Business Plan
The target market for the multifunctional Pulz smart watch is the new generation and also consumers who are looking for newer experiences in terms of technology.
The focus of the marketing analysis is on creating a more tailored involvement with the new smart watch brand and create connectivity in terms of the features and also an emotive connect in terms of its utilization.
Companies such as Apple have been able to draw millions of dollars by generating a big idea and then executing it in a manner that excites potential and targeted consumers.
The focus of the Pulz in terms of marketing is to create a target market that buys the product and like any other brand Pulz is dependent in the on the repeat purchase of the product or service it offers.
Being a new brand Pulz have to analyze the diverse base of customers it has to target and to offer innovation in terms of the features with a focus on music and technology at its core.
The marketing environment is very feasible since the consumers are looking for new technology and services to satiate their needs.
After going through an analysis of the product features with regards to music and technology the following segments will be targeted.
The segmentation is as follows based on the product features and also the with regards to competitive brands in the same category focus on.
- Active adults (Men/Women
- Parents with children
- Middle Age Segment
The primary necessity of Pulz smart watch is to systematically target the aforementioned is to create a niche in relation to its USP of Music and Technology against the competition. Competition Pricing
The competitive pricing of the smart watch range from £79 t0 £300 and that includes all the major brands in the smart watch category. The competition includes LG watches that are backed by Google technology, Samsung watches that have been leading the way in the category, Sony and Motorola are also the major players in the category with the impending arrival of Apple awaited in the smart watch category.
The initial launch price for Pulz will be £200 to create an aura around the product features too high will basically create a resistance and too low will create an image on lack of quality.
The startup expenses will be initiated through a partnership with a financial institution and also by creating a synergy with a technology based business partner to generate revenues to be able to with stand the operational expenses and also the subsequent sales, logistics, distribution and communication plan in relation to the smart watch.
The initial investment in essence requires a substantial amount in the range of £ 5 million as a start up and with time with the success of the operations grow accordingly.
The cash flow will be dependent on the initial success of the smart watch sales, in view of the digital aspect of the current business environment, it is imperative that the communication of the smart watch is done expansively both online and also use creative tool such as brand activation and connect with consumers on a personal level to ensure the success of the smart watch.
Thus, the brand recognition and the positioning of the smart watch to the target market and the profit in operations to be able to break even and eventual profits are the key for the success of Pulz smart watch.
The focus on maintaining quality is the key as the competition is fierce.
