Before we prepare our marketing plan, we should always know about our target aud

Question

Before we prepare our marketing plan, we should always know about our target audience, “know your Market” is very important part of this marketing planning. So let’s discuss about our target first and then we will prepare our marketing plan for GPS Watches.
Target market:
Whom to Targert? People who has age 25 to 35 years and those who have interest in sports, fitness, health care and frequent travelers are the most important targert for GPS Watches. Also people who doesn’t want to carry multiple devises for this purpose and wants stylish devises which will provide all the necessary features in one device will be more attracted towards GPS Watches. Also, on commercial basis we can target the industry like military/marine, logistics, automovile and aviation to promote GPS Watches
Where is the market for this targets? they can be found at different places like:
Fitness,clubs and gyms. Sport clubs. Runing and cycle events. Any outdoor traveling events. Special events organized by some social initiatives.
Acording to above target market we can go ahead with our Marketing Plan. Marketing mix for GPS Watches could be:
1. Product: we need to decide our product by keeping requierements of our target audience in mind. Products with low features can be designed according to target.
Gps Watch with Calories calculator (for fitnes/health conscious people). Gps Watch Sports edition (for sport person). Gps Watch Express Tracker Edition (for travelers). Gps Watch all in one: it includes all sports, health, some mobile features, tracking features toguether in one device. Gps Watch Mini (compact version, low weight and easy to handle). 2. Price: is a very important factor to be set by the company which is value for money that costumer will pay to enjoy its feature. Being a high tech device, GPS Watch, prices are need to be keep at high end also we need to keep in mind that costumers will feel value for money while purchasing it. Company needs to keep in mind that which pricing strategy need to be adopted to be best in the market. They can go for neutral price or skimming price. Also company need to look for pricing from the competitors as well.
How much is the cost price for producing the product?. What product value is perceived by the costumer? For GPS Watches categories into above product, we can keep pricing around $300 for basic model and $1500 to high end model by using market penetration strategy. Prices can be keep high if company is producing best quality watches.
3. Place: this is where we are placing and positioning our product in the market. Positioning and distribution should be kept in such a manner that your product will directly talk to market. There can be different strategies that can be used such as intensive and extensive distribution, retailing and more. They need to position their products at different fitness clubs where potential buyers visit, also in the sport clubs and gyms. They can tie up with event partners with some big cycling and running events which will give good aes to the company and company can targert group of people through one place. Also for targeting individual group, watches can be sold online through some of the online partners like Amazon or Ebay. Here are some of the question that one should see before deciding the place.
What kind of stores do potential byers go? What distribution channels throug which they can access our products? 4. Promotion: only positioning the product in the market will not help to increase the sale but a the same time promoting will help to increase sales as well as brand value of the product. Promotion is important factor in product mix by which company can target their brand directly to the costumer and can attract the costumers. Sales, promotions, advertising, campaign, public relation, internet advertisement and sponsor ships are some of the promotional techniques that can be used to promote the GPS watches. Target should be advertise to different events in this section. Also sponsorships made to different running or cycling events will directly highlight the product to target. Promotion should be done to different traveling places where traveler visited can be targeted. On commercial level, company should try to tie up wit companies like militarie or marine industry, aviation or automobiles which will produce huge sales to the company. Company should allow very good discount for this companies on volume orders which will motivate this companies to order more products.
Recommendations: Pricing - Your range is fine ($300-1500)-Please expand detail prices for the products you listed. Place - Bases on your pricing structure identify specifically where your products would be placed. Note: When finalizing your Marketing Plan - Identify it as yours - write it in your terms. Before we prepare our marketing plan, we should always know about our target audience, “know your Market” is very important part of this marketing planning. So let’s discuss about our target first and then we will prepare our marketing plan for GPS Watches.
Target market:
Whom to Targert? People who has age 25 to 35 years and those who have interest in sports, fitness, health care and frequent travelers are the most important targert for GPS Watches. Also people who doesn’t want to carry multiple devises for this purpose and wants stylish devises which will provide all the necessary features in one device will be more attracted towards GPS Watches. Also, on commercial basis we can target the industry like military/marine, logistics, automovile and aviation to promote GPS Watches
Where is the market for this targets? they can be found at different places like:
Fitness,clubs and gyms. Sport clubs. Runing and cycle events. Any outdoor traveling events. Special events organized by some social initiatives.
Acording to above target market we can go ahead with our Marketing Plan. Marketing mix for GPS Watches could be:
1. Product: we need to decide our product by keeping requierements of our target audience in mind. Products with low features can be designed according to target.
Gps Watch with Calories calculator (for fitnes/health conscious people). Gps Watch Sports edition (for sport person). Gps Watch Express Tracker Edition (for travelers). Gps Watch all in one: it includes all sports, health, some mobile features, tracking features toguether in one device. Gps Watch Mini (compact version, low weight and easy to handle). 2. Price: is a very important factor to be set by the company which is value for money that costumer will pay to enjoy its feature. Being a high tech device, GPS Watch, prices are need to be keep at high end also we need to keep in mind that costumers will feel value for money while purchasing it. Company needs to keep in mind that which pricing strategy need to be adopted to be best in the market. They can go for neutral price or skimming price. Also company need to look for pricing from the competitors as well.
How much is the cost price for producing the product?. What product value is perceived by the costumer? For GPS Watches categories into above product, we can keep pricing around $300 for basic model and $1500 to high end model by using market penetration strategy. Prices can be keep high if company is producing best quality watches.
