Product Marketing Plan

Product Marketing Plan

Student’s Name

Institutional Affiliation

Executive Summary

The purpose of the marketing plan is to show how the company intends to achieve the marketing objectives of the company in relation to the marketplace. It will outline the marketing program, the budget allocation over the planning period and also details on how and when to implement the activities of the plan to achieve the goals of the company in terms of marketing. There are different brands that exist of dazzling kits such as jewellery collection, nail polish, makeup or even a set of body oils and lotions. It is a convenient way of buying a set of the things one may need as they are convenient and the kit is still cheaper than buying the items individually. The project will look at the promotion of a new product which is an improvement of the existing dazzling kits. The marketing plan will also look at the different promotional and pricing strategies that will be used to promote the product to receive the expected patronage.

Introduction

The product is a dazzling kit for young girls aged 10 years to 18 years. It should, therefore, contain products that are safe and do not have chemicals which may affect the young girls as they have delicate skin. The Dazzling kit will consist of a pack of jewellery including a necklace, earrings, bangle, anklet and also some hair bands which will have one colour. The kit will also have assorted nail polish and facial oil such as lip oil which is friendly for youngsters. The dazzling kit will be different from all the other kits since it will have a combination of items and the kits will brands by different cartoon models and themes that girls of this range like. It will also have some items that will echo what adults use hence giving the girls a sense of maturity. The kit will also be sizeable enough to fit in a suitcase which is easily carried by the children.

Situation Analysis

Competitor Overview

Every business has competitors which keep the business running and creating other strategies that will better the processes and make the company better than the competitors. For the Dazzling Kit, the main competitor is Dazzle Dry which is a company that processes nail polish and sells it as a package in a dazzling kit. The company has been known to create quality nail polish and sell them in a package that is very economical. This ensures that the target market is attracted to the package as it comes in different colours. The company will achieve a competitive advantage by ensuring product quality leadership and also making a package that is friendly for carrying in a suitcase. To ensure that there is quality, there will be an achievement of total quality management. The company will also differentiate the product from those of the competitors by ensuring that there are assorted items in the package.

Trends in the industry

The fashion industry is one that is growing at a very high rate hence there are many opportunities that are presented. Owing to the fact that the economy is rising and many people may be unable to afford luxuries, it is important to create solutions for the population that will ensure that their needs are met effectively. Teenagers are also becoming aware of their beauty aspects in the present age of technology and hence they should also be considered when creating beauty products. The dazzling kit will provide a one-time solution for the teenagers by providing them with the necessary products that will meet their beauty needs. This shows that there is a great opportunity for product development.

SWOT Analysis

Marketing Objectives

· Increasing the company's revenue and profits to approximately ten % of the total revenues in the past few years.

· To create a competitive advantage over the other competitors through product leadership and quality.

· Encourage the target market for patronage thus increasing the customer base and hence the profitability of the company.

Marketing strategy

Target Market

Taylor (2015) defines a target audience to be a group of people in which the product has been developed for. She continues to consider the target population as the individuals who make up the customer base once the product has been launched. The kit will target the middle class and the high economic classes who are able to afford a vacation. It is expected to have a high customer base because of its content combination. The branding is also expected to attract youngsters which will increase the customer base and patronage of the product. The product is specifically made for teenagers hence the target population is mostly teenagers and parents with teenagers. The target population also includes people who travel a lot for vacation and also due to other reasons.

Positioning

Product positioning is important as it creates a vivid image of the product in the minds of the customers. An effective positioning strategy ensures that the message of the product quality and benefits is communicated in the minds of the target consumers (Richards, 2018). The positioning strategy will ensure that the products meet the needs of the customers. By branding using the different cartoon idols, the teenagers will have a flashback of their earlier life as kids. This will create a specific brand image of the product and will ensure that the teenagers have a wide range of choices in terms of the customization and also the colours. The communication channels will also ensure that there is an effective positioning. For instance advertisements and the various media that will be used to ensure that the product image is clear and very appealing in the minds of the consumers.

Product strategy

According to Kokemuller (2013), product promotion is the key factor to the success of a marketing plan. This can be through advertisements, free media exposure, sales and also public relations. The company will use the media and communication channels that are common to teenagers and young parents. Or instance digital social media platforms are a great way of promoting the product. Many parents are likely to consult social media when choosing the products that they will purchase for their children. Teenagers are also using social media platforms, therefore, creating a great digital platform to create awareness of the product. Advertisements can also be created on the mass media such as television especially in the channels that teenagers watch.

Pricing strategy

One of the major ways to create an effective competitive strategy is through the pricing of the products. This is because the price is likely to reflect on the quality and the efficiency of the product. The company will use a premium pricing strategy that will ensure the product pricing is communicated. However, this might not be taken completely by the target customers as they will insist on the economic options. The product can, therefore, be launched using an economical pricing strategy that will help the product gain a customer base. The premium price can be used when the product has already established an effective selling and product strategy.

Place strategy

The place strategy ensures that the product is sold at effective places such that the target customers are able to access the product effectively. One of the actions that can be taken to achieve this strategy is advising the retailers and self-service shops on where to place the product. It can also be achieved by identifying the various marketplaces that the target population can access. For instance, the high-end economic classes are most likely to shop in large stores such as Walmart and Shoprite hence the company should ensure that the product is available in such stores.

Promotion strategy

A promotion strategy ensures that the product gets known by the target population and they actually become aware of the advantages of using the product. There are different promotional strategies that the company will use including the common strategy which provides that every day is a sales day and encourages discounts on a daily basis depending on the location and the retailer of the product.

Financials

Projected sales

Promotion budget

Controls

The key performance measures that can be used to assess the supply chain of the company include supply chain model form the supply of raw materials which include components and also machinery, the processes, and development process to the launching of the product and the distribution process to the retailers and the consumers. Another element is the ability to own the customers by creating a customer base which allows the company to maintain a low-cost sourcing strategy and at the same time locking the consumers through the production of quality and reliable services. The other measure is the power that the company derives from the consumers (Montgomerie & Roscoe, 2013). This can mean that despite the high prices of the products, consumers are willing to buy the brand hence bringing a competitive advantage to the company. The following are the different controls that can be put in place to ensure that the marketing plan is effective.

· The total budget of the billing analysis and new product research will be 60 per cent of the allocated marketing budget.

· Each project team is responsible for reporting on the progression of their project weekly to the senior management for effective decision making.

· Bookkeeping of the project budget should adhere to the company's policies.

· Any promotional offers will be evaluated according to the sales made on a quarterly basis.

· All referrals and discounts should be referred to the necessary persons for effective actions.

Summary and conclusion

An evaluation of the company's internal strengths and weaknesses and the external threats and opportunities will serve as the basis of analysis for the strategic plan and also marketing plan. The project focuses on the company's growth strategy, suggesting ways in which the product can enter new markets. Also, other approaches such as product differentiation, pricing, and customer valuation will be considered critical marketing strategies to increase the revenue of the company.

References