Good Example Of Marketing Plan Essay

Type of paper: Essay

Topic: Business, Products, Customers, Marketing, Market, Strategy, Competition, New York

Pages: 6

Words: 1650

Published: 2020/11/23

1. Executive Summary
The report is about marketing plan of launch of our new product that is “Sparkling Handbags”. We have launched a new product with a brand name Sparkling Handbags. We will provide our customers with the handmade bags which will enhance the beauty of their hands.
We have started our business in the month of Jan, 2015. We ourselves used that handbags some time before and found them very good, so we decided to start the business of that handbags, as they are very less available in New York. In our business we outsource clutches from Chicago and then sell them here in New York, San Francisco and also in some other markets. We also do online business of our products with the help of social media. We have made a facebook page, where customers give us online orders and we deliver them their desired products. As we started our business so right now we do not have an outlet of our business but in near future we will establish an outlet of our business. Before starting our business we did a market analysis and market research. We asked from many young aged girls of different universities and also from many other young aged females and found that this product will be successful in the market. So, we decided to start our business.

After achieving breakeven point we will expand our business to other cities of US and also internationally.

Market Summary
The objectives of company are to increase the market share, to earn maximum profit and to satisfy the needs of our customers. Our target customers are females of 15-70 age limits. As we are launching a new product so right now our focus is only on females, later on we will also launch products for males and of other age limits.

In US our main competitors are Fendi and Gucci.

Logo
Benefits
Our product can be used for multi-purposes, durable , convenient and value added for personal, office , college , university use and in any kind of function like weddings or casual functions where handmade clutch is easy to carry because of its size and weight and it enhances the grace of females.

PRODUCT DESCRIPTION

Hand bags with light weight, protective, everything mobiles etc. can be put. You can easily carry this smart and modern handmade bag.

Market research

We have done with market research in which we have taken unstructured interviews by showing sample of our product and in which we have measure and analyze the customer attitude toward product which was very positive through market research we have determined the effectiveness and efficiency of our messages which we have to convey on media through online marketing (Luther, 2011).

Mission Statement

“To give a glamorous look to our customer’s hands”
This is the mission statement of our brand. We have launched handbags so that we can enhance the beauty of the hands of our customers and can give their hands a glamorous look.
2. Environmental Analysis
a. Marketing Environment

Competitive Forces

For our business, our direct competitors will be GUCCI, PARADA and other small local shops of bags. We will provide better quality bags on lesser prices, due to which we will get more customers as compared to our competitors.

Economic Forces

While doing business in US, the interest rate by government can have large impact on business and profitability of business.
Political, Legal and Regulatory Forces
In political factors, our business can be impacted by polices by government of US on subsidies. Governmental taxes should also be considered properly while starting business.

Sociological Forces

In US, mostly girls are working women or girls are students. So, for them our business will be proved very good. We can attract more women to buy our bags.

Technology Forces

As now days, mostly people use internet and computers. So, for our business we will use social media for attracting more customers. We will do advertisement of our business through internet.
b. Target Market
We have targeted both the middle class and allied class people. Our product is available in reasonable price so middle class people can also purchase our product.
The target customers are female from 15-70 age limits. We have targeted this age of females because they are fonder of bags and our handbags are available for all kind of events like for parties, weddings etc.
3. SWOT Analysis

Strengths

The price of our product is very low as compared to our competitors.
The quality of our product is very good.
We have own manufactory of handbags in Chicago, So helps in controlling the quality, cost and timing.
The family is already involved in the business of handbags, so it is a big strength for this brand.
People can use the product in different occasions.
Multiple channels have been adopted like we also used B to B channel and B to C channel.
Weaknesses
We only deal with female products not with male products.
The process of outsourcing is time consuming.
Opportunities
In future an outlet of our brand in other cities of US can be opened to attract more customers.
We can increase our product line or can expand our products.
We can export our product to other countries also.
Threats
There can be a change in trends of fashion.
The consumer preferences can be changed.
There is a threat of new entrant.
4. Marketing Objectives

The objective of our marketing is to

Increase sales by 20% in next 2 years by doing sales promotion
Improve product awareness by 10% in next year by doing advertisements through print media and social media
Increase customers
Promote our product through advertisements
Increase in information about the features of product
Increase the revenue
5. Marketing Mix Strategy (4P’s)

Product Strategy

The product that we are offering is handbags. The handbags will be provided in different colors, different shapes and different designs. The customers can also get the customized products. The colors and shapes can be decided on the basis of choice of customers(Aaker, 2004).

Pricing Strategy

In the initial stage we will choose value based pricing because we are giving good quality with low prices. In this way we can attract more customers and can increase our market share(Richter, 2012).
We are following value based pricing for our product in which we prefer the value and quality of our product. We are offering less price with good quality because we are keen to provide best of the services to our customers and to satisfy their needs as customer were very interested to use different and stylish handbags and in future we will focus at innovation by introducing new designs and new colors and going rate concern policy will be implemented because of hard competition which we are accepting to face in future.

Promotion Strategy (The role of new technologies and information systems used in marketing strategy and planning)

We have promoted our product through personal selling within our friends circle and relatives and through online marketing, we have uploaded photos of all colors and displays featuring the product and to promote our product we have presented our products at retailers shop’s shelves.
We have used the latest technologies and information systems for making our marketing strategy and also for planning about marketing. We have marketed our products with the help of social media and SMS marketing(Aaker, 2004).

Place Strategy

The main areas that we have targeted right now id New York. After few months we will also sell our products to other cities of US also.

Distribution Strategy

We have distributed our product through different channels. Channels are sets of intermediaries through which we can easily provide our product to our customer(Aaker, 2004). Our business is based on business to business and customers because we have sold our products to a couple of marts in US and we have also sold our handbags to other customers(Richter, 2012).
b. Competitive Advantage

Competitive Edge

Our competitive edge over competitors is that we provide embrioded products and our product is handmade.
Point of Difference
Our product is different from our customers because our product is easy to carry and it is also embrioded.
6. Marketing Implementation
The business will be located in New York. This is the current position of business. A retail shop will be open in this location. In future the business will be expanded to other areas. The products will be manufactured in Chicago where the family is already doing this business with own manufactory plant. So the products will be outsourced from there. This will help in controlling the cost of business and also assure the quality control system. After outsourcing the products from Chicago to New York, the products will be distributed in New York with the help of distributors, whole sellers, and retail shop and also through online websites. Raw material will be made available in Chicago where the products will be manufactured in already existing manufactory plant and then finished goods will be formed and will then supply to New York.
In the start goods will not be provided to customers on credit because at the initial stage it is necessary to get back all the cost that has incurred in the business. Later on products will be provided to business customers on credit. Like whole sellers and other distributors will be given the products on credit basis in order to sell the products.
7. Evaluation and Controls
With the help of controls there is a measurement of results and identification of any problem or change in performance in which there is a need of correction(Richter, 2012).
In our business we plan to take effective measures for checking the quality of our product and for introduction of new products in future.
In future, we will expand our business to other cities and internationally also. We will also introduce a new product line and will adopt a diversification strategy in which we will introduce a product that will be totally different from our existing product that is handmade clutches. After few years, we will adopt going rate pricing strategy, when we will have more competitors in the market then we will adopt that price which will be prevailing in the market.
8. Conclusion

References

Aaker, D. A. (2004). Brand Portfolio Strategy. New York: Library of Congress
Richter, T. (2012). International Marketing Mix Management. Berlin: Logos Verlag.
Luther, W. M. (2011). The Marketing Plan. U.S.A: Library of Congress.

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