National University of Ireland, Dublin
Bachelor of Business Studies
Intake 61
Group A
Module: Marketing in a Digital Era
Report Title:
Group Member Names & Student ID:
1) John Foo/ 22210134
2) Lin XiaoLi/ 22209407
3) Koh Kai Jie/22209940
4) Pook Chie Yean/ 22208590
5) Wong Cho Fung/ 22210563
We declare that all materials included in this essay/report/project/dissertation are the end result of my
own work and that due acknowledgement has been given in the bibliography and references to ALL
sources be they printed, electronic or personal.
Submission Date: 1st April 2023
Signed:
Table of Contents
Pages
Introduction……………………………………………………………………………… 1
Features of “Isee” ………………………………………………………………………... 2-3
Competitive advantage…………………………………………………………………….. 2
Market Comparison…….…………………………………………………………………. 3
Product Life Cycle: Smart Glasses………………………………………………………. 4-5
Market Segmentation (Targeting)…………………………………………………………. 4
Target Market…………………………………………………………………………….. 5
Positioning Strategy - Functional (Features) ……………………………………………. 6
SWOT Analysis………………………………………………………………………….. 6-7
Marketing Budget (budget each month) - based on SG context…………………………. 8
Financial and Marketing Goals…………………………………………………………… 9
Monitoring and Evaluating Action Plan………………………………………………….. 9-12
Distribution Channels……………………………………………………………………… 13
Communication Channels………………………………………………………………… 14
Sales and Revenue Forecast……………………………………………………………… 15
Launch Timing…………………………………………………………………………….. 15
Conclusion …………………………………………………………………………….…. 15
References…………………………………………………………………………………. 16-17
Appendix A………………………………………………………………………………... 18-19
Appendix B:.......................................................................................................................... 20
1
Introduction
In today's fast-paced world, consumers are seeking wearable devices that provide
convenience, functionality, and innovation. Smart glasses offer a promising new concept for
wearable technology, combining the practicality of traditional eyewear with advanced
features such as augmented reality, voice recognition, and biometric sensors.
As the market for smart glasses continues to grow, businesses have a unique opportunity to
provide a product that meets the needs of consumers while standing out in a highly
competitive market. This strategic marketing plan outlines the development and promotion of
a new line of smart glasses, tailored to the needs of our target market and designed to be a
fashion accessory that offers cutting-edge technology for staying connected and accessing
information on the go. With a focus on product development, promotion, and distribution, we
aim to position our smart glasses as the go-to choice for tech-savvy consumers and the
elderly.
“ISee” is a smart glass which aims to provide greater convenience in life through technology
enhancement to bring in smarter features, to allow for greater ease of monitoring and
tracking. This report shows “ISee”'s method of positioning, estimated budget, sales and
revenue forecast and communication.
1
Features of “Isee”
“ISee” is a combination of multiple technologies into one essential piece of essential
equipment. Providing consumer ease of access to technology without adding the burden of
wearing another wearable device. ISee is designed to add various sensors such as heart rate
monitoring, body temperature sensor, GPS, and fitness related sensor to provide actual smart
glasses features; in addition, by incorporating various algorithms from currently available
technology such as blind spot monitoring, ISee allows consumers to react quickly to danger
and reducing the risk of notification covered by external noise compared to other wearable
devices mainly targeted at arm or wrist area, providing consumers with low-profile yet
effective devices for risk detection and especially useful for users with hearing issues. GPS
sensors installed in ISee help to track young children or especially the elderly, who are at risk
of dementia.
Figure 1. Features of “Isee”
Competitive advantage
“ISee” competitive advantage is its ability to offer true smart functions compared to
competitors without pricing at high prices to maintain brand image, providing its user's value
of the product and not paying a high price for the brand.
2
Market Comparison
The current market for smart glasses is niche, referencing to the information from
[Link], there are several existing smart glasses with minimal function:
Figure 2. Competitors Comparison
Competitors such as Bose have a large amount of consumer data from other business sectors
and companies such as Rayban collaborated with Facebook to gather a large amount of
worldwide consumer data which can be leveraged by firms to analyse, improve, and boost
market demand. “ISee” require more time in the market to grow from the introduction phase
to the mature phase and to gather more consumer database
According to studies, individuals are less inclined to adopt smart glasses if they do not
believe that the smart glasses can provide them with unique benefits (Rauschnabel Brem, and
Ivens, 2015). As such, “ISee” can be seen as more appealing and functional to consumers
compared to competitors' glasses available in the current market.
