Marketing Analysis Assignment: Situation Analysis of Motive Ring

Situation Analysis of Motive Ring

Introduction • The presentation basically presents the situation analysis of “Motive Ring”, which helps the customers to stay fit, keep track of the heart rate and track sleep.

• Both the internal setting and the external setting has been thoroughly evaluated here.

• The customers, competitors, stakeholders have been assessed along with the SWOT analysis.

Background of company • The Motiv firm has combined design and technology to design the “Motiv Rings”.

• The rings help to track the heart rate, the sleep and the overall fitness of the users.

• In the technological era, the ring creates unique value for the customers (Motiv, 2018).

• The firm has incorporated technology with design to make the customers fit and healthy.

Situation Analysis • The situation analysis that has been carried out encompasses the following: 1.

2.

3.

4.

5.

Customer Analysis Competitor Analysis Stakeholder Analysis SWOT Analysis and The problem and opportunity statement.

• Both the internal and external setting of the business has been evaluated here in order to get a holistic picture of the innovative product.

Customer Analysis • The customer base of smart jewelry includes the health conscious customers including young people, middle-aged people and the elderly population. • The customers of the digital rings are able to keep a track of their fitness thanks to the Motiv Rings. The customers are able to enhance their health conditions by wearing the rings (Digital Jewellery, 2018, p 190).

Competitor Analysis • In the technology-prone era, digital jewelry is the latest trend which increases the competitive intensity of Motiv business.

• Some of the major competitors of Motiv Ring are Blinq Smart Ring, ORII Ring, and NFC Ring.

• The high level of competition increases the pressure on the business to focus on design, innovation, technology and fitness (Wareable.com, 2018).

Stakeholder Analysis • Stakeholders are the ones who have some interest in the business. The major stakeholders of Motiv rings include the fitness enthusiast customers, the community, the urbanized people and the suppliers (Worldbank.org, 2018).

• The stakeholders of the firm play a vital role to influence its survivalKeep andSatisfied sustainability in the dynamic Manage Closely market setting.

Health conscious customers

Monitor Competitors Government

Employees Customer Executives Keep Informed Investors Suppliers

SWOT Analysis • Strengths – The major strengths of Motiv rings include the combination of fashion, fitness and innovation.

• Weakness – The major weakness is the need to strengthen the supply chain of the firm to offer value to the customers.

• Opportunity – Motiv has the opportunity to incorporate technology with fashion and fitness that can attract the health-conscious audience (Staff, 2018).

• Threat – The rapid evolution of technology poses major threats before Motiv business. The increase in the competition putts additional pressure on the firm.

Problem and Opportunity Statement In the dynamic market context, the major problem that Motiv Ring would face relates to the dynamic nature of technology. But at the same time, it has the opportunity to create unique value for the target audience by focusing on fashion, fitness and innovation.

PEST Analysis Political

Economic

Social

Technological The dynamic The government The economic stability technological setting regulations and the and interest rates in the would force the legislation would nation would influence The income level of business to incorporate influence the the profitability and the people directly new and innovative technological model of sustainability of Motiv influences the demand features in the digital the business. business. of the rings rings.

Conclusion • Motiv Ring is a unique product that has the scope to create value for the business and its stakeholders. • The internal and external analysis indicates that the rings combine fashion, innovation and fitness and help the users to lead a healthy life. • Marketing Analysis Assignments are being prepared by our marketing experts from top universities which let us to provide you a reliable assignment help Australia service.

References Digital Jewellery. (2018). Retrieved from http://data.conferenceworld.in/Newton/18.pdf Motiv. (2018). Fitness Tracker, Sleep Tracker & Heart Rate Monitor | Motiv Ring. [online] Available at: https://mymotiv.com/ [Accessed 18 Aug. 2018].

Staff, I. (2018). SWOT Analysis. Retrieved from https://www.investopedia.com/terms/s/swot.asp Wareable.com (2018).

Put a ring on it: https://www.wareable.com/fashion/best-smart-rings-1340

The

best

smart

Worldbank.org (2018).

What is Stakeholder Analysis?. http://www1.worldbank.org/publicsector/anticorrupt/PoliticalEconomy/PDFversion.pdf

rings.

(2018).

(2018).

Retrieved

Retrieved

from

from