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Marketing Management - Marketing Plan Assignment - Final
Marketing Management - Marketing Plan Assignment - Final
Marketing Management - Marketing Plan Assignment - Final
MARKETING PLAN
Opal Ruiz
Terryann Bodden-Bravo
Marketing Management
The company that a marketing plan is being proposed for is Tortuga Rum Cake Co.
According to Winer and Dhar (2011), a marketing plan is referred to as a written document
which outlines the various guidelines for a companys marketing strategies and programs
throughout the planning period. In reality, many small and medium-sized enterprises (SMSE)
such as Tortuga Rum Cake Co. do not have a proper marketing plan in place. However, the
needs of society are ever changing and hence the methods needed to increase brand awareness
are also different from what was done traditionally (Parrott, Muhammad, & Holliman, 2010). As
a result, it is necessary to have a culture that prioritizes the needs of customers if a small business
wishes to be effective and successful in the market (Parrott et al., 2010). Furthermore, a strategic
marketing plan is principally centered on gaining a competitive advantage (Verma, 2012). Winer
and Dhar (2011) states that a competitive advantage in the market refers to the strategic
marketing plan can enable Tortuga Rum Co. to develop or maintain a competitive advantage in
The company has to establish itself in the market and develop strategies to ward off
possible competition in order to maintain its competitive advantage (Verma, 2012). Some of the
strategies which may be used by Tortuga Rum Cake Co. to ward off competition include
competitor targets (Winer & Dhar, 2011). Furthermore, this plan will focus on the companys
rum cakes as a product differentiation strategy due to Tortugas rum cake being unique in the
industry; however, some of the marketing may also encompass the wines and spirits. The main
TORTUGA RUM CAKE CO. MARKETING PLAN 3
aim of this marketing plan is to coincide with the companys goal of maximizing profits and
market share in the bakery industry. If the company can get the products seen by more
customers, there is a better chance that they will actually buy them. The plan also seeks to utilize
both a market penetration strategy and market development strategy to increase product
awareness within the target market (Winer & Dhar, 2011). A market development strategy is an
effective approach as it will enable Tortuga Rum Cake Co. to segment the target market in order
to specifically target potential customers who have not yet purchased the companys product,
thereby increasing product awareness (Winer & Dhar, 2011). Furthermore, the market
penetration strategy will also be an effective marketing strategy as it will enable Tortuga Rum
Cake Co. to further penetrate the current target marketing by specifically targeting existing
customers by getting those customers to purchase more rum cakes, thereby increasing customer
loyalty (Winer & Dhar, 2011). Therefore, this marketing plan seeks to outline various strategies
that will enable Tortuga Rum Cake Co. to increase product awareness which entices more
customers to purchase rum cakes and this ultimately translates into increased productivity and
profits.
In order to enhance its marketing mix, Tortuga Rum Cake Co. has developed various
objectives. According to Winer and Dhar (2011), the marketing mix is a particular set of
well as customer relationship management which implements the marketing strategy. In a similar
manner Khan, (2014), states that the marketing mix is the primary idea of marketing and it is
described as a set of maneuverable marketing tools used to bring about a particular action from
the target audience (Khan, 2014). In 1953, the American Marketing Association presidential
speech invented the term, marketing mix, which is also referred to as the Four P's i.e. product,
TORTUGA RUM CAKE CO. MARKETING PLAN 4
price, place of distribution, and promotion (Khan, 2014). The aforementioned factors are the
basis of a marketing strategy which is used to implement a marketing plan (Khan, 2014). It is the
aim of the company to have Tortuga Rum Cakes as the number one selling cake in the Cayman
Islands. It is also the companys objective to have the cakes featured and sold by all
supermarkets and liquor stores on the island. According to Winer and Dhar (2011), slotting
allowances is an effective approach for increasing product awareness in retail areas such as
supermarkets and other retail outlets. The company also has intentions to open for limited hours
on holidays so that customers can buy fresh cakes to enjoy on various holidays throughout the
year. The company aims to sell 150 cakes on a daily basis. Cakes are to be made in clean
hygienic workspaces. The customer base needs to be continually developed and expanded by at
least three to five percent each year over the next five years. Furthermore, Tortuga Rum Cake
Co. will strive to increase target sales by the same percentage for the next financial year and
open an additional three stores in different districts throughout Grand Cayman and will also look
into the feasibility of having a location in the sister islands, Little Cayman and Cayman Brac.
