Executive Summary
This analysis offers a concise overview of the marketing plan for the launch of Stress Alert Watch (SAW) in the US market. SAW is a revolutionary wearable device designed and introduced into this market as a new cutting-edge technology that will help individuals detect and treat stress. The world is changing drastically, with significant efforts targeted to help people live healthy lifestyles.
This product will contribute to this process by providing a convenient and effective solution for managing their stress levels. It utilizes advanced technological elements, including current sensors, to detect stress levels and apply acupressure to specific points on the wrist, triggering the release of calming hormones and helping individuals regain balance. The marketing plan for this new product, SAW, encompasses multiple critical aspects aimed at helping the business attain its essential goal: to provide the ideal solution for individuals seeking an effective and convenient way to detect and treat stress. The plan begins with a comprehensive situational analysis. It focuses on the USA’s political, legal, and ethical landscape, where the initial market launch will occur.
The plan also provides a SWOT analysis to pinpoint the product’s strengths, weaknesses, opportunities, and potential threats. SWOT analysis identifies the key strengths, including its accuracy and convenience to detect and deal with stress. However, stiff competition forces the product to identify various opportunities, such as constant innovation, to enhance its competitive edge.
The plan initiates a powerful marketing strategy. It aims to segment the market into secondary and primary sectors to tailor content that resonates with each group. It also plans to establish a strong brand image, offer affordable prices, and maintain top quality to attract customers. The implementation process also involves effective monitoring and regular audits to identify areas needing adjustments. Implementing these approaches, including effective customer communication, will help SAW emerge as its industry’s top brand.
Situation Analysis
Analysis of the Internal Environment
A company’s internal strengths are critical to successfully launching a new product. Studies indicate that enhancing a company’s innovation and employing various technologies is a driving force that helps firms align their products with the customers’ values (Arsawan et al., 2020; Lu et al., 2020). The company has invested significant resources in developing the SAW product. This includes investing in critical technological strategies and innovation to enhance accuracy and efficiency. In addition, the company has a robust supply chain management. It has a strong relationship with reliable suppliers to continue getting enough supply for the SAW products. This is critical to maintaining high efficiency in production to meet customers’ demands (Sutono, 2019).
Moreover, having a highly talented team with various skills is essential for success in the current market (Sutono, 2019). The company employs a diverse workforce with unique skills to drive innovation and quality outcomes. Nevertheless, the primary internal weakness that the firm is likely to encounter with this product is limited brand awareness and recognition. This is a new product, and it will take time and effective marketing strategies to resonate its value to customers.
Analysis of the Customer Environment
Demographic Factors
SAW targets younger people who fall in the age bracket of 20 to 35 years. This group is picked because they are highly vulnerable to stress and anxiety. Over 70% of this group suffers from anxiety (Osorio, 2023). About 30% are categorized under moderate depressive symptoms, and nearly 60% develop high anxiety issues from undetected stress that grows over time (Osorio, 2023). More emphasis also goes to females with higher stress vulnerability rates than males. The marketing messages will consider these factors to address the audiences’ pain points.
Psychographic Factors
The product aims to help individuals overwhelmed with stress and anxiety leverage stress. Such individuals seek holistic approaches to health and wellness, prioritizing self-care and mental well-being (Osorio, 2023). With the rise of technological solutions, young people are more inclined to current technical equipment, including wearable devices (Moshe et al., 2021). SAW is their perfect alternative, offering cutting-edge technological solutions to overcome stress.
Behavioral Factors
The product’s target audience is likely to showcase unique behaviors. They take the initiative to manage their stress and attain a healthy lifestyle. With the current awareness of human health and the benefits of managing stress, they are more inclined to undertake various steps to enhance their lives. This includes exercising and seeking other medical strategies, such as therapy, to maintain normalcy. In the process, they need tools and technological equipment to help them enhance the impact of their efforts and monitor their progress. SAW will help them attain accurate insights into their stress levels.
Analysis of the External Environment
Political and Legal Factors
External factors remain influential considering the completion of all other tests and regulations, such as the Federal Communication Commission (FCC) and International Electrotechnical Commission (IEC) standards and ethical considerations. These encompass a broad range, including political and legal elements. Nonetheless, with stable governance and policies embracing free-market principles, the U.S. actively supports the growth of enterprises (Market.Us, 2023). Moreover, the SAW product can be viewed as an ethically responsible and socially beneficial innovation, significantly enhancing human well-being. It empowers individuals to prioritize self-care by promoting greater accessibility and efficiency in wellness practices by seamlessly integrating advanced technology into daily life. Due to its positive influence on public health, the U.S. government will recognize it as a low-risk wellness device and actively support its FDA approval. This endorsement would further validate the product’s dedication to enhancing the quality of life for all Americans.
