Question

Can you me with;

Designing an apple Watch Product

All of you purchase products and services every day, ranging from necessities, such as food, clothing, and shelter, to discretionary items, such as soda, music, and education. And marketers develop many of these products and services with you specifically in mind—just look at the stores in and around campus that cater to you.

  

Learning Objective. Define a target market and develop an apple watch product.

Defining an apple watch Product. The term Apple watch product can have more than one meaning. As far as marketing is concerned, when a product satisfies any one of the below three forms, it can be labeled as a “apple watch product”:

                   

(1) apple watch to the market: When a product has been sold in a market for the first time, even if it was available at other markets for a while, it is viewed as a new product (e.g., Jack in the Box stores in Atlanta metro area would be a new product, even though it is not a new product in other areas of the United States where it’s been available for some time).

(2) apple watch to the company: A product is considered new when a product is not sold previously by a given company, even if similar products have been available from other companies (e.g., When Denver-based DAZBOG introduced tea, it was a new product with 25 varieties of full-leaf teas and herbal infusions).

(3) apple watch to everyone: When a product is a brand-new innovation, it is new to everyone and therefore it is a new product (e.g., Virtual reality headsets, smart watches, tablet computers and self-driving cars are examples of new products when they were first introduced).

Please note that due to the expense and risk involved in introducing apple watch products, most of the new products introduced each year are not radically new inventions, and the vast majority of them are in fact, line extensions.

Nature of the Activity. Design a apple watch product or line extension in the consumer goods industry (anything you buy at a retailer) by specifying its target market, marketing mix elements, and points of difference.

You will come up with an apple watch product idea based on your personal experiences as a consumer and your new role as a marketer. When designing your apple watch product, be as creative as you can. However, your new product idea must answer the following questions:

         a.   To whom will your product be sold? Please specify the characteristics (age, gender, income, health-consciousness, etc.) of your target market segments. Provide a rationale for the market segments you select. Is it attractive enough (large, growing, etc.) to warrant the expense of a marketing effort?

       b.   What is the product? Companies must develop the features and benefits for the products and services that customers desire. Please specify the features (such as the ingredients, form, size, packaging, etc.) and benefits of the product you think are important to consumers. Provide a rationale for the product you create.

      c.   How much will consumers pay for it? Companies must charge a price that target customers are able and willing to pay. Please specify the price paid for the quantity received by consumers. Provide a rationale for the price you want to charge.

         d.   How will consumers find out about it? How can you design an advertisement?

Companies must inform you that the product or service exists, where it can be purchased, and perhaps offer you a small inducement to try it. Please specify the advertising methods and message you will use to communicate to consumers about the product and the kinds of inducements (coupons, samples, etc.) you will offer them to try it. Provide a rationale for the promotions you want to use.

Please consider the following points:

                       

• What promotion mix will you use (personal selling, advertising, public relations, sales promotions - coupons, free samples, etc.)?
• What media channels will you use to communicate your message?
• What themes, images, and colors are suitable for your campaign?

         e.   Where will consumers buy it? Companies must make products available at locations where target customers are likely to buy it. Please specify the types of retail outlets or “place” where consumers in your target market are likely to buy the product.

         f.    How is your product different from those already on the market? Please specify the significant points of difference of your product. Provide a rationale for why your product is superior to those offered by the competition. Does your product provide overall customer value?

Marketing Lessons. This activity introduced you to the essential marketing concepts that marketing and product managers deal with on a daily basis. You need to conclude that when developing a new product, marketers must: (a) select a set of market segments to target, (b) specify the marketing mix, and (c) identify significant points of difference.

