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Aims:
The overall aim is to be able to decrease the percentage of lost wallets being misplaced of stollen, and making the information of users more secure
Objectives:
Using effective ways of technology to be able to make peoples property more safer using bluetooth, cameras and other ways
What My Marketing Strategy will Be Focusing On...
How Will This Product Be Beneficial In Our Everyday Lifestyle?
This Product Being Resourceful... How Will It Be Marketed?
What Type Of Target Market Will It Apeal To?
What Are The Benefits?
What are the constraints?
Raised Funds On Indiegogo $1,924,938
Early Stage Business
Stong Community Interaction
Involves 4 members and total 30 vounteers working on the product
GPS
Bluetooth:
Long Distance Alarm
GPS
Built In-Camera
Battery Pack
Primary:
Questionares & Surveys , interviews, observations, and ethnographic research
Observation
Watching how consumers behave provides many insights,
Postal surveys
Sent to the address of potential customers who complete the form
and send back in a pre-paid envelope. Relatively cheap, a postal survey
can cover a wide geographical area and avoids
the potential for interviewer bias.
Surveys conducted to assert customer refund frequency.
Figures about sales
Sales number related to industry products
Telephonic or online questionnaires
Trends pertaining to finance.
The quantitative method of market research services involves plenty of statistics is helpful in identification of the following:
For identification of the market size:
The worth of the market size for the business
Identification of areas of sales for the growth of the business.
Qualitative Method of Market Research
The qualitative method of market research primarily deals with the gathering of information about the attitudes, feelings, and views of the consumers. It involves the following:
Focus groups consisting of consumers and potential customers to understand the views they have about the company’s products and services.
The informal and formal chats engaged with consumers to understand their satisfaction level about the company and its products.
Though no official surveys have been done on this topic, it is believed that around 1,000 purses and wallets are stolen every two minutes in the U.S. If this estimate is accurate, this means 262,800,000 wallets are stolen every year in the U.S. alone.
Specific: If it meets the target audience and relates to their needs
Measurable: The amount of sales, and engagement (Traffic from diffrent media sources) Research is paramount to tracking a PR campaign’s success.
Achievable: Being able to meet KPI's, and goals.
Realistic: It engages with the customer based on reaching them through various media out reach
Time-Bound: PR using press release are efficient for a large period oftime based on the media promoting the product
The cost of finding alternatives to Chinese manufacturing could be high for the app. This could lead to increased prices for Apple products.
Close association with China could become a political issue in countries like the United States and Japan if China were to be perceived as a threat.
Increased labor costs in China could take away the cost advantage of some labour to make the product.
Stagnating middle-class incomes in some developed countries, including the United States, could shrink the potential market for higher-end consumer goods that make similar product such as those marketed by Apple.
Technological factors include ecological and environmental aspects and can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Technological factors look at elements such as R&D activity, automation, technology incentives and the rate of technological change. New technologies create new products and new processes
These are related to the legal environment in which firms operate. In recent years in UK there have been many significant legal changes that have affected organizations behavior. The introduction of age discrimination and disability discrimination legislation, an increase in the minimum wage and greater requirements for firms to recycle are examples of relatively recent laws that affect an organization's actions
With major climate changes occurring due to global warming and with greater environmental awareness this external factor is becoming a significant issue for firms to consider. The growing desire to protect the environment is having an impact on many industries such as the travel and transportation industries
Strength: Protection of Privacy
Weakneses: Niche Market
Opportunities: Increase in market share based on a small range of brands
Threat: Big brands creating the products
M. E. D. C
High income
Psycholographic:
Behavioral:
Uusage
Degree Of Loyalty
Public Relations:
Public relations is most effective for companies and organizations focused on building brand awareness and long-term recognition of its expertise.
Compared to all traditional forms of promotion, public relations generally
has the greatest return on investment because it is less costly than advertising and has greater impact.
The key advantage of PR is that it carries the greatest possible credibility because publicity — regardless of whether it is broadcast,
print or on the Internet — represents independent third-party endorsement.
When people read, watch or listen to a news story, they give the subject greater credence than a paid advertisement because most journalists are considered independent observers. The power of PR lies in the credibility it can bring to a product, company or executive. A positive news story will generally carry 10-times the impact of a paid advertisement, if not much more.
A: Media Coverage
I: Information about the products feautures
D: How it can help their everyday lives?
A: Gaining the sales and boosting revenue
Profitable – Gap in the market, profit and the customers need for value.
Offensive – Standing out in the market to gain market share, taking risks and forcing
competitors t obe followers
Integrated – Good team morale flowing through the whole company
Strategic – Having a good market knowledge, and analysis of the market and thecompetitors
Effectively executed – strong and displined teamwork in carrying the strategy through effectively
Increase Market Share By 12% By 2023
Increase Online Sales, and engagement by 15.3% With The Marketing Strategy
Enagement with the custormers online/Offline
ROI: Increase by 10% In the third year
Constaints: Challenges of public relations
Some of the downsides of PR include:
No direct control – unlike advertising, you can’t exactly control how your business is portrayed by the media, when your message will appear, and where it will be placed.
No guaranteed results – you may spend time and money on writing a press release, getting suitable photography and speaking with journalists, but you can never guarantee your story will be published. This can result in a poor return-on-investment.
Evaluation – it can be difficult to measure the effectiveness of PR activities. You can count media mentions and published stories, but it’s harder to determine the impact this has on your audience.