Discovering Marketing
Marketing Plan
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Summary
Marketing Objectives
The key marketing objective is to increase brand awareness of the Roogenic by 5% within six months. Sales volume is expected to increase by 10%. The new brand will be aligned with the culture of the locals.
Analysis and Evaluation of brand (SWOT Analysis)
| Strengths | Weaknesses |
| 1. Sourced from native plants that locals resonate with
2. Wide distribution in the country something that will increase profits
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1. A narrow target audience of individuals between 25-34 years is selected. Such a target will limit profit growth.
2. Low product diversification. For instance, the focus on lemon-flavored leaves out other alternatives such as honey flavored
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| Opportunities | Threats |
| 1. High opportunities for business expansion
2. Potential demand growth among the younger population
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1. There is a threat of other companies starting a similar business, something that would push demand down.
2. Difficulties shipping to other locations across the globe resulting in reduced sales
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Competitive Audit and Positioning
The main competitive advantage/unique selling point of the product is that it is made from native plants, making it appealing to the locals. The wide distribution of the product in the market will facilitate reaching a high number of customers and enhance brand awareness in the market. The product will also be of high quality, something that will increase selling it at a high price.
Target Market
The target market comprises demographically based, targeting individuals who are 15-34 years old in the middle-income class. In regards to psychographic targeting, the organization will target individuals who use the gum for fresh breath. In terms of benefit, individuals seeking the health benefits of lemon are also likely to purchase the product
Product strategy
The main product strategy is to develop a product made from indigenous materials, something that will be appealing to the locals (AMCL 1). The follower strategy will be employed. Under this strategy, the initial developer of gums incurred the initial cost of research out organization will use that existing knowledge and make use of lemon. The product appeals because it is flavored with gum, a local product. The typical image of the product is summarized below
Pricing strategy
The product is to be sold at $3.90. The main reason for this pricing strategy is that the product will be sold at a higher price as a reflection of its higher quality. The prices may even rise after that to meet the demand. The $ 3.90 is to be used as a penetrating price while the price might improve later. At this price, the product will be in high demand.
Place strategy (distribution)
The key place strategy will be to distribute the gummies within universities. The group of potential buyers is individuals who are aware of the health benefits. The target individuals will be students at Curtin University, Edith Cowan University, Murdoch University, University of Notre, and the University of Western Australia. Non-traditional methods of purchase will be used where the vending machines will be used in the selling of the gums.
Promotion Strategy
Pop up store displays will be used in boosting the awareness of the products in the market. Facebook lifetime budget will also be set aside for promoting the brand on Facebook. It is important to note that social media have a high market reach (Botezatu 21). The use of social media will be highly relevant as it appeals to the unique needs of the customers in the market. The organization will also engage in public relations exercise where it will be using some of the earnings to fund the schooling of the indigenous individuals in the market. The brand image is as presented below
Implementation Plan, Evaluation and Control
When marketing the product, it is important to make sure that a single flavor lolly is produced. The implementation plan will also include starting selling the products at the $3.90 penetration process. In the implementation of the strategy, Facebook adverts will be placed. All distribution requirements will be met. The evaluation of implementation process will be based on whether the marketing objectives are being realized or not (Mariadoss, and Raj 77). In control, an assessment is to be done in every one month to assess
Potential Problem Evaluation (What are the possible problems you might encounter when marketing this product? How do you think you would overcome these issues (control)?
When marketing the product, there are chances that the customers may not be willing to buy at the $3.90 price. In that case, it will be necessary to reduce the price to the point where brand demand and sales are optimal. When marketing the product, there is also the risk that the sales growth will be low. The sales growth will thus be enhanced by increasing marketing communication spending
Implementation plan
References
AMCL. .Why Australian Made Is Important. Australianmade.Com.Au. https://www.australianmade.com.au/media/1142327/ausmade-facts-important.pdf.
Botezatu, Nelly. Data-Driven Marketing.Oakville, ON Society Publishing,
- Internet resource.
Kingsnorth, S. (2019). Digital marketing strategy: An integrated approach to online marketing.
London: Kogan Page
Mariadoss, Babu J, and Raj Echambadi. Future-focused Strategic Marketing. , Hauppauge : Nova Science Publishers,2019. Internet resource.