Xiaomi Mi Watch – New Product Intorduction
Essay Preview: Xiaomi Mi Watch – New Product Intorduction
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1.0 Introduction
1.1 Company introductions
Xiaomi is the innovative private technology company which is based in Beijing, China. Xiaomi is the 3rd largest distributor of smartphones and directly competing with the multinational companies such as Apple and Samsung. The company designs and develop the smartphone, Apps, and consumer electronics. Since the introduction of the company’s first smartphone in 2011, Xiaomi had gained the market share in mainland China and rapidly expanding further. By the end of 2014, Xiaomi’s value is more than US$46billions.
1.2 Purpose of the report
The purpose of the report is to introduce a Mi Watch from our company and show our strategies and tools we use to promote a new smartwatch in the market full of similar products. This report will inform how we are going to make use of promotional tools for our new product’s benefit.
1.3 Product Introduction
Xiaomi Mi Watch is the new and unique type of smart watch, which is developed and improved on concepts of its predecessor, the Mi Band. The Mi watch is the watch produced by the first-rate engineering which ultimately perfected all aspects and functions; a smartwatch can have. It is a miniature smartphone on your wrist; it can serve the user from basic fitness functions to advance motion induced charging. The target audience is people regards technology positively and fitness enthusiasts. People who are health conscious will find Mi watch valuable to their routine. It is a blend of fit and fun. The exclusive function of the Mi watch is that it is integrated with a motion induced charger. M.I.C allows the user to charge the watch while moving. It is effective for health enthusiasts or busy people. They won’t waste time for charging the device. The device is running on android operation system and it is compatible with every kind of android-based devices.
2.0 Integrated Marketing Communication
Integrated marketing communication can be defined as a planned communication channel to deliver the clear and compelling message about the product. Integrated marketing communication tools consist of advertising, public relations, personal selling and sales promotion. We will make use of all the IMC tools for our product. At the same time, we will also apply A.I.D.A model or Attention, interest, desire, and action for more influence. First, we will use Advertising to communicate with consumers using medium of mass communication, like social media sites and online tech forums. By doing this we will grab customer’s attention. Then we’ll have a proper public relation campaign associating with our product to ensure that we have a positive public image. We will promote our product by choosing an appropriate event to create a special experience for the company. With this method, we can capture the interest of customers. Then the customers will have promotion opportunities for a discount or coupons and cash refunds in special sales promotion events. We can create customer’s desire by using this approach. Lastly, we will have many trained sales personnel who are vastly knowledgeable and have the first-hand experience on the Mi watch. So, they can share their experience to new customers that are hesitant about purchasing the Mi Watch. They will then convince the customers to take action.
3.0 Advertising
Advertising is a crucial part of any type of successful product. We will start our advertising campaign by creating awareness for Mi Watch. To create awareness of the new product we should first post the product concepts and functions of the Mi Watch on social media sites such as Facebook, Twitter, and the company site. Which, will have a fully detailed specification and functions of Mi watch. Also, we would hire an expert to ensure our product will be high in web search results. We should also post the ideas on tech forums sites to build the hype of the product. The customer can have more information on the product in depth and they can get an authentic opinion on the product. Then, we will advertise our product by using traditional methods using printing media. We will make use of newspaper and magazines to promote our product. We can also use online news mediums to advertise our product. We can also use people with influence (such as celebrities or famous athletes ) to wear our smart watch on printed media The frequency will increase as our product will become exposed to Mi Watch by creating awareness and building awareness and building demand.
As for budgeting, we will use competitive-parity method and Objective-and-task method. We will set our promotion budget to match our competitors outlays. We intended to compete with new up and coming Apple Watch. Since Xiaomi is a 3rd largest smart tech producer, we can try to match the budget. We’ll also have specific objectives to accomplish. We are going to increase market share in our domestic environment in China and convince our customers to purchase the Mi Watch.
Finally, for the advertising message, we will use MI & YOU: A Constant Companion. We intended this message to create a personal touch with the customers. It can be interpreted into that the watch will be always with you on person. It will be like having a loyal friendly companion on your wrist. It will help with your everyday needs and you don’t have to worry about it. People will see Mi Watch as the easy to use, everyday necessity and suitable for everyone.
4.0 Public Relation
A public relation is an important tool for the company, which is designed to build a good relationship with company’s public. We’ll be sponsoring the charity marathon called “RUN WITH Mi”. This will improve the public’s image toward the Mi Watch and they can get familiar with the product. There will be 15 SGD entry fee and 70% of the revenue will go to The Save the Children Fund, an organization that provides relief and helps support children in developing countries. The participants will feel like they are running for a good cause. Top 50 finishers will get a free Mi Watch with 6 months warranty covering all types of damage. It will be favorable for all type