Marketing Plan for El-Amrawy and Nounou - myassignmenthelp.com

Question: Discuss about theMarketing Plan for El-Amrawy and Nounou. Answer: Introduction: The purpose of this business report used to prepare a marketing plan along with marketing objectives for a newly launched digital wearable product, which is being launched in the market of Australia. The main aim of the marketing plan will be to fix up on strategy, which can help to attract the maximum number of customers; thereby making it is successful market entrant. The wearable technological device, which helps to crack the level of fitness of an individual, is one of the most popular electronic gadgets in the consumer market. It is essential for the marketing plan to ensure that, the newly launched product is able to make maximum utilisation of this business opportunity. Situational Analysis The Activity tracker fitness devices, which is mainly aimed for the fitness aware and health conscious individual is currently one of the popular electronic gadgets among the population of Australia. According to the report of El-Amrawy and Nounou (2015), more than 70% of the adult Australians, who have use some kind of Activity tracker in the form of wearable device have agreed upon the fact that use of the gadget has help to improve upon their fitness level. This is mainly due to the fact that with the help of the information that are provided by the fitness tracking device, it is possible for an individual to track their overall physical activity. This type of wearable fitness Technology is mainly popular among the population of 30 to 35 years old. The external business environment in the form of highly developed economic and technological infrastructure in Australia it is possible for the newly launched fitness band, Digifit to easily implement their marketing strategy as a new entrant product. Opportunities and Issues With the level of health awareness increasing among the Australian population, this is common among the use of the people to make use of the wearable fitness devices in order to track the level of fitness. The small size of these devices makes it possible for every type of people to easily use the device, thereby increasing the popularity (Ryan 2005). The newly launched wearable fitness device is introduced in the market under the brand name of Digifit need to make use of this business opportunity. The major threat of the newly launched product is due to the presence of reputed brands like Samsung Smart watch, Apple iWatch and Fitbit fitness bands, which have gained huge popularity over the years. Nevertheless one of the major strength of the newly launched Digifit fitness band is due to the fact that they are able to sale the product at much lower cost compared to most of the rival brands, which is also believed to be the major competitive advantage. In the initial stage however, like all other new entrant product in the market the Digifit will have to deal with the weakness of less brand popularity among the target group of customers. Marketing Objectives The objective of the marketing plan is to implement an effective strategy, which can help the Digifit fitness band to capture a significant market share of the market of wearable technology. The marketing plan will use effective communication strategy in order to reach out to the target group of customers and delivered the message, which will help the customers to understand the uniqueness of Digifit fitness band. Due to the low level of pricing of this fitness band compared to other similar devices, it is possible for the company to target wide range of audience among the Australian population. Marketing Strategies According to Smith (2017), market segmentation is one of the essential part of marketing strategies. This help to divide the target market of a company based on different types of characteristics and buying behaviour of the customers. Due to the fact that digital fitness band is quite popular among all types of people in Australia, the market segment for the latest launched Digifit. It is also relevant to mention in the context that due to the low cost of the fitness band, it is possible for the company to segment their market with individual making low level of income. In spite of the fact that that fitness band are suitable for people of all age category, the main target group for the Digifit band includes individual within the age category of 30 to 40 years. The main highlighting point about the Digifit band is related to their value proposition, which is the fact about the low cost and high quality product. In spite of their low cost they are not compromising upon the features that are usually available in any normal fitness band. This can be the major element, which will help the company to establish a brand reputation among the consumer market of Australia. With the help of effective value proposition, it is possible for the company to deliver high quality product and able to gain the trust of the customers. It can also help the fitness band to capture unique position in the fitness industry of Australia, which is believed to be one of the fastest growing sectors in context of the modern days. Armstrong et al. (2015), have mentioned about the importance of brand positioning strategies, which is aimed by a business organisation to reach out to the target group of customers at their psychological level of buying decision making process. With the help of effective brand positioning strategy by Digifit, it is possible for them to maximize the total number of customers and also attract the same from Rival brands, which are highly popular among the present generation of Australians. With the help of effective branding strategy and brand positioning, it is possible for the company to gain significant competitive advantage. Marketing Mix The marketing mix strategy is decided with the help of four major elements. The product that is launched by the Digifit is a wearable fitness band, which is one of the most popular electronic devices. The main highlighting features of this product are the low cost and high quality of material that is being used (Huang and Sarigll 2014). The price of the fitness band is budget friendly that can be afforded by people of all section of the society. In spite of its low cost, the company has not compromised up on the level of quality. The place of launch of the fitness band is currently at few of the major cities of Australia. After few months the product will be available from all parts of the Australia. The promotional strategy which is being used by the company is mainly to attract the people of younger generation. Hence they are mainly depending upon the digital form of marketing campaign. Budget Profile Cost of Digital marketing: $500 Cost of traditional form of marketing: $500 Cost of repairing essential Marketing Communication elements: $700 Cost of hiring experienced market researchers: $200 Monitoring and Control It is essential for the Digifit brand to monitor the marketing strategies that are the implemented along with the total volume of sales. With the process of monitoring it is possible to estimate upon the overall market share of the product, which has the potential to improve over the recent future. Conclusion In the concluding note it can be said that it is essential for the newly launched fitness band to make use of the business opportunity that exist due to the fact that most of the Australian population to get the latest information about their health status. The low cost of the fitness band along with high level of quality is one of the major competitive advantages. Reference Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education. El-Amrawy, F. and Nounou, M.I., 2015. Are currently available wearable devices for activity tracking and heart rate monitoring accurate, precise, and medically beneficial?. Healthcare informatics research, 21(4), pp.315-320. Huang, R. and Sarigll, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York. Ryan, P. (2005). Programs and equipment that are leading the industry: highlights from the 2005 IDEA Fitness Programs Equipment Survey. IDEA Fitness Journal, 2(7), 91-94. Smith, K.W., 2017. KWSnet Fitness/Exercise Index.