Analyzing The Target Market, Segment, Competitor Product And Marketing Mix

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The aim of the report is to research, define and analyse the target market, segment, competitor product and marketing mix as they are important prior to the product launching.
The product is designed to monitor and assist patients recovering from arthritis and early stage dementia live independently with focus on people who can still perform their daily activities with no support required.
Lipm wearable devices customers are categorised into various groups patients recovering from Arthritics, patients with early stage dementia, patients with both arthritics and early stage dementia and elderly people who want to live independent and elderly people living in care homes.
The marketing objectives is to create awareness for the limp wearable
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The advertisements will be in Age UK website , campaigns will be accrued out in local community and partnership with arthritics care UK and pharmaceutical company such as Boots and Lloyds pharmacy.
Grass root method of advertising such as coupon will be given to customers who buys the products as economic incentive as the coupon will has the added force of attracting new customers.
The main market is United kingdom the implementation of the strategy will take place in Cornwall as it has largest number for elderly people from age 65. As the product sales increases plans are developed to expand to Europe.
The price is set to a penetrating price of £90 ti be increased to £150 customers add more features to their product . An estimate of 50% profit margin is to be achieved as the marketing force on direct sales and or campaigns will be carried out on low cost .

1. Strategic objectives
1.1. Vision statement
To be reckon with as innovative technology solution provider.
1.2. Mission statement
To produce product that allows Independent living with peace of mind.
1.3. Objectives
The product is designed to monitor and assist patients recovering from arthritis and early stage dementia. This is to allow them live independently at these stage of their life with focus on people who can still perform their daily activities without need for support.
The marketing objectives is to create awareness for the lipm wearable device and to identify the market
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