Marketing Communication Plan of Azimuth Watch - Report Example

Marketing Communication Plan Grade Executive Summary Communication is the verbal or non verbal transmission of information between someone wanting to express an idea and someone else expected or expecting to get that idea. Singapore based company “Azimuth Watch” is a world famous brand in watch industry. A new sports brand is being introduced with the name of “The Roulette” by the company. Report builds up on different communication tools that are used to establish and promote this brand. Report also tries to establish what the target audience for the roulette is and what strategies are used for brand positioning and setting up target audience. Contents 1. Introduction 4 1.1 Company History 4 1.2 Objectives of the company 4 1.3 Current Target Audience 4 1.4 Current Marketing Strategies 4 1.5 SWOT Analysis 4 1.6 Competitor Analysis 5 1.7 Problem 6 2. Statement of Objective 6 2.1 Problem Definition 6 2.2 Possible Solution 7 3. Marketing Communication Strategy and Implementation 7 3.1 New Product Idea 7 3.2 Target Audience 8 3.3 Product Attribute 8 3.4 Selling Prices 9 3.4 Branding & Positioning 9 3.5 Promotion Mix 10 4. Control & Evaluation 11 References 11 1. Introduction 1.1 Company History Azimuth establish with the unique idea of contemplation in the watch industry. Idea of the company comes from a term in mathematics used to define the arc of a horizon. Azimuth founded in 2005 made classic piece of mechanically strict, truly avant-garde and Swiss made watches. 1.2 Objectives of the company “Azimuth” is mainly concerned with efficiency to seek the best performance among other watch selling companies and to maintain its long term position. As far as quality is concerned products are provided in accordance to customer’s specification. 1.3 Current Target Audience Azimuth is providing watches to any social class or status. The main categories of target audience are related to business class, students and casual watches for working class. As far as geographical characteristics are concerned, target continents are Europe, America, Middle East and Asia Pacific. 1.4 Current Marketing Strategies Azimuth is selling watches directly through independent outlets in Singapore. For its global market, customers can place order on the personal website of Azimuth. Currently print media (magazines and newspapers), social media (Facebook) and billboards and internet are used for promoting idea, organization and products. Azimuth need to use sale promotion activities to supplement advertising and facilitate personal selling efforts. 1.5 SWOT Analysis Strengths Reasonable price and quality process Designer product Customer specification Worry- free shopping Weaknesses Undifferentiated product and services (i.e. in relation to competitors) Deals only with business and working class Opportunities Expanding market demand Online shopping trend Developing market Moving into new attractive market (sports, ladies, children etc) Threats New entrants Price war Changing regulations 1.6 Competitor Analysis There is a high competition in watch selling industry. Some of competitors include Oris, Longines, Hamilton, Titus etc. There are a lot of companies that deal with all categories of watches which creates slight threat from these companies. As trendy watches are also in fashion and people are increasing the demand for watches therefore, the chance of new entrance for watch selling companies is also high. But Azimuth is providing their customers the facility to place their order for their watches as per their desires and needs. As competitors are using different sales promotion activities like trade promotions which is giving threat to company marketing efforts. Company needs to redesign their promotional activities in order to survive in a highly competitive environment. 1.7 Problem The problem area in this case would be an area requiring improvement although there is intense competition and lack in promotional activities by Azimuth. 2. Statement of Objective 2.1 Problem Definition Currently major problem is how to tackle with the intense competition and what promotional activities need to be implemented in order to get competitive advantage. The reason for an intense amount of competition being present in watch industry these days is that the world around us is changing and becoming more demanding each day. 2.2 Possible Solution In order to tackle with these issues Azimuth needs to expand its market. For this company is going to launch a new product in market. This product will cover the target audience who love to wear sports watches. Different promotional activities will be executed by company in order to position this brand effectively in the market. 3. Marketing Communication Strategy and Implementation 3.1 New Product Idea Company decided to launch sports watch for their customers to defend market share. It decided to introduce an addition to existing product line. Customers are going to be used as the best source for new product idea. Different surveys would be conducted for designing the sports watch as per customer’s desires and needs. 3.2 Target Audience Our product will belong to specifically sportsmen (men & women) and all those people who are sports lover and want to wear trendy sports watches. Especially, young generation would be focused, who are sports lover. As far as geographical characteristics are concerned, firstly watch will be introduced in Singapore. After getting positive response company will decide to expand its market to other continents as well. As far as psychological preferences are concerned needs, desires and attitudes of sports people are going to be taken into account before designing the product (Holm, 2006). 