Tortuga Rum Cake Co. intends to attract a myriad of customers from all over the Cayman
Tortuga Rum Cake Co. is a local bakery that makes rum cakes with stores located in Jamaica
and the Cayman Islands. The company was founded in 1984 (Tortuga History, n.d.). The plan
of Tortuga Rum Cake Co. is to attract and retain the interest of its customers by offering various
different flavors of the rum cake product. The target customers are locals as well as tourists who
visit the island. In order to achieve its goals, the company endeavors to offer its products at
competitive prices and made with the best quality ingredients. The company prides itself on the
TORTUGA RUM CAKE CO. MARKETING PLAN 5
uniqueness of the products that they offer to its customers. Different sizes of the rum cake
products are sold which also includes variety packs. As part of this marketing plan, the company
will outline its marketing strategy. Various tools will be used to advertise and market the rum
cake products. These include the companys website, brochures, and advertisements in local
magazines. The company will develop its referral strategy in order to convert more potential
customers into buying customers. The aforementioned factors will enable the company to
establish a strong presence on the island and appeal to potential buyers overseas.
Winer and Dhar (2011) states that the target market describes a particular segment or group
of customers that the firm has decided to pursue and focus its marketing strategy on. The target
market or target customers for whom Tortuga Rum Cake Co. focuses its marketing strategy are
locals as well as tourists that visit the Cayman Islands. Therefore, the two distinct segments that
Tortuga Rim Cake Co. seeks to attract are local people and tourists. It is crucial for the firm to
identify its core target segments as different customer segments have different values and are
looking for specific benefits from the product (Winer & Dhar, 2011). Therefore, both the local
customers and tourists have different values and are looking for different product benefits.
Hence it is these perceived values and benefits that guide the marketing strategy. However, there
is no focus on specific income brackets. The company wishes to provide its products to as many
people as possible by using quality products and good customer service as a backbone for
everything that they do. This philosophy is also supported by Winer and Dhar (2011) who states
The unique selling proposition of this company is the uniqueness of its rum cake product.
As a result, the unique selling proposition of Tortuga Rum Cake Co. is the uniqueness and
quality of its rum cake and hence focuses on a product differentiation approach. As mentioned
which customers are willing to pay for. Furthermore, Tortuga Rum Cake is one of the only
products that are made in the Cayman Islands for export. Tortuga Rum Cake Co. positions itself
in the market as a competent, innovative brand who strives to please its customers. The
company feels that the rum cake brand attracts a variety of people over different classes. The
rum cakes being sold are what differentiate Tortuga Rum Cake Co. from other local bakeries.
As mentioned, Tortuga Rum Cake Co. seeks to use product differentiation as a key
loyalty, and increased sales. The unique factors of Tortugas rum cake enable Tortuga Rum Cake
Co, to have a differential advantage in the market. Winer and Dhar (2011) states that a
differential advantage is one of the three aspects of the core marketing strategy which consist of
a statement of how a particular product is different, unique, and better than competitor products.
Therefore, the unique selling proposition of Tortuga Rum Cake Co. is that its rum cakes are
unique and made with the finest quality Tortuga Rum and other fresh ingredients hence Tortuga
The pricing and position strategy is an essential component of the overall marketing plan.
Furthermore, the price of a product is often what makes or breaks a sale transaction hence the
expectations and the overall target market (Winer & Dhar, 2011). The company sells 32 and 16-
ounce size rums cakes as well as variety packs with small 4 ounce cakes inside (Our Best Selling
Products, n.d.). In terms of prices, a 32 ounce cake typically sells for CI$32.95 and $24.95 for a
16-ounce cake (Our Best Selling Products, n.d.). It is important to note that price is a notable
aspect of the product which can result in a customers decision to make a purchase, and by the
same token price is directly linked to margin per units sold (Winer and Dhar, 2011).
