Pricing and Marketing Strategies for Teen Smartwatches

1 Strategic Marketing Brief Teen Smartwatch with E-Smoking and Vaping Sensor Denny Garcia DeVry University MKTG525: Marketing Research Professor Robert Schaumann December 3, 2023 Denny, ensure that you have EXACT double-spacing. This is “almost.”

2 Abstract The key to the success of any new product or service is pric e ; , this is what sets the business to profit. There are many factors that one should consider , ; strategic planning is beneficial when it comes to allocating the right price for any product that you must launch. Here are some key factors that I viewed while conducting my research on teen smart watch quality : , manufacturing cost, labor cost, distribution cost, and marketing cost. The marketing price must be appealing to the potential customers. As I view the market and expense , I will start and develop a price strategy for teens' smartwatches. I could offer discounts or promotions to attract customers to your new product. After research, it is essential to be consistently priced in all platforms that you want to utilize to sell your product. Keywords: price strategy, discounts, promotions, teen’s smartwatches, profits. Write in THIRD Person – I am seeing FIRST Person (e.g., I ) and SECOND Person (e.g. , yo u, yo ur ) .

3 Pricing Strategy As I researched the importance of break-even analysis in launching any new product or service, this will be the key to the success of your product. A break-even analysis helps you establish the amount number of units your company must sell to break - even and lead to the profit of your product. This will help you determine at what point of sale , one will you have covered all the costs and start to see a profit. When you write in FIRST and SECOND Person at the same time, it is confusing to your reader. Who is writing? Who is reading. Write in THIRD Person. As I viewed and researched the pricing strategy that I could utilize for teens’ smartwatches, I will use Price skimming , as this marketing approach is perfect for products or services with higher prices (Lamb, Hair, & McDaniel, 2008). The only way this will be effective for teens' smartwatch is because teens' smartwatch offers a unique service, and it does not have, and the market does not have anything like this. As the market demand for teen’s smartwatches decreases, I will lower the price to attract the other potential customers, that are less interested in buying the product. Okay. I will launch Teen’s smartwatches in the amount of $599 , which is $249 higher than the original price. This will help me obtain revenue at a faster rate . W , w hile I built loyal customers and met customers' expectations. I will lower the price in two months and add promotions to attract the other part of the market. Teen’s smartwatch has a technological advance that no other company has introduced before. Place Strategy As I view the best option for distribution channels for teens' smartwatches, I will focus on a multichannel approach. This will help me expand the brand and reach places much faster. I will focus on social media and all platforms. Muti Multi- channel will be the best option for a

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4 distribution channel for teens' smartwatches. It offers flexibility and will help me obtain a much larger group of customer base. I will create the company website, email, Facebook, Instagram, and Twitter. I will recommend retailers, such as online retailers, and e-commerce marketplaces. The place where the teen smartwatch will be online. I will also create an account with Amazon so the product can be sold on their website. This will be targeted at a much higher audience. Everyone knows that Amazon allows brands to reach millions of consumers. I will also create a Facebook and Instagram account to sell the teen’s smart online. My goal in the introduction stage will be to create a consistent, loyal, and established brand identity. I will link and connect with partners that will help me promote my product like influencers promoter online.

5 References Ivy Panda. (2021, July 21). Price Skimming: Apple Company's Example. https://ivypanda.com/essays/price-skimming-apple-companys-example/ Lamb, C. W., Hair, J. F., & McDaniel, C. (2008). Marketing . US: Cengage Learning. Week SIX: THIRD Draft Pricing Strategy Recommend a pricing strategy for your company's product.  How can breakeven analysis contribute to understanding important pricing issues?  What is the best pricing strategy to launch your new product?  What is the best long term pricing strategy for your product and why? Place Strategy Recommend a distribution plan for the new product.  Considering your company's product from a strategic perspective, would you recommend creating a wholesale distribution channel, focusing on retail distribution, or using a multichannel approach that incorporates both wholesale and retail distribution?  What types of retailers or wholesalers (or mix of both) would you recommend using?  Given your recommended distribution channel strategy, what decisions about the exchange environment and customer experience have you made? Week SIX (THIRD Draft) Documentation, Formatting, and Editing 1 3 /20 25% Quality work will be in APA 7th Edition format and free of spelling, punctuation, or grammatical errors. Quality work will include a Cover Page, Abstract Page, Reference Page, headings, and subheadings to organize sections. Sentences and paragraphs will be clear, concise, and factually correct as expected or graduate- level work. Denny, let’s work on the writing. What I was seeing apparently was not proofread at all, as there were many “silly” errors that I would not expect to see in graduate-level assignments. I know you can do better.

6 Content 54 /60 75% Quality work will adequately cover all sections required for the respective draft. Quality work will have significant scope and depth of research to support any statements. The content presented must demonstrate an understanding of the material expected at a graduate level. Total Points for THIRD Draft 67 /80 100%

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525 Denny THIRD (1)

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