3.3 Product Attribute Features in our sports brand will distinguish it from other competitive brands (Broderick and Pickton, 2005). It includes a compass in it. If you are hiking or backpacking you must need compass for direction. There is no brand in the market that is giving access to all sorts of maps for direction and to fully utilize them for any outdoor activities. But this watch will provide advantage of a digital compass on your watch and you can use it anytime. In order to check your course whether you are going in right direction or not it is always there on your wrist. Battery life is another important concern in watches. This watch will use little of its battery. It has a characteristic of atomic timekeeping. Only few watches have this ability. People are not aware and prepared for climate changes which are certain. Temperature awareness during or backpacking is very important. Change in temperature is a sign of climate change. This watch will give alert about shifts in the temperature. This will help the person wearing it to be aware of any climate fronts that may approach him (Hirschman, 2010). Many people do not wear watch while swimming. This watch can be used anywhere. This will be water proof watch will allow the consumers to become aware and conscious of temperature and time even under deep water. It will have a depth gauge facility which guides from diving deeply. 3.4 Selling Prices Company pursues survival as its major objective because of intense competition in the market. Along with that the company wants to maximize their market share. As higher sales volume will lead to lower unit cost and higher long run profit, company will set lower prices because market is price sensitive. Surveys will be conducted to determine the demand of the product. Price will then be determined by estimating the cost of production, distribution and selling cost. Competitors cost, price and possible price reactions will be taken into account. Perceived –value pricing method will be use for setting up selling price. Image of product performance, channel deliverables, warranty, customer support and trustworthiness will be taken as elements of perceived value (Chen and Hall, 2010). 3.4 Branding & Positioning The Roulette is selected as the brand name. Slogan for positioning the brand will be “Eye on your wrist, a smile on your lips, spirit in your heart, you are ready to start”. Slogan establishes that the watch is appealing primarily to the preferences of sports person (Sellers, 1993). 3.5 Promotion Mix Advertising- Ads for promotion will be place on TV channels, in sports magazines, on billboards, on internet and Official page will develop on Facebook and Twitter. Public Relations- For endorsement Michel Jordan (basketball player) for male watches and Maria Sharapova (Tennis player) for female watches will be selected. Company will participate in event of ASEAN Basketball League at 22 April 2012 in Singapore for promoting brand. Also company planning for sponsoring next Olympics for promoting “The Roulette”. Sales promotion- 25 % of discounts will offer for 2 months after launching of brand. Coupons will be provided on the internet, magazines for first 3 months especially for hard to reach audience. Also 10 lucky loyal customers of Azimuth previous brands will get Roulette free through lucky draw. Personal Selling- Training will be conducted for sales staff to make them learn how to promote this brand (Noble and Makwa, 1999). Sales staff will place stall in famous shopping malls of Singapore for promoting brand. Brochures of Roulette will be distributed to customers in all Azimuth outlets. Merchandising- Product will be sold on internet and on outlets of Azimuth locally. As far as global market is concerned it will sell on franchises in target continents through existing retailers. And also directly through personal website. 4. Control & Evaluation In order to ensure that customers are fully satisfied and Azimuth gets maximum revenue, post sale will follow through conducting marketing audit. It will provide a comprehensive insight into how many units of product being sold and whether company meets its target revenue or not. Sales volume analysis and market share analysis will be conducted which will indicate how much this brand is doing relative to competitors. Cost analyses will be conducted to get insight into activity cost that is allocated on various marketing activities such as advertising or warehousing. The findings from this analysis can help shape decisions regarding “The Roulette” marketing program. References Chen, Z.L. & Hall, N.G., 2010. The Coordination of Pricing and Scheduling Decisions. Manufacturing & Service Operations Management, 12(1), p.77-92.  Noble, C.H. & Mokwa, M.P., 1999. Implementing Marketing Strategies: Developing and Testing a Managerial Theory. Journal of Marketing, 63(4), p.57-73. Sellers, Patricia, 1993. Brands: it’s thrive or die. Fortune (August 23), p. 53. Hirschman, E.C., 2010. Evolutionary Branding. Psychology Marketing, 27(6), p.568-583. Broderick, Amanda and Pickton, D., 2005. Integrated Marketing Communication. Financial Times, p.67-72. Holm, O., 2006. Integrated marketing communication: from tactics to strategy. Corporate Communications An International Journal, 11(1), p.23-33. Read More