Thursday, March 25, 2010
Wednesday, March 24, 2010
Implementation Evaluation Control
Follow up on the marketing plan is essential to the success of the business. I will oversee and consult with business professionals to analyze the operations from day to day. Making sure the product is delivered as scheduled, quality of the product is consistent, image of the company is portrayed right, and most of all, customers are satisfied. I will make sure that all employees are happy by means of making the work conditions not miserable, and include incentives when and if the product is a hit. "People are a unique aspect of retailing. Most retail sales involve a customer- salesperson relationship, if only briefly...Retail salespeople persuade shoppers to buy. "-pg.207 Hair Lamb McDaniel-MKTG. A lot will depend on the sales location and salespeople, but also the image of the product and company. Keeping satisfied customers is a primary goal because, "Marketing to repeat customers is more profitable than first-time buyers."-pg.301 Hair Lamb McDaniel-MKTG.
Evaluation is the key to maintaining a successful marketing plan. Going through the channels, evaluating as needed to maintain quality and on time delivery are essential. I will include market audits to determine the full profile of the marketing efforts for development and revisions of the marketing plan. Establishing formal and informal control programs will make the entire operation more efficient.
Evaluation is the key to maintaining a successful marketing plan. Going through the channels, evaluating as needed to maintain quality and on time delivery are essential. I will include market audits to determine the full profile of the marketing efforts for development and revisions of the marketing plan. Establishing formal and informal control programs will make the entire operation more efficient.
Marketing Mix: Product, Place(distribution), Promotion, Price
"The product is the starting point in creating a marketing mix."-pg.131 Hair Lamb McDaniel-MKTG. Twenty One 42 cologne embraces that motive by using only the finest quality of ingredients around. I believe in quality before quantity, and by selling quality will in turn sell more quantity. From the ingredients to the bottling are all innovative and cutting edge concepts, and with acceptance of the first product, it's success rate, and with after-product market research, we should be able to introduce a product line that reaches out to the customers that were missed by the first product.
Place: Exclusively available at highend department stores, as to not let the place of sale denote it's value. I want our customers to experience class with style, and receive a sense of owning something they cherish and value to the highest degree, not feel ripped off, or taken advantage of.
Promotion: We will promote in-store as with the traditional fragrances on the market, also television ads, magazine ads, billboards, and the internet. Our bottling, for one, will set our product aside all competition on the display rack, creating a buzz by people grazing by. Curiosity from there should relish them into trying the smell, which then, should hook them like a fish, a must grab item.
Price: We are priced to please, as noted, we want to give a sense of value-not too low to where the customer feels cheap, and not to high to compete with those who are price sensitive. I feel around the $75.00 price range accomplishes this. Putting us up there with the best on the market while still being reasonable.
Place: Exclusively available at highend department stores, as to not let the place of sale denote it's value. I want our customers to experience class with style, and receive a sense of owning something they cherish and value to the highest degree, not feel ripped off, or taken advantage of.
Promotion: We will promote in-store as with the traditional fragrances on the market, also television ads, magazine ads, billboards, and the internet. Our bottling, for one, will set our product aside all competition on the display rack, creating a buzz by people grazing by. Curiosity from there should relish them into trying the smell, which then, should hook them like a fish, a must grab item.
Price: We are priced to please, as noted, we want to give a sense of value-not too low to where the customer feels cheap, and not to high to compete with those who are price sensitive. I feel around the $75.00 price range accomplishes this. Putting us up there with the best on the market while still being reasonable.
Marketing Strategy
Target Market Strategy
My main target group will be Generation Y-ers, which is 60million strong nationally, and spend nearly 200billion annually. Primarily males, of course, that are single, but I also wish to diversify by grabbing the attention of the same generation but, women who are also single, looking for love, by way of a bed spray. Also, I will target women of the same age range that are in relationships, that just want their husbands or boyfriends to smell good and be hip doing it. This target market puts us at three concentrated targeting markets with potential of skewing over into a couple more, which are the middle-agers, but are not a primary focus. The targeted markets are: "Young single- few financial burdens, Fashion opinion leaders, Recreation oriented, Buy: basic kitchen equipment, basic furniture, cars, equipment for mating game, vacations. Young married divorced without children- Better off financially than they will be in near future, Highest purchase rate and highest average purchase of durables, Buy: cars, refrigerators, stoves, sensible and durable furniture, vacations. Young married or divorced with children- Home purchasing at peak, Liquid assets low, Dissatisfied with financial position and amount of money saved, Interested in new products, Buy: washers, dryers, televisions, baby food, chest rubs, cough medicine, vitamins, dolls, wagons, sleds, skates."-pg.102 Hair Lamb McDaniel-MKTG.
