Principles of Marketing
vennamason
PrincipleofMarketingPowerpoint.pptx
MARKETING PLAN
Venna Mason
Tom Maxwell
Principles of Marketing
9/13/2019
Introduction
A marketing plan is a section of business that gives an explanation of what one is going to get or rather attract their customers in order to buy their products or services.
By putting together a written draft of a market plan can help one greatly achieve the sales goals of the product.
In my case, am going to choose a watch as my product for implementation whereby I would wish them to be manufactured by the Rolex SA Company (Bahadir, Bharadwaj & Srivastava, Pg. 610).
The company of my interest has a mission statement which is to be always the best and produce products which are beyond it’s competitor’s.
Product analysis
Newly introduced watch has got unique features which are not available in the other watches which are already in the market.
They are automatic watches or they are referred as self-winding watches which are among the popular watches in the world.
The automatic watches uses the natural motion of the wearing arm to turn a semicircular rotor.
In general it’s a unique watch as compared to other watches which are already in the market.
Market Analysis
Half of the buyers of this new branded watches are people 16 and 35 of the age.
1
This group of the people will purchase as compared to the older people in the market, this is my general market segment.
2
Many purchasers are expected to be impulse, requiring a strong point of purchase support.
3
I will compete directly with other several sellers who are selling almost similar type of the watch.
4
The purchasing power is expected to differ with the gender and age, like young females and males are expected to be more intense in purchasing the watch.
5
Cont.
This age is believed and likely to be very stylish as compared to the other age.
The other group will be the second important segment, who are expected to purchase less branded watches.
The consumer power will also expected to vary with region and product introduction to some region will be of importance and it’s likely to be successful (Wynne, Pg. 78).
Distribution analysis
I will introduce several distribution channels nationwide making sure it has covered almost everybody who wants to purchase a watch, this is because I will limit my potential if I restrict the area of distribution to a specific market area alone.
I will use only the current normal distribution markups.
I will also distribute by selling direct to the consumers in the shop, using retailers and wholesalers.
Promotion analysis
By introduction of several representatives and ambassadors in different regions will greatly help to market my watches and bring out other outlets.
Also will introduce a seller trainer who will train sales representatives and promoters of my product.
In addition I will do a lot of advertising in different channels such as Medias which will reach many customers at the same time.
Giving after sales such as wrapping the watches smartly in attractive papers and also showing the customers on how to operate the watch and giving the discounts will greatly attract many customers and sale margin will rise.
Pricing analysis
My watches I will sell at reasonable prices, to exploit my customers at any given point. By doing this, customers will much be attracted to my shop.
Financial goals analysis
It’s very important to launch a product knowing well how much you’re going to spend and how much profit you want to earn from the product launched.
By setting a reasonable and realistic financial goals is very important to anyone who wants to introduce a product in a given market.
In my business of selling watches I will analyze what I want to return after a given period of time like a maximum of six months and want I will have spent in those six months .
By doing this, I will maximize the chances of success
Competition analysis
Generally, there are several number of competitors in the market. The competitors are either selling the same kind of the watch or almost the same.
I will take advantage of my strong distribution skills and communication skills to compete with my competitors.
I will also do SWOT analysis to determine my strengths, weakness, availability of opportunities and threats in order to compete perfectly with my competitors in the market. In addition I will do analysis of what my competitors are running their business and at what price are they selling their watches.
Also I will look the possibility of getting new market shares where they are less competitors
References
Bahadir, S. C., Bharadwaj, S. G., & Srivastava, R. K. Marketing mix and brand sales in global markets: Examining the contingent role of country-market characteristics. Journal of International Business Studies, (2015). 46(5), 596-619.
Wynne, H. S. 4 Wynnes Boating Manufacturing Company: A Market Analysis and Business Plan for Northwest Arkansas. Sik, O. (2017). Plan and market under socialism. Routledge.Pp. 45-98.
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