Utilizing tools and concepts of marketing, I performed a thorough competitive analysis and developed a marketing plan for Clocky, a brand of alarm clock.
Clocky, the original alarm clock on wheels, is a brand of alarm clock that has been around since the early 2000s. Nanda (creator of Clocky) has been looking for a way to revamp the product and its marketing to adjust to demographics in 2020. With the purpose of making Clocky a more profitable product, I performed a market analysis of the product and ideated a holistic solution.
To begin, I identified the target market of Clocky, as well as the key issues which may threaten Clocky’s success. I applied the concept of consumer segmentation to further zero in on target markets, and built my analysis around understanding the consumer trends of these groups.
My analysis applied key concepts of marketing, including consumer targeting, analyzing the needs and potential of different consumer segments, positioning, and strategy in the context of the four P’s.
Solution
Reinventing promotion and channel distribution
To address profitability issues resulting from poor understanding of Clocky's target audience, I propose the following two adjustments:
To adjust to digital divides and the rise of e-commerce, I recommended that Clocky move its marketing and promotion from TV advertisements to online platforms.
In order to effectively reach its intended demographic, Clocky should focus on a select few distribution channels (e.g., gift shops).