From there, we can segment these groups into smaller groups by way of psychographic segmentation, benefit segmentation, and usage-rate segmentation, narrowing down our target markets even greater, "concentrated targeting violates the old adage 'Don't put all your eggs in one basket."-pg.107 Hair Lamb McDaniel-MKTG so, I plan on concentrating the targets to gain the advantages of focusing on one group, but still having variables to offset the potential threats of targeting just one target market. And also, conducting a market research to evaluate the potentials, because after all, "marketing research is a scientific approach to decision making that maximizes the chance of getting accurate and meaningful results."-pg114 Hair Lamb McDaniel- MKTG.
My main target group will be Generation Y-ers, which is 60million strong nationally, and spend nearly 200billion annually. Primarily males, of course, that are single, but I also wish to diversify by grabbing the attention of the same generation but, women who are also single, looking for love, by way of a bed spray. Also, I will target women of the same age range that are in relationships, that just want their husbands or boyfriends to smell good and be hip doing it. This target market puts us at three concentrated targeting markets with potential of skewing over into a couple more, which are the middle-agers, but are not a primary focus. The targeted markets are: "Young single- few financial burdens, Fashion opinion leaders, Recreation oriented, Buy: basic kitchen equipment, basic furniture, cars, equipment for mating game, vacations. Young married divorced without children- Better off financially than they will be in near future, Highest purchase rate and highest average purchase of durables, Buy: cars, refrigerators, stoves, sensible and durable furniture, vacations. Young married or divorced with children- Home purchasing at peak, Liquid assets low, Dissatisfied with financial position and amount of money saved, Interested in new products, Buy: washers, dryers, televisions, baby food, chest rubs, cough medicine, vitamins, dolls, wagons, sleds, skates."-pg.102 Hair Lamb McDaniel-MKTG.
From there, we can segment these groups into smaller groups by way of psychographic segmentation, benefit segmentation, and usage-rate segmentation, narrowing down our target markets even greater, "concentrated targeting violates the old adage 'Don't put all your eggs in one basket."-pg.107 Hair Lamb McDaniel-MKTG so, I plan on concentrating the targets to gain the advantages of focusing on one group, but still having variables to offset the potential threats of targeting just one target market. And also, conducting a market research to evaluate the potentials, because after all, "marketing research is a scientific approach to decision making that maximizes the chance of getting accurate and meaningful results."-pg114 Hair Lamb McDaniel- MKTG.
SWOT Analysis
Identifying the potential strengths, weaknesses, opportunities, and threats, associated with my product, I wish to use the current threat and weakness, which is the ongoing recession that we are experiencing right now as a potential strength. "A recession is an excellent time to build market share because competitors are are struggling to make ends meet."-pg.290 Hair Lamb McDaniel-MKTG . Using it to my advantage on the idea that many people are tired of being down, depriving themselves of their wants just to save money in case of, and the fact of letting themselves fall victim to the mental idea of a failing economy never to rebound. I think, they are ready to engage in a life similar to the one before the recession when life felt more fulfilled, and they didn't have to worry about job cuts and foreclosures. Simply put, they just want to feel happy and acquire the good things in life, which is something that my product endorses. "The world is full of stimuli,"-pg.77 Hair Lamb McDaniel-MKTG, which my goal is to stimulate my customers' minds with the sense of satisfaction and fulfillment. Stimulating women noses will in return stimulate men confidence levels and therefore, stimulating both worlds. Guys feeling good about themselves will tend to forget, or ignore, the negatives that go on in life and throughout the day, and women who go to sleep and awake with good thoughts, will do the same, creating a happy customer which in return, will create a strength, and the potential for a successful business.
Other potential threats, of course, consist of direct competition with other fragrances on the market and the fact that the target market may not accept the cologne in general. I plan to market the fragrance on strictly the idea of pleasure and pure quality. Focusing on obtaining the best fragrance that is pleasing to both men and women, and gaining exposure, acceptance, and desire through innovative aroma, bottling and advertising.
I think there is a need for a breakthrough men's fragrance that socially inspired people can socialize with. There are many women perfumes that come out every year, usually bearing a famous celebrity's stamp on it but, very few men colognes that create a buzz around towns. Using this theory of mine, I plan on using this as an advantage, because after all, younger people always want the newest, latest, and most talked about thing to make them feel like they have a foot up on, and blend in with their social counterparts.
