Helmet Buddy Product Marketing Plan

In this report the discussion will be based on the product helmet buddy product and the competitive information, environmental scanning involve PESTEL and SWOT. The forecasted demand with the segmenting, positioning and targeting the customers and brand positioning will also be discussed. This will also be aided in discussing niche market and consumer adoption process with the pricing strategy with the discussion of marketing communication mix. This will also be beneficial in identifying the communication media or media channels so that the effective advertisement to promote the product can be done.

Overview of the product

Helmet buddy will be an effective product will be introduced by Rosebank helmet to attract the customers that are beneficial in detecting the helmet and without helmet two wheelers will not get started due to the sensor in bikes that will scan the bar codes provided on the helmets. The bar codes will be changeable in the new helmets and the sensor in two wheelers will automatically scan the bar code and will proceed accordingly. This will be aided in providing the safety to the people as the helmet is an essential part of two wheelers. This can provide many of the benefits to the people as it can help them in maintaining the safety and also helpful in avoiding the accidents.

Competitive information

Direct and indirect competitors are those who sell the same product or service in a direct and indirect way. In the case of the helmet buddy product of Rose bank helmet, there will be fewer number of the competitors as this product is innovative and newly designed. The competitors such as Raskullz helmets and big w helmet are the vendors in the smart helmet market as they are able to introduce this kind of product so that these can be tough competitors. In the current scenario, this helmet buddy is the new product and there are no competitors of this currently so with the help of this the sustainability advantage can easily be taken (Gutierrez-Leefmans et al. 2016, p.207).

The competitive theory is the theory that suggests that the businesses should mainly focus on the creation of high quality goods and selling them at the high prices. This theory tells that the productivity growth should be the first focus so that the unnecessary natural resources can be eliminated. In the case of the product helmet buddy, this will be provided at high prices as well to gain the productivity growth which will directly be beneficial in maintaining the sustainability in the market as well (Payangan et al. 2017, p.223).

Environmental scanning

The environmental scanning involves the gathering of the information about the internal and external factors available in the environment that can directly impact the future direction of the business as well as the product.

SWOT analysis of Rose bank helmet

The SWOT analysis in the context of the helmet buddy is as follows:-

Strengths

Product with a unique style
Innovative designs & graphics
Excellent management strategies

Weaknesses

Absence of skilled labour
Slow adoption of technology
Less concentration on the international market

Opportunities

Grabbing market in the international areas
Expand the business in the production of two wheelers

Threats

The threat of new entrants
High competition

Strategies to deal with the threats and weaknesses

The strategies in order to deal with the threats and weaknesses are as follows:-

Adoption of new technology timely should be done so that the competitive advantage can be taken easily.
The market should be expanded to the international level so that the advantage of the external environment can be taken.
The threats of new entrants can be removed with the help of introducing the innovative, creative, and well designed products which will be beneficial in completing the requirements of the company (Payangan et al. 2017, p.223).

Demand forecast

The customers are interested in the helmet buddy product because of its different features such as:-

The product provided by Rose bank is innovative, creative, and well designed graphically.
This product will provide safety benefits to the customers and this helps in keeping their interest.
In order to avoid the accidents, customers need this product to be safe and healthy.

The demand forecasting is beneficial in completing the requirements of the company and the product so that the effectiveness in the results can be made easily.

Consumer trends

Consumer trends are those which can create a good impact on the business products according to the needs and wants of the consumers. The trends such as digitalisation of the products, safety aspect, health measures, and e commerce as future will be the main trend so that the consumers can be attracted easily. With the help of the customer trends, the Rose Bank can easily gain a competitive advantage. The analysis of consumer trends is beneficial to be done in order to attain the competitive advantage (Lahtinen et al. 2020, p.357).

Segmenting, targeting, and positioning

STP theory helps in managing the segmenting, targeting, and positioning of the market in order to attract the customers. The segmenting, targeting, and positioning of the helmet buddy product is as follows:-

Segmenting of the market involves the racers and mainly two-wheeler riders. The segmenting will be based on the demographic, geographic, behavioural segments so that the effectiveness can easily be attained.

Targeting will be done on the high class and high income level customers and professional racers who will afford this product in order to maintain the level of the product. The targeting of the segments will be based on the essential sources with the unique characteristics so that the effectiveness in the segments can be made easily. This is also helpful in the good income attainment source which directly leads to the high income earner and high sales as well (Gutierrez-Leefmans et al. 2016, p.207).

