Implementing Marketing Mix for Magic Mirror Health Device

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 1 Interim Assignment #3 – Implement Marketing Mix Fairytale Health’s “Magic Mirror” Remote Health Monitoring Medical Device Team 4 Marketing Agency Team #4 Oussama Bennouri, Chikwado Eze Harindra Karri, Sophia P. Talnose University of New Haven EGRM-6615-01 Applied Marketing for Engineers & Operations Managers Professor Laurence Levine November 19, 2023

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 2 Table of Contents Table of Figures ........................................................................................................................................... 3 Implement Marketing Mix – Magic Mirror’s Strategy & the Four P’s .................................................... 4 Implement Marketing Mix – Product ......................................................................................................... 5 Implement Marketing Mix – Price .............................................................................................................. 6 Implement Marketing Mix – Place .............................................................................................................. 7 Implement Marketing Mix – Promotion ..................................................................................................... 8 References ................................................................................................................................................... 9 Table of Figures Table 1: Fairytale Health’s Magic Mirror Competitor Pricing Comparisons

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 3

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Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 4 Implement Marketing Mix – Magic Mirror’s Strategy & the Four P’s Fairytale Health will implement the four Ps (Product, Price, Place, and Promotion) as described in this proposal and the marketing mix will be the basis for the Magic Mirror’s successful product launch.[CITATION Gre22 \p 43 \l 1033 ] Using the Differentiated Targeting Strategy, Fairytale Health has focused its research, development, and initial product deployment efforts on a single product that will be able to reach and satisfy a large market and different target audiences which are:  Users of all ages with chronic illnesses who require this type of health monitoring  Young adult fitness enthusiasts  Seniors requiring extra monitoring Using the four Ps, Fairytale Health will market to these consumers with a need and/or a want for the advanced technology that is being offered at a competitive price. Magic Mirror will provide the following exclusive features in addition to those standard in the smartwatch/market: Exclusive to Fairytale Health Standard Market Offering Innovative Technology Customized Alerts Doctor Notification System User-Friendly Interface Healthcare Provider Portal Long Battery Life Secure Access and Data Storage Fitness Tracking Health Dashboard and Patient Engagement Waterproof and Sturdy These features and functionalities must be highlighted and emphasized throughout each “P” of the marketing mix implementation to ensure consumers are convinced of Magic Mirror’s value.

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 5 Implement Marketing Mix – Product The Magic Mirror is an advanced, wrist-wearable, remote health monitoring device that is revolutionizing personal health monitoring. It integrates state-of-the-art sensor technology, with a user-friendly design, offering real-time health data and connectivity to healthcare providers and facilities to empower users in actively managing their wellbeing. The Magic Mirror provides comprehensive health monitoring functionality with direct connection to healthcare providers at a competitive cost that far surpasses what leading smartwatch/wearable competitors currently provide. The features and advantages of this wearable device are numerous and include:  Innovative Technology – Combination of artificial intelligence (AI) and state-of-the-art high-quality/high-sensitivity advanced sensors, provide real time vital signs monitoring for including o Heart rate o Respiration rate o Temperature o Blood pressure o Blood O2 level o Blood glucose level (currently exclusive to Magic Mirror)  Healthcare Provider Portal – Secure online portal allows healthcare providers to log in to view the aggregated health data of their patients along with a suite of tools for analysis, trending, and customized alerts  Health Dashboard and Patient Engagement – Sophisticated mobile app provides users with a comprehensive health dashboard accessible via tablet or other mobile device  Secure Access and Data Storage – User health data is maintained securely  Activity Monitoring – Records physical activity, steps taken, and calorie expenditure  Custom Alerts – Sends notifications for potential health concerns or activity reminders  Extended Battery Life – Enables continuous monitoring without frequent recharging

