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Monitoring Bracelet

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Submitted By maferp26
Words 736
Pages 3
Marketing Management
Group 1
Product Introduction
The Monitoring Bracelet is a smart wear that monitors the user's heart rate. The product works with an internal microchip that can detect the heartbeat and it connects to a smart phone application so that the user can check the data of his heart rate. When the user feels shocked or is in danger, his heartbeat will become irregular and the bracelet will emit a warning call that will be send to a friends or family´s mobile phone.
The Monitoring Bracelet has a simple design and diverse variety of styles, it is waterproof and rechargeable, the battery can last for approx. one week before recharging. It is intended to react immediately when an emergency situation related to heartbeat occurs. The product has the possibility of expanding to a wide range of services, like GPS, fitness services and health care system.
Background of the product
The electrocardiograph is a machine that is used in all over the world to measure the rate and regularity of heartbeat, however it is a complicated, inconvenient and expensive machine for the people to have at their homes. So when they need to evaluate their heart electric activity they need to seek medical advice or to be hospitalized. Yet, many people are not suffering from a serious illness and many of them do not want a 24-hour hospitalization. The monitoring bracelet can solve this problem.
Segmentation
The segmentation was divided into three groups. The first group is young children, which are students with low or not incomes, and the purchase is determined by their family’s interest. The second group is young-middle age, specially focused on high-risk workers with a medium income and with buying decision power. The third group is the elderly, with medium or high income that have a concern about their health and want to prevent or monitor a heart disease.
Targeting
The target market are mostly elderly people with 60 years or more, because they mainly suffer from various diseases that need a life monitoring, also the number of this population is big. So entering to this market is an appealing opportunity. Then young-middle age is another target market, this product can check the child’s heart rate to help the parents find their kid’s congenital heart disease and other potential diseases as early as possible. So the parents will be interested in this product for tracking their child´s health. The last target market is high risk workers, such as electricians and construction site workers. With the monitoring bracelet, when they are in dangerous, they can be found as soon as possible.
Positioning
The product will be positioned in the market as a safe product that is convenient, accurate and simple to use.
Slogan: “Take Care of your Family for You”
For a reasonable price, you can prevent the occurrence of risk and protect your family.

Place
The monitoring bracelet will be distributed in mobile shops where electronic products-buyers can recommend it to potential buyers. Also, it will be distributed through hospitals where the doctors and personnel can recommend it to patients as a way to reducing their risk probability.
Price
The price will be of 50,000 KRW because there are similar prices from competitors in the market. By setting the same price as the competition, a newly created company can avoid the costs of trial and error pricing process.
Promotion
The promotion will be done in social media such as Facebook, Naver Blog, Instagram and Twitter, this will help to promote the product through word of mouth at a low cost. This kind of promotion will be directed to young people between their 10 and 20´s.
Door-to-door sales will help to promote the product in hospitals, nursing homes, and facilities for the handicapped. Finally, the product will be promoted trough TV-Home shopping mainly targeting customers in their 40s to their 70s.
Expected Outcomes
With a high demand from children´s parents, elders, patients and high-risk workers the number of customers will be big enough. The expected sales volume is about 100,000 unites per year. Since each unit will be sold at 50,000 KRW the sales will reach 500,000,000 KRW.
The product could also have an impact in social aspects, by reducing the crime rate, the number of missing children and the mortality of emergency patients.

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