While the prices displayed may seem high to some customers, it should be considered
reasonable due to the ingredients that are utilized especially the Tortuga rum being the most
expensive. Tortuga Rum Cake Company sells quality made cakes with only the best ingredients.
The company proposes to review pricing on an annual basis to ascertain whether increases are
needed. However, as much as possible the company attempts to meet revenue goals through
volume and not necessarily by raising prices. It is the belief that if customers notice too many
increases in prices they may be turned off and sales may decline as a result. Therefore, Tortugas
rum cakes must be appropriately priced and positioned according to the target market as well as
Tortuga has a well-structured website that allows customers to go online to purchase its
products. Customers can also visit any of the stores to buy rum cakes. Additionally, they have a
store at the airport for anyone who wants to purchase something at the last minute, especially
tourists. They feel that this will create a positive experience for the customers and cause them to
spread the word to friends and family. The company is considering introducing a home delivery
to customers in the George Town area. Additionally, Tortuga has redesigned its distribution plan
in order to include major cruise lines such as Carnival Cruise Lines that come into Cayman as a
distributor or distribution center for its products. Moreover, the redesigned distribution plan also
includes airlines that fly directly to the Cayman Islands such as American Airlines and others.
Thousands of visitors come to the Cayman Islands via cruise ship and airlines. Therefore,
incorporating these agencies into the Tortuga distribution plan can maximize the companys
potential to reach a greater number of customers within the tourism target market.
Tortuga would also seek to use hotels such as the Westin or Marriot as channels of
distribution which would enable the company to reach more tourists. This theory is supported by
Winer and Dhar (2011) who advise that channels of distribution are advantageous as such
structures enable consumers to have greater access to buy a firms products and or services. The
benefit that the original company receives is that distribution channels are beneficial to increase
the distribution of product and therefore are a value-added chain (Winer & Dhar, 2011). In
addition, the original company has some level of confidence that the distribution center will
invest money and time to persuade greater quantities of end-consumers to buy goods or services
(Winer & Dhar, 2011). Additionally, Tortuga Rum Cake Co. should widen its distribution
channels. This would be consistent with the push feature of channel management in which the
TORTUGA RUM CAKE CO. MARKETING PLAN 9
company focuses on getting more intermediaries or distribution channels to sell or carry its
Tortuga Rum Cake Co. recognizes that bonuses, discounts, and special offers are an
effective method to retain existing customers as well as attract new ones. The company has
various specials and discounts. As mentioned by Winer and Dhar (2011), relationship building
promotions such as sweepstakes or games can be beneficial as it enables the ability to increase
consumer awareness of a product or service instead of increasing short-term sales (Winer &
Dhar, 2011). In particular, if a customer buys any 16-ounce rum cake they qualify to receive
half-off the second cake. All first time buyers are offered a ten percent discount on the most
encouraging a long-term effect on the purchasing behavior of customers (Winer & Dhar, 2011).
The offers are also applicable if a customer only purchases one cake, as he or she
qualifies for the same discount. Any customer that refers someone to our store which leads to a
purchase will receive a free 16-ounce cake of their choice. Additionally, the company will host
quarterly promotions to attract customers. This will include giveaways such as cakes, t-shirts
and other merchandise. In the annual promotion, customers can also enter to win raffle prizes
such as a weekend airline ticket to Jamaica, flat screen TVs, and restaurant and movie gift cards.
Moreover, tie-in promotions such as offering a free movie ticket for a product purchase can
improve the product image thus developing a relationship with the customer and this can
translate to a long-term effect on buying behavior as well as customer loyalty (Winer & Dhar,
2011).
