Marketing Plan Presentation
rmartinez1206
Module7-IMC--RosaKing.docx9
Integrated Marketing Communication
Rosa King
Saint Leo University
Professor Perry Haan
Integrated Marketing Communication
Executive summary
Today's corporate world is fiercely competitive, with technology and creative ideas reigning supreme. Businesses must stay on top of technological advancements in order to stay competitive, and the brewing industry is no different. The brewing business has recently shown a high level of expertise in creating new brew brands to meet the increasing population's needs (Viana A., 2016). The yoga studio company seems to be growing and lucrative on a daily basis; as a result, businesses in this sector must be creative and inventive in order to capitalize on the available potential, particularly in terms of marketing.
Because the entrepreneurial culture is continuously expanding, organizations and enterprises must find innovative methods to attract and service their consumers. To guarantee that customers get the finest goods and services, much more attention must be given to the manufacturing process. The yoga studio that I want to open is dedicated to using science to provide high-quality goods to its consumers at a time when the globe is experiencing difficult economic circumstances as a result of the Covid-19 crisis. My yoga studio will do extensive scientific study in order to create new yoga services that are not already available in the community, which the firm plans to introduce after the pandemic or when the economy improves.
In order to develop new services and products in my yoga studio that are not already available in the town, the business will enlist the help of a team of scientific experts and other partners to give more information about the other yoga studios in the area. Experts will be required to investigate the most effective mixture for making the finest choice. My suggested yoga studio's primary goal is to take a consumer-centric approach to product creation and distribution, as well as to the target demographic.
Review of marketing goals and objectives
By 2022, increase regular attendance by three times. Determine a baseline for retention and work to improve it. More engagement with local companies and groups, as well as increased name recognition in the community. There's more of a presence now. Increasing the studio's use of technology and social media.
Review of current marketing strategy and performance
Promotion via social networking sites like Facebook and Instagram, as well as email and a monthly newsletter. There will be no sponsored advertising or networking. Students may take advantage of special offers and discounts throughout the summer. Free class passes are used by 35% of returning students. Workshops for students who are new to yoga. Posting on online community sites in your area.
With frequent marketing and outreach, I'd want to become more consistent.
The company has been in operation for one year. There is no profit. Word of mouth, foot traffic, and social media are all sources of awareness. The original client base's loyalty helps to bring in new consumers.
The broader public, as well as certain neighboring regions, are aware of the situation. Business performance suffers as a result of a lack of time and resources.
Review of current and anticipated organizational resources
Monetary resources Budget for marketing is now exhausted. Teachers that have been with the studio for a long time are invested and ready to take on tasks. Students are very devoted and have a personal relationship with the company. They are glad to help and will ask if necessary.
Surrounded by helpful companies, however there is presently a lack of cooperation. The Chamber of Commerce is an excellent resource for companies and networking, including a list of every company in town.
Identifying the differences between yoga studios and local fitness facilities, which are the main rivals. Yoga studios aren't near enough to compete in a real sense. Pos-fit is the town's sole yoga studio. At local facilities, we're focusing on safety, environmental disparities, and educated and long-practicing teachers vs. inexperienced teachers.
Targeted market
In order to capture the targeted market there are various things I have to know about the potential customers;
a) The current and potential customers
White women aged 35 and above, as well as retirees and professionals, make up a quarter of the population. The working class is divided into two groups: pink and white collar. In this sequence, mostly from the town, Independence, and Lees Summit. Younger kids, including high school students, seniors, students with health issues, people of color, and individuals of different nationalities and cultures, who live in the Raytown neighborhood. Students that join the studio and buy class tickets are purchasing influencers and decision makers, although they may confer with their spouses before making the purchase for budgetary reasons.
b) The need of the customers
Benefits offered for customers' requirements include health, well-being, stress reduction, balance, emotional, community, and increased understanding in general education about yoga. Short-term sickness, work and schedule changes, vacations and holidays, the start and end of school years, relocation, and personal discipline in practice are all factors that affect service purchasing choices. Maintaining a yogic atmosphere in terms of cleanliness, natural vs. chemical items, and no shoes in the studio are all important considerations.
c) How do the customers select yoga studio services
One of the most appealing features of Pos-fit's class packages is the considerable price difference between it and other yoga studios in the area. This provides a comfortable pricing range for the local population, allowing them to concentrate on their well-being rather of looking for or traveling elsewhere.
