies, organization will be able to determine the factors such as condition of the market, scope available in the market and the market share acquired by competitors and demand of their product, and the like factors could easily be determined with the help of these strategies.
Organization has decided to launch their new product i.e. FitOn in the Australian market in next few months, thus, it is required to implement these techniques through which appropriate results could be attained (Schlegelmilch, 2016).
This technique helps the organization to segregate the target market in small segments in order to determine the most suitable market segment for their product. For segregating the market into segments, organization could use following variables:
People are grouped in this segment on the basis of their age, sex, income and on various other factors. As FitOn will be launched at affordable rates and for their target audience is all aged group people thus, all segments could easily be targeted (Long, Shelhamer & Darrell, 2015).
In this category, audience is being segregated on the basis of personality, lifestyle and their perceptions regarding the product.
People are separated on the basis of their religion, locality, country, place where they live and on the basis of other geographical factors.
In this segment, people are classified on the basis of their behaviour, benefit sought and the like. Majorly target audience’s behavioural pattern plays crucial role in relevance with enhancement of the organizational products.
Amongst the above variables, organization could select the most appropriate market segment in order to accomplish their tasks in an effective manner along with gaining expected outcomes. For executing this activity in an appropriate manner, organization could use the unique elements and features of the product along with the effective promotional and advertisement strategies for attracting target audience. Marketing strategies are effective enough for attracting the target audience along with determining the opportunities through which the desired goals could be attained (Wang, Huang & Chen, 2016). With the help of these strategies, organization will be able to market its product in the target market as well as appropriate information regarding the product would also be spread amongst them appropriately.
This is a statement which describes the uniqueness of the company and it also describes the method through which an effective position in the target market could be developed. Apart from the positioning statement, organization could use the strengths and weaknesses for the organization in order to develop the effective image in the target market. Organization is required to adopt marketing and promotional strategies through which the key points of the product could be marketed in the target market. Organization will use “FitOn: World's 1st Blood Oxygen Saturation Smartwatch” as the positioning statement for the product and to build brand image in the target market. Crucial features of the smartwatch would be marketed with the help of trending digital media and other communication systems (Hellings, Fokkens, Bachert, Akdis, Bieber, Bieber & Lund, 2017).
This tool is effective enough to spread the information regarding the products amongst the target audience. This strategy is a combination of various promotional and advertisement strategies for setting up the image in the target audience’s mind-sets. Amongst the marketing strategies, marketing mix technique is the most effective and efficient for originating desired outcomes.
Under the product feature of marketing mix, all the special and unique features of the product will be marketed amongst the target audience with the motive of describing them the significance of the product. FitOn smartwatch is capable enough to provide various benefits at cheap rates, thus, this element could also be utilised for increasing the demand of the product. Organization needs to adopt those strategies which could make difference amongst the organizational and its competitors’ products (Festa, Cuomo, Metallo & Festa, 2016).
This is the technique which includes advertisement platforms through various mediums (Huang & Sarig?ll?, 2014). Social media, electronic platforms, digital methods of advertisement, email marketing and the traditional mediums such as newspaper, magazine, pamphlets, etc. could be used. These mediums could be used for increasing the effectiveness of the organization over its competitors along with gaining competitive advantage. With the help of these strategies, organization will be able to promote its products in the target market in an effective manner (Kraak, Englund, Misyak & Serrano, 2017).
To level management
Marketing and promotional strategies
From the aforesaid information, it can be concluded that Kickstarter is launching a smartwatch which is capable enough to resolve various issues related to health and it is effective for making the people fit. In order to launch the product in Australian market in next few months, organization has developed a plan with certain set of strategies. With the help of these strategies, organization will be able to fulfil its objectives and goals. In this report, organizational objectives relevance with the product, segmentation, targeting and positioning strategies and the marketing strategies has been discussed. The last part of the report includes action plan for executing these strategies.
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