The positioning of the helmet buddy will be done with the help of advertisement through the movies, commercial ads, and attractive helmet designs which will be beneficial in attaining the goals and also in attracting the customers. The positioning of the brand will be based on the commercial ads and various attractive designs of helmets promoted through the newspapers and designs involved in the promotion of the brand.

Brand positioning

The brand positioning theory is the theory that helps in providing the reasons to the target customers to buy the product of the company so that the customers can be attracted easily. The target customers of Rose bank helmet will be the professional racers and high class income earners who can afford this product. In order to promote the brand by providing good advertisement showing the avoidance of the accidents will be helpful in completing the aim of the company (Thabit & Raewf 2018, p.100).

This theory will be helpful in managing the brand positioning so that the customers can be attracted towards the product and which will be beneficial in earning the income as well.

Market strategy

The marketing strategy of the Rose Bank Company involve:-

The marketing objective of Rose Bank Company in the context of the helmet buddy is to successfully enter into the market of the high and latest technology. The other objective of the marketing strategy is to gain the product acceptance and also capturing a 15% market share that is substantial.
High level of promotion with the help of advertisements in the magazines of the bike, hoarding, and commercial ads (da Luz et al. 2017).
The skimming pricing strategy will be followed to enter in the market and gain a substantial amount of the profit before the entrance of competitors.
A high amount of effort and money will be invested in the research and development to identify the needs and wants of the customers to improve the product attributes.
Tying up with the professional racers for promoting the product.

The market leaders of the products are Raskullz helmets as they are also trying to introduce the innovative product in order to manage the effectiveness in the business income and to attract the customers as well (da Luz et al. 2017).

The niche market that is focused involves the professional racers and high income group customers those who can afford this helmet buddy product at the available price ranges. The niche market mainly refers to the directing the marketing efforts towards the market segments so that the effectiveness in the results and in segmenting the market can be made easily.

The future of the helmet buddy product provided by Rose bank helmet will be based on the services provided by the company through the helmet buddy product. This will totally be based on the innovativeness and creativity involved in the project so that the essential benefits can be taken easily in order to manage all the requirements of the product (Min-Seong & Kim 2018, p.3040).

Consumer adoption process

The adoption process of consumer involves the 5 stages that can aid in positioning the helmet buddy so that the effectiveness in the mindset of the customers. The consumer adoption process involves various steps and these are as follows:-

In the awareness stage the main step is to aware the customers about the product and services. In context of the helmet buddy product the awareness will be based on the provided product features and its different attributes which will be beneficial for the company in attaining the goals. This will be done through the movies, commercial ads, and attractive helmet designs (Sriram et al. 2019).

The next is to provide the information about the brand so that the product will be helpful in gaining the benefits in order to accomplish the goals and in the information the features such as health safety and income earning aspect will be provided.
The evaluation stage involves the things where customers evaluate the issues and features of the product so that the effectiveness in the operations can be made easily.
The trial stage helps in evaluating the features that are involved in the project so that the effectiveness in the operations can be made easily. In this the product trail will be based on trying the helmet buddy features.

Pricing strategy

With respect to increase the sale of the product and to increase the effectiveness in the performance, the price skimming strategy will be followed. This strategy will be helpful for rose bank in aiming price according to the customers. This is based on the following steps:-

Figure 1 Pricing strategy

(Source: Lecture 2021)

For setting up the price, main aim is to analyse the market situation which will be done by rose bank to set desirable price. Next is to forecast the demand of the customers so that according to the same price can be set and this will be helpful in setting good price. According to the research and development the price of helmet buddy set by rose bank is AUS$42 which will directly be beneficial in completing the requirements so that the effectiveness can easily be maintained in order to gain the competitive advantage (Lecture 2021).

Marketing plan

On the basis of	Activities	Responsible person	Timeframe of planning
Retailing	The requirements analysis of the retailers will be done in this	Production Department	2 weeks
Wholesaling	This will be helpful in analysing the wholesalers requirements	Production Department	3 weeks
Logistics	In this the requirements regarding the logistics vehicles and requirements will be analysed.	Logistics Department	1 week

Marketing mix

The product of rose bank helmet is helmet buddy having many features such as innovativeness, creativity and attractive design with bar code so that it can easily be scanned when starting bike or two wheelers.

Price of the same is according to the analysis as it needs research and development to set the price according to the customers. After research the price is AUS$42 which is decided according to the target group.

Place Rose bank will sell helmet buddy through the outlets of two-wheelers. This will be helpful in many ways like targeting and positioning of the product and can create good impact on the sale of the product.