TORTUGA RUM CAKE CO. MARKETING PLAN 10
The marketing materials used by this company include its website, printed brochures,
business cards, and advertisements in local magazines. Tortuga Rum Cake Co.s website is a
great forum to market its products. However, it needs some redesigning in order to make it more
user-friendly and in line with other websites. Digital marketing is considered to be one the
biggest shifts seen in traditional marketing (Baltes, 2015). This change is monumental and
competitiveness in a new digital arena (Baltes, 2015). As a result, content marketing has become
the main part of an effective online marketing campaign and the major tool of digital marketing
(Baltes, 2015). According to Baltes (2010), content marketing products can include various
dimensions and marketing mediums such as online or print newsletters, custom magazines,
series or portals, videos, road shows, roundtable events, online interactive, events, or email.
Furthermore, the objective of such information is to inform and increase brand awareness among
the target market and potential new customers in relation to the companys products (Baltes,
2015). As a result of this Tortuga Rum Cake Co. will capitalize on online marketing and content
to bring greater awareness of its products and also to maximize the efficacy of its marketing
strategies.
TORTUGA RUM CAKE CO. MARKETING PLAN 11
There are various ways to reach new customers including television ads, trade show
marketing, press releases, online advertising, event marketing, and word of mouth. Because of
the cost involved, the company does not feel it would be worth it to invest heavily in television
ads. These days, if a company wants to be competitive digitally it is vital to have marketing
content that is suited to the target audience by utilizing the right social networks (Baltes, 2015).
As such, efforts will be focused on online advertising through the use of the companys website
and social media sites. Additionally, there will be strategically placed billboards throughout the
island. The company will also engage in event marketing at shows such as the annual business
expo or other shows where they can showcase its product/s. Additionally, what has worked and
they will continue to use is somewhat of a traditional marketing approach. Nothing surpasses
word of mouth. If tourists come to the island and experience the rum cakes and then take some
home for their friends and family, this spreads and attracts more people to buy the products.
The four key components to Tortuga Rum Cake Cos online marketing strategy are as follows:
1. Keyword Strategy: identify what keywords the company would like to optimize its website
for.
As part of Tortuga Rum Cake Co.s online marketing strategy, the company will identify
what keywords it would like to optimize its website for. Search engine optimization increases
consumers awareness of the companys website making marketing efforts more effective
(Castronovo & Huang, 2012). There are numerous ways that Tortuga Rum Cake Co. can utilize
online marketing. Firstly, companies pay search engines to have websites come up as an
TORTUGA RUM CAKE CO. MARKETING PLAN 12
advertisement when people search for a particular word (Castronovo & Huang, 2012).
Furthermore, there is also the option to strategically get the companys website listed when
specific searches are made by consumers (Castronovo & Huang, 2012). The company will pay
Google to ensure its website shows up when consumers search for the word cake. An advert
will pop up from Tortuga Rum Cake Co. featuring its products when people go online and search
for cakes.
2. Search Engine Optimization Strategy: document updates that the company will make to its
There is an increasing trend whereby consumers are shifting more to the internet to view
information about products. Due to this, search engine optimization is becoming even more
critical to the marketing approach (Castronovo & Huang, 2012). A good search engine
optimization normally starts out with a keyword analysis because the company needs to ascertain
the right keywords to be used (Castronovo & Huang, 2012). After this point, the companys
website will need to be formatted to show the keywords in titles and other information
(Castronovo & Huang, 2012). Moreover, as mentioned before companies can also utilize paid
search advertisements where search engines such as Google are paid to deliver messages once
certain keywords are used to search for products or services online (Castronovo & Huang, 2012).
In order to ascertain whether such an undertaking is effective, Tortuga Rum Cake Co. will
scrutinize how its website ranks among competitors and the frequency of visitors, clicks, and
referrals (Castronovo & Huang, 2012). This information can be freely obtained from visiting the
same search engine that is paid to advertise for the company from using keywords (Castronovo
& Huang, 2012). Therefore, Tortuga Rum Cake Co. will utilize search engine optimization to
3. Paid Online Advertising Strategy: write down the online advertising programs the company
As a result of the internet, potential customers now have increased opportunities to build
relationships with each other (Castronovo & Huang, 2012). This creates a strong medium that
rapidly disperses product information enabling products to be readily adopted by the market at a
cheaper cost (Castronovo & Huang, 2012). Companies can utilize online networks and
communities to enhance the awareness of products via search engine optimization which is
actually an electronic form of word-of-mouth (Castronovo & Huang, 2012). As a result of this
Tortuga Rum Cake Co. will use a paid online advertising strategy to a greater number the target
market.
