Marketing Strategy Of Motivation Ring Product: Market Segmentation (Research Paper Sample)
The task was to develop a marketing strategy of motivation ring product. The research paper discusses marketing aspects such as market segmentation, targeting and positioning, marketing and financial objectives, etc.source..
The report provides a comprehensive study on motive ring product along with its importance to the customers. The research study developed a marketing strategy for the motive ring by performing variance analysis such as situational analysis, SWOT analysis, pestle analysis, along with identifying various factors that would affect the productivity and revenue of companies developing motive ring. The study will also identify the potential customers of the motive ring by performing market segmentation and targeting and Positioning. Apart from that, appropriate financial and marketing objectives will also be discussed for the same product. Furthermore, using the marketing mix strategy, the study will provide a better understanding of how the motive ring can be marketed and advertised. At last, a proper budget for the promotional strategy will also be identified and allocated which would provide special emphasis on the digital communication techniques.
A motive ring is the latest trend in fitness tracking devices which can be fitted into the finger of the user. It is completely different from the Boring looking fitness wristband an offer you a stylish and unique look in the form of a ring. The motive ring can easily blend into the wardrobe much better than any other fitness device available these days. The product is a perfect accessory for anyone who wants to track his or her fitness without cramping their style. It allows the user to track their heart rate, burned calories, steps taken, activities along with sleep using the application installed on your mobile device (Meidan, 1996). It is compatible with Android and IOS platform which allow the user to easily access information quickly and also allow them to set goals of their fitness while trekking their progress towards an optimum health. The motive ring is available in two different colours - rose gold and Slate Grey and is made up of Titanium. It can be recharged using a USB and last up to 3 days with a single charge. Since the finger size of different people varies from each other, the motive ring is available in seven different sizes to choose from along with a customized one. Users can simply give their ring size to the company and they will prepare a motive ring as per your size and colour preference. The product can also distinguish the distance covered, changes in the heart rate, short breaks in night time sleep, a series of specific activity types, etc. The user can also export data from other similar applications such as Google fit and Apple health providing and accurate health information. The ring appears extremely stylish and plain enough that fits with any other jewellery you wear.
Market segmentation, targeting and Positioning
Market segmentation refers to the process of categorizing the market into different segments in order to identify the potential customers for the product and services. This would also allow the business organization to easily target and position the product and service to the customer which would result in increased revenue and profit generation (Mangold, 2009). In case of motive ring, the market can be divided into four different segments known as demographic segmentation, behavioral segmentation, geographic segmentation and psychographic segmentation.
Demographic segmentation: This refers to dividing the market on the basis of age, gender, income, etc. The motive ring is a product which would specifically be used by youth generation who wants to track their health and fitness. Both male and female will utilize the fitness device, however, due to its high price, only people with a high income will be able to afford it. Also, it requires the use of smartphone along with better understanding of health related terms, therefore, only educated people will be able to use the device (Meidan, 1996).
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