Promotion of helmet buddy will be done using advertisement through the television, newspapers as well as magazines and internet. Facebook and Instagram will be the best option for promotion as these help in reaching wide number of customers at one time (Naumovska & Blazeska 2016, p.175).

Marketing communication matrix

Communication With	Purpose	Medium	Frequency
Helmet retailers	In order to analyse the requirements of the retailers	Physical distribution	Weekly
Bike companies	To communicate them regarding the advertisement of the product.	Via newspapers	Monthly

Communication media

Communication of helmet buddy will be done on the basis of advertising through television, newspapers as well as magazines and internet. In the internet the set platforms are facebook and instagram which will be beneficial for the company in aiming wide number of the customers (Öberg 2020, p.14). This communication media will be helpful in completing the requirements through the social media aspects and this can provide many benefits such as high income and can help in gaining the competitive advantage.

Conclusion

The discussion in this report was on the competitor’s analysis, environmental analysis and SWOT analysis as well. This has helped in discussing the segmenting, targeting and positioning of the product so that the effectiveness in the results can be maintained. This has aided in analysing the marketing mix of the helmet buddy product with the analysis of marketing communication mix so that the goals of the same can be attained easily. The communication media channels have also been described which will be helpful in communicating with the people who are important for the product positioning.

References

da Luz, R.H., de Lima, R.M. & Minciotti, S.A. 2017, "Internal marketing as basic element in the development of cities and towns", Gestão & Regionalidade (Online), vol. 33, no. 97. https://search.proquest.com/docview/1878199414/C8D89BCA8504B15PQ/12?accountid=30552

Gutierrez-Leefmans, C., Nava-Rogel, R. & Trujillo-Leon, M. 2016, "Digital Marketing in an Emerging Country: Exploratory Study of the Marketing Mix of SMES with Trust Seal: Revista Brasileira de Marketing", REMark, vol. 15, no. 2, pp. 207-n/a. https://search.proquest.com/docview/1815749521/2715E747A24F4276PQ/7?accountid=30552

Lahtinen, V., Dietrich, T. & Rundle-Thiele, S. 2020, "Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context", Journal of Social Marketing, vol. 10, no. 3, pp. 357-375. https://search.proquest.com/docview/2447516629/2715E747A24F4276PQ/2?accountid=30552

Lecture 2021, “Developing Pricing strategies and programs”, viewed 30 January 2021, https://holmes.blackboard.com/bbcswebdav/pid-373063-dt-content-rid-8591629_1/xid-8591629_1

Min-Seong, K. & Kim, J. 2018, "Linking marketing mix elements to passion-driven behavior toward a brand", International Journal of Contemporary Hospitality Management, vol. 30, no. 10, pp. 3040-3058. https://search.proquest.com/docview/2127168648/C8D89BCA8504B15PQ/5?accountid=30552

Naumovska, L. & Blazeska, D. 2016, "public relation based model of integrated marketing communications", UTMS Journal of Economics, vol. 7, no. 2, pp. 175-186. https://search.proquest.com/docview/1860078781/C8D89BCA8504B15PQ/16?accountid=30552

Öberg, C. 2020, "Open Marketing: Conceptualizing external parties' strategic marketing activities", Technology Innovation Management Review, vol. 10, no. 8, pp. 14-26. https://search.proquest.com/docview/2442158690/FE70AE61DF154A63PQ/3?accountid=30552

Payangan, O.R., Sahabuddin, R. & Girikallo, A.S. 2017, "Mediation Effect of Marketing Mix Strategy on Supply and Demand Towards Marketing Performance", Journal of Environmental Management & Tourism, vol. 8, no. 1, pp. 223-231. https://search.proquest.com/docview/1936509805/2715E747A24F4276PQ/4?accountid=30552

Sriram, K.V., Phouzder, K., Asish, O.M. & Hungund, S. 2019, "Does E-Marketing Mix Influence Brand Loyalty and Popularity of E-Commerce Websites?", ABAC Journal, vol. 39, no. 2. https://search.proquest.com/docview/2384077647/2715E747A24F4276PQ/8?accountid=30552

Thabit, T.H. & Raewf, M.B. 2018, "The Evaluation of Marketing Mix Elements: A Case Study", International Journal of Social Sciences & Educational Studies, vol. 4, no. 4, pp. 100-109. https://search.proquest.com/docview/2394978733/2715E747A24F4276PQ/17?accountid=30552