Project

Smart- e Watch

Introduction:

“Chrome Watch” is the first company concerning with the manufacturing of the next generation smart watch.

Smart-E watch is a name that has come to signify quality and smartness of the watch.

Watch Innovation:

Our product is unique in sense that it provides with unique feature in smartwatch first time in india. It can transfer data from pandrive to another. You don’t need to have a PC or laptop for it.

It is also at the same time a product for the health conscious, youth & for all who buys it.

Companies that produce Smartwatches :

1. Apple2. Samsung3. Pabble4. Motorola5. Sony

“To provide our customers fastest data transfer from one pandrive to another one. Without using PC or LAPTOP”   

Our vision is to become India’s top smartwatch company. Which provides its costumers Smartest watch in the World.

Our goal is to ensure that important values such as quality, Smartness, and technology are delivered to our consumers in the 21st Century. 

How Our product works

• The Project’ s aim is developing an intelligent data transfer system which doesn’t require any support from PC for data transferring.

• Transferring a large amount of data to backup devices became a huge problem. Also, PC is compulsory for doing it. So, this system is proposed to eliminate the unnecessary usage of PC for transferring the data from one storage device to another.

• Our Watch includes Specially Made USB ports (for Specially made PANDRIVES) that can connect to standard USB ports via smart cable.

Components of Smart-E watch

1. Quad-Core 1.2 GHz MSM82262. 512 MB RAM & 4 GB internal Memory3. Resolution – 320 x 3204. Battery – 400 mAh5. Bluetooth – 4.06. Micro Controller7. USB Host Controller

Current Market Situation:

The smartwatch and mobile products market has struggled with numerous challenges over many years.

The sector has basically suffered from the effects of transferring the data & keeping the data at our finger tips in nowadays. 

Less number of people of the world is using the smartwatch so rest of the markets still to be captured.

Here people are wiling to pay extra amount for the differentiated product.

Market Segmentation:

Effort to increase a company’s precision marketing. We have done the segmentation on the basis of the following variables: 

GeographicDemographicPsychographicBehavioral

Geographic :

Divide India in different segments according to areas, states, regions and markets.

Demographic:

Divide people according to Age, Income, Social Class, Occupation and their life cycle.

Psychographic:

To analyze the psyche of the people of India we divide them in life style and personality .

Behavioral:

Behavioral segmentation divides buyers into groups based on their knowledge, attitude, uses or responses to products. In India we see the behaviors of people with the help of the questionnaire.

Targeting:

After segmenting the market we are targeting the following segments:

Income Group:

We will be targeting all income groups who should afford easily.It will not discriminate between income groups.

Youth:A huge potential market for this Smart-E Watch it lies with youth whom we will be Specifically targeting Promotions shows to be held as part of the ‘Be smart, Get Smart’ campaign. 

Travelers:It is also available in Dust & Water Resistant model, so it will be highly convenient to carry along during large journeys or trips.

Positing Strategies:

Positioning is what the customer believes about your product’s value, features, and benefits.

By benefits:Through positioning we will tell our customer how many benefits they can get from our product.

By use or application:The Newly added feature of Micro USB can transfer the data from one pandrive to another very fast, so its time saving.  By user: Every one who wants to have a “Something Different & Save time” may have it. 

By product or service class:It is positioned as a Medium cost and technologically advance alternative to the ordinary Smartwatch, while it provides better efficiency and Smart technology which is more faster.

By Values: We will also position our product on the basis of customer values. Like this, if you want to look professional and Smart then use Smart-E Watch. 

Product Review:

Company Name:“Chrome watch.”

Product Name: “Smart-E Watch”

Logo:

Competitors:

Indirect competitor:Standard SamrtwatchSmart PhonesPC & Laptop

Substitute Competitors:A substitute competitor is any competitor that fills the same buyer need you fill but fills it in a different way. The substitute competitor of Smart-E watch is:AppleSonyMotorolaSamsungPabble

Distribution Channels:

Our distribution channels in India are: Smart Stores (Outlets)Supper storesDepartmental stores.

We mainly focus on the retailers because they are the only source which delivers our product to the final consumer.

Pricing strategies:

We will adopt the following pricing strategies to set the price of our product:

Marketing SkimmingCost-plus pricing Method

Marketing Skimming:Smart-E is using Price skimming strategy. It is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, and then lowers the price over time.

Cost-plus pricing Method:A pricing method used by Smart-E because it is easy to calculate & requires little information.This method determines the cost of the product that used direct cost, in-direct cost and fixed cost whether related to the production OR sale of the product.

Our prices schedule:

Product Quantity in pieces

Price in Rs.

Smart-E Watch 1 piece Rs. 22,400

Pricing Objectives:Market share leadershipProduct Quality Leadership

Smart-E Advertising Strategies

Position the product:“Because we are worth It.”

Creating a stronger brand personality:It will base on an upscale, character that people will aspire to associate with. 

Deciding on Media time:

We will advertise Smart-E Watch on TV 4 times in a day and almost for a week in first 2 and half months, and the add will go air in the prime time broadcasting like Drama hours, it will also be advertise daily in the mid of the News.  

Promotional Material:

Point of sale (POS) Terminals: Smart-E Watch has place different check out counters in big general stores like SMART STORE.

Participation in Trade Fairs and Exhibitions:Smart-E watch has stalls in the different Exhibitions held in different schools, universities and cities. Where they sell and tell the consumers about the product that is the technologically Advance Watch.

SWOT Analysis

Strengths:

Our ability to produce options keeps more consumer interest and needs met.Our new production technology will enable us to mass produce products more efficiently and quickly than other old companies.No specific Competitor.

Weaknesses:

No brand recognition our name in Watch industry is new so most of people are not familiar with delight Bread.No customer orientation in local areas, as we newly introduce in India so customer are oriented in the brand.The more Technology we create the production cost will increase.At starting we will not have as such trained staff that has such market experience.

Our new production technology will enable us to mass produce products more efficiently and quickly than other old companies.Our ability to produce options keeps more consumer interest and needs met.No specific Competitor.

Threats:

New product may people don’t accept it.There are large companies who have brand loyal customers providing the market with not exactly like other smart watch.Switching brand loyal consumers to a smaller and newer company.There is open market everywhere means any new company or existing ones can start the same production that may have more experience or more qualified staff.

Thank You