Marketing strategies in smart phones and smart watches;
- Product strategy;
This strategy is considered as a roadmap for smart phones and smart watches which outline an end to end vision covereage. Compains will write in strategy planning and marketing such as smart phone and smart watches focus on their target market for respective products. So that in product strategy we can forecast the demand for our smart phones, through this performance improvement in smart phones and smart watches can be possible which will incress the sales volume.
- Price strategy;
For smart phones, and watches business must focus on pricing strategy particularly penetration marketing affordable cost and quality will attract the new customers. So that annial revenue generation will increase. As an example, our product enters into the Asian market with market penetration strategy and we will try to largest selling our smart phones in India with a high level of customer satisfaction and performance delivered.
- Place strategy;
It outlines where our company will place it’s products and services to gain market share. The location must be in a proper communication place which will ensure more customers to the stroe. As an example, we try to lanch our products in outlet malls and big shopping centers that’s how we attract more and more customers. Ultimately our product sales volume will raise and better customer service can be implemented.
- Promotion strategy;
Promotion strategies like online marketing, sales promotion, and advertisement will help the business to capture the market of all age income groups suach as we launch smart watches in Asia with online promotion through flipkart and amazon. That’s how we increase our net earning.
- Market Product
Smartphones are becoming huge repositories of information on according to person taste and preference. Smartphones have now replaced some extent to desktops & laptops, now a person can check an email on mobile phones. Usage of the smartphone has increased it can be used for calling, chatting, mailing, etc. There are various brands available in the market on the basis of requirement as iphone, android versions.
Smartwatch is a portable wearable device used to track various activities as steps covered in a day, calories burnt, heart rate & others. Smart watch hasa touchscreen display which consists of various apps, with internet connectivity, it can be used as a mobile phone.
2) Focus Objective
Smartphones – Initially smart phones or mobile phone are developed for calling purpose, now the scenario has been changed. WIth stronger hardware capabilities & extensive mobile operating system which facilitate software, internet, and multimedia functionality.
Smartwatches initially have fewer features. Now with mobile connectivity with bluetooth, wifi. it can be used in place of mobile. It can be used as a fitness band, health instructor and easy to carry due to its portable design.
3) Target Market
Smartphones have targeted market of all class, age, groups, and genders. There is no limitation boundary with its operations is all over the world. Due to globalization, developing countries are the biggest exporter of smartphones. Such as China is the world’s largest smartphone market.
Smartwatches have a limited market as it is popular among sportsmen, fitness instructors. But in the coming years with its new features, it is trying to capture the market.
4) Points of Difference
Smartphones, no doubt are more in demand due to its unique features, available in the market in different designs, specification, a version which suits the need of buyers. Cost wise it is cheap as according to its features. Any class of buyers can afford to buy smartphones. Also, smartphones are user friendly, so it impacts all range of buyers either literate or illiterate.
Whereas, smartwatches are still struggling to capture the market, as it is focused on a particular class of buyers. And also there is less design available with limited features. Cost wise it is expensive as compared to smartphones.
Smartphones are more sellable electronic items. Some brands such as Samsung, Nokia, iPhone, Xiaomi, Oppo. According to vendor data fourth quarter report of 2018, smartphone companies shipped a total of 376.5 million units worldwide.
Smartwatches – Brands such as Samsung, Apple, FitBit, etc. are selling smart watches Apple leads in smartwatch industry with 50% market share. Get Finance homework help today