In this class, we will discuss the basic foundations of marketing. Your weekly class project is to apply each of our weekly marketing components to be used for your fictional smartwatch company, as discussed in the Course Project Introduction section.

For this paper, you are creating your own smartwatch company to sell your smartwatches online, in retail locations, or to other businesses. You will choose one of the options below. You will continue to use this option for each weekly course project assignment. The weekly projects will build towards your final marketing plan for your smartwatch company. Consider keeping your project for your career portfolio.

You will only be choosing ONE of these options. Choose one option for your smartwatch company:

Option $1$: Low$-$cost or economic smartwatch company

Smartwatch$$s selling price is $$50\mathrm{.}00$ each.

High sales volume of smartwatches $($i$.$e$.,$ a high # of smartwatches are sold each year$)$

Lower profit margins $($i$.$e$.,$ the profit from each smartwatch sold is minimal$)$

Option $2$: Medium$-$cost or mid$-$range smartwatch company

Smartwatch$$s selling price is $$200\mathrm{.}00$ each.

Medium sales volume of smartwatches $($i$.$e$.,$ a medium # of smartwatches are sold each year$)$

Medium profit margins $($i$.$e$.,$ the profit from each smartwatch is medium$)$

Option $3$: High$-$cost or luxury smartwatch company

Smartwatch$$s selling price is $$500\mathrm{.}00$ each.

Low sales volume of smartwatches $($i$.$e$.,$ a low # of smartwatches are sold each year$)$

High$-$profit margins $($i$.$e$.,$ the profit from each smartwatch sold is high$)$

Module $01$ Assignment Directions

Submit a $2-3-$page paper in which you start to build the marketing plan for your smartwatch company in the wearable industry. This paper will include four sections: your smartwatch company introduction, the marketing mix, the SWOT analysis chart, and the summary. Your paper needs to be in APA format and include a title page and a reference list.

Section $1$: Smartwatch Company Introduction $(1-2$ paragraphs$)$

Identify which option you have chosen.

Create a company$/$brand name.

Describe the company and the product.

Define the product and add one feature unavailable on the market today.

Explain how you will differentiate your product and brand from other smartwatch companies.

Section $2$: The $4$ Ps $(2-4$ paragraphs$)$

Identify marketing strategies you will use and provide your rationale. Remember the long$-$term plan's strategy, which includes achieving a competitive edge in the market.

Outline the $4$ P$$s $($product$,$ price, place, promotion$)$ and explain how you would use each to inform your marketing strategy.

Consider looking at $($Product$)$ product design, durability, and customization; $($Price$)$adopting competitive pricing strategies and promotional tactics; $($Distribution$)$ selecting distribution channels, expanding geographic coverage, and promoting channel relationships; and $($Promotion$)$ implementing advertising, public relations, and sales promotion campaigns to achieve your smartwatch company$$s objectives.

Section $3$: SWOT $($include SWOT chart image$)$ and SWOT Summary $(2-3$ paragraphs$)$

Build a SWOT chart for your smartwatch company that includes the Strengths, Weaknesses, Opportunities, and Threats that the company should consider.

Describe how your smartwatch company will use the SWOT information to develop marketing strategies and activities. Explain your rationale with examples.

Section $4$: Smartwatch Company Summary $(1-2$ paragraphs$)$

Explain the importance of aligning brand identity with the unique selling propositions $($USPs$)$ in creating the smartwatch company.

Describe how the smartwatch company would communicate the rationale behind your marketing strategy for the smartwatch company.

Resources to use to help create your smartwatch company name

Library List of Dictionaries & Thesaurus

Behind The Name $($provides information and meaning of first names$)$

Business Name Generators $$ Use for brainstorming ideas.

Namelix

Shopify

Oberlo

Use your favorite search engine to locate a business name generator website.