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 6 Implement Marketing Mix – Price Fairytale Health should initially offer the Magic Mirror Remote Monitoring Device at a competitive $599 reflecting its advanced features, sleek design, and user-friendly interface. This pricing is based on research and comparisons with leading smartwatch/wearable devices in order to break into the market and establish their brand. At only $200 higher than the lead competitor’s starting price, Magic Mirror’s pricing considers production costs with superior sensors, competitor pricing, and perceived value within the markets we are targeting to ensure that customers would be willing to pay for this product. Being a newer company looking to establish themselves in the market, the initial product launch is the best opportunity to catch consumers’ interest and make Fairytale Health’s Magic Mirror a device that provides premium, luxury features with a selling price comparable to leading competitor smartwatch-style devices containing only fraction of its features (see Table 1.) Table 1. Fairytale Health’s Magic Mirror Competitor Pricing Comparisons Competitor s Fairytale Health Apple Samsung Google Withings Price $599 From $399 [ CITATION htt \l 1033 ] From $300 [ CITATION Sam23 \l 1033 ] From $250 [ CITATION Fit23 \l 1033 ] $350 [CITATION Wit23 \l 1033 ] Key Feature/ Functionality Glucose Monitoring, Remote Health Monitoring and Management Brand/ Aesthetics, Integration with Apple Ecosystem Brand/ Aesthetics Simple/basic user interface Aesthetics/ Upscale, Long Battery Life Although positioned at a premium, the Magic Mirror justifies its cost through superior features, accuracy, and a more holistic health monitoring experience. It positions itself as a robust and valuable investment for individuals who are serious about their health for consumers with health issues, who are seniors requiring closer monitoring, and/or fitness enthusiast users who desire leading edge technology to help them achieve their goals and support their lifestyles.

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Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 7 Implement Marketing Mix – Place Fairytale Health’s Magic Mirror will be available at product launch via the following channels:  Fairytale Health’s website  Online Retail Platforms: Collaboration with major e-commerce platforms (e.g. Amazon, healthcare supply companies)  Select Health Care Provider Partners  Fitness Centers including gyms, physical therapy centers, and senior fitness centers  Health and Wellness Retailers: Partnership with specialized health stores  Pharmacies: Strategic placement in retail chain pharmacies (e.g. CVS, Walgreens) for wider consumer reach The Magic Mirror Remote Health Monitoring Device will be available for purchase 24/7 online and during regular business hours at physical retail locations.

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 8 Implement Marketing Mix – Promotion The Magic Mirror will be promoted via the following marketing channels: Digital Marketing  Utilize social media, online advertising, and influencers to reach the target audience Health and Lifestyle Magazines  Advertise in publications catering to health and wellness In-Store Demonstrations  Engage customers through in-store demos to highlight the device's features Partnerships and Collaborations  Establish relationships with influencers and healthcare professionals for endorsements and testimonials Fairytale Health will establish the Magic Mirror’s market presence via promotions using the following campaign theme: "Embrace Wellness with Fairytale Health’s Magic Mirror: A Revolutionary Wearable for Personal Health" Fairytale Health will partner with Health Care Providers, Hospitals, and Fitness Centers to promote the Magic Mirror to provide potential customers visibility and availability and value communication. The Magic Mirror will be available to consumers as follows:  Purchase o Promotional payment plan – Consumers who are not ready to pay full purchase price can pay $50 installments per month for 12 months interest free  Trial o 30-day trial period for $100 with option to purchase for $499  Rental o Monthly device rental $30  Insurance Plan o No cost to consumer if medically necessary

Team #4 Marketing Agency – Interim Assignment #3 – Implement Marketing Mix 9 Fairytale Health will highlight Magic Mirror’s capability to offer comprehensive health insights, by emphasizing its accuracy, convenience, and proactive approach to health monitoring enabling users to take charge of their wellbeing. References (2023). Retrieved from Apple.com: https://www.apple.com/shop/buy-watch (2023). Retrieved from Fitbit.com: https://www.fitbit.com/global/us/home (2023). Retrieved from Samsung.com: https://www.samsung.com/us/watches/ (2023). Retrieved from Withings.com: https://www.withings.com/us/en/scanwatch/shop Grewal, D., & Levy, M. (2022). Marketing, Eighth Edition. McGraw Hill.

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