MARKETING PLAN PRESENTATION
Running Head: MOMINK APPREAL 1
MOMINK APPREAL 9
MoMink Appreal
Name of student:
MKT 500 MARKETING
Strayer Univ.
May 12, 2019
MoMink Appreal
Introduction
The feedback that I received from the professor was fair and honest. There were somethings missing in the presentation and I believe that I could have worked a little bit harder on in this paper. Momink Appreal is working hard towards satisfying its customers through its mission statement. The short and long term goals that set offer compete advantage to the company because they guide the operations. These include adequate employees and revenue growth through quality production, creation of new products using the efficient technologies to meet customers’ needs thus trust creation and aggressive advertisement.
The environmental analysis is also essential in the company’s operations towards achieving the set goals. Here, since the company is continuously expanding, we must understand the political features like the levels of corruption and political stability is important. Analysis of economic factors like inflation and foreign exchange are also essential in forecasting growth. Understanding the social culture like the educational levels will help the company’s marketers in understanding the markets that they are dealing with. Understanding the present day growing technology will go a long way in establishing ways of utilizing any profitable technologies to generate profits. Legal analysis is crucial in eliminating theft which may be a competitive edge in various stores which we will hope to open in the future.
The SWOT analysis shows strength in innovation, weaknesses due to competition, expansion opportunities and change of customer needs threat. The described feedback above is crucial in coming up with the marketing plans. It will help in developing a mission statement that when read by customers, they will feel accommodated because it explains all that they need. It will also be used in coming up with a goal-oriented market plan, the plan should be focused towards revenue growth through reaching out to customers with new needs. Therefore, it helps illustrate that continuous advertising and marketing is essential in achieving the set goals.
The environmental analysis will be used to set strategies to handle the political, economic, legal, social culture and technology. The SWOT analysis will help determine how best the plan can be used to improve the strengths, curb the weaknesses, maximize the opportunities and minimize the threats.
Momink Appreal Inc. was created in April 2019. In the long run, Momink Appreal will develop, markets and distributes brands in performance apparels, footwear and accessories for men, women and the youth. Momink Appreal hope to have invested both locally; the US and internationally; in Canada, Asia, Africa, Europe and Latin America. We sells the products through wholesalers, direct distribution, and use of stores, retail commerce and e-commerce.
This papers aims at coming up with various branding strategies to grow the brand and thus reveues through the brand name, logo, and slogan and brand extension. It also looks at the possible primary and secondary markets. The positioning statement aims at looking into the possible competition areas against the company’s smooth operations and lastly it discusses the consumer behavior of the target market.
Branding Strategy
This is a plan that will encompass the specific long-term aims that will be achieved with the development of a successful brand. A brand comes with the combination of the company’s features that make it recognized more. A well-developed and implemented type of brand will directly affect the general business including the consumer needs, emotions and the competition levels. A brand brings out the difference between a great company and a mediocre company.
Brand Name
A brand name is the first thing that the audience will come in contact with. Therefore, for a great success, the first impression to the people should be interesting. Therefore, CEOs should not look down on brand name business because it offers sustainable and impactful section of the branding strategy.
A good name easily communicates the business’s information to the people. A good one draws the people’s attention and they will be interested to know more because it is based on brand promises, position and values. A memorable one will keep you going and will the opposite make your work hard in the attempts to make the brand visible. My company’s brand name Momink Appreal was derived from my daughter’s name Monikue that means Madonna, an idealized virtuous and beautiful women. This therefore, gives the customers the impression of love, warmth, espically women which will make them feel beautiful, but also comfortable.
Logo
A great logo has great impact on a company’s sales. This is because it grabs the attention, it give the audience the first impression, it’s the base identity of a company’s and gives a visual memory. Also, it encourages brandy loyalty and keeps you ahead in terms of competition from others. Therefore, companies are mine have always worked hard to come with a great logo.
Our logo is simple and recognizable. It comes the first letters of each word in the Company’s name Momink Appreal M and A are taken and joined to form the logo. The M misses the crossbar for simplicity with the two in white text. This logo will be easily noticed on the company’s products. Its typeface is a combination of smooth edges and sharp point to illustrate that the products are both comfortable and at the same time has a womens touch and softness With a logo’s popularity, most comapanies has be given great success and has also increased sales all over, lets take for example Under Armour. (Kraft, & Lee, 2015).
Slogan
A slogan’s importance relays on the brand’s main message. If it does not represent a company’s vision and values, then the branding will be taken negative by the audience. It is important because it helps customers in remembering you. It should be short and catchy, it should be clear and communicate a variety of product or service information.
Slogans should not be clever, too complicated and give false representation. My company’s slogan is I will protect this house. This gives all the affiliated stakeholder’s like the employees, the customers and the management and even investors to hold dearly the company’s operations. This has grown loyalty among them and it gives them a reason to continue working each moment towards achieving great things.