Product Life Cycle: Smart Glasses
“ISee” is currently in the introduction stage of the product life cycle with its low sales and
high costs.
Following are the characteristics of the Introduction Stage explained with reference to smart
glasses:
1. High investment into research and development
2. Dependence on the marketing strategy
3. Register/ Subscription ISee membership for future offers and perks
4. The “ISee” introductory price is $499.
Although some smart glasses products have been on the market for several years, the overall
market for smart glasses is still relatively new and has yet to reach mainstream adoption, thus
resulting in low sales. The technology is still evolving, and many consumers are yet to be
familiar with the concept of smart glasses.
3
With the high capital investments, only a few competitors are expected to enter the market
with a high barrier to entry. The high costs incurred with producing the technology and
developing new features and the need to create compelling marketing campaigns that
differentiate their products from competitors deter competitors from entering the market.
Heavy investments in research and development, marketing and advertising are required to
create awareness and generate demand for “ISee.” Marketing efforts are focused on educating
consumers on the benefits of smart glasses and how they can enhance their daily lives.
Rapid skimming can also be adopted by pricing “ISee” high to recover from the high costs of
investments made for the product. As the technology continues to evolve, it is expected that
the “ISee” will be able to move on to other stages of the product life cycle. This will involve
increasing consumer adoption, improving production processes to reduce costs, and
continued investment in research and development to create new and innovative features that
capture consumer interest.
Market Segmentation (Targeting)
Figure 3. Market segmentation
According to Statista, glasses wearers are increasing and our target market is South East Asia,
Singapore which is a city that heavily embraces technological advancement. The market is
estimated at 6.05% annually. Strait Times reported that 75% of firms are embracing
digitizing their business in 2020 hence consumers in Singapore will not find it hard to adapt
to new technology equipment. (Strait Times,2020)
4
Target Market
“ISee” target market is working adults aged 25 to 65. The target market is of profile where
they can be tech or fitness enthusiasts, outdoor adventurers, business professionals, or
working in operations.
Tech enthusiasts may be interested in smart glasses for their unique features and capabilities,
and they usually are early adopters of new technological product launches into the market.
The new features can aid in easy monitoring of progress during workouts, potentially
appealing to fitness enthusiasts focused on health and well-being.
The features of “ISee” with GPS capabilities can be attractive to outdoor adventurers such as
hikers, runners, or outdoor enthusiasts. Business professionals might be interested in the
productivity features such as email notifications and calendar reminders or the ability to add
productivity applications that can be marketed to business professionals who are constantly
on the go. Working adults working in operations are interested in cameras and sensors to
bring greater convenience to work.
ISee also targeted to attract elderly consumers with features such as medication reminders
and location trackers, especially consumers with hearing loss or weak memory since
spectacle is much nearer to the ear than wristbands or watches. The elderly diagnosed with
dementia could lose their sense of direction. ISee could allow their location to be tracked
accurately with minimum effort required to adapt to another new piece of wearable devices.
Figure 4. Target Market
5
Positioning Strategy - Functional (Features)
“ISee” is an innovation for every spectacle user that wishes to incorporate true smart features,
convenience and technology into the essential equipment they use to see the world everyday.
Figure 5. Positioning of “ISee”
ISee position itself towards a functional position by offering higher quality of life function
instead of maximizing profit by pricing products at the highest price in the market such as
competitors IVue. ISee could take advantage of pricing at the middle range as ISee benefited
from technological advancement in chipset, sensors, and algorithms from current technology,
reducing R&D cost and being a new product, ISee doesn’t need to be priced at a premium
price to maintain consumer perception of luxury or brand image.
