MKT9205M Marketing Strategy Assignment Sample
Here’s the best sample of MKT9205M Marketing Strategy Assignment, written by the expert.
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Topic:
Examining new product/service for the company, including your creative ideas on target customers (Customer analysis B2B and B2C), the markets, and estimated demands of such new product service.
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New product for company-:
Medi bio sense is going to launch a digital health sensor watch as connected object with circular ring that will monitor vitals, sleeping patterns, nutritional needs, hydration and give idea about total calorie consumed and need of calorie that need to be burnt out. Thus, user can also connect with doctors as per their choices (Ananda and Lamberti, 2020). By taking login code of particular doctor, they can also have teleconsultation from their home. This will also help the doctors to know about patients’ basic health as per which they can give suitable advice to them. This helps to track patient’s bio signals, physical activity and other performance. Therefore, ring connected to watch is easily wearable. Even after removing watch each thing of patients can be tracked with ring as this act as connected object to watch. Hence, the name of digital health tool will be as “Know Your Health Needs”.
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Creative ideas on target customer (Customer analysis)-:
In order to establish customer base, this is crucial to know the needs of target market. This can be identified with the help of customer analysis marketing plan. Hence, this outlined as-:
Income- Before launching Health Digital Tech the entity must give idea about the income level of target market. This can be known with help of undertaking market analysis. In market, there will be some of customers who can afford high end products (Elabbasy, 2021). Some consumer will afford low price of commodities. So, entity will launch product that can satisfy the need of each segment by launching under differ quality options but both will serve the same things to patients.
Age range– It is digital Health track tool so it will the fit the needs of every age people from 5 to 70 and above. Younger generation have some unique taste so the entity will create that with sense of fashionable and unique touch.
Lifestyle- In present era, the lifestyle of people is very hard and fast. They hardly get time to know about their health in their busy schedule. So, this is mainly for users who can have idea about needs of their health with this tracking devise (Sehar and Azam, 2019). This tool will manufacture with two different qualities under same function. So, customer can buy it as per their affordability.
Geographic locations- This Digital health track tool is normally for the people who are getting so busy in their lives. So, they cannot track the basic needs of their health. Hence, people who resides in Metros and posh cities they generally avoid their health due to their busy schedules. Hence, they will target customer who are in job, corporate sectors, business sectors and senior citizen who cannot travel for long distance to visit hospital on frequent basis. So, Metro cities and senior aged patients are core focused market for this digital tech tool.
Number of potential customer– Before launching market campaigns, this is crucial to know that it is worthwhile to conduct business (Steenkamp, 2019). It is essential to access number of potential customers for this digital health track tool to earn potential gain from the campaign. Revenue earned from the market campaign needs to be large then cost of running it. This will help to analyse the success of product in market.
Customer base– By undertaking situational analysis, the growth of market share can be easily analysed. It is one of the effective ways that aids in crafting the best market strategy to attract customers.
Channels-:
- Business to Business- In order to promote product, Medi Bio sense can use channels such as direct and personal selling technique. In this, they can connect with private and government hospitals (Zhou and Houston, 2021). Also, by using personal selling approach for pharma companies. To promote this product, manufactures and distributers who are new to Medi bio sense and existing one will have a way to reach business. This also aids to engage incremental business customers.
- Business to customer– In order to promote product to directly to customer base. They must use promotional channels such as print, media, television and social media tactics. It will aid to gather the attention of Young and adult at the huge context.
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Demand of new product and services-
The demand of new product and service can be tracked with proportion of selling Digital health track device in market. For this, controlling measured will be undertaken to identity the gap among planned and actual marketing progress of product (Zhou and Houston, 2021). This will aid to know about the rate of success of Digital health track tool such as “Know Your Health Needs” in target markets.
Reference
Books & Journal
Elabbasy, E., (2021). The Impact of External Personnel Marketing Strategy on Brand Awareness of Customers: The Case of Technological Universities in Egypt. International Journal of Customer Relationship Marketing and Management (IJCRMM), 12(1), pp.44-64.
Sehar, R. and Azam, F., (2019). The Influence of Social Media’s Marketing Efforts on Brand Equity and Consumer Response. IUP Journal of Marketing Management, 18(2), pp.30-53.
Steenkamp, J.B., (2019). Global Marketing Mix Decisions: Global Integration, Not Standardization. In Global Brand Strategy (pp. 75-109). Palgrave Macmillan, London.
Zhou, Q. and Houston, M.B., (2021). Platform Exploitation: When Service Agents Defect with Customers from Online Service Platforms. Journal of Marketing.
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