Creating a Marketing Plan (Add (Add (Add The Marketing Goal The company intends to offer high quality furniture in the market which will attract the consumers who are concerned more about quality than about cost. The company’s products will be considered as one of the top brands in quality. The goals of the company are as follows: To stay at the forefront of the market as a company that offers quality products. To cater for the needs of the upper class of the society that looks for quality and perfection. To increase the market share by adding new products from time to time realizing the needs of the consumers.
Analysis of the Market The total sales value for the product that is intended to launch was $ 567 million. A look into the past 10 years shows that there was a growth of 8.3% in the given period. It becomes evident that the companies that produce this product do not specifically concentrate on a specific category of consumers. The products available at present are aimed at consumers of all ages and financial statuses.
As Luther (2011, p. 12-14) opines, there is a possibility of attracting the high-end consumers with specialized products. SWOT analysis Strengths High quality products Good financial support Aggressive promotion strategies Attractive brand name Weaknesses No existing distribution channels Need to create brand image Lack of product diversity Focus on a small segment of the market Opportunities No existing brands concentrating on high-end consumers Rising awareness about quality and brand name in the new urban generation New product introductions Threats New entrants Strong competition from the existing companies (Source: SWOT analysis, 2006). The Target Market Segment identification: furniture sets that are of high quality aimed at the high-end users in the existing furniture sector.
Segment needs: the product will cater for the needs of those who care for high quality and brand name. This will be the preferred choice for both domestic and office uses for the ones who care for quality and name. Segment trends: currently, the furniture market shows no segmentation based on the consumer perceptions. That means, no brands in the existing market specializes on a particular group of consumers. So, like most other products, it is possible to concentrate on the high-end users through strong brand name and high quality products that are priced well above average.
Growth potential: According to the reports of Westwood (2002, p. 21), the furniture industry will have a growth of nearly 7.5% in the coming 9 years. Segmentation Variables and Breakdowns Geographic segmentation: the whole nation will be covered, and specific attention will be given to urban and metropolitan areas. Demographic segmentation: the products will be aimed at consumers of both gender, and all races. However, the specific income group aimed at will be the high-end users with an income of above $30000.
The segment will be brand-conscious and quality-conscious. Behavioral segmentation: Informational text will be produced on the history o the product and also about the environmental protection measures taken by the company. In addition, the product will be marked for the easiness to use and move. Positioning Strategy It will be the only brand of furniture that specializes on the high-end consumers. The products will be well-designed and of good quality. It wants to position itself as the choice of those who wants to get quality, brand name, and good looks (Debelak, 2000, p.
25). The Promotion Strategy Objectives: To create strong awareness about the launch of the new brand in the consumers. To create a brand image as a high quality product and as a symbol of luxury. Message: The promotion will give the message that the new brand is a high quality brand that aims at quality and perfection, and that the brand indicates quality and high status. Concepts: Your furniture indicates your standard Well fitting furniture is very necessary for the perfection of office and home Only the perfect looks for perfection in furniture Selection of media The advertising campaign will make use of all media ranging from television, magazines, internet, and outdoors.
In all these media, the company will provide such an image as the best choice of the ones who look for quality and perfection. Monitoring techniques In order to observe the progress of the brand, there will be monthly progress reports that will indicate the rise or fall in the sales. In addition, there will be specific timeline set to reach each growth target.
Finally, outcome measurements will be undertaken in order to decide further course of action. Budget In one year, if the company managed to sell 50000 pieces of furniture, or if it manages to capture 10% of the market, it will be able to generate a profit of $ 500000, an average of $ 10 per piece of furniture sold. Estimated cost: $ 250000 Revenue: $5000000 Creating a Suitable Marketing Plan 1. Marketing goal 2. Marketing objectives primary objectives sub-objectives 3. Target market segments Why Desired exchange 4. Marketing strategies Market penetration Market development 4. Promotional techniques 5. Monitoring techniques 6. Budget References Debelak, D.
(2000). Marketing Plan: Develop a Comprehensive Sales and Marketing Plan for Your Business, Service or Product. USA: Adams Media. Luther, W. M. (2011). The Marketing Plan: How to Prepare and Implement It. New York: AMACOM Division American Management Association. SWOT analysis. (2006). SWOT analysis method and examples, with free SWOT template, 1-11. Retrieved from 25 January 2012 http: //istdkochi. org/pdf/swot-analysis. pdf Westwood, J. (2002). The structure of the plan. In The Marketing Plan: A Step-by-step Guide. UK: Kogan Page Publishers.