Product Wrist Watch Radio

8/18/2019 Product Wrist Watch Radio

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Principles of Marketing Project

(XPod WristDio)

Submitted to:

Sir.Syed Ali Raza Noor

Submitted By:

Umarr Afridi (1828)

Haseeb Abbasi(18236)

Yasir Chadary(1!236)"hdadad "ha#

ckno!ledgements

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'e old si#erely li*e +o +ha#* Sir Ali Raza Noor for bei#& so oo,era+i-e

a#d e#ora&i#& +hro&h o+ +he semes+er she has deli-ered +he orse

-ery loyally a#d si#erely de +o hih e ha-e a &ood #ders+a#di#& of

or orse +his ,ro/e+ has &i-e# s a ider a#d i#forma+i-e ,ros,e+ i+

as really a re0e+i-e a#d a +ho&h+ ,ro-o*i#& ,ro/e+.

i#ally e old li*e +o +ha#* or family a#d frie#ds for s,,or+i#& s dri#& +he

researh of +his ,ro/e+ a#d for o#+rib+i#& -alable i#,+s +o +he researh or*.

Table of Contents

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Executive Summary

Mobility, latest trends and technologies are three most significant factors that customer seek

today when they walk-in in an electronic item’s outlet. Years before the journey of technology

started out from the calculator the most basic computer as we call it. Today that technology has

emerged and the most latest is P! "Personal igital #ystem$. %ull computer in a small de&ice

able to perform all of the tasks.

'ew 'okia Mobile phone has all the features of a desktop computer, no need of a laptop. The

phone is easy to carry, manages schedules, and can perform all the business related tasks.

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S.No. Content Page

1. ()ecuti&e #ummary 4

2. Marketing *esearch 5

3. The Product " +ood or ser&ice$ and usiness dea

4. Market !nalysis !

5. ompetitor !ssessment 13

. Marketing #trategy 15

". %orecast and udget 22

#. mplementation and ontrol Plan 24

!. ontingency Plan 25


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The si/e itself has become important apart from mobility. The concept that we are launching is of

a radio which is latest in the sense that you can wear it as a fashion accessory. *adio is

considered to be one of the most important media apart from tele&ision and internet. The major

source in use during cricket matches, e)ercising in the morning and during tra&eling for work or

school. 012 of college going male "34-56$ years of age sur&eyed tune into radio, although the

channel loyalty is not there. The most fre7uent listening occurs after dinner time.

This is different from male radio listeners as the %M channels are replacing cassettes as a music

source while dri&ing, other sur&ey shows that one of the popular source of music are the %M

stations, %M 48, 83 and 39:.59 are e)tremely popular within the target market .

The major target market for our product is the age between 36 and 5:. !ccording to the statistics,

56 million Pakistanis are aged between 36 and 5;. onsidered in the conte)t of total population

"appro). 369 million$, 3:2 of Pakistanis are young. #tatistics shows that :92 of population is

under 56 that is 5

3$ Primary ata

5$ #econdary ata

Primary )ata Collection* Primary ata is that data which is collected specifically for the

project.

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Secon(ary )ata Collection* #econdary ata is that data, which has already been collected

for some other purpose but can be used as reference material.

T'e secon(ary (ata for our re+ort came from t'e internet, an( maga-ines.

TE P&/)0CT

ntro(uction of +ro(uct*

'ow days, mobility is becoming an important factor in electronic de&ices. The concept that we

are launching is of an wrist watch radio which is latest in the sense that you can wear it as a

fashion accessory. ?e are launching it under the brand name ?ristio. *adio is considered to be

one of the most important media apart from tele&ision and internet. The major source in use

during cricket matches, e)ercising in the morning and during tra&eling for work or school.

/bectives an( issues*

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• ncrease the profits by at least 392 in the first year of the launch.

• ssue> @ow to increase the awareness amongst customers about this productA

• To create 392 market share for the product and to work to impro&e it further.

• ssue> ?hat measure to take to identify the potential customers of the product in the

marketA

• To identify 6 potential outlets where to place the product initially.

• ssue> @ow to identify the potential outletsA

$ission statement*

BCur Mission is to pro&ide low cost and high Duality ?rist ?atch with the latest technology in

Cder to meet the uni7ue satisfaction of our customers.E

ision statement*

Bnno&ationE

/ur +ro(uct /riente( )efinition*

B?e manufacture wrist watch radiosE

/ur $ar%et /riente( )efinition*

BTo the trendy and techy, WristDio is the radio that pro&ides mobility and a perfect blend of

fashion and technology that makes you feels different and latest than others.E

"arget Market

WristDio will form a major share of its market amongst those people who are attracted towards

the product with e)clusi&e appearance, uni7ue functionality, style and design. ?e will market our

product through multi+le segment strategy, as we are be targeting +(' = and +(' Y

belonging to upper class and upper middle class of our society. Through multiple marketing

WristDio can achie&e market position as because it is a product which pro&ides mobility, style

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and fulfills the needs of the consumers. WristDio is a part of the most reliable and trusted

technologies belonging to =Pod which is using Fapanese latest technology in it which would

further strengthens the reputation it would ac7uire.