In comparison to the number of new clients, there is now a greater retention rate. While we would want to shift the emphasis to prospective clients, it is clear that our students have significant brand loyalty to the studio, with many of them refusing to take courses at other schools.
d) Why do potential customers fail to purchase yoga studio services
The biggest issue right now is that non-customers either aren't aware that a yoga studio exists in their area, or they are hesitant, if not outright frightened, to join because of their beliefs. Yoga is still often misunderstood as a religion, and many people are afraid it will conflict with their faith. Because they are already acquainted with the YMCA's aerobics, Zumba, and boot camp programs, they feel safer and more at ease attending them.
While the studio's price is targeted at the local community, it has been under-marketed in many ways. 1. Direct communication to particular parts of the community, such as a. persons of color and b. individuals who are new with yoga practice and may be afraid of it. 2. The proprietor does not have enough time to develop and implement these campaigns.
Converting these non-clients into regular, loyal consumers will determine whether Pos-fit succeeds or fails. We need to find a method to ease them into the yoga world since this untapped population is reluctant.
Product description
Yoga studios have exploded in popularity and size. Yoga studios may be found all over the globe. My yoga studios will provide lessons that assist people improve their fitness, flexibility, and overall health while also reducing tension, frustration, and worry. The courses will also aid in the reduction of blood pressure and sleeplessness. Yoga helps to bring the mind and body into harmony. Although there may be some drawbacks to establishing a Yoga studio, I believe there are much more benefits. Yoga has so many advantages, and I'd want to expand the number of people who may benefit from it. There will be classes for each and every one of the courses. Babies, children, adolescents, expectant mothers, and athletes will all be able to participate in courses. The courses will assist you in decreasing pain, increasing flexibility, strengthening muscles, losing weight, and boosting circulation, among other things.
I'm planning to post an ad for a yoga instructor. During the interview process, I want to discover someone who is not just interested in the position because of the money, but also because they like the art of teaching yoga. To begin, I want to rent an office and hold some sessions outdoors to see how things go. The goal is to create a tranquil atmosphere where individuals may unwind.
Strategic focus
The marketing plan's overarching strategic emphasis is on specialized marketing activities in order to raise awareness among a larger proportion of the Raytown population. This group includes those who are new to yoga and are ignorant of the studio's presence, as well as persons from lower socioeconomic backgrounds, people of color, and people of various ages and fitness levels.
More awareness would be raised via promotional initiatives such as improved signage, local newspaper and radio advertisements, email campaigns, and social media. Creating events with nearby companies, being physically at the studio during quiet hours to take advantage of foot traffic, seminars, and many other activities to raise awareness will all be part of the marketing strategy.
Integrated marketing communication strategy
IMC objective: To raise knowledge of Pos-fit's presence, as well as understanding of what a yoga practice is, among potential consumers in the town, and to encourage new students to buy class packages.
IMC strategy: This approach will be determined by the target audience that the studio want to reach. A promotional strategy/discount will be introduced for elderly people. An informational/promotional approach will be developed for the niche that is ignorant of the yoga facility or what yoga really involves. Promotions will be centered on the concept that yoga is appropriate for everyone, and the welcoming, non-judgmental atmosphere of the class will be emphasized for those on the lower end of athletic ability.
IMC budget: the promotional budget will be $1,000.
Advertising strategy
Public relation strategy
Connect with locals, especially bloggers and/or people who live a healthy lifestyle, and give them free courses so that they may publicly share their experience. Create incentives for existing and prospective students to share their pictures and experiences of Pos-fit on social media by tagging Pos-fit in their posts.
Advertisements - use an emotional pull approach to acquire new consumers by focusing on the narrative rather than simply the offer. Local Business Collaborations - network with well-known local companies to see how you can collaborate and promote each other's websites and social media accounts.
Pull marketing strategy
To raise awareness and demand, incentivize word-of-mouth referrals. Continually maintain client relationships by using instructor/class pictures and videos to pique interest and promoting it on social media. Sponsor local events, organizations, companies, and so on. Ask questions on social media to encourage contact with followers and to allow them to ask inquiries or voice issues. Monthly newsletters, promotions, class information, instructional material, resources, and other email campaigns.
Push marketing strategy
Rent a booth at a local event to hand out promotional and informative marketing materials and network with other local companies. Direct sales to members of the local community. Collaborate with local businesses to promote Pos-fit's events and services. Displays at the point of sale, as well as online class purchases with a discount.
Reference
Viana, N.A., 2016. Digital wine marketing: Social media marketing for the wine industry. In BIO Web of Conferences (Vol. 7, p. 03011). EDP Sciences.
