Final Marketing Plan

MARKETING PLAN 1 4

MARKETING PLAN

Vamshi Pratap Bokketi

New England College

Marketing Strategies

MARKETING PLAN 1 1

COMPANY ANALYSIS

The organization my choice is General. The core business if General is industrial timing gadgets and consumer clocks as well founded on experience in producing high quality timing movements and plastic casings. This plan is based on giving consumers with a high quality and innovative watches. It will be provided in a multiple fashions for men and women. Both the casing and movement has other possible applications. The 1995 profits if 30 million dollars stands for 7.5% of total sales. Sales growth has reduced to the recent level of 5% per year. Growth in the today market is predictable to be restricted. The Spree watch is one of plan with the chance to improve General’s growth rate. According to the market analysis of the watch market and our strengths, General will then bring in the idea of Spree watch.

SITUATION ANALYSIS

It is noted that buyers of branded style watches are aged between 18 and 34 years. This team buys more watches per capita compared to the older and thus the main market segment. Many buying are expected to be impulse, needing strong point-purchase support. In addition, 70% of the market is focused with firm competition from Swatch.

OBJECTIVES

This is all about the combination of unique, cost-effective design that enables to establish a 3% market share during the first year. In addition, the Spree watch plan will break-even in 1998.

MARKETING STRATEGIES

General organization will bring a new product, the inventive Spree watch through usage of penetration pricing extensive advertising and extended supply to be capable of increasing our revenues and growth rate.

ACTION PLAN

The product Spree watch has a firm product benefit when you compared to the recent market provisions. To attain the objectives of the plan, the organization will give a unique watch in a variety of designs at a proposed retail price of $45. The current supply is above 755 but at this period, it will have extended the distribution to entry the jewelry store retail medium. We will increase our sales force through individuals and include sales trainer to sustain for market plan. Marketing of one million dollars will focus on the unique design of the watch and is subjective to print and point buy display. This kind of advertisement is essential for it creates consumer awareness during the starting period and thus, this will help in achieving the competitive.

In this case, we will introduce between 30 to 40 various designs in the first year. Some of these will have metal case imitating both traditional and current metal design. These are aimed at audience at 25 and above. There will be a series of designs including licensed and infrequent shapes for the market segment aged below 24 years. It is noted that Swatch does not have exclusive licensing for Disney and Warner. Through using these and others we have many items and features and character designs within our line. These products within our line will be of different shapes as per the preferences and taste of various customers. When it comes to the young age, our technology enables the design of watches in the shapes of cartoon character faces.

The price at which the product will be sold will have quality and feature benefits, motivating the usage of the price which is slightly exceeding Swatch. This strategy attached with our efficient production approach helps in attaining our moderately high market share for the incoming product access. During the first year, the product will be introduce to Northeast though but sell to the country market.

Market Segments

General company at the moment attributes items via medium accounting for 75% of watches sales. Branded fashion sales are growing faster compared to the recent item lines. Our innovative items, item design experience, strong manufacturing experience and experience in distributing consumer clocks give a chance for entry and growth in this market.

SWOT Analysis

The strengths in this case entails innovative production approaches gives the chances for new deigns and experience in supply channels for timepieces. When it comes to weaknesses, there is skills in terms of distribution to jewelry stores and in marketing fashion products. Chances or opportunities entails markets growing at a fast rate compared to the recent sales and consumer’s requirement for fashion goods creates a demand for inventive products. On the other hand, threats include strong competition with concentrated market shares and possibility of new market entries.

In conclusion, the market plan will be based on Spree watches. The main targeted group will be people of age between 18 and 34 years of age. The main reason of coming up with this idea is because, that age is noted to have been buying more watches per capita compared to the old people. Various designs of the spree watches will be introduced in the market of gaining revenues. The price of the Spree watches will be a quality and feature benefit, motivating the usage of the price strategy.

References

Buckler, G., Greco, J., Lucas, P., & Mullin, R. (2001). NINTH ANNUAL STERATEGISTS TO WATCH. Journal of Business Strategy, 22(5), 19-19.

Klaffke, P. (2003). Spree: A cultural history of shopping. arsenal pulp press.