'ow days, there is a growing trend of adopting the inimitable style which people will definitely

feel after purchasing the product. The mini chip radio in the wrist watch itself is fascinating andwill communicate on its own towards the people who are engrossed through mini products.

Positioning

• Pro(uct Positioning*

WristDio would pro&ide higher fre7uency range compared to other radios a&ailable in the

market, will ha&e a long lasting battery no recharging is re7uired and the most important

ad&antage that our product pro&ides is the mi) of fashion and technology that forms our

distincti&e attribute.

alue Pro+osition*

WristDio is a better 7uality product pro&iding distincti&e feature and being a leader makes it

more special and different from other competing products. =Pod using latest Fapanese

technologies is most reliable and durable.

$ar%et Positioning*

WristDio has been positioned in the customers mind as a part of their lifestyle it impeccable

suited their personality. t has positioned on the following grounds>

• Made for you e)clusi&ely

• Gifestyle and technology

• ?rist watches with &ariety of colors and design

• %ine-looking wrapping and easy to use.

Statement:

Enoy it' Style6

• C'aracteristics affecting 7(o+tion*

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• &elative 7(vantage> The first of its kind is being introduced in the marketH the

concept it self will attract the customer.

• Com+atibility* WristDio higher range of fre7uency will make it easier to add channel

and thus more &alue to the product.

• Com+lexity* WristDio is easy to use and the demo pro&ided with the product pro&ides the proper guide and features to use the product.

• )ivisibility* WristDio is an e)pensi&e product and initially no discounted rates can

be offered

• Communicability* The e)perience that customers take with them will make its use

and difference spread amongst customers.

$ar%et 7nalysis

8asis of Segmentation

)emogra+'ic segmentation*

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emographics refer to the characteristics of population including such factors as si/e,

distribution and growth, because people constitute market, demographics are of special interest

to market e)ecuti&es.

7ge*

Cur product caters to male ranging from age 36-5: yrs old. Moreo&er, through our

ad&ertisements we ha&e portrayed acti&e males who are working out or busy in studies and

offices.

/ccu+ation*

WristDio targets male belonging to each and e&ery type of occupation whether it is a student and

working male.

ncome*

Cur product WristDio caters to upper class and upper middle class. !ny one lying in the income

bracket of *s 69,999I can afford this product.

Psyc'ogra+'ic Segmentation

The psychographics of the WristDio can be analy/ed by re&iewing the ad&ertisement. The

lifestyle shown in WristDio advertisement portrays successful, sophisticated, professional male’s

who are acti&e energetic and full of life.

8e'avioral Segmentation*

Jnder this aspect =Pod ompany has based their segmentation on the basis of customer desired

benefits. People would prefer buying our product because it’s the first e&er product to be

launched by =Pod with radio facility which is easy to use, and more o&er its attracti&e mi) of not

only radio but also as an fashion accessory.

S9/T 7nalysis

Strengt'ens

• eing first of its kind to be launched in the market

• The smaller si/e

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• The mobility

• The attracti&e package and demo included in the gadget

• The e)7uisite location of electronic gadget’s outlets in different malls e.g. entaurus

Mall,

e&erly enter ,hanab pla/a

• (asy to use

• n accordance with the latest fashion

• !ttracti&e mi) of radio and fashion accessory

• Fapanese technology, one of the most reliable manufactures

9ea%ness

• Gimited warranty

• *e7uires proper maintenance

• atteries are to be charged according to usage le&el thus re7uires cost to keep the

gadget working

/++ortunities

• The customers are fond of accessories which can help e)tend our accessories from wrist

watches to bracelets and necklace

• @earing radio can replace the care tapes as being mobile and fashionable in nature

• eing a new product creating a new market the competition is minimi/ed to a great

e)tent

• The distincti&e attributes will outweigh the element of high price

• The opening of the mall culture in slamabad with better electronic outlets will pro&ide a

better location to display the radio

• There is an opportunity for line e)tension

• 'ew technology is in its growing stage which helps attract customers with its distincti&e

attributes

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• The interests of teenagers in ac7uiring latest technology will further increase the market

share

• omputer system placed at the electronic outlets could help pro&ide free demos of the

product at the outlet

• ! sur&ey at the outlet about the buying e)perience of the product and after sale

e)perience can help make the product more effecti&e

• The smaller si/e and mobility if appreciated could pro&ide line e)tension for the product

T'reats

• The electronic market is still under de&eloped in Pakistan

• The fluctuating electronic and political conditions of the country can hinder the sale of

the product

• Gess awareness amongst the public about the electronic items

• The training of sales person for the product

• ompetitors can come up with a similar and better product before our product is

established

• The higher price of the product could lead to duplicate products in the market

• The health conscious people could resist the product

• The fashion conscious people may not take the initiati&e to buy the product

$ar%eting Environments :PEST 7N7;


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Economical*

The product that is being launched is an e)pensi&e product the economic conditions will

determine the national income or the buying power of the consumer which indirectly will

determine whether the people would be willing on the products that are not part of their basic

needs.

