Writing a strategic marketing plan

2. Product

2.1 Mission

JHK Enterprises is a small, family-owned corporation. It is devoted in coming out with new ideas that help to enhance existing products in the market, fine-tuning the products to achieve close to perfection for the consumers’ usage.

JHK Enterprises Mission Statement is short and concise: “To drive Sales and Profit growth by satisfying our consumers by ensuring them that any existing problems that they might face with their current products can be solved by us.” The most crucial component of the Mission Statement is the desire to increase sales and profit of 5% annually after the product is launched in the market after a year. The basic beliefs of the company, however, can be found in this statement. Its mission focuses on sales utilizing consumers’ satisfaction, employee retention, and contentment of both consumers and employees. By establishing the core beliefs of the company and naming customer service as its greatest strength in the Mission Statement, it makes the statement successful as a whole.

2.2 Values

2.3 SMART Objectives

Elements	Description
Specific	Aim to increase sales and profits of the product and satisfy consumers’ needs
Measurable	Aim to increase 5% of its sales and profit annually
Achievable	To conduct market research and competitor analysis
Realistic	To determine company’s capabilities and its resources allocation to achieve the objectives
Time bound	To be able to continue satisfying consumers’ needs and increase sales and profits of the product of 5% over a period of one year.

2.4 About the product

The product is an enhancement of the traditional/existing umbrella. This product is special because it opens inside out and after many years of research, our company is able to redesign mechanics of the umbrella while keeping the familiar look when it is in used.

The new product is designed and made of high quality materials. The shaft is made of aircraft-grade aluminium which is highly durable. On its spoke, the product made use of lightweight fibreglass. The umbrella is then completed with the double canopy using hydrophobic coating. This material is made from breathable fabric and it will minimise the chances of water being absorbed.

There are three main benefits of this new product, which include drip free, opens/closes in confined spaces and lastly, strong/durable in the wind.

The product is designed for general market to use as everyone needs an umbrella. However, the main target group of this new product would be Singapore market, middle/upper class people who aged between 20-50 years old.

2.5 Value proposition

The one design that will resolves all frustrations caused.

The product is made of higher quality materials which result the umbrella to be highly durable. No more troubles to stormy/windy days, no more troubles to wet floor, no more troubles in the crowd and lastly, no more troubles in keeping your important document dry especially in the car.

3. Market Analysis

Geographic

Our product target market will be in Singapore as it is expected to have strategically good location that results in expansion to South East Asia countries being less challenging. Singapore is known as one of the busiest ports in the world. It is located on major sea lanes and it handles 130,000 vessels a year. (MinistryofTransport, 2014) In thoughts of future expansion, Singapore can easily expand to its surrounding countries (Malaysia, Thailand, Indonesia and more) in years to come.

Demographic

Demographic is one of the characteristics of human population. The success of the product is partially dependent on understanding the demographics in the target market.

Singapore has a relatively well-educated population with 96.1% of literacy rate among the entire population 15 years and older (“Singstat,”2010). Furthermore, among resident non-students over 25 years old, 66.6% have either received secondary or higher education with female and male ratio of education differing only by one percent (2010). The well-educated population thus represents a strong local workforce.

Lifestyle & Behavioural

In Singapore, shopping is always a key aspect in people lifestyle. Singapore has a centralized location that provide shopping and dining of an entire street which being convenience access to people.

Shopping continues to remain as key aspect of Singaporean lifestyle. The urbanized country provides citizens with convenient access to varieties of shopping destinations with a centralized location of an entire street, the Orchard Road, dedicated for shopping and dining. With the highly commercialized culture providing ample entertainment and food varieties, shopping occupies large portion of Singaporeans life style. According to the Harris Interactive, shopping habits indicated that 70% of Singaporeans are shopaholics as defined by the frequency of store visitation along with purchasing decisions made in the past four weeks (Singapore Business Review, 2011). The frequent shopping habits of Singaporeans, in turn, increases the chance of success of

Most Singaporeans have a high standard of living with GDP per capita reaching $60,900 in 2012 ranked 6 in the world by CIA World Factbook (2013), indicating Figure 2. GDP per Capita Ranking (2013). Source: cia.gov. INTRODUCING TARGET INTO SINGAPORE 9 existing large consumer base of middle and upper income households who usually demand high quality products and services. With Target stores’ competitive approach in best cost with its offer of reasonable price for high quality products, the implementation of Target is expected to satisfy the increasingly price-conscious consumers in Singapore.

SEGMENTATION

Geographic - Countries that are more rain-prone, Lifestyle – Income status/ owned a car. Demographic - ?

Target

Urban people ? between 20 – 50 years old that belong to the middle/upper class. Profile. Cosmopolitan, fashion, business people; who are looking for something useful (pragmatic people); with a certain lifestyle.

What are the unserved needs?

The creation of this product is due to the frustration caused by the traditional umbrellas. The existing umbrellas available in the market make many struggles as the umbrellas will go inside-out all even break when encountered with heavy rain and stormy/windy days. Not only that, there’s possibilities of getting poke in the eye especially in crowded areas, falling down due to wet and slippery floor and lastly, causing the important documents/items to be drenched.

With all the problems the existing products caused,

Six Macro Trend Analysis (With relevance to Singapore Market)

1. Population/demographic trends

2. Sociocultural trends

More practical. The Singaporean consumer is becoming more sophisticated in his choice of product. He is no longer contented with a simple functional intrinsic benefits 

3. Economic needs

Income status, ,etc

4. Political/Legal/Regulatory trends

5. Technological trends

6. Ecological/natural trends

Raining months (stats)

Porter’s 5 competitive forces

1. Rivalry among present competitors,

2. Threat of new entrants,

3. Bargaining power of supplier,

4. Bargaining power of buyers and

5. Threat of substitute products.

What benefits will the new product offer?

The new product opens inside out which will allow the wet side of the canopy contained on the inside when closed. Hence, this will allow the product dry to handle. With this function, the water droplets will not drip on floor or soak anything it touches.

During rain, getting into and out of the car can be done while remaining dry. Due to its design, consumers can close the new product into the smallest gap of the car door and it will not wet the car seats after closing the umbrella. At crowded places, the new product can be opened over the consumer avoiding poking into people’s eyes.

With the design, the new product is extremely strong, it is unlikely for the umbrella to be blown inside out. A click of the button designed for the umbrella will make it restore back to its open shape. Perfectly good to be used on a stormy windy rainy day!

Bibliography Transport, M. o. (2014). About Transport Matters: Ministry of Transport . Retrieved from Ministry of Transport Website: http://www.mot.gov.sg/Transport-Matters/Sea/What-makes-Singapore-s-port-one-of-the-world-s-busiest-/