Final Paper

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School

Saint Leo University *

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Course

301

Subject

Marketing

Date

Feb 20, 2024

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docx

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12

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Marketing Plan Report Culton Yaeger, Joshua Yepez and Gordon Wing Saint Leo University MKT301 Principles of Marketing Professor Kim Payne 1
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Executive Summary 3
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SMART Model Objectives Our SMART Goals for the Smart Water Bottle are listed below: Specific: Develop and launch a smart water bottle that syncs with a dedicated mobile app that tracks the users daily water intake. Measurable: The app should record at least 10,000 downloads by the end of the 1 st  quarter and users should consume an average of 15% more water daily than they were prior to using the product. Attainable: Create a collaboration with a minimum of two major fitness and wellness influencers to promote the product within the first six months. Relevant: Make sure the app includes features such as hydration reminders, personalized daily water intake goals, and integration with other fitness and health apps to provide a comprehensive wellness experience. Time-based: Launch the smart water bottle and app by the end of Q2, with a functional prototype ready to test within the next 90 days. Product Description We chose a tumbler for our project, HydrateMate by Hydrator, because people are becoming more aware about their health and wellness, and it will help them keep track of their goals and give them accountability. Our tumbler will come in two sizes, 20 oz and 40 oz insulated bottles designed to keep your cold beverages cold and your hot beverages hot. We will offer our bottles in 5 distinct colors (Pink, Purple, Red, Grey and Black). Each tumbler will come with a leak proof lid that you can either sip out of or insert a straw for those that prefer this option. A built in USB for easy charging and a button with LED light to indicate when it is actively connected via Bluetooth to the user's phone. Lastly, there will be a sensor that will be able to actively measure the volume of water in the tumbler along with a digital display with the date and the number of ounces remaining for a quick reference. The HydrateMate will have the following key features: Hydration tracking, reminder alerts, rechargeable battery, leak proof lid, mobile app, customized settings within the app, Bluetooth connectivity, syncing capabilities with wearable devices such as Fitbit, smartwatch, smartphone, etc. What makes our product unique is the ability to connect it to your smart watch or phone. This allows you to create specific options and alarms within the app that are unique to 4
each customer’s health requirements. The ability to accurately track your water consumption will dramatically increase our customers’ ability to reach their unique health and wellness goals. The bottle will be durable and insulated, which will allow our users to utilize this bottle anywhere they need it, and it will keep their water cold for long periods of time. Our bottle comes with a rechargeable battery that will last all day and can be easily charged for daily use. Name of Product:   HydrateMate Features:  Benefits:  A. Hydration Tracking 1. Prevents dehydration 2.  Promotes health and wellbeing B.  Rechargeable Battery 1.  Eco friendly 2.  Convenient C. Bluetooth 1.  Wireless connectivity 2.  Easy to use D.  Customized Settings 1.  Personalize to users' needs 2.  Versatile E.  Durability 1.  Made of stainless steel that will not rust 2.  Made to last SWOT Strengths Advanced technology Health & wellbeing Customization Compatibility Weaknesses Cost Maintenance Complexity Durability Opportunities Partnerships Corporate wellness programs Market growth Innovation Threats Competition Privacy concerns Advancement in technology 5
Consumer resistance Segmentation Analysis with action plan Health & Fitness Conscience The Health & Fitness Conscience group is comprised of young adults who are just completing high school or are still young in their career. They are into eating healthy and into fitness whether that is going to the gym for a workout, going on a run, or an athlete. This group likes to purchase the latest gadgets and are into smart devices that help keep them on a schedule and track their activity level. Demographics:   Age: 18-35 years  Gender:  Male and female  Income: Various income levels  Education:  Highschool graduate and/or some higher education  Psychographics:   Active lifestyle  Engages fitness activities on a regular basis (i.e., gym workouts, running, cycling)  Conscious about their health and on hydration  Tech-savvy and interested in tracking health and fitness goals  Behavioral Traits:   Purchase products that boost their fitness experience  Enjoy products with features like hydration reminders, goal setting, fitness tracking, and personalized recommendations Likely to share their accomplishments and progress on social media  Active Urban Professionals The Active Urban Professionals group is comprised of young professionals who are juggling responsibilities between their professional life and their personal life. The SmartBottle is 6
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designed to help this group to be more aware of their daily hydration by using information such as their gender, age, weight, activity level, etc. This group looks for products that work with their busy lifestyle yet stylish and easily integrates with their smart devices and health and wellness apps. Demographics: Age: 25-45 years Gender: Both male and female Income: Middle to high income Education: Varied, but typically higher education Psychographics: Fast-paced lifestyle with demanding work schedules Goal-oriented and achievement-focused Tech-savvy and always connected Prioritize health but struggle with maintaining routines Summary Chart Health & Fitness Conscience Active Urban Professionals Age: 18-35 25-45 Gender: Male & Female Male & Female Income: Low to middle Middle to high Education: Highschool graduate and/or some higher education Varied, but typically higher education Psychographics: Active lifestyles Fast-paced lifestyle Engages in fitness activities Goal oriented & achievement focused Conscience about their health Tech-savy, always connected Tech-savy Prioritize health, but struggle 7
with routines Supply Chain Plan Brick and Mortar We chose Walmart as our brick and mortar because they have the most brick and mortar stores available. If they choose to display our product, they will have a large purchase order request to stock their stores or at least a percentage of their stores. We feel that Walmart has the means to make our products easily accessible to our customers. Displaying our product with signage that educates the customer on the benefits of purchasing our product along with images of people having fun and working out while using our product will further entice our customers to purchase our product. Signage 8
Store Display E-commerce Amazon We chose Amazon as our e-commerce because they are the largest and most successful online store. If they were to sell our products, it would be very beneficial for our company as amazon takes care of shipping and handling. Since amazon is one of the major online companies, everyone has easy access to buy our products from anywhere in the world. Amazon’s web page for our product can have images of the different colors we have plus the features. Amazon’s web page for our product can also have options to bundle if customer is going to buy more than one. 9
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Web Page example Pricing Strategy Competitive price comparison is a strategic business approach that involves analyzing and adjusting pricing strategies based on the prices offered by competitors in the market (Investopedia, 2020). RTIC, Stanley, Hydro Flask, and Yeti are all considered to be competitors of the HydrateMate. These competitors offer products that are comparable to the HydrateMate.: RTIC - $34.99 Stanley - $45.00 Hydro Flask - $44.95 Yeti - $42.00 Based on the above information from our competitors, a competitive price for the HydrateMate would be $45.00. A value-based pricing strategy is a strategy that is used for “pricing goods or services that adjusts the price based on its perceived value rather than on its historical price” (CFI Team, 2023). For the HydrateMate tumbler we believe a possible price point would be $84.99. This price point takes into consideration unique features that set it apart from its competitors such as the advanced hydration tracking technology, its innovative design, and durability. IMC 10
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References Investopedia. (2020, July 30). Competitive pricing: Definition, examples, and loss leaders . https://www.investopedia.com/terms/c/competitive-pricing.asp CFI Team. (2023, October 16). Value-based pricing . Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/management/value-based-pricing/ 12
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