Social*

#ince the product is a wrist watch radio which would be fi)ed in a wrist watch placed 7uite close

to the wrist can be considered as dangerous for the wrist. Proper awareness about the product and

the setting of the fre7uencies accordingly so not to affect the wrist would ha&e to be justified to

the people.

Tec'nological*

Pakistan is de&eloping technologically and further awareness and de&elopment will assist inimpro&ing the product’s functionality.

#$MP%"&"$' SS%SSM%"

C/$PETT/& 7N7;


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• WristDio direct competitors are small radios that can fit in ear easily. These are namely>

i. #inclair = utton *adio

ii. %M Mini *adiosiii. K !M *adio

i&. Tiny %M *adios "hina Toy %actory nc$

• Cther indirect competitors are mobile de&ices enabled with %M radios. These are>

i. #iemens

ii. #amsungiii. 'okia

i&. Motorola

&. G+&i. Panasonic

&ii. #anyo

&iii. #harp

i). Phillips

C/$PETTE 7)7NT7>E

• WristDio is not just a %M radio it is blend of fashion and technology.

• Gong lasting Fapanese battery gi&es it an edge o&er other mini radios that ha&e ma)imum

life of 5-;4 hours on continuous use.

• Pro&iding ma)imum %M band range from 40-394 M@/ among its competitors who offer

mini radios with %M band 44-394 M@/

C/$PETTE ST&7TE>ES*

)ifferentiation*

WristDio is an inno&ation in the arena of radios. t gi&es connecti&ity to the outside world in a

way that adds &alue and beauty.

?ocus*

WristDio is designed especially for upper middle class and upper class urban population

including +(' = !' +('Y, fashion followers and trend setters.

C/$PETTE P/ST/N

$ulti+le $ar%ets*

?e are following the multiple market strategy for WristDio by focusing more towards the upper

class and upper middle class of the society.

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$ar%eting Strategy

$7&@ETN> $A

P&/)0CT C;7SS?C7T/N*

WristDio is broadly classified as consumer product and under this category we define it as a

specialty product because it is a perfect mi) of style and technology. t in&ol&es strong brand

preference and loyalty, special purchase efforts by consumers, little comparison of brands and

low price sensiti&ity.

;EE;S /? P&/)0CT

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• Core Pro(uct

WristDio pro&ides a solution to its users that connect them to the global world and at the

same time add &alue to their beauty.

t is smallest in si/e but greater in 7uality and style that’s what the consumers want.

• 7ctual Pro(uct

WristDio, a wrist watch radio.

• 7ugmente( Pro(uct

• ustomers are pro&ided with the free demos of the product on computer system installed

at the outlets and for further understanding, instruction booklet is also ,ro-ided i+h

WristDio.

• Also i#lded 1 year mo#ey ba* arra#+y a#d a ,airs of fablos ris+ a+h

alo#& i+h +he ,rod+.

• Cs+omers are e#ora&ed +o share +heir -ies abo+ +he byi#& e,erie#e

of +he ,rod+ a#d af+er sale e,erie#e +hro&h sr-eys o#d+ed a+ +he

o+le+s.

• A# elsi-e ebsi+e is desied +o a+er i+s s+omers for sol-i#& all +heir

7eries re&ardi#& +he ,rod+. #li#e ,rhasi#& ser-ie is also a-ailable.

P'$D#" #$MP$S&"&$

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Product *uality:

WristDio or*s &rea+ e-eryhere i# +he orld #der bra#d #ame 9%: si#&

;a,a#ese mirohi, +eh#olo&y a#d ,ro-idi#& +he < ba#d from 8 +o 158 so#d is really eelle#+ ,ls 1>year mo#ey ba* arra#+y is also &i-e#.

Product +eatures:

• %sh>b++o# A+o See*


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=PC is manufacturer’s brand.

8ran( )evelo+ment*

'o e)tension.

Pac%aging*

WristDio comes in a s7uare shaped gift bo).

;abeling*

!ll the important information is mentioned on the label. The label contains the name of the

product, name of the manufacturer and distributors, warranty limit, warnings, guidelines on

usage.