4. Social Media Strategy: document how the company will use social media websites to attract
customers.
utilized properly, social media can produce tremendous benefits for a business (Castronovo &
Huang, 2012). When developing a social media strategy various tools can be used. In order to
determine the variation of social media that will be utilized, the company will need to conduct
some sort of research to ascertain what social media sites are used by the target audience
(Castronovo & Huang, 2012). According to Castronovo & Huang (2012), social media is
normally utilized to attain certain business objectives which include enhancing awareness,
boosting sales, or increasing loyalty (Castronovo & Huang, 2012). However, it is important to
measure whether or not a social media program is actually effective. In order to determine this,
Tortuga Rum Cake Co. will need to constantly evaluate the amount of interactions and interest
TORTUGA RUM CAKE CO. MARKETING PLAN 14
among key stakeholders (Castronovo & Huang, 2012). Relationships and content are two factors
that are derived from social media (Castronovo & Huang, 2012). The company will be able to
decipher if the social media marketing program is effective by looking at its ability to create
positive chatter in regards to its business, products, and services. This will create results that the
company can measure through heightened awareness, increased sales and customer loyalty
(Castronovo & Huang, 2012). Consequently, Tortuga Rum Cake Co. will actively use social
In order to build the conversion of prospective customers into paying customers, the
company should improve its customer service. This strategy will also be enhanced by the
performance of other areas such as the referrals. A customer may buy a product and then turn
around and tells his or her friends or family about their experience. The chances are at least one
of the people that heard about the product will come into a store to buy something. To assist
with the conversion strategy, the company has devised a customer comment card that customers
can fill out and leave in drop boxes and locations throughout the island.
1) Are you are returning customer or is this the first time you are buying from us?
3) Do you feel that the rum cakes made by Tortuga Rum Cake Co. are too sweet?
4) Are there any specific areas that you would like to see us improve?
6) Can you think of any other flavors you would like us to introduce?
TORTUGA RUM CAKE CO. MARKETING PLAN 15
7) Can you think of any other way that we can use the recipes (i.e. Cupcakes)?
The company aims to partner with local supermarkets and stores to carry its rum cakes.
Each of our partners will receive a discount for buying the cakes. Additionally, the company
feels that it would be extremely beneficial to have small banners strategically placed in the
supermarkets or stores to entice people to buy rum cakes. Furthermore, Tortuga also aims to
develop partnerships and joint ventures with local organizations who share a similar target
market. Particularly, Tortuga will seek to develop a partnership with the Cayman Islands
Department of Tourism. The Department of Tourisms mission is to attract and retain visitation
to the Cayman Islands whilst promoting the Cayman Islands as a premier sun, sand, and sea
destination (O. Richards, personal communication, February 28, 2017). There are a number of
ways in which Tortuga could partner with the Cayman Islands Department of Tourism based
upon a common interest in the tourism sector as a target market. The Department is responsible
for facilitating familiarization trips and such trips could include tours of the Tortuga factory as
well as demonstrations and free sampling of Tortugas Rum Cake, parties and other Tortuga
products. The Department could also include Tortuga under where to stay & eat section of its
website.
