We want to create a marketing plan with the following sections:
Segmentation and Target Market Identification
Marketing Plan for Smart Mirror
In order to launch a product in a market it is necessary that a proper marketing plan be formed so that it can help in the growth of the product and the reputation of the company. However, one of the considerations that need to be made is response of the people, particularly the target population in trying to launch the product. In the case of the smart mirror it is necessary that a proper market be formed that can help in the growth of the product. As stated by Lovelock and Patterson (2015) development of technology in the modern world can help in the growth of the product and at the same time replace the traditional mirrors.
Survey reports have showed that a majority of the people are in favour of using the smart mirror as a means of enhancing their quality of life and at the same time embracing the new technology that can help in its growth. Hence, a marketing plan for the development and promotion of the smart mirror can be made that can help in peaking the interests of the customers. The situation of the product in the market is analysed and objectives are set in order to formulate the strategies that can be used to identify the target market. At the same time, method of managing the market is provided along with the customers that might be interested in the purchase of the product. At the same time, implementation of the product is also provided.
According to Hair and Lukas (2014), the situational analysis is mainly done in order to understand the current situation in which a product or organisation is in. The situational analysis can help in the formulation of strategies, which are important for the development of the product. Usually the situational analysis is done by taking into consideration factors that may affect the growth of the market and the product. In this regard, it can be said that in order to understand the situation of the smart mirror in the market, an analysis can be made that can highlight the growth of the product.
In this case, the situational analysis is done based on the responses provided by the customers. The participants are chosen from various places in the United States and these responses are valuable for the growth of the product. From the analysis of the responses, it can be seen that most of the respondents are females that are aged between 18-24 years. This suggests that the craze for the mirror is mainly from that of the young generation of the female audience. This can be understandable as the females than the males usually use the mirrors more. It has also been seen that the respondents are excited to use the product for various purpose such as for gaining make up tutorials or applying stylistic make-ups.
This suggests that the smart mirror can be made only for the android phones, as it can be easily portable. However, the situation analysis has provided certain difficulties as well. For example, it has been seen that the male population of the respondents are not interested in the use of the product. This is again understandable, as the male population does not usually carry around mirrors. At the same time the analysis, also show that the respondents prefer a large mirror that can be made to fit in the rooms rather than the mirrors that can be fit in android phones.
Hence, based on the analysis of the situation from the survey, it can be said that the target market of the smart mirrors need to be the female population. However, recommendations need to be made so that the male population is attracted in the use of the mirror. Hence, based on the analysis of the situation, objectives can be made that can help in the development of the product.
In order to ensure that the promotion of the smart mirror continues in a proper manner, it is necessary to develop objectives that can help in its growth. It is to be noted that the objectives are mainly directed based on the analysis of the situation in which the product functions. To develop the product in the market in a proper manner, it is necessary that the objectives be attained so that the smart mirror can be one of the innovative technologies in the world. The objectives include:
- To develop the smart mirror in a way that it can help customers use it as a multi-purpose product
- To develop the smart mirror so that the male population be interested in purchasing the product
- To ensure that requirements of the customers are met by developing alternatives in the manufacturing of the product
- To recommend actions that can be suitable for the application of innovative techniques required for the enhancement of the product
The marketing strategy that is needed to be undertaken consists of a thorough analysis of the existing market and the manner in which the target customers can be attracted. In order to understand the current market situation, it is necessary that every organisation undertake a complete analysis of the market and based on it form strategies that can help in its growth (De Mooij 2018). In this case, the development of the smart mirror is the focus of the market and therefore, market strategy need to be based on the type of product, price, place and promotion needed for the development and launch of the smart mirror.
As observed the product in focus is the smart mirror however, the size of the product needs to be taken into consideration. With the majority of the respondents demanding a large size of the smart mirror, it can be said that such a development process can be out in motion. The analysis of the responses suggests that the large size of the mirror can attract a price of $300 as maximum. Therefore, the price of a large mirror can be set at $350-$400 mainly by keeping the profit of the organisations in mind. At the same time, it is necessary that the product be promoted from a place that can be convenient to reach the audience. As stated by Goworek, McGoldrick and McGoldrick (2015) in the modern world, it is necessary that organisations use the social media or the websites to promote interesting products. With the advancement in the technology, the use of the internet sources can help to attract large audience.
Hence, the smart mirror can be promoted by the use of social media after providing information about its use and other functions. The place also makes an important market strategy that is needed to be taken into consideration. The fact that the smart mirror need to be large can compel the managers to sell the product from a close range of the customers. This can help in reducing the transportation cost and chances of damage of the product. Therefore, these factors are needed to be considered while promoting the product so that customer satisfaction along with the development and formulation of strategy can be made. At the same time, the segmentation as well as the target market identification is needed to be done so that applicability of the market strategy can be made efficiently.
