Marketing

USING 4P'S TO DESIGN A WATCH

Originally men are/were renowned for luxurious watches than women, especially when it comes to digital and mechanical categories. Global statistics indicate that the percentage of sales of luxurious watches is about 65% for men and 35% for women. Baring/Bearing this in mind, the shift from men to women as the target group is wanting, in an attempt to achieve a balance in demand. Over time, women have assumed great importance of this shift for reasons such as the growth of their population that exceeds that of men.(Read this over out loud, and see how it sounds to you. It seems a bit awkward.) The growth trend is expected to continue growing(You don't need this, it's repetive) over the years, with women considered to account for nearly half the world's total population. Nevertheless, another reason for a shift in the target population is that the average female per capita income shot up by 15.2% compared to that of the male, which was recorded as 14.8% by the year 2013. Designing a watch can be guided through three steps: designing online, getting parts, and assembling them. Therefore, this paper highlights the use of how the 4Ps(Identify them here, in parenthesis so the reader knows what you're talking about.) can be used to redesign men's mechanical and digital watches to suit women. 

Using the men's wristwatch as the first target group, we are going to use some elements it upholds(Is this the best word here?), and creates an entirely new offering that suits the second target group, which is that of(You don't need this either. It's more impactful if you just say "women") women. In the process of designing, the incorporation of the 4Ps is important because it will help us identify the market mix of each brand. Some of the factors that will guide the new brand are: if the newly designed watch will meet consumer's needs, where they will find it, how to differentiate the product from the original one, the perceived value of the new watch, and(Remove this) interactions with potential customers (Gerlitz, 2017). It is therefore important to design a new product bearing in mind the market strategy.  

Product

Using Zelos as the original micro-brand for men, as a brand that is independently well respected and established in the industry, one can then proceed by examining the materials. First, the brand uses a stainless steel meteorite; the spec list is perfect; their catalog entails a unique selection of materials such as bronze cases, dials made from SR-71 blackbird, and Damascus steel bezels, among other quality materials. In redesigning Zelos, the new product can incorporate some features such as customizing the look of the watch to look more attractive and enhance its capabilities to present a superior value. This can be through the integration of Zelos with other software, constructing a robust design made with fine materials like ensuring wristbands appealing to women both in color and matching all tastes and styles (Wang, et.al, 2018). The new brand should also exploit personalization effects through user-friendliness. Since most women prefer unique products, the new brand should focus on product diversity with varying detachable features. Some features include designing watches that resonate, some that feature other optimal sensors such as being able to measure the heart-rate variability. Integrated sensor technology keeps on recording biometric signals.

Pricing 

Price setting is not easy, but it is important to understand the range in price of Zelos(Is this just a brand name you chose for example?) and compare it to the new brand's production cost. In this case, the range in the retail price of Zelos watches is $429-$569. After modifications, the new brand should not exaggerate the price far from the range, depending on its materials. Another consideration is the differentiation of the new product compared to the Zelos, whereby the product value is distinct the capabilities it presents compared to other competitors.(I think you're missing a word here, maybe 'in that' after "distinct"?) For instance, a gold-coated watch cannot be priced the same as others. The technological background used and other additional features also influence the price to be set. Differentiation also applies as a strategic way of pricing, especially when the target market is that of women. This is because most women prefer different prices worth the product that makes them distinctly noticed. 

Place 

The positioning of products is another challenging market strategy because the newly designed product should be available at places close to the target group. Sales points commonly visited by women are shopping centers, malls, supermarkets, and even the brand's sales points. The sales stores can be strategically located along major streets and have to consider architectural designs constructed of glass facades and stairs. This is considered as the extreme hanging(Better word choice?) point for most women. Those seeking to buy high-value commodities, especially those made of gold, are redirected to private rooms for safety purposes. Another sales channel could be online stores, whereby the newly designed product can offer its whole portfolio of varying products to customers (Samanian & Khosropanah, 2017). With a broad network of logistics, customers can buy online, and the product can be delivered to them within a short time limit. This can also save the customers the agony of going around to find(something to?) their tastes by simply choosing them online. 

Promotion 

Newly designed products need to be adequately advertised. Platforms that can be used to advertise include, billboards, signing agreements with correlated companies, using social media platforms like televisions, websites and specialized magazines. Mobile advertisements can also be used in local systems. In most cases, women like to associate themselves with celebrities. In this case, product placement as a form of promotion can be very effective. The newly designed watch can be used by celebrity women who can be seen wearing them when in public. This will attract them to purchase the product. The product capabilities also market themselves through its functionality and other features like choice of watchband, the casing, mechanical movement of the watch, watch face, long-lasting battery, and watch crown, which enables the customer to adjust time among other captivating features that pool(lure?) customers to purchase the watch (Duffy, 2021). The quality of the watch and the assembled products can be singled out in the portfolio. 

Conclusion 

In summary, the 4Ps play a very vital role in designing a new brand of any product, as revealed above. As explained in choosing the target group, one has to strategically make decisions as explained above. Nevertheless, the new product can incorporate some features such as customizing the look of the watch to look more attractive and enhance its capabilities to present a superior value. Another strategic move is to properly market the product especially using social platforms. The design should focus on a robust design made with fine materials that ensure wristbands are appealing to women both in color and that they match all tastes and styles and lastly, the product should be affordable in price. 

References 

Duffy, E. (2021). Key drivers in digital marketing management.

Gerlitz, L. (2017). Developing a Design Management Model for Innovating SMEs in the Context of Regional Smart Specialisation. Research in Economics and Business: Central and Eastern Europe, 8(2).

Samanian, M., & Khosropanah, A. (2017). A study of the application of marketing practices in the provision of the information services based on 4Ps marketing mix model. Case study: academic libraries in North Khorasan Province. Qualitative and Quantitative Methods in Libraries, 5(4), 755-775.

Wang, C., Wood, L. C., & Liang, H. (2018). Housing preference for modern urban designers using fuzzy-AHP. Open House International.