TORTUGA RUM CAKE CO. MARKETING PLAN 16
Every customer that refers another to our store will receive a discount on their next
purchase with the company. This is discussed in more detail under Section 6, The Offers. A
referral strategy is necessary as the company needs to find ways to spark the interests of
customers. Tortuga Rum Cake Co. wants customers to walk away and say good things about the
company and share positive experiences with friends and family. The company is hopeful that
the revenue that they will make will surpass anything lost on giveaways. According to Winer and
Dhar (2011), good customers often speak to their friends and family about companies that they
purchase goods and services from. As a consequence, companies receive additional business
from referrals or word of mouth from customers who are satisfied (Winer & Dhar, 2011). This is
particularly a great source of new business (Winer & Dhar, 2011). Therefore, the goal is to
develop an official referral strategy to spread the word and to create a positive buzz about
Tortuga Rum Cakes in such a manner that people will keep coming back and new people will be
The company feels that its products are priced fairly. While there are a number of
bakeries on the island, there is no real competitor in the arena for rum cakes in the Cayman
Islands. Therefore Tortuga Rum Cake Co. is left to set prices. The company is still cognizant of
its customers and wants to offer the most reasonable price possible and still make some sort of
profit. As the company increases its sales, it would like to be in a position to raise prices. The
company acknowledges, however, that in order to raise prices they need to have a suitable
TORTUGA RUM CAKE CO. MARKETING PLAN 17
amount of loyal customers. They need to be able to predict sales and have steady revenue
streams. In order to achieve sales goals, the company needs to look at creating more repeat buys
and turning one-off customers into loyal customers. However, the company will seek to develop
increased transaction buyers such as tourist passing through the Cayman Islands in transit or for
short trips. According to Winer and Dhar (2011), transaction buyers are one-off customers who
are simply interested in the specific purchase at hand as opposed to creating an ongoing
relationship with the company. Hence it would be a feasible approach for Tortuga Rum Cake Co.
to seek to increase transaction buyers, such as people passing through the Cayman Islands on
one-off visits.
Competition is the bakery business is very stiff in the Cayman Islands. Customers have a
choice to buy other kinds of pastries and not necessarily rum cakes. As such, the company has to
find creative ways to retain customers and attract new ones. Tortuga Rum Cake Co. has come up
with several retention strategies. The company will introduce a monthly newsletter and customer
loyalty program in order to retain customers and further build its market share. There will be
giveaways such as those mentioned under Section 6, The Offers. Additionally, the company will
assumptions. Firstly, the company assumes that the economy will continue to grow at the same
pace as in previous years and that the Cayman Islands will not experience any major recessions.
The company does not anticipate any unforeseen changes in technology which will significantly
affect its operations. Additionally, it is assumed that Tortuga Rum Cake Co. will have access to
and be able to obtain capital to finance its operations and ongoing developments to its product
Tortuga Rum Cake Co.s financial year is the same as the calendar year, January to
December. The cost of sales includes the average cost of ingredients used in the cake. Sales
forecasts factor in costs and they are subtracted from any projected sales figures. Based on its
target market and its sales over the last five years, Tortuga Rum Cake Co. anticipates receiving
approximately a four percent growth in sales in the next financial period. The profitability of
Tortuga Rum Cake Co. is dependent on keeping costs as low as possible while simultaneously
increasing sales. The last five years have been good for the company as it has received steady
General Overview:
Tortuga Rum Cake Co. has been on the local scene for many years. The company
recognizes that the behaviors and buying habits of consumers are changing. Today, most people
use the internet to view products and information prior to making a purchase. Additionally,
people use their mobile phones to do research and often times this is how advertisements get
seen. As such, marketing needs to evolve to suit these changes and in order to reach the most
TORTUGA RUM CAKE CO. MARKETING PLAN 19
people possible. The idea behind this marketing plan is to enable the company to look at current
processes with fresh eyes and reformat the website and marketing tools used in order to assist the
company in meeting its sales goals and objectives. The company has seen that they can promote
its brand and retain its customers through search engine maximization, social media marketing
Tortuga Rum Cake Co. has also decided to revamp the promotions it is currently offering
by giving discounts and doing monthly draws for customers to win free stuff. Additionally, the
company has looked at partnering with supermarkets, liquor stores, cruise lines, airlines, hotels
and even the Department of Tourism. By using these modes of advertising and offering the rum
cakes at a reasonable price with quality ingredients, Tortuga Rum Cake Co. strives to meet its
sales targets for the next five years. Looking back, the company has managed to keep a steady
influx of customers and sales. It anticipates a four percent growth in sales in the next financial
period. With all of the new marketing measures that are being implemented, Tortuga Rum Cake
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