Segmentation and Target Market Identification
It is important for every organisation to identify and segment the customers that are interested in conducting business. In this way, organisations can develop products that are directed for a set of customers and at the same time ensure that the target market along with the segmentation is conducted efficiently. As stated by Armstrong et al. (2015) it is important that the target customers be identified based on conducting a proper analysis of the market. It can help in mitigating any chances of excessive failure of a product. In the case of the smart mirror, the target market and the segmentation need to be done based on the analysis of the responses received from the survey.
It has been seen from the survey that segmentation of the markets is done keeping in mind the country in which the product is set to originate. In this case, the citizens residing in the United States of America is the main target for the launch of the product. Hence, the demography factor is taken into consideration by understanding the interests of the people residing in the country. The survey had been provided to about 139 people with no such discrimination over age or gender. This suggests that the smart mirror is aimed at being global phenomena, which can be used by people of all age and gender irrespective of the time.
The target market of the smart mirror needs to be the female population mainly because the group provided positive response on the application and use of the smart phones. The demography factor includes the female people in the age range of 18-24 with the geographic factor within the United States. The psychographic analysis is based on the people that has a high-class lifestyle and seem to be loyal in terms of the behavioural aspect. At the same time, actions need to be taken that helps in promoting the product to the male population. The male population need to consider the use of the smart mirror in ways that can help them benefit. Hence, having considered the target customers, a proper positioning is required to promote and distribute the product.
According to Brown (2016), positioning refers to the place that exists in the minds of the customers. This takes into account the competitors as well as the image that a product or an organisation is perceived among the customers. The aim of the organisations is to ensure that a strong position is maintained in the market so that repositioning of the product or brand does not need to be made. In this regard, it can be said that in the case of the smart mirror, the positioning can be a challenging factors particularly given the fact that a large amount of the population provided negative response to the product. Hence, it can be said that the smart mirror need to be innovated in a manner that satisfies the demands of the customers.
As stated by Babin and Zikmund (2015) it is important that every organisation undertake innovative strategies that can help it to maintain its position in the business so that it can understand the competitors and formulate strategies based on the development of the competitors. In the case of the smart mirror, it has been seen from the survey that the female population provides the positive response to the application of the smart mirror. At the same time, it is also seen that the objective of the development of the smart mirror is to increase its popularity among the male population. Hence, it can be said that the positioning of the smart mirror need to be innovative and at the same time be different from its competitors.
The analysis of the survey suggests that the positioning of the smart mirror need to include an analysis of the demands of the customers. For example, one of the innovative methods that can be applied is the fact that the smart mirror can be made both of small size as well as of large size so that customers can choose according to their convenience.
As stated by Strauss and Frost (2016) for a new business to succeed in the market it is important that it take into consideration its flaws so that it can maintain a proper balance in the business. These flaws need to be changed keeping in mind the capabilities possessed by an organisation and the popularity of the product in the market. In the case of smart mirror, it can be said that recommendations can be made keeping in mind the responses of the customers over the product. It has been seen in the analysis that the objective of the smart mirror is to improve its popularity among the male population and along with it develop itself more in the market.
This can be done by ensuring that the smart mirror does not complicate its use. To do so it is required that the functions remain user friendly and draw inspiration from the use of smart phones. This can help in attracting the customers as the user friendly application of the smart mirror can help in its development. As stated by McDonald and Wilson (2016) the price of the product usually determines the manner in which customers can respond to the item.
Hence, in the case of the smart mirror it has been seen that the price of the large size smart mirror is estimated at $300. This can be another marketing recommendation that can be suggested, as the price can be reduced to $200 depending upon the income level of the customers.
The customer management is important for organisations as it helps in satisfying the customers. As stated by Lusch and Vargo (2014) customer satisfaction is important for the development of an organisation or product so that proper feedback can be received. In the case of the smart mirror, the customer management need to depend upon the responses provided by the people according to the survey. The management of the customers can be done based on the demography of the place and the income level of the customers. For example, people residing in the East coast of the country can have more income than the people residing in the West coast can. Hence, depending upon the level of income of the customers, the price of the smart mirrors can be adjusted to benefit the organisation. This can help in the proper satisfaction of the customers and at the same time ensure that profitability of the organisation is gained.
The implementation of the smart mirror can be based on the requirements of the customers and the manner in which it can be used by the people. It has been from the analysis of the survey that most of the female customers aim to use the smart mirror, as a means to apply makeup and gain tips from various makeup artists. This may be one of the reasons behind the negative response provided by the male respondents. At the same time, the analysis also shows that debate exists about the size of the product that needs to be developed. However, given the expected price of the product as well as the demand of the people, it can be said that the implementation of the product on a large size can be effective for the companies. Moreover, the manner in which customers aim to use the product can signify the fact that large size of the smart mirror can be effective for its development. Hence, a conclusion can be made that can help in the development of the smart mirror among the customers and at the same time provide the organisations with an opportunity to stamp its reputation in the market. The smart mirror can be considered as the next generation in the development of innovation that can help in replacing the traditional mirror that are used by people.
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