3. Place: this is where we are placing and positioning our product in the market. Positioning and distribution should be kept in such a manner that your product will directly talk to market. There can be different strategies that can be used such as intensive and extensive distribution, retailing and more. They need to position their products at different fitness clubs where potential buyers visit, also in the sport clubs and gyms. They can tie up with event partners with some big cycling and running events which will give good aes to the company and company can targert group of people through one place. Also for targeting individual group, watches can be sold online through some of the online partners like Amazon or Ebay. Here are some of the question that one should see before deciding the place.
What kind of stores do potential byers go? What distribution channels throug which they can access our products? 4. Promotion: only positioning the product in the market will not help to increase the sale but a the same time promoting will help to increase sales as well as brand value of the product. Promotion is important factor in product mix by which company can target their brand directly to the costumer and can attract the costumers. Sales, promotions, advertising, campaign, public relation, internet advertisement and sponsor ships are some of the promotional techniques that can be used to promote the GPS watches. Target should be advertise to different events in this section. Also sponsorships made to different running or cycling events will directly highlight the product to target. Promotion should be done to different traveling places where traveler visited can be targeted. On commercial level, company should try to tie up wit companies like militarie or marine industry, aviation or automobiles which will produce huge sales to the company. Company should allow very good discount for this companies on volume orders which will motivate this companies to order more products.
Recommendations: Pricing - Your range is fine ($300-1500)-Please expand detail prices for the products you listed. Place - Bases on your pricing structure identify specifically where your products would be placed. Note: When finalizing your Marketing Plan - Identify it as yours - write it in your terms. Before we prepare our marketing plan, we should always know about our target audience, “know your Market” is very important part of this marketing planning. So let’s discuss about our target first and then we will prepare our marketing plan for GPS Watches.
Target market:
Whom to Targert? People who has age 25 to 35 years and those who have interest in sports, fitness, health care and frequent travelers are the most important targert for GPS Watches. Also people who doesn’t want to carry multiple devises for this purpose and wants stylish devises which will provide all the necessary features in one device will be more attracted towards GPS Watches. Also, on commercial basis we can target the industry like military/marine, logistics, automovile and aviation to promote GPS Watches
Where is the market for this targets? they can be found at different places like:
Fitness,clubs and gyms. Sport clubs. Runing and cycle events. Any outdoor traveling events. Special events organized by some social initiatives.
Acording to above target market we can go ahead with our Marketing Plan. Marketing mix for GPS Watches could be:
1. Product: we need to decide our product by keeping requierements of our target audience in mind. Products with low features can be designed according to target.
Gps Watch with Calories calculator (for fitnes/health conscious people). Gps Watch Sports edition (for sport person). Gps Watch Express Tracker Edition (for travelers). Gps Watch all in one: it includes all sports, health, some mobile features, tracking features toguether in one device. Gps Watch Mini (compact version, low weight and easy to handle). 2. Price: is a very important factor to be set by the company which is value for money that costumer will pay to enjoy its feature. Being a high tech device, GPS Watch, prices are need to be keep at high end also we need to keep in mind that costumers will feel value for money while purchasing it. Company needs to keep in mind that which pricing strategy need to be adopted to be best in the market. They can go for neutral price or skimming price. Also company need to look for pricing from the competitors as well.
How much is the cost price for producing the product?. What product value is perceived by the costumer? For GPS Watches categories into above product, we can keep pricing around $300 for basic model and $1500 to high end model by using market penetration strategy. Prices can be keep high if company is producing best quality watches.
3. Place: this is where we are placing and positioning our product in the market. Positioning and distribution should be kept in such a manner that your product will directly talk to market. There can be different strategies that can be used such as intensive and extensive distribution, retailing and more. They need to position their products at different fitness clubs where potential buyers visit, also in the sport clubs and gyms. They can tie up with event partners with some big cycling and running events which will give good aes to the company and company can targert group of people through one place. Also for targeting individual group, watches can be sold online through some of the online partners like Amazon or Ebay. Here are some of the question that one should see before deciding the place.
What kind of stores do potential byers go? What distribution channels throug which they can access our products? 4. Promotion: only positioning the product in the market will not help to increase the sale but a the same time promoting will help to increase sales as well as brand value of the product. Promotion is important factor in product mix by which company can target their brand directly to the costumer and can attract the costumers. Sales, promotions, advertising, campaign, public relation, internet advertisement and sponsor ships are some of the promotional techniques that can be used to promote the GPS watches. Target should be advertise to different events in this section. Also sponsorships made to different running or cycling events will directly highlight the product to target. Promotion should be done to different traveling places where traveler visited can be targeted. On commercial level, company should try to tie up wit companies like militarie or marine industry, aviation or automobiles which will produce huge sales to the company. Company should allow very good discount for this companies on volume orders which will motivate this companies to order more products.
Recommendations: Pricing - Your range is fine ($300-1500)-Please expand detail prices for the products you listed. Place - Bases on your pricing structure identify specifically where your products would be placed. Note: When finalizing your Marketing Plan - Identify it as yours - write it in your terms.

Explanation / Answer

1. Pricing :-I will set price for GPS watch between $300 to $500 because It would be target middle people with every one can afford with good features and also now a days smart mobile phone comes with rangeof $250 to $800. If GPS watch price will higher so no body will buy the watch. SO best price for GPS watch is $300 - $500.

2. As per my pricing i would place GPS watch on some basis so it would target customer and they will looks product like

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.