Create a product or service that you want to market (keep it simple). Be creative (don't market a product or service that already exists).
Using the course resources, develop a marketing strategy and marketing mix for this product.
Even though your product/service is not real, imagine that it is and think about the environment in which you would market it.
Include an analysis of the marketing environment and marketing strategy (target market and value proposition).
Include a detailed overview of each element of the marketing mix (product, price, distribution, and marketing communications).
Select a product or service that you would like to introduce to the marketplace. It may be a product or service from an existing company or a new concept.
Prepare a 1750 word outline of a Marketing Plan for your selected product/service.
Include the following elements in your outline:
- A brief description of the product/service being offered.
- An analysis of the market in which the product/service will be offered.
i. Size and demographics of the markets
ii. Potential competitors (if any)
- An analysis of the marketing strategies that will be used for the introduction of the
iv. Sales support
Description of the product
The product that my company developed, is not only efficient, but will be affordable and is a dream com true for everyone. We focused on keeping the product efficient in order to produce popularity and make the product marketable. The focus of my intent was to come up with a product that serves a very important purpose and that's efficiency, which will minimize the time in doing Laundry. The concept is environmentally safe, convenient, efficient, and cost effective. It is somewhat like a drier sheet, but we have created the product for a whole different purpose. The
name of the proposed product is Quick Clean. There are many drier sheets and fabric softeners available to the consumer and most reduce the wrinkles and static as promised. My product looks like a drier sheet, but serves a different purpose. Quick Clean is placed in the drier with stained clothes and removes the stain in ten minutes and removes wrinkles out of any clothing and fabric. The sheet dissolves in the 10 minutes of usage so there is nothing to throw away. This product provides a dual purpose, the first is making the process of getting stains out simple and not messy and the other is a more efficient product in cost and convenience.
The mission statement of the company could be: Make it clean
Our organization will maintain strong growth as a provider of high quality cleaning products to our consumers. We will strive to consistently be perceived as organization that is professional, trustworthy, accurate, and timely. We will offer the innovative products and services and there by meeting the objectives all the stakeholders of the firm.
The vision is to become a market leader in the category by developing a long list of satisfied customers who will refer the company's products to the next generation of homemakers.
Our SMART GOALS:
We want to cater to the mass segment of populations of USA by satisfying their cleaning requirements quickly and conveniently.
To realize an annual growth rate of 20% greater than the previous year.
We wish to establish successful partnership consumers. Other objectives are:
- Establish high brand image of Quick clean in the mind of our consumers and dealers and providing them innovative products and services at reasonable cost.
- Investigating new markets that meet our marketing criteria by providing products suitable to our economic and social climate and using ecommerce infrastructure to become low cost value added consumer marketing firm.
Increasing revenue through:
- Our Internet infrastructure
- Pursuing publicity
- Sending direct mail
- Satisfying the consumer with innovative cleaning products
- Posting content around the Web
- Participating in discussion groups
- Improving my Web site and e-infrastructure
To become one of the top three players in this segment in one year.
STRATEGIC MARKETING PLAN
MEANING OF MARKETING PLAN
A Marketing Plan is a written document that details the actions necessary to achieve a specified marketing objective(s). It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.
In general terms, it must:
* Describe and explain the current situation
* Specify the expected results (objectives)
* Identify the resources that will be needed (including financing, time, and skills)
* Describe the actions that will need to be taken to achieve the objective(s)
* Devise a method of monitoring results and adjusting the plan where necessary
A sound marketing plan is key to the success of your business. It should include your market research, your location, the customer group you have targeted, your competition, positioning, the product or service you are selling, pricing, advertising, and promotion.
Effective marketing, planning and promotion begins with current information about the marketplace. Visit your local library, talk to customers, study the advertising of other businesses in your community, and consult with any relevant industry associations. This interactive tool will help you assess your marketing strengths and weaknesses.
Strategic marketing is essential because we have to inform our customers how Quick clean differs from an ordinary drier sheet or fabric softener. If our target audience is not aware that they can have the other products which may not satisfy the needs. With a successful marketing campaign we can fill the void in the market that lies between a simple cleaning product and our product.
a. Consumer analysis
It is of very much importance to it. The factors like age distribution of population, life expectancies etc. It will include study of following factors:
- population size and distribution
- age distribution
- education levels
- income levels
- ethnic origins
- religious affiliations
Thus we can see that the Income levels in the global economy are increasing. Population growths in the developed countries have been stable but countries in the emerging economies like India have good growth. The education level is also increasing. All these are positives for the consumer goods industry. One has monitor the economic trends like GDP trends, Interest rates, Money supply, Inflation rates, Unemployment levels, Disposable income.
These include people's lifestyles and behaviors ? where they like to vacation, the kinds of hobbies they have the values they hold and how they behave. To further target the efforts, one has to determine not only who buys (or will buy) your product, but what makes them want to buy it. One has to know what their spending patterns are, whether they are brand conscious when it comes to your product type, what influences their buying behavior, what promotional efforts they respond to most often, etc.
* Attitudes towards:
- materialism, capitalism, free enterprise
- individualism, role of family, role of government, collectivism
- role of church and religion
- importance of work, pride of accomplishment
Here if we see the lifestyle change has got deep impact on this industry. The youth and homemakers is greatly influenced by their peers. They have also less time as they are more busier than earlier.
Our product will be much more comfortable, convenient and reasonable.
iii. Behaviors (e.g. purchase behaviors)
Consumer behaviour is affected by uncontrollable factors. It can be friends, culture, the media, a role model or influences from certain groups
There are following types of buying behaviour based on the type of products that intends to be purchased. Complex buying behaviour is where the individual purchases a high value brand and seeks a lot of information before the purchase is made. Habitual buying behaviour is where the individual buys a product out of habit e.g. a daily newspaper, sugar or salt.
Variety seeking buying behaviour is where the individual likes to shop around and experiment with different products.
iv. Geographical considerations
Proximity to the customer is also an important feature. Our products will be availaible in the leading departmental chains and stores. We will use internet also as internet is narrowing the distance. Now there is no time and geographical distance due to the latest technological innovations. Impact of Internet, virtual online stores, using Internet effectively to ...
This solution provides a comprehensive discussion of marketing course concepts and applications in 5000 words.