Motive Ring Marketing Plan
Executive Summary
Developing a marketing plan for any business is extremely essential as it helps to understand & plan the future instead of facing risks suddenly. Marketing is the simplest form of getting the product or service into the market by observing the place and the consumers.
The purpose of this report is to develop a marketing plan which will help the company to attain its goals and objectives. The potential market segment, target market, and positioning will provide an insight of how the company is currently doing. The marketing and financial objectives of the company will define the actual goals and objectives of the company. Further to formulate the marketing strategy for the company SWOT analysis along with 4P’s of marketing will be conducted. Also, the budget will be allocated which will include the charges related to the media and to attain the objectives of the promotional mix.
The report emphasizes more on the communication strategies as communication is an essential part of the marketing plan. The marketing plan will show how the company can improve themselves. The company which has been chosen for this report is “MOTIV RING” which is a wearable fitness band. The research that was carried out for this report came from reading various scholarly articles on marketing. In conclusion, various recommendations have been provided for which will help the Motiv Ring to enhance its quality in comparison it its competitors.
Contents
Introduction 3
Situation Analysis 3
Marketing Strategy 3
Problem statement 4
Potential market segment 4
Targeting 4
Positioning 5
Objectives: 6
Marketing objectives 6
Financial objectives 6
Marketing Mix 7
Product 7
Pricing 7
Promotional 8
Place 8
Budget allocation 9
Conclusion 9
Reference 10
Introduction
A marketing plan is an essential aspect of any business which includes understanding the needs and requirement of a consumer, meeting the needs of the consumer, and business awareness related to the product or the brand itself. Basically, it established the methods that the company can use to achieve their goals and objectives. For example, the business strategy for a company is to provide premium quality products and services for which they will first target the potential consumers who need this product, they will promote the product, and they will build the right image of the product and so on (McDONALD , 2016). This report will demonstrate a marketing plan for the Motiv Ring. Motiv Ring is a wearable fitness technology which is in the form of a ring and is one of the smallest fitness trackers which can track sleep pattern, heart rate along with other fitness activities like walking, jogging etc.
Situation Analysis
As per the SWOT analysis in the previous assessment, Motiv Ring targets the fitness enthusiasts, athletes, and sportsperson. Motiv rings have a lot of features but in comparison to its competitors like Qura and Fitbit it still lacks somethings as it lacks like Android support and an AC adapter, it has various customer issues regarding durability and activity tracking capabilities and consumer also have less faith in the ring providing the same usefulness as a fitness watch. It’s essential for Motiv Ring to understand the complaints of the user, they should start offering android support so that the company and expand in global markets. Motiv Ring can help people to live healthier lives. The aim of the company is to inspire people to but the fitness ring.
Marketing Strategy
To build a strong and durable house it’s important to create a proper blueprint, same way to create a profitable business it’s mandatory to formulating the marketing strategies on the basis of segmentation, targeting and positioning. Marketing strategy helps in directing activities which are consistent as per the objectives of the company. Another aspect evaluated by the marketing strategy is the competitiveness in the market according to which the policies are formulated (Paley, 2017). Thus to evaluate the key resources it’s important for Motive Ring to conduct an in-depth overview and implement the STP model so that the company and position itself in the market.
Problem statement
Consumers want durability when they buy any product. In the case of the Motiv Ring, people presume that a ring cannot provide the same usefulness as a fitness watch can provide. Another problem is that the competitors are providing better features like Android support and an AC adapter as it’s convenient for the users. But Motiv Ring does not have any such feature because of which their consumer base is small.
Potential market segment
The selection of groups of people who will be most receptive to the Motive Ring. The method used for segmentation will include demographic variables such as age, sex.
Demographic segmentation Income and education. Motive Ring’s typically target’s athletes, both women, and male generally from the ages 15 to 35, people who want to be fit and healthy, active people who enjoy high-quality fitness products. Students, upper-middle-income level people, professional people, young and newly married women’s who are more conscious and want to stay slim (Kotler , 1990 ).
Geographic segmentation – This marketing plan will nationwide but will specifically target those who are the residents of metropolitan cities.
Psychographic segmentation- Apart from that the segment group will include people who are interested in Yoga, Gym, who like gadgets and online shopping.
Behavioral segment – Since Motiv Ring is a fitness tracker, it will target people who seek a healthy lifestyle, who are tired and bored of old fitness bands.
Targeting
The method of analyzing the importance and attractiveness of every segment. The motive ring will target
Physically active people – People who wish to keep a track on their workout summary and who need to maintain their activeness level. Age (20-44)
Athletes – Athletes need to keep a check on their fitness routines, on their sleep patterns and also the calorie count on daily basis.
People who wish to manage weight and live a healthier lifestyle – Motiv ring will help to motivate such people as it sets a goal for the people working out on regular basis by also managing their weight statistics (Bahadir, et al, 2015).
Positioning
As per the research, Motiv Ring has various valuable resources but presently they do not have a competitive advantage. This means that their position in the market is at risk. Motiv Ring positions itself as a premium brand but their products are not as good as of the competitors. Other brand is more updated technology wise and cost wise. Also, the fitness tracker market is reaching a saturation point due to an increase in competitors which creates fragmentation (Bahadir, et al, 2015).This is the reason why it’s getting difficult for Motiv Ring to reach a higher level. For Motive Ring the threat to substitute is high because of competitors like Apple I watch and Fitbit. This analysis shows that Motiv Rings has not reached a strong market position, it does not have any competitive advantage other than being the smallest fitness tracker. Motive Ring needs to enhance its product quality by adding the latest technology features to appeal to a new market and also find new ways to differentiate their product.
