In this exercise we ask you to come up with an idea for a new wearable device (i.e. smart watch)

In this exercise we ask you to come up with an idea for a new wearable device
(i.e. smart watch) and to develop a strategic marketing plan to launch this
product.
 

• Introduction (1/2 page to 1 page) – Briefly introduce the project and how you have chosen to structure the paper.
• New Product Concept (1-2 pages) – Introduce your new product concept. Give it a name. What are its features? What consumer needs/wants does it address?
What benefits does your wearable device offer consumers? Why do you believe this product will succeed in the marketplace?
• Marketing Analysis. (2-3 pages) What is the market context? What are the key trends shaping consumer attitudes and behaviours towards wearables in general,
your device in particular? Who are your competitors? Who are your potential collaborators?
• Creating Value (2 pages). Discuss your recommendations for the segmentation, targeting and brand positioning of your new wearable device. Develop a brief
outline of your core target consumer.
• Capturing Value (5 pages) Your launch strategy will involve making decisions about the 4P’s:
• Product – What is the full value proposition for your device?
• Price – What is your pricing strategy? How does this compare with any similar offers from competitors?
• Place – What distribution strategy will best support the launch of your device?
• Promotion – What are your recommendations regarding communications with your target market? How will you generate awareness, stimulate product trial
and sales?
• Sustaining Value (1&1/2 pages). Once your device has been successfully launched, how do you plan to engage with existing consumers on an ongoing basis, and
how might you reach new consumers?
• Conclusions (1/2 page). Summarise your key points.
• Appendices
• References