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Written Marketing Plan (one per Team)
Complete the following sections of the marketing plan using Appendix A for reference. Market research is appropriate in several sections, e.g., industry and customer analysis, competitive comparisons.
1. Executive summary (3-5 paragraphs)
a. This is a summary of the rest of the marketing plan and should be written last.
2. Company description (1 paragraph)
3. Strategic Focus & Plan
a. Mission (1 paragraph)
i. Use the three elements of a good mission statement
b. Goals – 3 to 5 non financial (SMART) goals
c. Core competency & Sustainable Competitive Advantage (2-3 paragraphs)
i. What are you really good at (versus competitors)
ii. How are you going to maintain this advantage
4. Situation Analysis
a. SWOT analysis
i. Cover each of the elements and include the areas identified in environmental scanning
b. Industry analysis(2-3 paragraphs)
i. What is the NAICS or SIC code for your industry
ii. What are some key points about the industry, e.g., how many firms
c. Competitor analysis (2-3 paragraphs)
i. Who is/are your primary competitors
ii. What are their strengths & weaknesses
d. Customer analysis (2-3 paragraphs)
i. What are the expected characteristics of the buyers of theses products/services
5. Market Product Focus
a. Target markets (2-3 paragraphs)
i. Who are your target markets
ii. Why were they selected as targets
b. Points of difference – 3 to 5 points
i. How are you different from your competitors
c. Positioning (1-2 paragraphs)
i. How do you want the market to see your firm versus your principal competitors
6. Marketing Strategy
This is your marketing program, and is the centerpiece of your marketing plan.
a. Product Strategy (3-4 paragraphs)
i. For example, what are the points of parity & points of difference for the brand
ii. Relate the product to the benefit/need of your mission statement
iii. What services are a part of the product
iv. If this is primarily a service, address the four I’s of service
b. Price Strategy (3-4 paragraphs)
i. Will you be more oriented toward skimming or penetration,
ii. How did you utilize the three C’s of pricing
iii. What type of discounts will be used
c. Promotion Strategy (3-4 paragraphs)
i. Outline your promotional plan including target audience and what promotional vehicles will be used
ii. How does your promotion strategy move a buyer through the hierarchy of effects
iii. Develop a sample print ad for your organization
iv. Describe your website: promotional or transactional, synchronous or asynchronous
d. Place/channel Strategy (3-4 paragraphs)
i. Outline your marketing channel to the ultimate consumer
ii. How does your channel add value among the four utilities channels provide
7. Financial Data – 3 years of projections
a. include revenues (to be arrived at by units sold and price per unit)
b. Include marketing expenditures – how much and for what
1.Executive summary
- Company
PocketKey is a design that offers customers a simple, sleek and unforgettable experience. Established and released in 2019, the PocketKey is hitting the markets with a head of steam. The company is a star in the making. The idea is to create a mechanism to hold your keys without all of the clutter and noise. Many people hate how bulky keys can be, and to make it even worse is the noise. Our mechanism will create a seamlessly organized object that makes absolutely zero noise. PocketKey is designed to be fashionable and simple while being more effective than ever in unlocking various locking mechanisms. PocketKey is passionate about our product, but we strive even further to have the best customer service in the world.
- Mission, Goals, and Strategy
Mission
Our mission is to help our customers by using simple techniques to change a traditional keychain into a more organized, sleek, and simple design. Our customers will utilize this mechanism to store their keys and make it very easy to find what they need and declutter that old school key ring.
Goals
The goals of PocketKey are to first and foremost offer the most durable and rugged mechanism that can withstand anything brought its way. Durability is a very important characteristic to our key mechanism. Along with this durability, we want high customer satisfaction. Customers are our prime focus, and we want to tend to their every want and need. We want to offer the best customer service to accent the best option for key storage and organization. We have lots of designs, sizes, and compatibilities to fit everyone’s’ needs. As a company, we often look back on where we have come from. It is a goal of ours to give back to the community in as many ways as we can. We plan to run things such as food drives, charity walks/runs, and other events that can bring the community together. We want to give back to our local churches and homeless shelters in anyway we can. Anyone can apply to our organization for employment or volunteer opportunities. In this way, we can help with our community employment and anybody that wants to help better their local community.
