Honeywell_FINAL
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- The document discusses Honeywell's Lyric thermostat, including its design, features, benefits, competitors, marketing strategy, pricing strategy, and implementation plans. - Key points include that Honeywell has a large market share of thermostats, the Lyric has a sleek touchscreen design and compatibility across platforms, and their strategy focuses on increasing awareness, bundling products, and partnering with retailers to showcase their smart home systems. - The implementation plans center around TV ads, partnering with stores like Best Buy for demonstrations, virtual tours on their website, and training retailers.
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Honeywell_FINAL
- 1. Nicholas Chen Amanda Ciotuszynski Jonathan Jean Jake Mitchell Automation and Control Solutions
- 2. About The Company • Founded in 1906 • Fortune 100 Company • Publically Traded Company earning sales 10 billion in current quarter. • Own 38.1% of thermostat market share.
- 3. The Product • Sleek classic Design • Touch Screen display • LED Lights • Easy to Install
- 4. Features And Benefits • Wi-Fi connection • Humidity • Fine Tune • Compatible across Smart Home Platforms • Android, iOS compatible mobile application • Smart Alerts
- 6. SWOT • Strength • Compatibility • Accessibility • Research & Development • Capital • Production Capacity • First Alert • Opportunities • Diversification • Partnership with Apple HomeKit • Potential to integrate with existing control and IT systems to enable more advanced applications • Smart home industry predicted to grow to approximately $11.5 Billion by 2019 • Weaknesses • Awareness of Products In Smart Homes • “modest presence in emerging markets” • Public persona • Perception of product as unnecessary • Threats • Google’s Nest • Johnsons Controls York • Ecobee
- 7. Problems • Customer awareness is low. • Security issues. • Perceived lack of product compatibility.
- 8. Customer Profile • Innovators • Early Adopters • Early Majority • Late Majority • Laggards
- 9. Competitor • Nest • Johnson Controls York • Ecobee
- 10. Marketing Strategy • Value proposition: relatively inexpensive, easy to access, easy to install, energy efficient, secure, customer service, reduces costs and integrates easily with other smart home products • Increase awareness of Honeywell’s involvement in the smart home industry through marketing promotions. • Honeywell is currently running promotions on airline with Marriott, JetBlue, gogo, inflight internet, HGTV Martha Stewart, and e-how.
- 11. Pricing Strategy • Optional Pricing Strategy • Security Cameras • Locks • Intruder Sensors • Environmental Sensors • Lighting • Irrigation • Carbon Monoxide Detectors • Bundle Strategy • Discounted rate if all services are bought. • Free Installation
- 12. Implementations • Utilizing key partners to showcase model rooms • Best Buy • Home Depot • Lowes • Ace Hardware
- 13. Implementations • Virtual Tours of Smart Home Systems on Website
- 14. Implementation • Television Ads and Product Placement • HGTV • ABC Family
- 15. Implementations • Secure software • First Alert Professional Security Systems • Increased consumer trust.
- 16. Implementations • Lyric-centric training for retailers.
- 17. Evaluation & CPI • Customer awareness • Unit Sold • Sales Margin • Website clicks – Google Analytics • Survey to measure Consumer Trust & Customer Service Quality • Sweepstakes for free system upgrade.
- 18. Contingency Plan • Offering Apple opportunity to be part of Lyric loyalty program. • Increase revenues by partnering with an already strong and well- known company while increasing compatibility of our upcoming product line.