High number of fitness tracking features
Fitbit
Apple watch
Long battery life
Short battery life
Motiv Ring
Nike Fuel Band
Objectives:
Marketing objectives
- To increase the profits in the target market of college’s goers, athletes and other active people who wish to stay fit.
- Another objective is to expand globally and be available easily across the country
- Motiv Ring wants to be the leading fitness tracker among all the active people while also enhancing its brand awareness (Bahadir, et al, 2015).
- To change consumer perception that a ring can also be a fitness tracker which is more convenient than a band.
- To attract larger audience so that there is a higher demand for the product.
- To consider Motive Ring as a fashionable wearable gadget
- To add more features like linking to Facebook, Instagram and to make the gadget android supported.
- To focus on target marketing in order to increase market penetration and domination (Huang & Sarigöllü, 2014).
Financial objectives
- To increase the sales by at least 7% next year.
- To pair with other companies and brand so that more and more audience is attracted and more demand is generated.
- The most essential financial objective is to generate more revenue which is only possible when there is more demand for the product and the sales go up.
- To enhance on the features and service which will further enhance the profit margin which will help to expand the business globally. To bring the gross margin up and maintain it on high level in the coming years (Papadopoulos, et al, 2017).
- Motiv Ring can open up at least 3 new stores in metropolitan cities so that the market share expands.
Marketing Mix
In order to shape a suitable proportion for the potential users marketing mix is conducted which includes four major elements Product, Price, Place, and Promotion. It’s all about selling the right type of product to the right consumer at the right time (Hamzah, & Sutanto, 2016). Basically, it’s the process of bringing a product to the market in an organized way so that the product eventually influences the consumers and the consumers buy the product. The 4 P’s of marketing are under the marketer’s control which helps to make appropriate decisions considering the target market, so that perceived value along with positive value is generated.
Product
Our core product is Motiv Ring. The product comes with various fitness tracking features, it has a sleep tracker, it has a watch, it counts the steps, it counts the stairs climbed and it counts the calorie consumed by a person. The packaging and the usage are simple so that even middle-aged person can operate it easily. Charging the Motiv Ring is simple, the benefits of wearing the motive ring is mentioned on the outside packaging (Chernev, 2018). The product is worn like a ring on the index finger which keeps on monitoring throughout the day. In order to maximize the product value to the consumers, Motiv Ring should increase its benefits and features at a lower price in comparison to its competitors. This is a significant strategy which Motiv Ring should implement in order to attract more and more consumers while also enhancing the brand awareness.
Pricing
Motiv Ring offers the best value at a lower price than its competitors like apple I watch and Fitbit. Motive Rings strategies to keep its product at competitive prices, its base model comes with an obsolete technology with fewer features than the latest one as the latest one is higher on the price. Since the older model is not demanded by the consumers anymore the price for that one has gone down. With the development and usage of upgraded technologies, the process of the product also fluctuates (West, Et al , 2015) For attracting more consumers, Motiv ring should adopt value pricing strategy as it will offer better quality product at affordable prices. Value pricing does not mean low pricing but it means fair pricing keeping the product benefits and features in mind. Value pricing is effective for any product in the long run.
Promotional
In order to create buzz about the product Motiv Ring, there should be a consistent message which reaches the consumers through any medium be it print media, social media, digital media or other various product campaigns. More than 70% of the people today are using smartphones because of which they are always active on social media (Chernev, 2015). It will be a great strategy to advertise Motive Ring on social media platforms like Facebook and Instagram as most of the young crowd keeps checking and gong through it. The product can be advertised in various health magazines or women’s health magazines. People who are interested in fitness and want to lead a healthy & active life will most probably buy such magazines to gain information about health and fitness (Loritsch, et al, 2015). Various interactive sessions online and offline can be arranged with the college students, women, young adults or other people, so that they can ask questions about Motiv Ring and clear their doubts. Such events may give product trial, discounts or offers while purchasing. Things like spin the wheel to receive an offer which will read options like 10% discount m free one-day trial etc. will be included.
Place
Motiv Ring will be available to the consumer online as well an offline. Various shopping portals should sell the product which should not involve any shipping charges. The product will be available in various bookstores, retail stores so that the consumers find the product conveniently in case they do know how to shop online, they don’t trust online or they don’t want for the product to be delivered to them when ordered online. As motive ring will be available in various bookstores, the students will have easier access to the product where they can check the product usually try it out on their finger and then buy it (Fine, 2017).
Budget allocation
Promotional mix activities
Expenses ( AUD )
Print media ( pamphlets , brochures , newspapers, magazines )
3000
Digital media ( emails , Facebook , Instagram twitter )
2000
Wheel of fortune activity
2000
Interactive sessions ( offline & online )
1000
Free trials ( colleges , seminars )
1000
Conclusion
Motive Ring can be one of the best options to track fitness. The company should focus on their effect on health and fitness through consumer data so that they can create long-term differentiation. Motiv Ring can enhance brand awareness as an easy, fun fitness tracker which provides deeper health insights. To enhance its features, the company should get into paid partnerships with various software companies. The look is tiny and sleek which makes the ring look fashionable for men or women (Fine, 2017). Motive Ring should conduct a market research to determine what the exact needs of the consumer are and how can they add more benefits to the ring so that they meet the needs. The goal is to become a one shop stop for those who seek fitness and healthy lifestyle. The company should make sure that they resolve the consumer complaints, they should try to attain a competitive advantage by adding more benefits and value pricing should be considered (Stead, & Hastings, 2018).
Reference
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