DESIGNING A PRODUCT HANDOUT

MARKETING PROGRAM AND POINTS OF DIFFERENCE	to WHOM WILL IT BE SOLD? (TARGET MARKET)
	To Whom?____________________________________________________
What is it? (Product) Specify features, benefits, form, size, etc. and why
How much will consumers pay for it? (Price) Specify cost and why
How will consumers find out about it? (Promotion) Specify methods to inform and generate trial and why
Where will consumers buy it? (Place) Specify types of retailers and why
How is it different from others? (Points of Difference) Specify why it is superior to the competition

Answer 1

A) THE PRODUCT WILL BE SOLD TO THE PEOPLE OF AGE 30-45, TO ALL GENDERS, THE CUSTOMERS WITH INCOME OF 30000/- AND ABOVE.

B) THE SIZE OF THE PRODUCT WILL BE SAME WITH WRIST WATCH, THE PRODUCT HAVE DIFFERENT AND UNIQUE FEATURES LIKE- CALLING, ACCESS TO VARIOUS APPS, ACCESS TO SOCIAL MEDIA, TELLS YOUR HEARTBEAT, BLOOD PRESSURE, GAMES, SONGS, RADIO, TORCH. THE FEATURE WHICH MAKES THE PRODUCT UNIQUE IS THAT THE PRODUCT WILL WORK AS WI-FI ANYTIME AND ANYWHERE. THE STRAPS OF WATCH CAN BE ADJUSTABLE AND CAN BE CHANGES. SAME DIAL WITH DIFFERENT STRAPS CAN BE WORN BY MALE AS WELL AS FEMALE.

C) THE PRICE OF THE PRODUCT WILL BE 35000/-. AS MANY ADVANCE FEATURES WILL BE GIVEN IN THIS PRODUCT. THE PRODUCT WILL PROVIDE MANY SERVICES IN ONE PRODUCT ONLY.

D) THE PEOPLE WILL CAM TO KNOW ABOUT THE PRODUCT THROUGH THE ADVERTISEMENT THROUGH THR TELEVISION, RADIO, ROADSIDE BANNERS, DISPLAYING THE MODEL OF THE PRODUCT AT THE SHOPPING MALLS WILL ATTRACT MORE PEOPLE TO PRODUCT. IN FUTURE FAMOUS MODEL CAN BE USE TO INCREASE THE SALES OF THE PRODUCT. THE CUSTOMERS WILL BE PROVIDED WITH THE DISCOUNT OF SOME PRICE ALONG WITH THE COUPON OF DISCOUNT ON THEIR NEXT PURCHASE. THIS WILL ATTRACT CUSTOMERS AND WILL HELP IN RETAINING THE CUSTOMERS FOR LONG TIME.

E) CUSTOMERS CAN BUY THE PRODUCT FORM THE STORE OF APPLE ONLY. THIS WILL HELP THE SELLERS TO KNOW ABOUT THE DEMAND AND REQUIREMENTS OF CUSTOMERS. SELLERS CAN GET REGULAR FEEDBACK FROM CUSTOMERS AND THEY CAN TREAD THE CUSTOMERS ACCORDING TO THEIR NEED. THEY DON'T HAVE TO LOSE THE CUSTOMERS BECAUSE OF SOMEONE'S ELSE FAULT. BY KNOWING THE REQUIREMENTS OF CUSTOMERS THEY CAN DO FUTURE CHANGES IN THE PRODUCT ACCORDINGLY.

F) THE UNIQUE IN THE PRODUCT IS THAT IT CAN BE USES AS WI-FI, THE PRODUCT CAN CONTROL THE FEATURES OF YOUR AC AND CAN BE CONNECTED TO PRINTERS SO THAT PRINT CAN BE TAKEN OUT. IT ALSO WORK AS FAX MACHINE BUT PRINT OF THE FAX DOCUMENT WILL BECOME OUT FROM THE PRINTER, THE NOTIFICATION WILL BE SHOWN TO YOU IN WATCH. NO NEED FOR THE LANDLINE TO CONNECT TO FAX. THE COST OF INSTALLING FAX WILL ALSO BE CUTOUT. THESE ALL UNIQUE FEATURES ALONG WITH OTHER FEATURE MENTIONED ED ON ABOVE POINTS WILL MAKE MY PRODUCT DIFFERENT FROM THE COMPETITORS.