out line for marketing

Marketing 310

Marketing Plan Part 1

Arezoo Davari

7

I. Company Description

II. Business Mission

III. Marketing Objective

IV. Situation Analysis

A. Industry Analysis

A. Target Market Strategy

B. Marketing Mix

1. Product

2. Place

3. Promotion

4. Price

A. Marketing Research

B. Organizational Structure and Plan

C. Financial Projections

D. Implementation Timetable

E. Summary

Tates Honey Farm (THF) is a local Bee Farm in the Spokane area that produces honey as well as some of the by products from bees, such as candles. This company is a family owned company based out of a house in Millwood, WA. This business has been a family ran since 1971 and has been passed down through the generations.. Tate’s Honey Farm sells multiple sizes of honey jars, and even sell individual honey sticks. They have been going and setting up a stand in the local farmer markets, and the interstate fair when it comes to town every year. During the Interstate fair THF doesn’t just try to sell honey and gain new customers but also try to teach people about the importance of bees not only when it comes to honey but in all parts of life, and the significance of how bees work together in the hive. The owner Jerry allows for local schools to come and take tours of his honey farm and explains to them how everything works and what each machine does. Some of the time they can even see what they honey combs look like in between each step. This business works with the community, by selling locally sourced honey and teaching the community about bees and the wonders that they do.

“Tate's Honey Farm is a family run business that has been meeting all your beekeeping needs since 1971. We run our own beekeeping operation and provide a location for all beekeepers to stop by and hear the latest news. The coffee is always on and in the winter the fireplace is going. If nothing else come in and talk bees with Jerry, Laura and Kaylee or one of the many beekeepers that stop by to visit. We have beekeeping equipment, honey, pollen, and candle making supplies and provide package bees, queens and pollination services”(THFWeb). Our Store’s goal is to maintain, ease, and strengthen the millennia year old symbiotic relationship between the keeper and the bees.

1. The company has expanded their brand awareness through good public relations and customer care services where they allow local schools to visit. Comment by user: These are all in the past tense. In this section you were supposed to set couple of marketing objectives for the company and then in the second part of the project design a marketing mix strategy to achieve these objectives.

2. The company has also expanded their distribution network by setting up the local stands in the local markets.

3. The company has increased business to business sales by including local stores.

4. The company has increased the sales volume by selling using honey jars and individual honey sticks, thus being pocket friendly to their customers.

5. The company has shown after sales services by virtue of explaining how machine works and showing how the honey combs looks like in between steps.

A. Industry Analysis:

Trends: The honey market seems to be starting to be expanding to the medical market due to fact that honey has key trace elements in it that causes it to have medical benefits, such as fighting cancer. However, other trends of honey consist of expanding the market of honey into other categories in the market like cosmetics. Also another trend is not a new one but it has been expanding since the consumer's have been trying to be healthier and choosing to use more natural sweeteners like honey. Lastly another trend that is happening is putting honey in different types of sauces. For example, honey mustard, honey bbq sauce, and it can be added into alcohol as well.

Competitors:

There seems to be about a dozen main companies that control the global honey industry. Across the globe the price of honey has gone down, but the growth for the demand has been growing throughout the last decade. If through the honey market has only a few big competitors there is an increase in competitiveness due to the fact that other companies in other parts of the market are now introducing honey to their products.

B. SWOT Analysis:

Strengths:

· Tate’s Honey Farm is the leading honey farm in the Spokane area with a 4.9/5 rating.

· Millers Homestead Natural Honey is the only immediate competition. Comment by user: This is an external factor, so it’s an opportunity, not a strength.

· Very strong customer loyalty.

· Deep roots in the community

· Family owned and operated for multiple generations.

· Hours are longer compared to competitors, and is open year round.

Weaknesses:

· Seasonal burden, Queen bees only lay eggs certain times of the year.

· Working with insects is a burden because you can only produce based on their production.

· Package season is only in the summer.

· Climate Change. Comment by user: This is an external factor, so it’s a threat.

Opportunities:

· Open to sell our products through the a merchant.

· Sell through country mercantile.

· Open to creating more beauty products.

· Expand further than the Spokane area, possibly Tri-Cities.

Threats:

· Competitors-May be the largest in this area but the others are not far behind.

· Pricing- Our honey is about $3.00 more than the leading competitor. Comment by user: This is an internal factor. So, it’s a weakness.

· The higher death rate in the honey bee population

V. Marketing Strategy

· Target Market Strategy:

Tate’s Honey farm sales plan is based on the maintaining of local existing base of clientele. The atmosphere created by our shop is a friendly environment for follow up and the informing of continual customers of news pertaining to the field. Tate’s Honey Farm will focus on the existing customer base and expand by world of mouth at our many appearances at local fairs, farmer’s markets, educational community appearances, and the maintenance of positive customer relationships. Running since 1971 we have had decades of experience with the local beekeeping community and their needs. The geographic segment that THF will be concentrating on is the greater Spokane area and possible Post falls, ID. The families and individuals we serve will benefit from our direct experience from our own honey farm and the experience of others shared in the cozy space we provide at our store. Comment by user: So what is your targeting strategy to serve these customers? Niche marketing?

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