SWOT Analysis
Figure 6. SWOT Analysis of “ISee”
6
Smart glasses have various strengths that make them a good product in the wearable
technology market. They are wearable, offering a hands-free and interactive experience that
can be useful in industries such as healthcare, manufacturing, and logistics. Aside, smart
glasses have the potential to replace multiple devices, making them a convenient all-in-one
solution and can provide real-time data and insights, which can be valuable for businesses
and individuals.
The increasing demand for augmented reality and virtual reality technology and the rising
growth of the wearable technology market shows that many are comfortable with adopting
wearable technologies. As such, “ISee” has the potential to leverage its strengths to tap into
the current opportunities as the current market will be more likely to adopt the usage of smart
glasses as compared to before.
However, as “ISee” branding is less known than already established competitors, “ISee”
might lose out when competitors replicate the features and functions. Furthermore, there is a
high cost of developing “ISee” in which competitors with better finances and resources can
easily choose to develop a better feature to overtake “ISee.” There is a threat that consumers
might choose competitors instead if the competitors were to offer the same product functions.
Smart glasses are expensive with the time, effort, and technology invested in producing them
compared to traditional eyewear. Consumers prefer cheaper wearable technology alternatives
such as smartwatches and fitness trackers.
“ISee” relies on technology prone to security and privacy breaches. They require high data
protection with all the personal data stored in the smart eyewear. There is a possibility that
consumers are more resistant to using smart glasses in fear of security and privacy breaches
such as hacking and data theft.
7
Marketing Budget (budget each month) - based on SG context
Since the Company is a start-up, we do not have access to a huge amount of cash flow and
therefore set aside $500,000 for our total cost required for startup. Given that it is a small
business, we will allocate 8% of our revenue towards marketing as a good guideline.
Total cost for the startup: $500,000
Marketing budget allocation: 8% of revenue ($40,000)
Figure 7. Marketing budget allocation on communication channels
8
Financial and Marketing Goals
As a new start-up, we have set a few financial goals for our company. 1) We want to achieve
a targeted revenue and profitability level from sales. 2) Increase market share in the industry
by a certain percentage over time. 3) Generate positive cash flow to fund future product
development and marketing efforts. 4) Maintain a healthy gross margin to ensure sustainable
profitability.
Regarding marketing goals, we have also decided on our action plan to promote the products.
1) Create brand awareness and increase brand equity through targeted marketing efforts. 2)
Develop a clear value proposition differentiating our products from the others in the market.
3) Establish a strong distribution network to ensure it is readily available to customers. 4)
Build a loyal customer base by providing excellent customer service and support. 5) Utilize
social media to engage with potential customers and create a strong consumer community. 6)
Partner with influencers and celebrities to increase brand awareness and reach a wider
audience. 7) Leverage customer reviews and testimonials to build trust and credibility with
potential customers.
Monitoring and Evaluating Action Plan
A plan to monitor the relevant sales data is needed to ensure that marketing efforts are
executed effectively. Measuring the success of the marketing plan executed by the sales and
marketing team requires careful measurement of all marketing efforts. This helps identify
whether such efforts are successful and cost-effective, and the data can also be used for future
marketing efforts. It is recommended to set objectives so that they are S.M.A.R.T - Specific,
Measurable, Achievable, Reliant and Time-Bound. Below are some of the methods and steps
to monitor and evaluate the current plans of marketing.
Figure 8. The cycle of marketing programme and goals
9
Step 1: Setting marketing programme goals and objectives
Having stated clear goals and objectives helps the organisation know what is expected to
execute and what needs to be achieved.
Step 2: Define Indicators
Indicators are the measurable parameters that serve as a reference for goals to be achieved.
Process indicators track the progress of the program. Such as:
- Age and gender of users
Outcome indicators track how successful program activities have been in achieving program
objectives. Such as:
- Number of glasses sold on various platforms
- New platforms/outlets that bring in the product
- Number of clicks into ads
- Sales Target
- Return frequency
Step 3: Define Data Collection Methods and Timeline
In this step, it is time to choose methods for gathering data and how frequently different data
will be logged to track indicators after creating indicators. This is where staff and
stakeholders come together to discuss this. These techniques will have a significant impact on
the methods of data gathering and the reporting of the findings.
