Marketing Analysis : Marketing Strategy

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6 Marketing Strategy Based on the established business goals and objects and the market research performed as part of the SWOT analysis, this information can be used to develop a market strategy to create a successful and profitable product. The marketing mix is the most fundamental concept of marketing, which is a set of controllable marketing tools that a company uses to create a desired response in the targeted market. Marketing Mix ' is also referred and known as the Four P 's i.e. product, price, place of distribution, and promotion. (Khan 2014) 6.1 Product Khan (2014) defines a product as anything that can be offered to a market to satisfy a want or need. The smartwatch market has a wide range of products available, each designed to offer seamless integration to the customer’s smartphone. The TAG smartwatch will address the technology needs of the customers, but will also address what Abraham Maslow defined as “Esteem Needs” (Kotler et al. 2013), those being peoples need for self-esteem, recognition and status. TAG will seek to supplement their existing mechanical and quartz luxury watch lines, and position themselves as the leader in a niche luxury smartwatch segment. They seek to diversify their existing business by entering the technology space, releasing a device for the customer seeking the technological capability of a smartwatch, but also the prestige of the TAG branding, resulting in a high quality, high luxury, and highly functional smartwatch. 6.2 Price Consumer psychology plays a key role in pricing of products and services, and that their purchase decisions are based on what they perceive to be the actual price, and not the marketers stated price (Kotler et al. 2013). Hennings et al. (2012) further elaborates... ... middle of paper ... ...IMC will ensure that TAG provide a consistent and coordinated marketing message, to their key customers, across multiple media types. This approach will ensure the best chance of profitability and success. 8 Conclusion In responding to technology advances, specifically the introduction of the smartwatch, TAG has broken ranks from other Swiss watch manufacturers in acknowledging that there is a threat to their core business, and must respond. TAGs strategy is to introduce their smartwatch in partnership with Intel and Google, and blend the luxury watch with the smartwatch. This approach will capture a profitable niche segment of the wider smartwatch market. The information presented within this document provides a compelling case for TAG to pursue this opportunity, however it should be noted that a full marketing plan should be completed to finalise the analysis.
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