The Calorie Intake Counter Watch - Assignment Example

Charles O. Godornes 22 March The Calorie Intake Counter Watch Table of Contents: Overview of the Product 2 Target Market 3 Demographic Segmentation 3 Psychographic Segmentation 4 Price 5 Selling Price 5 Labor Cost 5 Material Cost 5 Raw Cost 5 Place 5 Promotion 6 Works Cited 7 OVERVIEW The name of my product is the calorie intake counter watch. This is a device that allows the user to track the amount of calories he or she has taken during a meal. This is a strap-on wrist watch which has a special device installed at the back portion of the watch where the steel plate of the watch and the skin of the user will touch; this is called the calorie intake meter. The purpose of the said device is to detect and count the amount of calories the user has taken by measuring the temperature of the user while eating. The device also has a calorie alarm feature. The user can choose to set the calorie alarm of the device to a specific level of his or her choice. For example, if the user is on a 180 calorie diet per meal, the user can set the calorie alarm to 180 calories. Once the user will reach or exceed his or her desired calorie level, the alarm will activate and the device will display the total amount of calories the user has taken. Before the user starts his or her meal, the user has to press the start button to activate the calorie intake meter. After the user has finished the meal, the user then has to press the stop button to end the calorie intake count. When the stop button has been pressed, the data (amount of calories taken) will then be automatically saved along with the date and time (to indicate if the meal is breakfast, lunch, snacks or dinner) into the memory card of the device. Once the data has been saved, the user then can upload the data to the computer so that he or she can keep track of his or her calorie intake. Just like any ordinary watch, the device has time, calendar and stopwatch features, as well as the ability to switch the display with a press of a button. During my research I found products that are similar to the calorie intake counter. This similar product is called calorie counter watch. The difference between the said products is that the calorie counter watch measures the amount of calories burned by the user through the help of a pedometer which is installed in the device. A pedometer is a device that measures the distance a person travels on foot by responding to the motion of the body. In the case of the calorie counter watch, the pedometer measures the steps and the calories burned through the swinging of the arm. While the calorie intake counter watch as stated above, measures the amount of calories the user has taken through a special device called calorie intake meter. The calorie intake counter watch is a good instrument for people who want to maintain, gain or lose weight. TARGET MARKET My primary market for the calorie intake counter watch is people who are concerned of their physical and health wellness, people who are maintaining, gaining or trying to lose weight. I will break my primary market into submarkets to find common demographics and psychographics. Through this market segmentation breakdown I can indentify specifically who my target market is. The following market segments will fall under demographic segmentation, and these are: age, gender, education, income, marital status, religious background and family cycle. First is the age, the age bracket of my target market is from 20 to 60 years of age. I chose this age bracket because I did a research on local gyms here in our town and I found that the youngest gym members in the area are in their early 20’s. And the most consistent gym goers are in their 30’s to 50’s basing on the gyms monthly records. From this information, I created a theory that people start to be physically and health conscious when they are in heir 20’s. Although this won’t apply to everyone but in some cases like in our area, people tend to be more conscious of their physical and health well being at this age. 60 years of age is the retirement age here in the Philippines as stated in the Republic Act No. 8558. I chose the retirement age because in most cases, people at this age are already very much health conscious and very careful on what they eat. Making the calorie intake counter watch a very effective and efficient device for them. Plus they have a retirement fund to ensure that they can purchase the said device. Second is the gender, the calorie intake counter watch is a unisex device. It wouldn’t matter if the user is a male or a female. Third is education, whether the user will be in elementary, high school, college or taking masters it wouldn’t matter, because the device will still work to its ability regardless of the educational attainment of the user. Fourth is income, I chose middle and high class people because these people earn a bountiful income and have the capacity to purchase my device. Sixth is the marital status, marital status wouldn’t matter because even though you’re single, married or divorced the device would still work to its ability regardless of the user’s marital status. Seventh is the religious background, I can say this is applicable. For example, Roman Catholic is one of the major religious groups in the world. And Roman Catholics are not forbidden to eat pork meat unlike other religion such as Muslims. But Roman Catholics are also thought to treat their body as a temple, as a sacred place. Making Roman Catholics also physically and health conscious. Which will make them part of our target market. Eight is the family life cycle; this is also applicable in a way because if the user of the device is a married man or woman with kids, they have to be health conscious, so that they can avoid illness which will cost them money, money which they can invest in the calorie intake counter watch to help them monitor their health instead on medicines. Plus they would also set a good example by showing to their kids that they are taking good care of their health. Next is the following market segments under psychographic segmentation and these are: lifestyle, social class, activities and interest and attitudes and belief. First is the lifestyle, I chose my market to have a trendy lifestyle, because these people are very interested and updated on the latest gadgets. This will make my device the apple of their eyes. Second is the social class, just like in the market segment in demographic segmentation which is income, here in social class I still chose middle and high class people. As I have said, these people have the capacity to purchase my device because of their social standing. Third is the activities and interest, this plays an important role in our target market. For this device I need to find people whose interest will fall strongly on physical fitness, because they are my primary market. And lastly its attitudes and belief, I chose my target market to have an attitude and a strong belief on physical and health awareness. These are the people who will be the future users of my device because they are in line with my primary market, people who are concerned on their physical and health wellness. PRICE The selling price for the calorie intake counter watch would be $159.99. Costs: Labor cost = $40/watch Material Cost = $80/watch Stainless Steel = $5 Gold = $10 Gold Plated = $5 Platinum = $10 Titanium = $10 Memory Card = $5 Calories Intake Meter = $20 Silicon = $10 Strap = $5 $40 (labor cost) + $80 (material cost) = $120 (raw cost of the calorie intake counter watch) PLACE I used intensive distribution to determine the place where it is best to sell my device. Intensive distribution is a method of distribution where products of different brands are exposed to many outlets to maximize supplier’s sales. I will sell and display my calorie intake counter watch in retail shops such as health centers and sports centers. Shops like these would be the best place to sell and display my device because these shops promote the same product as mine which is for physical and health awareness. My primary market is people who are concerned of their physical and health wellness. In order for these people to find the calorie intake counter watch I have to display the device in shops where they usually go for their needs (such as equipments, gears, supplement and etc.) which would be the health centers and sports centers. Also for interested buyers who are in different countries, retail shops also deliver products nationally and internationally which would make my market even bigger. PROMOTION Basing from my market segmentation of my target market, people aging from 20 – 60 years of age, and who are socially standing in middle and high class are people who are wide users of the internet, readers of newspapers and magazines. Thus, making the internet, newspapers and magazines my medium of promotion. I would post on health related websites on the internet and publish ads in newspapers and magazines about how the calorie intake counter watch would help them monitor their calorie intake, how it would help them stay in good health and why this device is a must-own product for people who are concerned about their physical and health wellness. Works Cited Miller,B.”What is a Calorie Counter Watch”.Wisegeek.com 27 Dec. 2010. Web. 23 March 2011. N.p. “Dictionary” Merriam-webster.com n.d. Web. 23 March 2011 Ward,Susan.”Target Marketing”. About.com. n.d. Web. 23 March 2011. Guille,Marilyn.”Finding your Target Market” About.com. n.d. Web. 23 March 2011 Bedell,Rob.”Marketing101-Define your primary Market”. Ezinearticles.com.n.d.Web. 23 March 2011 Epand,Victor.”Materials Used to Make Watches” Ezinearticles.com.n.d.Web. 23 March 2011 N.p.”Marketing”MiMi.hu. n.d.Web. 23 March 2011 N.p.”Chan Robles Virtual Law Library” Chanrobles.com 19 July 1998.Web. 23 March 2011. Read More