10
The source of monitoring data largely relies on the objectives of each indicator. To address
all of the programming queries, the program will probably require numerous data sources.
The chart that follows gives some illustrations of the types of information that can be
gathered and how.
What needs to be collected:
Frequency of data collection:
11
Step 4: Identify Roles and Responsibilities
This is the step where different roles and responsibilities were decided to collect data for
different indicators.
Step 5: Create an Analysis Plan and Reporting Templates
After all information has been collected, data will need to be compiled and analysed for
review for subsequent follow-up actions.
To gather data on the users to identify market segmentation, we can make use of the “ISee”
Application as the user details such as age and gender can be collected as workouts can be
customized based on their age and gender. Sales data can be collected through various online
or offline platforms to track sales progress from the target. With Google Analytics, data such
as the number of clicks and transactions made through the advertisement link can be
extracted. Sales target and the number of glasses sold on various platforms measure the
progress of successful target market reach for “Isee” where it is a point to determine when the
product is moving to the growth stage of its product life cycle. Return frequency is important
data to find out due to being in the introductory stage, it is prone to manufacturing errors and
we can get feedback from these returns to improvise on the product.
Table X is an example of how this plan turns out after being in the market for a year.
12
Distribution Channels
There are various distribution channels available in the market ranging from E-commerce,
Direct Sales, Retail, Wholesale and Partner Networks. Every channel has its pros and cons.
For “ISee”, we plan to use a 4-prong distribution plan and will be looking at using E-
Commerce, Direct Sales, Retail and Partner Networks to distribute our products.
Under E-Commerce, we plan to set up an online store and sell products through an e-
commerce platform such as Lazada, Shopee, and Qoo10. These platforms are user-friendly
and affordable. Additionally, we plan to hold road shows in high human traffic (such as
Orchard) during the weekends to sell our products and allow potential customers to try them
out before purchasing them, as this direct sales approach is effective for startups like ours
which are selling complex products.
To add on, we also plan to distribute the products through third-party retailers like
supermarkets, department stores, or specialty stores (Such as Courts/Challenger). Retail
distribution will allow our product to reach a wide audience, especially for those who do not
shop online, it will be a good channel for them to get to know our products.
Lastly, we will be looking to collaborate with other businesses or organizations to reach new
customers. This approach can be effective for startups that are selling products that
complement those of other businesses or that target specific niche markets. As our spectacles
are targeted towards a specific group of working adults and the elderly, we plan to tie up with
logistical companies and fitness brands to promote awareness. These organisations will also
help us get more consumers as they could come up with a package service to tie in our
products together with their services.
13
Communication Channels
To achieve a higher market reach, efforts can be made by the following methods:
1. Social media platforms: Social media platforms such as Facebook, Instagram,
Twitter, and LinkedIn can be used to promote the new smart glasses. Awareness and
fundraising could utilize platforms such as Kickstarter. Companies can create social
media pages and share images and videos of the product, its features, and its benefits.
2. Influencer marketing: Companies can collaborate with influencers who have a
strong following and audience relevant to the product. Influencers can promote the new
smart glasses through their social media channels and help generate buzz and interest in
the product.
3. Email marketing: Companies can use email marketing to promote new smart
glasses to their subscribers. They can send out newsletters and email campaigns with
information about the product, its features, and its benefits.
4. Online advertising: Companies can use online advertising channels such as Google
Ads, Facebook Ads, and LinkedIn Ads to target potential customers and promote the new
smart glasses.
5. Events and trade shows: Companies can participate in events and trade shows
related to technology, wearables, and consumer electronics such as IT Fair in Singapore
to showcase the new smart glasses to potential customers and generate interest in the
product. The company could also organize a charity run to fund the Alzheimer’s
Association to cure dementia. This brings a positive image for the company as the
purpose is for the greater good.
6. PR & Publicity move: Companies can issue press releases to announce the launch of
the new smart glasses and share information about the product with journalists and media
outlets and engage Moove Media for billboard advertisements along the MRT pathway.
Traditionally methods such as the distribution of flyers could increase awareness of the
product as well.
