The paper "Marketing Plan of Locatable Lifebuoy " is a great example of a marketing case study. When something innovative and new is introduced in the market it’ s a marketing plan and the budget has to follow a carefully designed strategy. The segmentation always has to be identified as such products usually need a lot of research. After completely analyzing the market situation and product, it can be said that the Locatable Lifebuoy will be a successful product in the Australian market. The fact that Australia is a country where people love to go to the beaches, as they enjoy swimming and surfing makes this product a perfect product for Australia. 21 The Swot and Pest analysis carried out in the above essay shows that the locatable lifebuoy has a good strong market.
Its strengths overpower its weaknesses. The fact it may be a help in social events proves to be something extremely positive. Surfers in the competitions will defiantly serve as a good opportunity to market the locatable lifebuoy. 21 The timing regarding the entire marketing plan is important. Exactly when a single activity takes place will hold great importance to Working Platforms.
Taking the correct action at the incorrect time can at times be nearly as terrible as taking the incorrect action at the correct time. Therefore the company will have to follow the timeline given the above essay. Working Platforms will also have to employ a lot of good judgment, understanding, and market research. This will help the company to analyze the entire market from different angles. 21 However, as it is a new product and the above-designed marketing plan can only ensure it’ s a success.
It has to be sure to have a strong budget so it can sponsor events as well as handle other kinds of advertising and promotional strategies mentioned above. Thus to conclude it can be said that Working Platforms may be able to gain a lot of success and investment in the Australian market, regardless of the fact that the Locatable Lifebuoy is a new product. References23 Executive Summary This essay focuses on the marketing of the Locatable Lifebuoy a product recently developed by Working Platforms Australia. This new Product aims to save the lives of surfers and swimmers who come to the beach.
For this essay, a marketing plan has been developed which focuses on launching the Locatable Lifebuoy. A marketing plan provides businesses with direction and focuses on attracting and retaining customers. Based on the objectives, the marketing strategy includes segmentation of the market, selection of the target market and analysis of the marketing mix. A situational analysis was undertaken of both the internal and external environment. From the situational analysis, a number of opportunities and threats were identified. There is an opportunity for working platforms to target lifesaving organizations and the Government who have a high level of education and income.
On the other hand, current threats include another similar product that locates swimmers extremely fast. Three objectives were extrapolated from the SWOT analysis; however, this report focuses specifically on launching the Locatable Lifebuoy. The objectives are to successfully introduce the locatable lifebuoy in the Australian market. To save the lives of people who come on the beaches by marketing the locatable lifebuoy. To make sure that the marketing plan successfully convinces the people that the locatable lifebuoy promotes safety.
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