marketing Plan Of Wise Tech Global Samples †MyAssignmenthelp.com

Question: Discuss about the marketing Plan Of Wise Tech Global. Answer: Introduction The report is based on formulating amarketing plan for the launch of a new product in the Australian market. The product in focus is digital wrists watch that incorporate the use of computer and other electronic technologies. The report is aimed at to launch the product in the Australian market as the people of Australia adopt technology in at an early stage. The report focuses on the information about the market, the competitors and the customers that can be involved in the launching of the product. For the purpose of the report, Wise Tech Global has been taken into consideration. A SWOT analysis is conducted in order to predict the potential success of the product. Furthermore,marketing objectives are formulated along with an analysis of the marketing mix. Target markets are identified based on which branding strategies can be incorporated. A budget is also formulated in order to estimate the revenue and expenses that can be incurred from the launch of the product. Situation analysis Wise Tech Global is an innovative global developer of cloud-based software in the IT market of Australia. The company has over 7000 customers over 125 countries. The software developed by the company is renowned worldwide and provide a perfect experience for the people involved in the purchase of the software. The decision to launch a digital wristwatch with innovative technology can help the company to gain a competitive advantage over the rivals (Wisetechglobal.com 2017). Some of the companies like Xeno, 3P learning, Atlassion and Envato pose serious threats to Wise Tech Global in the IT market. As stated by Hollensen (2015) the marketing manager of the company needs to undertake a thorough research of the factors that may affect the growth of the industry and the launch of the product. In the modern world, the Australian IT companies have seen considerable growth in the business industry. The customers involved in the purchasing of this innovative product include people highly eff icient in managing technologies. Statement of opportunities and issues In order to conduct a proper promotional plan, it is necessary to conduct a SWOT analysis of the potential resources of the organisation. Strength Technically skilled people Urge to adopt new technology Encouragement of innovation Weakness Fewer people to approach Lack of ideas about generation of plan Improper use of social media Opportunity Strengthen global reputation Ability to eliminate competition Increase profit Threat Competitors Lack of proper promotional time Loss of interest among people Table 1: SWOT analysis (Source: Created by author) Based on the SWOT analysis it can be said that Wise Tech Global need to ensure that the promotional plan adopted by the company can reach a large domain of people. The main weakness that exists for the company is the improper use of social media. David, David and David (2017) stated that the use of social media could help in the reaching more people in the modern world. Based on this opportunities can develop that can help in the elimination of competitors from the market. The biggest threat faced by the company is the competitors and the lack of time for promotion of a product. An excessive promotional campaign may lead people to lose interest in the product. These can be considered as major issues for the company as without managing and formulating a proper promotional plan it can be difficult for Wise Tech Global to launch its new product. Marketing objectives According to Huang and Sarigll (2014), formulating a marketing objective is essential in order to develop a clear picture of the aims of the organisation. The marketing objectives that the promotional plan of Wise Tech Global needs to achieve are the increased revenue. This is essential in order to meet the overall objectives of the company and develop a strong competition in the market. Marketing strategies The marketing objective that the organisation can achieve is by developing a proper marketing strategy by segmenting customers. The customers that the company targets include the people associated with sports. This is mainly because of the fact that wristwatch has a feature that measures the fitness level of a person and the amount of exercise that is required for the people. The innovation that is required for making the company competitive in the market is analysed in the market strategies. According to Madureira (2014), a proper marketing strategy also involves positioning strategy and branding strategy. These are required in order to make the product and create a successful launch in the market. Competitive advantage can be created with the help of innovation and make the product launch a grand success. In order to do this, Wise Tech Global can take the assistance of sports people of Australia. According to Huang and Sarigll (2014), the promotional campaign that the company under takes can involve an advertisement of the product on television. Banners about the product along with sportsperson