Smart Tourism Foundations and Developments †MyAssignmenthelp.com

Question: Discuss about the Smart Tourism for Foundations and Developments. Answer: Introduction Marketing is one of the most effective tools that is used in order to ensure the success of a company or a brand. This report is going to illustrate marketing strategy for technologically sound rest watch that would provide the customers with some interesting facilities such as diet control indicator. Being a technologically sound product the rest watch is going to be used for Fitness and exercises (Chaparro et al. 2016). This report is going to take into account the basic instruction to marketing strategies in Australia. according to the scholars effective marketing strategies always provide a strong best the company's to promote the newly launch product in the market. as a matter of fact the report constitutes of different segments, these are SWAT analysis of the product and the company, understanding the market segments, The value proposition of the product in the market, effective usage of important marketing mix to ensure strong marketing strategy. This report will also consist of demonstration of a budget in order to place an important understanding for the marketing strategy. Situation analysis: This portion of the paper is going to demonstrate the Strength, weakness, opportunity and threat of the market in their internal discourse. One of the most important analytical tools is the analysis of the strength, weakness; opportunity and threat of internal markets structure with his also called the situational analysis (Khozin, Kim and Pazdur, 2017). In order to find out all for characteristic traits of a market one needs to understand how the products are approached to the audiences or the customers. As a matter of fact it leads to an impact of marketing success. With the idea of such analysis most of the companies are found to have strategized their marketing tools with the help of an analytical approach. Smart watch industry in Australia is capital intensive (Do, Martini and Choo 2017). The global market of smart watch by the year 2020 is projected to be exceeding US $100 billion. Due to robust demand of smart watch in association with other wireless fitness devices the launch of smart watch in the market has become quite significant. Since most of the companies are found to have been focusing on the functional efficiency of the devices, it leads to the generation and increase of compound annual growth rate of the industry up to 76%. From the aforementioned diagram it can be stated that the smart watch market in Australia is highly potential in terms of customer demand. The growth of Smart Watch market in Australia has been observed significantly through the increasing awareness of fitness and healthy lifestyle. The following diagram demonstrates the awareness of physical fitness among the adult Australians. Even the awareness for fitness is highly prevalent among the women in Australia. Following diagram succinctly demonstrates the proportion of 150 minutes of exercise practiced a day (Gretzel et al. 2015). From the aforementioned diagrams it can be stated that the consumer behavior is highly imperative in terms of constituting the thought process for physical fitness. Utilizing such conceptual stream of the customers, the market demand can easily be studied. Significantly, the customers demand has positive trend towards the purchase of smart watch (Williams, 2015). Internal environment Analysis: Strength Weakness i) High demand for digital smart watch ii) The growing CAGR is also a strong signal for the new entry to make an effective market venture. i) High price of the accessories can scarcely attract the middle class customers who preferably choose to purchase manual watch ii) The smart watch market in Australia is only Apple centered and has so far been negative in the acceptance of the other companies with effect. Opportunity Threat i) With growing rate of awareness in both fitness and usage and acceptance of technology, the market for smart watch has huge opportunity in near future ii) Due to being capital intensive, the market of smart watch has the opportunity to expand in the country i) Heavy competition of different operating systems in the market has created continuous threat for the new comers ii) Constant evolution of mobile phones with integrated technological facilities acts as potential threat to the smart watch market. Most of the customers are found to have purchased or shown more interest to purchase mobile phones than to purchase smart watch. Conclusion: From the aforementioned business analysis, it can thus be stated that the Australian market has remained highly imperative in terms of providing effective understanding with the flow of the basic understandings. The market has positive hope in terms of launching the smart watch that has been taken into certain consideration with the effective business analytic tools. Since there has been a positive understanding pertaining to the effective understanding in terms of creating business opportunity with the help of proper business analysis, the budget and the marketing forecast would be highly impacted upon by the progressive business structure. Reference: Chaparro, B.S., He, J., Turner, C. and Turner, K., 2015, August. Is touch-based text input practical for a smartwatch?. InInternational Conference on Human-Computer Interaction(pp. 3-8). Springer, Cham. Do, Q., Martini, B. and Choo, K.K.R., 2017. Is the data on your wearable device secure? An Android Wear smartwatch case study.Software: Practice and Experience,47(3), pp.391-403. Gretzel, U., Sigala, M., Xiang, Z. and Koo, C., 2015. Smart tourism: foundations and developments.Electronic Markets,25(3), pp.179-188. Khozin, S., Kim, G. and Pazdur, R., 2017. Regulatory watch: From big data to smart data: FDA's INFORMED initiative.Nature Reviews Drug Discovery,16(5), pp.306-306. Lu, T.C., Fu, C.M., Ma, M.M., Fang, C.C. and Turner, A.M., 2016. Healthcare Applications of Smart Watches.Applied clinical informatics,7(3), pp.850-869. Williams, T., 2015, November. Using the evolution of consumer products to inform design. InProceedings of the 6th IASDR (The International Association of Societies of Design Research Congress)(pp. 2222-2235). IASDR (The International Association of Societies of Design Research).