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Marketing Plan of Fictitious Product: (Air Conditined Footwear)
Marketing Plan of Fictitious Product: (Air Conditined Footwear)
OF FICTITIOUS
PRODUCT
[ AIR CONDITINED
FOOTWEAR ]
Contents:
Introduction
Marketing plan
Executive summary
Situational analysis
Market research
Competitor analysis
Target market
Barriers to enter the market
Marketing strategies
Mission statement
Game plan
Marketing mix
Product
Price
Promotion
Place
Swot analysis
Strengths
Weakness
Opportunities
Threats
introduction
WHAT IS MARKETING???
According to the American Marketing Association “Marketing is an
organizational function and a set of processes for creating, communicating and
delivering value to customers and for managing customer relationships in ways
that benefit the organization and its stake holders”.
Importance of marketing:
Marketing is everywhere. Good marketing has become an increasingly vital
ingredient for business success and is always a result of careful planning and
execution. It is both an art and science. Financial success of a business always
depends on the marketing ability.
Marketing management:
It is the art and science of choosing target markets and getting, keeping and
growing customers through creating, delivering and communicating superior
customer value.
What is marketed???
Marketing people market 10 types of entities. They are:
Goods
Services
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas
Marketing mix:
4 p’s of marketing:
Product
Price
Place
Promoter
What is a marketing plan???
A marketing plan is a written document that summarizes what the marketer has
learnt about the market place and indicates how the firm plans to reach its
marketingobjectives.
Simple
Realistic
Specific
Complete
Executive summary:
Situational analysis:
Market analysis:
A study was conducted to know about the potential customers, market share and the
sales at the initial stage. The recognition of economic, social or cultural trends such as
changes in consumer behavior was the main objective of marketing research. Students,
athletes, sportsmen were taken into account to gather information about the present
market condition and changes taken in the writing instrument industry. Marketing
research was done to identify the need for effective fatigue free and comfortable
footwear.
Problem solving research was conducted to determine the basis of segmentation and
responsiveness of the various segments. Product research was performed to know best
possible product design and brand positioning. Price plays an important role in buyers
purchase decision. Proper pricing policies should be adopted for creating the
importance in brand selection. Promotional and distribution research is equally
essential to find optimal promotional mix and type of distribution adopted.
The second stage of marketing research involves developing the most efficient plan
for gathering the needed information. This entails decisions on the data sources,
research approaches, research instruments, sampling plan, and contact method.
Data source: To bring together the accurate, complete and reliable data we
have to collect PRIMARY DATA.
Research approaches: Primary data can be collected in five ways- through
observational, focus group, surveys, behavior data and experiments. Focus
Group Research and Survey Research were the prominent approaches for our
product. A gathering of ten to fifteen students, professionals and managers
were invited to spend few hours to discuss about the product. The discussion
was recorded by using audiotape and videotape. The recordings were analyzed
to understand consumer behavior, beliefs and attitudes. A survey was
conducted to learn about people’s knowledge, preferences and satisfaction.
Research Instrument: Questionnaire was used as a research instruments in
collecting the information.
SAMPLING PLAN: After deciding the approach and instruments, a sample plan is
made. Sample plan consist of three decisions. They are:
Survey research:
A very extensive survey is conducted to know the opinion of consumers about the
footwear in the present existing market and about their requirements in the foot
wear.
How different did you find the product from other products?
How useful did you find the product?
Is the price of the product acceptable?
Is the design of the product convenient for use?
Any other suggestions for improving the product?
Athletic/casual,
Outdoor
Dress.
Agreement was also found when respondents were asked to generate the factors
they look for when purchasing footwear. The major factors they included are:
Quality
Comfort and performance
Price
Style.
Likewise, respondents were also asked to list out the negative aspects of
footwear and footwear use. The major negatives they identified were:
Sweaty feet
Stinky feet
Too warm/ hot
Not waterproof
Materials rip and fall apart
Competitor analysis:
We are introducing a new product in the market so there are no competitors for
our product. It will help in building brand strength of the product. Better service
will be provided in affordable price. But we may face competition from the
presently existing air bags and gel technologies.
Target market:
The market is primarily targeted at young lot of the customers in the age group of
15-30. It mainly aims at athletes, sportsmen and students. Later it aims at targeting
variable market segments through its diversified designs.
Mission statement:
To make all the customers aware of the product, to build up brand strength and to
achieve 20% of the foot wear market.
Game plan:
Product:
Product benefits:
Durable
Stylish in design
Affordable price
PEOPLE:
Market segment consist of group of customers who share a similar set of needs
and wants. The marketer’s task is to identify the segments and decide which one
to target. Two broad groups of variables are used to segment consumer markets.
Major segmentation variables for consumer markets are geographic,
demographic, psychographic and behavioral. Geographic segmentation calls for
dividing the market into different geographical units such as nation, states,
regions, countries, cities or neighborhoods. One of the major geographic
segmentation variables relevant for marketers in India is the division of markets in
to rural and urban areas. Other variables relevant for marketers are the division
according to region and city. City can be divided into class-I cities, class-II cities,
metro cities etc. In demographic segmentation, the market is divided into groups
on the basis of variables such as age, family size, gender, income, occupation,
education and socio-economic classification. In psychographic segmentation,
buyers are divided into different groups on the basis of psychological/ personality
traits, lifestyle or values.
Promotion:
Promotion is one P among the four Ps of the marketing mix. To
communicate with the user or the potential customer promotion is essential.
Promotion can be done through various methods such as advertisement, personal
selling, publicity, promotion through sales force, sales promotion etc…..
We will also use some more methods other than paid advertising,
such as dealers’ incentives, word of mouth and network of friends and
professionals. This type of advertising will help in covering large area without
incurring any cost. Through word of mouth we can increase the sales because
people get influenced through their peer groups and develop a positive attitude
towards the product. We will also promote our product by distributing the sample
of the products in the stadia, sports coaching centers, gymnasiums and
educational institutions in order to create awareness among the potential
customers.
PECENTAGE
SAMPLE DISTRIBUTION 20%
PERSONAL SELLING 25%
NEWS PAPER 18%
TELEVISION ADS 12%
INTERNET 25%
TOTAL 100%
PRICING:
Pricing represents one of the basic elements of the marketing mix, and it is one
of the most difficult elements. The firm has to consider many factors in setting its
pricing policy such as:
The pricing method which we have selected is MARKUP PRICING. This is the most
elementary pricing method is to add a standard markup to the products cost.
Pricing has been done by adding a standard markup on their time and cost.
By using this formula we have find out the price of the product i.e. Rs 50/-. The
price of the product is high, hoping to recover their cost as rapidly as possible.
This method used for pricing cannot be fatal because there are no competitors in
the market whose pricing will be low. This method has some advantages:
PLACE:
Distribution can be defined as the transmission of goods and services from
producer or seller to the user. We can also say that this is the method through
which the target market user receives the product from the producer.
Distribution focuses on makes sure that the product is accessible at the right time
and at the right place. Various distribution channels should be used to sell the
product and services. To merchandise our product we have addressed all the
metro cities because the customers act as the innovators over here. Metro cities
has been selected as our target market because the people have more buying
capacity and are ready to undertake any type of risk. Thus it will help in
recovering the cost. The distribution channel consist number of intermediaries
such as sales force, agents and representatives.
SWOT ANALYSIS:
STRENGTHS
WEAKNESS
OPPPORTUNITIES
THREATS
FUTURE OPPORTUNITIES:
Can be introduced in various designs as per demand
The technology can be diffused into the entire range of footwear
products