Marketing Plan Parts 1 and 2

The product that I am suggesting is a GPS tracking system for bow hunters. The initial concept I am proposing is a set of arrow tips that contain GPS tracking devices. The GPS tracking device would not only make locating animals once they are shot with the arrow much easier but it will also allow hunters to track and retrieve stray arrows without a problem. The tiny GPS device will be included in the arrow tip and will remain in the animal once it is shot which will transmit the location of the animal back to the main unit. If the target is missed then the arrow can be easily retrieved and re-used. GPS arrow tips will be initially sold in conjunction with the GPS tracking device unit and can also be purchased separately from the GPS unit as well. When purchased separately the individual arrows will be available in amounts such as three, six, and twelve and will obviously be much less expensive than the arrows sold with the main GPS unit.

The target market for this product would be bow hunters who hunt white-tailed deer or any other game that is legal to hunt with a bow. Hunters typically complain of having problems tracking animals once they have been shot either with a rifle or with a bow. This problem can at times be worse for bow hunters because the shot is not as powerful as a blast from a rifle which may result in a longer time for the animal to collapse and die. Animals shot with an arrow can travel further distances than an animal shot with a rifle which results in a more challenging track. If bow hunters are equipped with a method to track the animals once they are shot they can have a much easier time locating their kill. This system also solves the problem of lost arrows and tips as bow hunters can easily retrieve their equipment if they miss the mark on their shot. Money spent on equipment such as arrow tips is a complaint of many hunters. As a result of this product hunters will not only be able to save money replacing arrows but will also be able to save time searching for their animal and/or their arrows.

IV. Competitive Analysis

Competition Nothing currently in the market -string loaded arrows -flashlight that picks up blood trails (only works on flat surfaces).  The light helps blood reflect more.  This is a dark application because it would be unnecessary in daylight -tracking dogs (not sold in stores).  Cost of training is very expensive The purpose is to track, not kill THIS IS AN UNTAPPED MARKET

Benefits -arrow location -arrow recovery -animal location -animal recovery Once you buy the tracking system it will be difficult to lose the equipment (can't lose arrows because they have tracking devices) Initial cost may be a bit higher, but it's not like you will have to buy equipment over and over again Bow hunting is cheaper than hunting with a rifle, but it takes much more effort Initial cost of buying and sighting in a rifle is much more

(focus on competitors)

For your top two (2) primary competitors:

· Indicate why you have selected these two competitors. Offer a SWOT Analysis that focuses on the STRENGTHS and WEAKNESSES of each competitor.

· Describe of each company, its current market share, its product or service set offerings, its financials (e.g., revenues, profitability, etc.), current positioning within the market, target market that is seeks to reach, recent history (how are they doing?), and how they market themselves to the target market that you also wish to reach.

· Do a comparison of your product or service with that offered by the competition. How will you differentiate your product/service from that offered by the competition? Inherent in your presentation will be why your target market would likely select your offering over that of the competition. If you don’t have a differentiator, your target market won’t see one either.

· Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in which competition already exists. What response should you anticipate? What will be your response to what you project will be their likely response to your entry into the market?

Be sure to address substitutes. Are there any substitutes for your service or product offering? Identify any key substitutes, discussing their strengths and weaknesses of those substitutes that you have selected, when compared to your offering.

Who are your competitors targeting? Who are their current customers? Don't go after the same market. You may find a niche market that they are overlooking (Porta, 2010)

MUST TARGET HUNTERS, BUT THE SPECIFIC TARGET IS BOW HUNTERS

Evaluate 7.1

Marketing Plan Milestone: Financial Analysis and Pricing

Submit part three of your Marketing Plan, which includes the following sections:  V. Financial Analysis  VI. Pricing Structure 

V. Financial Analysis

As a marketer, you need to justify your marketing activities no matter if it's a promotional campaign or development of a new product or service. You achieve this by first having a solid understanding of the financial impact of your marketing initiative and then presenting your financial analysis in a well-structured manner using industry acceptable framework.

In the financial analysis section, the first thing to show is sales (unit) and revenue ($) forecasts. Usually, this is done for a period of 3 to 5 years. You also need to show how much market share you are expected to get, and most importantly, illustrate its return on investment (ROI) using the Net Present Value (NPV) method. To help the management get a better idea about the feasibility of your marketing plan, a break-even (BE) analysis is often required. After all, nobody wants to invest in a new product or service that will only break even in 20 years’ time!

To polish up your work, it is always a good idea to include a sensitivity analysis to show how these forecasts will be changed under various market conditions (good, normal, bad).

In all, your Financial Analysis should consist of the following:

1. Break-even analysis

1. NPV (net present value analysis)

1. Sensitivity analysis for good, normal and bad business scenarios

DETERMINE FIXED COSTS (FC) AND VARIABLE COSTS (VC)

1. Break-even analysis

How to Perform a Break-Even Analysis

Llana DeBare, 2010