Brand Extension
This means that, a brand name is still used in production of new products. A successful brand helps a company to produce new items more easily. This is because, the products are easily accepted, and there are lot of beneficial feedbacks on parent rand and the company at large. At Momink Appreal, we have continued to extend our brand in production of new items.
Primary & Secondary Target Markets
The primary target market covers the males and females athletes of all age groups, middle to upper social classes that associate themselves with sports teams or programs. In addition, the target extends to health and fitness lifestyles in the variety of sports who desire strongly to have comfortable fitting apparel and accessories. Most buyers are characterized by; great ambition, achievement and social class people. The demographic segment expansion has enabled us to sell to college athletes of the age 18-25 years and also to youths, men and women in the Orlando and Chicago locations. We are working on getting our prouducts to the Sinapore locations where we will be able to place some of our appreal line with the other competitors. The population estimates ranges from 550, 617 females and 495, 674 males aging 14 to 24 years that make about 19% of the total population. Currently, the females wear 31% of the aggregate business and growth at Momink. This is because women tend to cope with the coming of new fashion.
Most of this women are found in 59% of Asian women, Singapore and 40% of the US women. The men in Singapore feel that they need to be up to the latest attractiveness and since most of them depend on their parents to cater for their expenses, they do not want to let their parents down by a wrong reputation. Despite the primary targets being all social classes, we focus on high income earning individuals who are have financial stability. In its expansion, the company is focusing on younger consumer ranging from 8-18 years whose participation is in recreational activities, school, and community and travelling sports, (Miloch, Lee, Kraft & Ratten, 2016).
The secondary target market covers; the professional athletes, sports team and daily sports fans. They have collaborated with professional teams and athletes that use their products with membership in professional organizations in Singapore. There are also casual wearers who love enjoying gaming activities from live attendance to watching television and are loyal to various sports..
Positioning Statement
Well positioned products go a long way in growing a company’s sales. It is thus essential to position products wisely. The product will be positioned in such a way that there is maximum exposure and hits as many people as possible. The company’s attributes shall be used to position the company against its competitors. Effective strategies and proper actions will trigger the targets mind of our items always. Our main competitor ,Nike whose markets are well established in Singapore but that does not limit the company in achieving its expansion goals. The greatest attribute is quality production of foot wear that offers light weight and moisture absorption at various environmental circumstances. Unlike the competitors who create temperature specific wear, we are trying to be much better.
For instance Nike does not offer cricket, cycling, table tennis and gymnastics apparel in Singapore. Singapore being an island, water activities are preferred like sailing and water skiing and Momink Appreal will be designing an apparel that will offers comfortable and cool environment at similar times. Another positioning strategy is the use of celebrities in the commercials of interest to advertise instead of using celebrities from one nation to advertise in another like Nike does. Also, these celebrities will be chosen from all ages so as to cover the primary and secondary target markets.
PERPETUAL MAP- AHLETIC FOOTWEAR
For customers who want quality comfortability, our brand is the best in offering the footwear that comes in various forms and special features.
Consumer Behavior of Target Market
Considering the consumer behavior in the targeted market, where attributes and emotions affect the buying patterns, then use of an appropriate brand name, slogan, logo, brand extension and positioning statement will offer great success for the business. These things directly touch people’s emotions and if they are positively triggered emotionally, they will buy more but if vice versa, then expect purchase to go down. The company targets the women market segment to grow its sales. The target is identified using demographics and psychographics. Women target falls under the Niche segmentation. It is known that targeting the women emotions is a great deal.
The use of I will what I want motivated women to believe in their achievements and not succumb to any critic. In addition, the income, age, gender and ethnicity were considered in coming with this market segment. The interest in older women and children was not there because of their purchasing power which very low due to no incomes or very minimal incomes. The targets were from Africa and America. Additionally, male genders were also considers though at minimal rates, (Deaton, & Muellbauer, 2015).
Conclusion
References
Deaton, A., & Muellbauer, J. (2015). Economics and consumer behavior. Cambridge University Press.
Kraft, P., & Lee, J.W. (2015). Protecting the house of Under Armour. Sport marketing quarterly, 18(2), and 112
Lewis, R.C. (2015). The positioning statement for businesses. Journal of business, 22(1), 51-61
Miloch, K.S., Lee, J.W., Kraft P. & Ratten, V. (2016). Click check. Examining the strategic and entrepreneurial brand vision of Under Armour. International journal of entrepreneurial venturing, 4(1), 42-57
Key for the map, x,y axes
Expensive
Fashion
Cheap
Performance
Nike
Puma
Momink Appreal
Sketchers
Adidas
Gola
Fila
New Balance
Reebok