Essay: ICON technology

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  • Subject area(s): Information technology essays
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  • Published on: February 7, 2019
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  • ICON technology
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Product Description:

The age of smart technology is here. Today we have smart phones, smart watches, smart apps and much more. ICON smartech which is based out of Silicon Valley has come up with ICON dashboard which enables the consumer to make their home a smart home.

The focus of ICON is to create a platform free environment where the consumers have control on all the smart devices and is also integrated to work with 3rd party apps. The main idea of ICON is to give the consumers better control on their smart home with ease of use.[1]

Target Market:

China is now the 3rd largest markets in the world in digital technologies. During the last few years the Chinese tech market has attracted a lot of venture capitalists and are emerging as a rival to the U.S. [2] The rise of the Chinese tech market is due to love for technology by the local consumers. There has been a huge uplift in the number of tech consumers in China. We plan to target these tech consumers with our ICON dashboard. We plan to target the millennials and young families who are tech savvy. There are a lot of differences in the U.S. and the Chinese consumers, the biggest being the language which we plan to tackle by integrating ICON to use multiple languages including Mandarin.

Product:

ICON dashboard is a smart home technology where the dashboard replaces your basic home thermostat. The ICON enables the consumer to control all their smart devices through the dashboard and also use 3rd party applications. The dashboard boasts a number of features like a smart thermostat, voice reminders for events, weather and motion detection as well.

The ICON dashboard has a touchscreen display and is family friendly allowing all the consumers an ease of use. The dashboard is synced with calendar is updated continuously making sure the consumers does not miss any appointment or an event. So, it connects the daily life of the consumer to their home. [3]

ICON is a must have for all the households and can be priced around 150$-200$(USD). Also, the product can be adapted to the needs of the local market i.e. the Chinese Market in our case.

Price:

While doing the pricing for a foreign market there are many aspects we have to consider, the most important being the conversion rate of Dollar against the local currency. The average exchange rate for dollar against yuan in the last few years is 1 USD = 6 Yuan.
While pricing we need to understand that China is one of the largest growing economies in the world and being the leaders in population they also lead in the number of tech consumers which is a great plus. We also have to compete with firms like Broadlink, a start up in smart home technology in China. A moderate pricing strategy needs to be established to maximize the revenue.

Channels of Distribution:

With new regulations distribution in Chinese market is now improved though the licensing is still an issue as getting an approval is difficult and consumes a lot of time. The middle men in the Chinese market include trading companies, distributors and local agents. These three helps to facilitate customs, building sales channels, stocking inventory and retailing to consumers. Entering the market would be a smooth process with these middle men.[4]

Promotion:

Digital marketing is a way to go in China. The Chinese have their own social sites like Wechat, Baidu, Weibo etc. We have to advertise through these websites as Chinese do an extensive research online. The demographics suggests that’s an average Chinese citizen spends 2 hours browsing online. Just like using the social networking sites in China we also have to build a website which follows the Chinese style as it contributes to the promotion. Once we settle in the market getting a good page ranking on Baidu (similar to Google) can also help to boost up the promotions and likely the sales.[5]

REFERENCES:

[1][3] http://fortune.com/2017/11/21/china-innovation-dji/

[2] https://www.crunchbase.com/organization/icon-smartech#section-twitter

[4] https://www.export.gov/article?id=China-Distribution-and-Sales-Channels

[5] https://www.marketingtochina.com/20-best-strategies-for-the-china-market/

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