Project On Time Life Smartwatch Assignment Sample

Introduction OfProject On Time Life Smartwatch

This report is based on the project of a “Lifetime smartwatch”. Through this report, the project plan will be provided by using a Gantt chart. This report will also cover the scope and risk of the project. Information regarding the success of the project will be provided in this report.

Project Plan

Researching the market and the target audience is the first step in the marketing strategy. This entails studying the competitors and figuring out what the target market wants. The next step is to develop a marketing plan after conducting market and target audience research. This entails developing a strategy to reach the target market as well as deciding on the product's positioning and messaging. Making a launch plan is the third phase. This entails planning the launch's scheduling and financial requirements as well as producing any necessary supporting materials, such as press releases, advertisements, and website content. The final step is to analyze the market (Guffey & Loewy, 2022). Examining the product's performance will help you find any potential for development or areas that could use enhancement. The launch plan's execution is the fifth step. This entails carrying out the previously developed plan and making sure that the target market is reached. Monitoring the product's sales is the last phase. This entails monitoring the product's sales and modifying the marketing plan as necessary.

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Project Scope

Depending on the target market selected for the device, a marketing strategy, and launch price will be developed for the Time-Life Smartwatch. To maximize product reach and ensure effective cost management, the marketing channels used should be carefully selected. Finding the smartwatch's target market is the first stage in the marketing strategy. For instance, if the young adult age group is the target market, the marketing strategy and launch budget should concentrate on digital channels like social media, SEO, influencer marketing, and content marketing. In comparison to conventional marketing methods like print, radio, and television, this would be more affordable.

The second step is to develop a suitable marketing budget that accounts for the product's launch costs. This might cover expenses for things like product design, market research, advertising, and digital marketing. It's also critical to take into account the price of producing marketing collateral like flyers, posters, and brochures. Depending on the scope of the launch, it could also be advantageous to spend money on expert website design, videography, and photography.

The third step is to choose the Time-Life Smartwatch's marketing channels, keeping in mind the channels that the target market prefers.

Social networking strategies including Facebook, Youtube, and Instagram, and search engine optimization can be included within the pReferences of the target market (Jackson, 2019). It is very important to consider conventional media for the purpose of relying upon the target market. For evaluating the success of the marketing strategy, it is necessary to measure the launch’s success (Reeder et al. 2021). This might entail monitoring social media activity, website traffic, and revenue. To ascertain client satisfaction levels and whether the Time-Life Smartwatch meets expectations, market research may also be necessary. After the introduction, the marketing strategy should be evaluated and modified as needed to guarantee that the Time-Life Smartwatch remains profitable.

Project Risk

Every project has a certain amount of risk and the launching of the new product “Life-time Smartwatch” is also no exception. Various possible risks are present over the launch success of this product at the time of starting any project. In this project, some serious risks have been identified such as cost overruns, competition from rival smartwatches, and delay of a particular task. When the cost of the material or labor is higher than the budget of the project then cost overruns can occur. Budget restrictions could result from this and affect the product's ability to launch on schedule. Delays in particular activities may also have a negative impact on the project's schedule and postpone the product launch.

The lifetime Smartwatch's success also has a lot to do with marketing. The success of the product depends on how well the marketing strategy reaches the target market. The Lifetime Smartwatch may also be impacted by other smartwatches' competitiveness (Sisman-Ugur, & Kurubacak, 2019). The demand for the Lifetime Smartwatch may decline if rivals offer a product that is similar to or even superior in certain respects. The product itself will also have an impact on how well the project launches. When the products fail to meet the expectations of the target market then the launch and demand for the product may decline. The product’s launch success depends upon the accessibility of the product. Sales may suffer if a product is unavailable when clients are ready to purchase it. There are a variety of potential hazards that could threaten the lifetime Smartwatch's successful launch. The project team can improve the possibility of a successful launch by being aware of these risks while establishing a strategy to mitigate them.

Project Success

The marketing campaign of a lifetime smartwatch can be assessed in a number of ways at the time of its lifecycle.

Counting the number of smartwatches sold is recognized as the first step. This is the most crucial factor to take into account at the time assessing the significance of a smartwatch's marketing strategy. The “return on investment (ROI)” of the marketing efforts can be calculated by understanding how many units were sold (Reeder et al. 2021). Further, it can assist to find out any possible product-related issues, such as pricing or design flaws that may have contributed to the low sales figures.

The evaluation of the client satisfaction rate is also necessary for the success of the project. Customers who have bought the smartwatch can be analyzed to get their opinions on the product. The measurements of customer satisfaction are also crucial since they show how well the product is performing and whether or not it can match customers' expectations (Morales, et al. 2022). It is also necessary to assess the level of popularity of the smartwatch. For this purpose, it is necessary to give importance to the feedback of customers which is recognized as a vital indicator for evaluating the success of the marketing campaign. This is necessary for enhancing the product services. The most valuable step is to measure the loyalty of the customers by evaluating how many numbers of person preferred to purchase the product. For the measurement of the overall effectiveness of the lifetime smartwatch, it is necessary to track the percentage of returning customers. This will be beneficial for enhancing the marketing strategies of the product.

Conclusion

This project will help to understand the marketing strategy of this product. This project will be beneficial for the measurement of the success of the product. This project has several benefits for the future success of this product.

Reference list

Book

• Marrington, A., Kerr, D. and Gammack, J. (2017). Managing security issues and the hidden dangers of wearable technologies. Hershey, Pennsylvania (701 E. Chocolate Avenue, Hershey, PA 17033, USA): IGI Global.

Journals

• Guffey, M. E., and Loewy, D. 2022). Business communication process & product. Boston, MA: Cengage Learning.
• Jackson, W. 2019. SmartWatch design fundamentals : WatchFace design for Samsung Galaxy SmartWatches. Berkeley, CA: Apress.
• Sisman-Ugur, S., and Kurubacak, G. 2019. Handbook of research on learning in the age of transhumanism. Hershey, PA: Information Science Reference/IGI Global.
• Dhanasekaran, S., Andersen, A., Karlsen, R. and Håkansson, A., 2021. Data Analysis Techniques for Smart Nudging.
• Morales, A., Barbosa, M., Morás, L., Cazella, S.C., Sgobbi, L.F., Sene, I. and Marques, G., 2022. Occupational Stress Monitoring Using Biomarkers and Smartwatches: A Systematic Review. Sensors, 22(17), p.6633.
• Reeder, B., Gallimore, M., Howland, C., Emezue, C., Boles, K., Anbari, A. and Chase, J.A.D., 2021, July. Stepwise Evaluation Methodology for Smart Watch Sensor Function and Usability. In Augmented Cognition: 15th International Conference, AC 2021, Held as Part of the 23rd HCI International Conference, HCII 2021, Virtual Event, July 24–29, 2021, Proceedings (pp. 221-233). Cham: Springer International Publishing.

Articles

• Anagnostopoulou, P., Kouis, P., Papatheodorou, S.I., Middleton, N., Papasavvas, I., Avraamides, P., Simantirakis, E., Anastasiou, I., Novack, V., Stamatelatos, G. and Revvas, E., 2023. MEDEA randomised intervention study protocol in Cyprus, Greece and Israel for mitigation of desert dust health effects in adults with atrial fibrillation. BMJ open, 13(3), p.e069809.