Study On The Optimization Of Marketing Strategy Of Company A’s Smartwatch Business In The Indian Market

The global smartwatch market sales have declined since 2022,and the performance of the sluggish domestic market,the collapse of European companies,and the weakness of the U.S.market have made the market opportunities less and less.The continuous impact of the new crown epidemic on the global economy and the intensification of competition in the U.S.and European markets have forced business operations to turn to exploring new markets and require enterprises to improve their own operations in the face of the new market environment,so they need to adjust their market strategies in a timely manner.In order to adapt to such changes,enterprises not only need to improve product quality and R&D technology internally and learn advanced management experience,but also need to carry out enterprise marketing promotion and new channel development externally to further expand the international market.Therefore,Company A took the Indian market,the fastest growing global economy in the post-epidemic era,as one of the target markets for its marketing strategy.However,Company A has only entered the Indian market for a short period of time,and despite its achievements,it has not done a thorough research on the segmentation,brand and product positioning of the Indian market,so its crude marketing strategy needs to be further optimized.This paper takes Company A’s smartwatch business as the research object,and uses literature analysis,interview method,and questionnaire survey method as the main methods to systematically study the current marketing situation,marketing problems,and the selection and implementation of marketing strategies of Company A’s smartwatch business in the Indian market.Firstly,on the basis of the research questions,the domestic and foreign research results related to smart watches are systematically sorted out and compared and analyzed as the basis and theoretical basis of this paper.Secondly,an overview of Company A’s smartwatch business and its marketing status in the Indian market is introduced,and the main problems that exist at present,such as unstable product quality and uncompetitive price,are systematically analyzed and identified,and the reasons for the problems are further analyzed,including the company’s low R&D efficiency and high cost.Again,using tools such as PEST analysis and five forces model,the marketing environment of Company A in the Indian market was comprehensively analyzed.The analysis concluded that Company A leveraged favorable external conditions including the continuous development of domestic smartwatch chips,the huge market potential in India,the large young population in India with strong purchasing desire,and the favorable import tariff policy enacted by the Indian government,which provided a favorable international business environment for Company A to expand its smartwatch business into the Indian market.Then,Company A’s smartwatch business was affected by unfavorable factors including the weak purchasing power per capita in the Indian market,the negative impact of global inflation and epidemic on the Indian market,and the low efficiency of the government when entering the Indian market.Meanwhile,the internal environment of Company A was systematically analyzed and it was found that the company had low management level,weak team cohesion and low work efficiency etc.The advantages of Company A were that it had cultivated the industry for ten years and had a certain market share,strong comprehensive R&D capability,unique products,strong flexibility of the company and competitive advantages in the market segments of ECG watches,GPS watches and 4G watches for the elderly.However,the company’s internal management is not standardized,product cost and pricing are high,marketing efforts are insufficient,product quality is unstable and the supply chain is weak,which limits the development of Company A’s smartwatch business in the Indian market.Based on this,a SWOT analysis was conducted.Finally,the marketing strategy is optimized for Company A’s smartwatch business in the Indian market by applying the STP theory to select a suitable target market as well as to do a good job of market segmentation and target market positioning.Company A’s smartwatch business in the Indian market is suggested to continue to play the advantage of product innovation to develop the blue ocean market,strengthen cost control and implement categorized pricing strategy according to customer classification,focus on Amazon India and local Fliparkt e-commerce platform for online channels,develop different channels according to product segmentation,and adopt omnichannel marketing to increase the marketing strategy for exhibitions,professional 2B platforms,overseas social platforms,new media,etc.The company has adopted an omnichannel marketing approach to increase the exposure and visibility of the enterprise by means of online marketing,overseas social media platforms,new media,etc.Based on the four aspects of institutional system,financial guarantee,supply chain optimization management and the establishment of a professional overseas marketing team,specific measures are proposed to ensure the implementation of marketing strategies.The research in this paper is of great practical significance to the development of Company A’s smartwatch business in the Indian market and its long-term development.It also has some reference and inspiration for the marketing strategy development of other related smart wear companies that have entered or will enter the Indian market.