Develop an Idea for a new ‘Wearable’ (e.g. smart watch) and Strategic Marketing Plan: Graduate Diploma in Digital Marketing Assignment, SUSS, Singapore

Purpose of the continuous assessment:

Develop an Idea for a new ‘wearable’ (e.g. smart watch) and strategic marketing plan

Background
Wearable technology, also known as “wearables., is a category of electronic devices that can be worn as accessories, embedded in clothing. implanted in the user’s body, or even tattooed on the skin. The devices are hands-free gadgets with practical uses, powered by microprocessors and enhanced with the ability to send a. receive data via the Internet.

The rapid adoption of such devices has placed wearable technology at the forefront of the Internet of things (loT). (investopia.com, 2020)

Idea Development
Rapid technological advances, as well as the recent Covid-19 pandemic, have brought about many challenges for established businesses. However. changes also create opportunities. We ask you to identify potential opportunities in the market for wearables and to develop an idea for a new wearable product. This could be an incremental change to an existing product (e.g. a new function for smartwatches) or radically new concepts such as smart skin-implants.

The Marketing Challenge

The marketing challenge is to develop a launch and early-stage growth strategy for your new wearable product. Students are asked to conduct a thorough market analysis, identify opportunity segments. and propose a marketing strategy that aims to successfully launch this product in consumer markets. In order to do so. you will have to engage in:

1. Comprehensive market analysis (5 C’s)

2. Identification and evaluation of core target market(s)

3. Analyses of the consumer decision journey

4. Proposed launch strategy for your product

5. 3 Year growth strategy