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LG Watch Phone

BU362 - Marketing Plan
by

Thomas Wnuk

on 27 February 2013

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Transcript of LG Watch Phone

Market growing annually 11.3%
First mover advantage
Miniaturization and technology convergence trend "Stylish design and smart technology in products that fit our consumers' lives." Demographic: males, 25-40, above average income, university educated, job in professional setting

Geographic: urban cores such as Toronto


Psychographic: “experiencer”, active lifestyle and seeks a wide variety of excitement




Behavioural: loyal to the value brands provide Watch Phone Group 10 Opportunity Decision Criteria Defines attainable target market
Details the plan of action to raise awareness
Aligns with current brand identity Problem Recommendation Marketing Mix Product Price Consumers resistant to switching carriers
Saturated industry Place Promotion LG should focus on active urban males with a mean income of $60,000
Price change
Informative Advertising (TV, Magazines, Internet, and PR)
Selective, Multichannel distribution Expected results Increased awareness of the Watch Phone in Canadian market specifically amongst the target market, increasing market share. Price Skimming Approach
Price lowered later on to stimulate sales
Psychological Price of $990 for a 1-year contract and $890 for a 2-year contract Segmentation Analysis Multi-channel Distribution
Sold through major carriers
Bell, Rogers, Telus
Selective Distribution Intensity Implementation Timeline The Message
Emotional appeal
Fits the lifestyle
Less of a burden
Advertising Mediums
Television
Magazines
Internet
Public Relations
Product endorsements
Sponsor major sporting events Profile of Active Andy Core Benefit
The power of a smartphone, with the convenience of a watch
Actual Product
Packaging, features, trendy compartments
Associated Services
Warranties and support services
Unsought Product Situational Analysis Consumer protection within the consumer electronic industry
Time-poor society
Consumer electronic industry and the recession
Technology is rapidly changing
Canadian market size is $2.9 million, expected to grow to $3.2 million in 2010 Positioning “For Active Andy who desires a smartphone that will fit his life, LG’s Watch Phone is a forefront of innovation in a stylish wristwatch shape. Unlike, RIM, Samsung, Motorola, and Nokia, the Watch Phone not only is the first wearable phone, but does not sacrifice functionality for size.” Gender: Male
Age: 25-40
Sports enthusiast

Location: large urban cores (Toronto, Vancouver, Calgary,
and Montreal)

Salary: averaging
$60,000
Education: university education

Job: technical and professional jobs in business, health, and engineering Advantages for Watch Phone purchase
Direct and indirect competitors
Watch Phone competitive advantage Competitive Analysis Product Launch: May 2010
Full transcript