endorsing the product can help in increasing the competitive advantage. Marketing mix action programme In order to ensure that the promotional mix of the market is done in an effective manner, it is necessary that the company formulate an action plan that highlights the important considerations in the promotion of the product. This action plan can help Wise Tech Global to overcome maintain a systematic approach to the promotion of the product. ELEMENT OF MARKETING MIX: Promotion Objective Increase revenue by the sale of the product Action programme Advertise on television by using an endorsement from a celebrity. Create banners on roads that attract the attention of the customers Responsibility The marketing manager is responsible for promoting the campaign, conducting the advertisement and gathering feedback from the customers. The responsibility of the financial manager is to formulate the budget of the plan Timeline September 25th, 2017 is the deadline for approaching a celebrity figure that can help in the endorsement of the product. September 28th, 2017 is the deadline day for searching the place for shooting the advertisement and completing the shoot. October 1st, 2017 is the deadline day for setting up banners and launching the advertisement in the market. Budget The estimated budget for the promotional plan is AUD$500,00 Measurement and control In order to monitor the plan, customers can be asked to complete a survey about the promotional campaign. Advanced booking of the product can be made available. Table 2: Marketing mix action programme (Source: Created by author) Budget analysis Budgeted (calculated in AUD$) Actual (calculated in AUD$) Income 500,000 500,000 Savings (20%) 100,000 100,000 Expenses (50%) Celebrity endorsement 105,000 120,000 Shooting of advertisement 50,000 100,000 Place of advertisement 40,000 25,000 Construction of banners 55,000 60,000 Total 250,000 305,000 Others (30%) Internet 85,000 85,000 Transportation 65,000 80,000 Total 150,000 165,000 Table 3: Budget analysis (Source: Created by author) According to Grant (2016), the budget analysis helps a company to formulate strategies that can be effective for gaining a competitive advantage. Based on the budget analysis of Wise Tech Group, it can be said that the promotional plan undertaken by the company may incur an expense. The chart shows that the expense is more than the actual budget that was formulated by the company. In this regard, it is required that the company take proper strategies in regard to mitigate the excess expense of the company. This can be done by maintaining a proper financial structure that can help in predicting the amount of outflow from the company. Monitoring and control Armstrong and Taylor (2014) stated that in order to understand the effectiveness of a promotion plan and the extent to which it has managed to meet the objectives, proper monitoring technique is needed. Wise Tech Group can ask the feedbacks of the customers concerning the promotional activity that was undertaken by the company. The budget of the company needs to be monitored in a manner that reduces the excess expense amount. The excess cash flow can be controlled by making a proper financial decision. The monitoring and control can also be done by analysing the market before the launch of the product. Negotiation needs to be done with the celebrity endorsee in a manner that helps in maintaining the profit as well as manage to get the corporation of the celebrity. Stout (2017) observed that the marketing policies could help in proper monitoring of the promotional plan. Conclusion Thus, it can be concluded that a proper marketing plan is needed in order to promote a product in an effective manner. The marketing plan needs to consist of the objectives and strategic analysis that can help in the identifying the areas that require improvement for the product launch. In the case of Wise Tech Group, the company need to undertake the help of a celebrity in order to endorse the product. The technically smart wristwatch is an innovative concept developed by the company. Hence, the launching of the product needs to be done in a manner that attracts customers and increases the profitability of the company. References Armstrong, M. and Taylor, S., 2014.Armstrong's handbook of human resource management practice. Kogan Page Publishers. David, M.E., David, F.R. and David, F.R., 2017. The quantitative strategic planning matrix: a new marketing tool.Journal of Strategic Marketing,25(4), pp.342-352. Grant, R.M., 2016.Contemporary Strategy Analysis Text Only. John Wiley Sons. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Huang, R. and Sarigll, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors,pp. 113-132. Madureira, L., 2014. Market and Competitor Analysis: Real Exercise.The Art of Intelligence: Simulations, Exercises, and Games, p.125. Stout, B.W., 2017. Market Analysis, Management Consulting, and Miscommunication.Marriott Student Review,1(2), p.7. Wisetechglobal.com. (2017).Logistics Software, Supply Chain Execution Software | WiseTech Global. [online] Available at: https://www.wisetechglobal.com/ [Accessed 21 Sep. 2017].