Economic Factors
The country’s economic factors are different from those of any other economy. It has a highly talented and skilled workforce. Moreover, the nation is one of the most advanced nations with a high-income rate and potential customers who can afford technological products (Market.Us, 2023). People have disposable income and are ready to spend on healthcare, making the U.S. market the most favorable for this product.
Socio-Cultural Factors
U.S. citizens are health-conscious people who understand the value of maintaining a healthy mental state. This forces them to seek various ways to overcome health issues associated with stress and anxiety. In addition, there is a significant rise in stressors and fear among millennials and younger generations, forcing individuals to seek a viable way to overcome their challenges (Market.Us, 2023). With SAW, they will be captivated by the opportunity to explore a new device to help them manage their stress and anxiety.
Technological Factors
Technology is advancing, and people are becoming more dependent on wearable devices. Chandrasekaran et al. (2020)indicate that over 30% of U.S. citizens understand the value of wearable healthcare devices. Nearly 50% have developed a significant dependence on these devices for their daily activities (Chandrasekaran et al., 2020). This trend will drive the product’s sales in the market. In addition, the high rise of internet connectivity and services is moving the world towards unimaginable reliance on technology in the U.S. (Chandrasekaran et al., 2020). SAW fits perfectly in this market as it relies on the current technological breakthroughs to meet customers’ desires.
Competitive Factors
The stress management industry is highly competitive, with well-established firms that have gained significant reputations and a massive customer base. The renowned brands include Fitbit, Apple, Garmin, and Samsung (Market.Us, 2023). In addition, there is a high chance of other upcoming firms invading the industry. Surviving and thriving in this market requires extensive product development and differentiation (Market.Us, 2023). This can help SAW to be distinct from its competitors, offering unique values that other firms cannot copy.
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats)
SWOT Matrix
Analysis of the SWOT Matrix
The SWOT Matrix Analysis offers significant forces that can drive the firm to success. SAW uses advanced technological strategies to detect and inform users of their stress levels. This gives it a key strength of accuracy and the ability to enhance treatment. It is also user-friendly, and partnering with mental health organizations can improve its capabilities. However, the table also presents various weaknesses and threats that must be addressed to attain significant outcomes. This SWOT matrix analysis offers essential information that will guide effective decisions and allocation of resources to enhance the product’s competitive edge over other firms.
Developing Competitive Advantages
Establishing a solid competitive edge takes significant steps, and this new product must leverage its strengths to be distinct from the rest. Focusing on and enhancing the technological capabilities of the products assures the company of a better way to develop the products and meet customers’ demands (Arsawan et al., 2020). SAW can be enhanced by differentiating the product from competitors’ offers, including improving its user-friendly capabilities to enhance customer experience and satisfaction. Building solid relationships with mental health professionals, securing endorsements, and conducting scientific research to validate the product’s effectiveness are other significant approaches it must consider.
Developing a Strategic Focus
Surviving in the current business world also requires developing a strategic direction. The only business that can align its values, goals, and resource allocation strategies with the market trends and consumer needs stands a chance to succeed (Smet et al., 2021). This calls for enhanced Analysis of the target market to be aware of the current forces that drive consumer perceptions. SAW can develop its strategic focus by performing market analysis to pinpoint customer needs and tailor its strategies to offer personalized experiences with enhanced value products. The company must also seek partnerships with other potential firms to help it resonate brand value with a diverse audience (Smet et al., 2021). This will help it leverage more pulled resources and reach more customers to enhance its customer base.
Marketing Goals and Objectives
Marketing Goals
The primary aim is to enhance the product’s awareness, target market expansion, and establish credibility and trust. Since the product is in the launching stage, extensive marketing is required to promote its values to customers (Stark, 2022). To enhance its credibility and trust among customers, it will target potential customers to inform them of the significant products that will revolutionize their experience with wearable health devices. This will assist the company to reach more customers and expand its market.
Marketing Objectives
The business has critical marketing objectives targeted to attain its desired goals. It plans to foster partnerships, extend its distribution channels, and improve customer satisfaction and experience. Focusing its attention on other mental wellness organizations will validate its reputation and enhance customers’ trust. The company must also seek ways to strengthen its distribution channels. Seeking online strategies and partnering with national retailers are strategic approaches to improving customer reach in this digital world (Shah et al., 2023). The company also plans to enhance customers’ experiences to attract and retain more customers. It will seek and respond to customer feedback to meet customers’ desires.
Marketing Strategy
Primary and Secondary Target Market
The primary customers are young adults who are prone to stress and anxiety, including those between the ages of 20 and 35. These individuals seek effective ways to enhance their mental state (Moshe et al., 2021). In addition, the company is targeting secondary customers, which include healthcare providers, especially those in the mental health sector. It plans to present a new product to help medical experts manage stress among their patients.