Strategy
At PocketKey, we strive to have the best and most unique product on the market. With this high goal of ours, we need to have factors that set us apart. With this being said, there are numerous things that have consistently conversed about when it comes to our points of difference. The most important influence that we keep coming back to is our customer service. Offering the best customer care is what will build our customer trust. Having trust with our customers is the first step to setting PocketKey apart from everyone else.
The next factor that sets PocketKey apart from crowd is our mechanism. This is an easy and efficient way of finding the key you need in the matter of a single glance. The efficiency of our product is far superior to the competition.
PocketKey will maintain these advantages by continuing on with design improvements and great customer service. We, as a company, will gain each customers respect and earn their trust by offering an unforgettable experience. Either speaking to an associate or using our product, these customers with not be disappointed with their experience.The company will continue to advance and create new designs. We will always continue to give “fresh” and “original” looks for all customers to own and be proud of. We will listen to customer feedback, and improve on concerns they might have. PocketKey strives to make each individual customer apart of our growing family. The two words that can describe this company as a whole are “reliably simple”.
- Situation Analysis
Swot Analysis
The room for growth in PocketKey is remarkable. PocketKey offers a base that is simple, yet very effective in implementing the product to the market. This company has a unique design that will continue to evolve. We will continue to work with our designers and engineers to create a more effective and efficient product while offering designs to fit everybody’s wants and needs. As a new company, we are still growing. Our product has not reached its full potential because not everyone knows about our product. With this weakness brings lots of opportunities. Social media is an ever growing platform that is a great place to market your products. We can begin by creating our own pages and upload regularly to create a following. We will post content to interest our customers, yet informative on our products. We intend to keep them entertained and informed. Finally, our threats. Competition is the biggest threat for us as a company. We will need to continue to keep our original qualities to ensure our advantages. Our product is the easy part to duplicate. The hard part of our plan to imitate are the characteristics that make our staff the best in the world and the reliability of every aspect of this company.
Industry Analysis
This is a novel industry. This is an emerging entrepreneurial industry. The use of emerging technologies for production design makes the product technical quality high. The market type of the industry is complete competition, the introduction of major new products in this industry and better service for economic growth.
The leading companies in this industry are some well-known brands,like LV. But those famous brand is expensive for most people. The key factor for the competition to surpass competitors is the promotion of new products and the price. We believe that the future growth of this industry has investment value.
Competitor analysis
- Market Product Focus
PocketKey is an appealing item to many different types of people. Who does not have at least one key? Our target market will vary with the different designs we come out with. In order to appeal to the younger generation, we have designed a slim, yet stylish mechanism that will come in many different designs. The different designs may include things from lots of colors, American flags, brand designs, and even just plain black. We have designed these to fit everyone’s taste which will make it very easy for every young person to find a design they like. In order to fit the older generations, we have made new designs to fit a more classical or reserved personality. Not everyone may want the vibrant colors or just plain black, so we have designed a mechanism made with a wooden handle. This hardwood handle is attached securely to the mechanism. Although it makes it a little bulkier, the wood creates a classic pocket knife look. We are continuing to work on even more designs and the engineers are working on more shapes, sizes, and capacities as well.
We appeal to so many different markets because of how large the key market is. You have car keys, house keys, storage keys, etc. There are so many different shapes and sizes of keys and we are working to be able to implement each and every shape and size of key into our product. A goal of ours is to have designs that everyone will be drawn too. Whether the customer loves their country, comic books, movies, sports teams, colors, or just plain black and white, we want to have a style to fit everybody’s wants.
Points of difference………
- Market Strategy
- Financial Data
