Skytrex is an established business in Malaysia who is specialized in the manufacturing and sales of unique and specialized watches. They have been in operations for 6 years and have established their brand of watches, Skytrex as a sought after brand in the current market. Their main production motive revolves around producing watches that are both functional, stylish and yet maintains its uniqueness. Skytrex has now decided to extend their production line and venture into the production of smart watches (watches with internet accessibility and messaging function) under the brand name Vortex. This report is aimed at introducing the marketing plan of Vortex. The report will ...view middle of the document...
Usually tied up with work and find it hard to reply to calls and messages. Socially active with regular visits to night clubs and bars, involved in weekend sports or vigorous activities.
3. 34-50 year olds, living in Kuala Lumpur or surrounding areas, earning substantially ($100000-$160000 per annum). Family and career oriented individuals trying to maintain a work-family balance. Socially active. Always busy and has lack of time to reply calls and messages. Not active in sports.
3.0 TARGET MARKET
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its products towards. A clear target market is the key element to an efficient marketing strategy (Glick, 2009). The target market is utilized by marketers to focus their energy on.
3.1 Profitable Target Market
The most profitable target market for Vortex would be the second option of 24-34 year old males for these reasons:
* Population of males between the age of 24-34 in suburban areas of Malaysia is 365, 632 (Cheng, Ghazali & Othman, 2005). This is a substantial amount.
* They earn a comfortable income and thus have a high purchasing power and can afford to purchase Vortex.
* The target consumer has a full time job and would require a product that reduces their effort of replying to calls and messages.
* They are active in sports and have an active social life thus needing something to strap on and reply to texts and calls on-the-go.
The target consumer is living alone or with friends in the suburban areas of Malaysia close to entertainment facilities which occupies a large part of his time outside work. He has a huge commitment towards his work but also allocates time for sports activities such as badminton and football in the weekends.
Aged 24-34 years old, he is single and focuses on career development. He is working full time in a professional field and is a graduate of a prestigious Malaysian university. His current income is $30000-$70000 per annum but this figure is expected to rise with work promotions.
Confident, ambitious, successful and active, he works to maintain his work and social life balance. He works out or involves in sports on weekends and attends social gatherings on Friday nights. He makes his own decisions and can afford what he wants/needs.
Vortex is considered a technological/fashion purchase and he benefits from it by being able to attend to calls and messages as well as surf the internet without much hassle. Since the watch is strapped on, he can perform tasks even while playing sports or working out.
4.0 POSITIONING VORTEX
Product positioning is the way the product is defined by customers on important attributes and image (Kotler et al., 2012). In other words, positioning is how marketers want consumers to see their products. Marketers can follow several marketing...