Overall Branding Strategy
The branding strategy for the SAW revolves around positioning it as a reliable and effective stress management solution. It is critical to communicate the brand’s value and help customers understand how it aligns with their values (Shah et al., 2023). Marketing SAW aims to emphasize its advanced technology, accurate stress detection, and instant treatment capabilities. This will position it as a trustworthy and credible brand focused on enhancing individuals’ mental and overall well-being.
Product Strategy
Establishing a key product strategy is crucial, especially for technological products such as wearable devices that heavily rely on technological advancement. They must stay abreast of the current technological trends and embrace new cutting-edge solutions to remain relevant (Market.Us, 2023). To SAW, the focus is on staying at the forefront of anxiety detection and treatment technology. It will involve continuous research and development to enhance its features and effectiveness. It must also seek customers’ desires and incorporate feedback in its updates to enhance their experiences.
Pricing Strategy
The company must strategize its pricing approaches to meet its customers’ capabilities. This involves analyzing the competitive pricing analysis, customers’ abilities, and the value of the products (Sutono, 2019). However, SAW is targeted to enhance customers’ experience with top-quality products at relatively affordable prices. It considers these approaches to make potential pricing decisions that support its competitive advantage while improving customers’ reach for the products.
Distribution/Supply Chain Strategy
The company must also identify the best supply chain and distribution strategy that aligns with its values and enhance accessibility. It seeks to strengthen its connection and relationship with customers and potential partners that can help it access and leverage online strategies to improve its customer reach (Ferrell & Hartline, 2017). Partnering with big stores and leveraging online systems is an essential tool to enhance the accessibility of the products (Sutono, 2019). It will also focus on online distribution through the company’s website and improve customer reach.
Integrated Marketing Communication (Promotion) Strategy
SAW wants to modify and reach customers with its messages emphasizing the device’s stress management benefits, reliability, and ease of use. Communication helps businesses stay close to their customers, listen to their needs, and tailor their products and offerings to meet their desired values (Shah et al., 2023). This will force SAW to implement various communication strategies and constantly interact with its audiences to communicate its values. The world has enhanced its focus on technological processes, with online platforms becoming the fundamental choices for youths and young adults (Osorio, 2023). Leveraging online media, including Facebook, TikTok, and YouTube channels, will significantly align with customers’ trends. It will utilize these platforms to include digital marketing, social media campaigns, influencer collaborations, content marketing, public relations, and targeted advertising.
Marketing Implementation
Structural Issues
The company must be well-prepared to undertake the marketing plan without glitches. This requires extensive resources and human expertise to support the objectives (Shah et al., 2023). Moreover, the company must set a favorable organizational culture for a conducive environment where the plan will thrive. This company is established to hire a highly talented marketing team with diverse skills. It will train them on the fundamental concepts of the plan to equip them with the necessary knowledge to understand their responsibilities (Ferrell & Hartline, 2017). Moreover, the company will have a solid technological structure to support its online strategies.
Tactical Marketing Activities
The company must have strategic approaches to support its undertakings, and marketing SAW will involve digital marketing strategies. This process involves leveraging online platforms, including Facebook, YouTube, and other potential platforms, to communicate the brand’s values to the targeted audience (Shah et al., 2023). The company will apply the same strategy, using the platforms to raise awareness about SAW and drive traffic to the company’s website.
It will also support the marketing strategy with influencer marketing, where the firm collaborates with social media influencers to leverage its massive followers in building a solid customer base (Shah et al., 2023). The company will also implement other strategies, including product demonstrations and engaging content such as blog posts, articles, and videos, to reverberate its brand value to customers. Moreover, the firm will regularly update and monitor the marketing process to ensure it aligns with the brand values.
Marketing Budget
Evaluation and Control (200)
Formal and Informal Controls
Having formal and informal control plays a critical role in analyzing the marketing process and modifying it to meet its primary goals. Standard steps involve well-established strategies that take official approaches to monitor and analyze the marketing process, measuring how it is fairing over time (Grunert, 2019). The company will have metrics to measure its progress, providing sales targets, market share goals, or customer satisfaction benchmarks.
The company will analyze this information from its daily operations and compare its performance to the stated purposes. Moreover, the firm will include informal controls, which involve reviews of the program’s performance by seeking feedback and analyzing the progress of each sector of the marketing plan (Grunert, 2019). This will include performing physical audits, holding meetings, and adjusting to correct areas that might hinder the program’s progress.
Implementation Schedule and Timeline
Marketing Audits
Undertaking marketing audits is critical to maintaining an upscaling outcome. The company will perform marketing audits, analyzing the program’s effectiveness and ability to attain the intended goal. The audit will be forecasted on customer feedback and how they review the brand. This offers a viable way to comprehend customers’ pain points and help the company modify its strategies to meet customers’ values (Grunert, 2019). In addition, the audit will analyze market trends, sales performance, and how they align with regulatory requirements. These approaches will ensure the program meets the desired goals and drive the brand to success.
References
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