Pro(uct Su++ort*

! booklet on guidelines regarding the product is pro&ided with WristDio. %ree demo is also

gi&en.

Pro(uct $ix*

nitially WristDio is introduced in the form of wrist watch but with the passage of time it will

offer in other &ersions also like in the form of bracelets, rings, and lockets.

Pro(uct ;ife Cycle*

Cur product is at the introductory stage of product life cycle stage.

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?e are following the growing rate pricing according to which we fi) our price after considering

all the factors as to *s. 1699.

P;7CE$ENT

The product would be sold through Bndirect Marketing ntermediaryE. The product will be sold

through push strategy that is product would be first distributed to the wholesalers and then to

retailer. The retailers would assist in creating contact with the other retailers which would e)pand

the network and add &alue.

P&/$/T/N

WristDio being a new product in the market would re7uire intensi&e ad&ertising. The positioning

and the idea behind the brand selection would be used as a basis for ad&ertisements and the

ad&ertisements would be informati&e.

7)E&TSN>

&a(io*

*adio %M channels would be able to attract the major cream who could use our product and

create a positi&e word of mouth for others. #ince they being the regular radio listeners would be

e)cited to use this product as they could carry the radio with them.

Nes+a+er*

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WristDio is an e)pensi&e and new product. There is need to create awareness amongst people

that such a product e)ists. Lawn’ newspaper would be a better choice to ad&ertise being one for

the most popular newspapers in Pakistan. ! full page would be dedicated to ad&ertise the product

pro&iding a detail know how of the features and distincti&e attributes. !part from Lawn’ the

other newspaper that the product would be ad&ertised in are LThe 'ews’ and Laily Times’.

$aga-ines*

WristDio being a technology product it would be ad&ertised in maga/ines as L#@(’ a leading

maga/ine. !nother maga/ine that is famous amongst out major target segment the teens is

LYoung Times’. t is ubai based maga/ine is especially for kids. #ince it is a fashion product

also maga/ines like #TYG( and M!+ would also be used to ad&ertise the product.

8illboar(s*

The locations where we ha&e decided to place our ad&ertisements are a&enues like 8th a&enue,0th

a&enue, Murree *oad, about area lue !rea, !apbara Market, arachi ompany Market !part

from the major areas identified all the other malls where lu)ury electronic item’s outlets are

a&ailable ad&ertising would be done by placing billboards.

Television*

The few major channels as +eo TN, #tyle 1:9, @JM TN and MTN Pakistan will be gi&en the

task to ad&ertise the product.

9ebsites*

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?orecast an( 8u(get

The factors considered for budget are>

• ifferent ad&ertising companies rates ha&e been taken

• !ccording to time, rates can differ

• Most of the &alues are estimates.

Category Estimate( Cost

*esearch

*easearch firm %ee 3;9,999

?eb research :9,999

ndependent *esearch 34999

Cther 39999

&esearc' Cost Total *s. 554,999

Promotions

Product iscount 6999

#pecial Cffers 59999

Promotion Cost total *s. 56,999

!d&ertising

rochures 39,999

TN 499,999

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*adio 34999

'ewspaper 36,999

Maga/ines 35,999

?eb 39,999

illboards 3099,999

7(vertising Cost Total *s. 56:6,999

Public *elation

(mployee Promotions 39,999

#ponsorship 35,999

Public &elation Total *s. 55,999

EST$7TE) $7&@ETN>

>&7N) T/T7;

&s. 2#4D,DDD

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$P;E$ENT7T/N 7N) C/NT&/; P;7N

>oals*

!fter the launch we will look out the awareness and recognition of WristDio among the target

customer. The targeted sales, profits, a&ailability and ele&ated market share are also major parts

contributing towards achie&ing our goals.

Performance*

Measure the performance and acti&ities of the outlets, their interactions with our target

customers. ?e will measure the performance by setting different tests after the first launch of

WristDio. Tests will be encompassed of sur&eys, personal inter&iews, focus groups and e-mails.

Evaluation*

The results of the sur&eys, mails and others will be then synchroni/ed for the e&aluations.

(&aluation is conducted to identify the gap between the e)pected and actual performance.

Corrective 7ctions*

This is the last control which is set and applied if there is a difference amongst the e)pected and

actual performance WristDio and we then otherwise will take the correcti&e actions to close the

gap.

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Contingency Plan

?e ha&e launched this wrist watch radio under the brand name =Pod so &alue and prestige isassociated with this product. ?e ha&e used the latest Fapanese Technology in our product through

which fre7uency and signal of radio can be catched easily. ut the problem can occur in our

product is that at some places user might not find tune into radio and their might be some

problem in signal catching. To combat with this problem, we ha&e used the latest Fapanese

technology as stated before and will use more ad&anced technology in our product in future in

order to satisfy our customers

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Documents

Product Wrist Watch Radio