BHO1171 Marketing Objectives and Strategies Online Tutoring
Marketing Objectives and Strategies
⦁ Marketing objectives
The key aim of the marketing plan is to promote Monkii 360 to target audience by explaining the features as well as wider benefits of the product such that customers can be motivated to make purchase of the product.
The following marketing objectives for the Monkii 360 are established;
⦁ To increase awareness of the Monkii 360 among target customers, such that 50% of the target customers become well aware of the products’ features and uses by December 2020.
⦁ To sell 500 units of Monkii 360 within first quarter of product launch
⦁ To increase sales of Monkii 360 by 25% during its second quarter
⦁ To increase sales of Monkii 360 by 35% during its third as well as fourth quarter
⦁ To increase the number of customers who rate Monkii 360 as ‘satisfactory’ product from 10% to 600% during the first 12 months of the launch
⦁ To increase the traffic on website of Monkii 360 by 50% during the first 6 months of the launch
⦁ To attain market share of 10% during the first year of operations and to maintain that share with rigorous customer communication
⦁ To maintain two way communication with customers, such that 100% of customers queries (which might be raised by customers through online channels of communication) are addressed in each month
⦁ To attain 1 million followers on social media platforms of Monkii 360 during the first 6 months of product launch and to increase the number of followers by 10% in each subsequent month
⦁ Marketing Strategies
In order to ensure the success of Monkii 360 within focal fitness industry, it is crucial to adopt the right set of strategies, which could help in eliciting positive response from customers. For achieving the stated marketing objectives of Monkii 360, the following key strategies will be followed;
⦁ Differentiation Strategy
In terms of product related strategies, the reliance will be maintained on differentiation strategy, which is considered as highly substantial strategy from Porter’s generic level strategies (Bernal-Garcia et al., 2014). This strategy will focus on creation of unique value for the customers, which lies in portable trainer features of the product. The incredible efficiency and science backed features of Monkii 360 make fitness a time saving and fun activity for the users, thus creating unique value for the consumers. The differentiated product design can be seen in figure 2, which will be explained well to consumers through web interaction points. It will act as home based and portable trainer, saving time and cost of gym, which will create differentiated value for the consumers and thus objective of attracting and retaining the target customers can be accomplished through differentiation strategy of marketing Monkii 360.
⦁ Value based pricing strategy
On the other hand, price is core aspect while devising the strategies for marketing the product. From available pricing strategies, the value based pricing strategy complies well with differentiation strategy of product. The value based pricing will allow to charge the price based on perceived and expected value of Monkii 260 for the customers. The value lies in tech backed features of the product and its ability to help the consumers with elimination of gym membership fees and mothy charges, which make fitness highly expensive option to pursue in long run (Gupta & Basumatary, 2018). The key value signs can be seen in figure 1. It has been highlighted by Hussain et al. (2019) that for products which are technology based and offer unique value to the target consumers, the most suitable pricing strategy is value based pricing. It allows them to convey the differentiated value in most effective manner and enables them to stand differentially among the competitors.
⦁ Online product placement strategy
The placement strategy for Monkii 360 will mainly be online placement of product, whereby e-commerce selling platforms will be used to reach the target audience. The website of Monkii 360 as well as online retailing sites of fitness products will make up core of placement strategy. Another way to use online product placement is through social influencers, whereby social media personalities and influencers will be contracted to use the product and to promote it to their followers. It has been highlighted by García-Fernández et al. (2017) that contemporary consumers are highly influenced by the choices made by social media influencers and thus when products are placed through these influencers, then success is most likely evident.
⦁ Promotional Strategy – Internet marketing
Finally, the promotion strategy of Monkii 360 will mainly make reliance on internet marketing approach, which combines mobile marketing, social media marketing and other e-marketing methods. The adoption of this strategy lies in the notion that it is well aligned with technology backed features of Monkii 360. The target consumers of Monkii 360 are mainly tech lovers, who are active users of internet and search for products reviews actively on internet prior to making purchase of the products (Berthon et al., 2012). The content generation is thus highly important for accomplishing the key marketing objectives of Monkii 360 and to attract and retain strong base of customers. The generation of content is best supported through social media marketing strategy, as it allows other users to say their opinion about the performance of product and encourages others to make purchase. The reach of internet based marketing strategy is much high, based on viral marketing features. Additionally, any promotional message can be transmitted in real time to the target audience, which makes it highly suitable way to advertise the product. The following images and messages will mainly be used initially to promote the product to focal audience.
⦁ References
Bernal-Garcia, A., Fernandez-Gavira, J., Garcia-Fernandez, J., & Velez-Colon, L. (2014). Analysis of existing literature on management and marketing of the fitness centre industry. South African Journal for Research in Sport, Physical Education and Recreation, 36(3), 75-91.
Berthon, P. R., Pitt, L. F., Plangger, K., & Shapiro, D. (2012). Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons, 55(3), 261-271.
García-Fernández, J., Elasri Ejjaberi, A., Pérez-Tur, F., Triadó i Ivern, X. M., Herrera Torres, L., & Aparicio Chueca, M. (2017). Social networks in fitness centres: the impact of fan engagement on annual turnover. Journal of Physical Education and Sport, 2017, vol. 17, num. 3 (164), p. 1068-1077.
Gupta, A. K., & Basumatary, S. J. (2018). The role of sales promotion strategies in corporate fitness centre. Indian Journal of Physical Education, Sports Medicine & Exercise Science, 18(3), 182-185.
Hussain, F., Rashid, K., Haroon, M., & Saad, M. (2019, June). Social Media Marketing and Customer Equity: Study on Quick Fitness Brand. In ECSM 2019 6th European Conference on Social Media (p. 118). Academic Conferences and publishing limited.
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