Marketing Plan
Market Analysis
SWOT Analysis
Strengths
MyKronoz provides products with a good quality and affordable prices, compatible with other competitors’ devices. Moreover, the applications on the smart watches are similar to other apps of more expensive brands. As the smart watches of MyKronoz are compatible with big competitors that are more expensive such as Apple and Samsung, some customers can benefit from lower prices. The wide range of designs enables to target a large basket of customers, even more with the different specialities of the Smart watches. Moreover, MyKronoz still provides older versions of their watches which have a lower price and fewer applications what enables people to pay less if they don’t need the additional new features.
Threats
For high tech devices such as smart watches, to be competitive, companies need either to be innovative or to lower costs by copying technologies and applications already existing. Innovation in the high tech sector results in high production and research and development costs. This implies that it’s hard to break even for smaller manufacturers with the competition with big well-known companies.
Weaknesses
MyKronoz provides only basic wearables even though the market of smart wearables is more attractive and has more potential. Moreover, MyKronoz is still a small company with lower marketing budget than the leaders on this market and suffers from problems of brand awareness compared to other companies that are in the high tech sector for a long time.
Opportunities
The wearable device market has a big potential to develop. Wearable sport smart watch market reached 70.2 million last year and it’s still expanding. Great social pressure implies that more and more people will be interested in the future. Moreover, in the high tech sector, there are improvements every day. So there is always added value and companies can provide new products frequently and set higher prices. The development of new applications for smart watches also helps to increase the interest of potential customers and their maximum wiliness to pay.