7. Product reviews: Companies can provide new smart glasses to industry experts,
bloggers, and reviewers to test and write reviews about the product. Positive reviews can
help generate interest and build credibility for the new product.
14
Sales and Revenue Forecast
ISee’s targeted sales are to capture 2% of total Singapore spectacle users as early adopters in
2024. With a total piece of 1.29 Million according to [Link], 2% of users will equal
25,800 pcs of ISee sold, ISee priced at SGD 499 will have an estimated sales at SGD
12,874,200. Deducting startup cost and advertising cost of SGD 540,000.00, ISee revenue
forecast will be at SGD 12,334,200 in 2024.
Launch Timing
The preferred period to launch “ISee” will be during the IT fair in Singapore (usually in
March) as that will be the period after the year-end festive season and consumers are more
interested in finding out new technologies and products and mid-range products will appear
slightly more affordable. At the same time, consumer data such as preferences and room for
improvement from consumer feedback can be gathered at the event space as the main target
audience will show up at the event itself.
Conclusion
Smart glasses are a new and emerging product in the technology industry and therefore
require a unique marketing strategy to reach and engage with potential customers effectively
by identifying the specific group of customers who are likely to be interested in smart glasses,
such as people who are interested in fitness and outdoor sports, professionals in healthcare
and logistical fields, early adopters and tech enthusiasts. We will be able to develop a clear
and compelling message that communicates the benefits of smart glasses and includes
features such as hands-free operation, augmented reality capabilities, and integration with
other devices, such as smartphones. At the same time, state our product position and how we
differentiate it from competitors, highlight the unique features and position it as a premium
product.
With these in mind, we will develop the optimal combination of promotion and distribution
channels to reach the target audience. This could include partnering with retailers, online
marketplaces, and tech influencers to showcase the products, offering discounts or
promotions, and creating targeted advertising campaigns. Implement influencer, social media,
content, and event marketing. Finally, we will measure the effectiveness of the marketing
strategy through key performance indicators such as return on investment, customer lifetime
value and customer acquisition cost.
15
References
Rauschnabel, P.A., Brem, A. and Ivens, B.S., 2015. Who will buy smart glasses? Empirical
results of two pre-market-entry studies on the role of personality in individual awareness and
intended adoption of Google Glass wearables. Computers in Human Behavior, 49, pp.635-
647.
MarketsandMarkets. (2021). Smart Glass Market by Technology (Electrochromic,
Photochromic, Thermochromic), End-Use Industry (Architecture, Transportation, Power
Generation), and Region - Global Forecast to 2030. Retrieved from
[Link]
The Straits Times. (2021, February 4). Nearly 75% of Singapore firms are accelerating
digitalisation due to Covid-19. Retrieved from
[Link]
accelerating-digitalisation-due-to-covid-19
TEDx Talks. (2018, October 16). The benefits of a bilingual brain - Mia Nacamulli [Video].
YouTube. Retrieved from [Link]
PopSci. (2021, March 15). The best smart glasses: See the world in a new way. Retrieved
from [Link]
World Economic Forum. (2017, May 25). Half the planet will need glasses by 2050.
Retrieved from [Link]
by-2050/
MarketsandMarkets. (2021). Smart Glass Market by Technology (Electrochromic,
Photochromic, Thermochromic), End-Use Industry (Architecture, Transportation, Power
Generation), and Region - Global Forecast to 2030. Retrieved from
[Link]
Statista. (2021). Revenue in the Eyewear market in Singapore from 2017 to 2025. In Statista.
Retrieved from [Link]
UNODC (United Nations Office on Drugs and Crime). (n.d.). Monitoring and evaluation: A
guidebook for youth projects. Retrieved from
[Link]
16
The Compass for SBC. (n.d.). How to Develop a Monitoring and Evaluation Plan. Retrieved
from [Link]
plan#:~:text=What%20is%20a%20Monitoring%20and,updated%20on%20a%20regular
%20basis.
Statista. (n.d.). Eyewear in Singapore - Market Outlook. Retrieved from
[Link]
17
Appendix A
Revenue and spectacle user’s chart retrieved from:
[Link]
18
Table X: “Isee” analysis plan
19
Appendix B
20
21