The raw materials are considerably cheap compared to the suggested price, besides the innovative bottling and holder, which increase production costs, but still keeps it at incredible profitable earnings. And having a, "competitive niche advantage"pg.21 Lamb Hair McDaniel-MKTG, such as the holder alone, increases the sales price, which brings more revenue. But, still priced with competitors, giving customers 'value.'; should foster a buzz, and according to Lamb Hair McDaniel-MKTG pg.94, "...increase dealer and consumer acceptance..."
Other potential threats, of course, consist of direct competition with other fragrances on the market and the fact that the target market may not accept the cologne in general. I plan to market the fragrance on strictly the idea of pleasure and pure quality. Focusing on obtaining the best fragrance that is pleasing to both men and women, and gaining exposure, acceptance, and desire through innovative aroma, bottling and advertising.
I think there is a need for a breakthrough men's fragrance that socially inspired people can socialize with. There are many women perfumes that come out every year, usually bearing a famous celebrity's stamp on it but, very few men colognes that create a buzz around towns. Using this theory of mine, I plan on using this as an advantage, because after all, younger people always want the newest, latest, and most talked about thing to make them feel like they have a foot up on, and blend in with their social counterparts.
The raw materials are considerably cheap compared to the suggested price, besides the innovative bottling and holder, which increase production costs, but still keeps it at incredible profitable earnings. And having a, "competitive niche advantage"pg.21 Lamb Hair McDaniel-MKTG, such as the holder alone, increases the sales price, which brings more revenue. But, still priced with competitors, giving customers 'value.'; should foster a buzz, and according to Lamb Hair McDaniel-MKTG pg.94, "...increase dealer and consumer acceptance..."
Objectives
To give men opportunity, to make men and women happy, to gain 200% profit before taxes, obtain 30% growth every year, and receive 20% of market share by introduction year, penetrating the global market by year two, and becoming the number-one rated and sought-after male fragrance in America. "Marketing is a process that focuses on delivering value and benefits to customers, not just selling goods, services, or ideas."-pg.3 Lamb Hair McDaniel-MKGT, so, I aim to bring forth opportunity to low confident, single men, looking for that special female to accompany him through life, or just one night. Not to promote sex but, companionship, and through the same principles introduce that special guy to a woman through use of her sense of smell- something like animal attraction. Also, to guys who just want to smell good, and feel good doing it, creating a delightful, 'happy', atmosphere to be in when wearing Twenty One 42.
The name is derived from products of the number seven, and I plan on marketing it that way in advertisements as the luckiest fragrance of them all. I feel as though setting a first year's profit margin at 200% of start-up costs is low compared to the potential of the fragrance market, and by having a such a considerably remarkable product. One sustainable competitive advantage will be the product's bottling, "An advantage that can not be copied by the competition."-pg.21 Lamb Hair McDaniel-MKGT.
Our target market, consisting of those designated by demographics as Generation Y-ers, "are about 60 million strong...plentiful enough to put their own footprints on society...spending nearly $200billion annually,"-pg.35 Lamb Hair McDaniel-MKGT, creating a remarkable market to target, and should generate enough spending toward my product to sustain the projected revenue objective.
The name is derived from products of the number seven, and I plan on marketing it that way in advertisements as the luckiest fragrance of them all. I feel as though setting a first year's profit margin at 200% of start-up costs is low compared to the potential of the fragrance market, and by having a such a considerably remarkable product. One sustainable competitive advantage will be the product's bottling, "An advantage that can not be copied by the competition."-pg.21 Lamb Hair McDaniel-MKGT.
Our target market, consisting of those designated by demographics as Generation Y-ers, "are about 60 million strong...plentiful enough to put their own footprints on society...spending nearly $200billion annually,"-pg.35 Lamb Hair McDaniel-MKGT, creating a remarkable market to target, and should generate enough spending toward my product to sustain the projected revenue objective.
Thursday, March 18, 2010
EOC Week 10 Volkswagen Facts
Volkswagen Facts
1. An economy car produced by the German auto maker Volkswagen (VW) from 1938 until 2003.
2. The longest-running and most-produced automobile of a single design.
3. The Beetle car was the benchmark for both generations of American compact cars such as the Chevrolet Corvair, and subcompact cars such as the Chevrolet Vega and Ford Pinto.
4. The Beetle was 13 ft (4.0 m) long and the Mini was only 10 ft (3.0 m).
5. The car was originally known as Käfer, the German word for "beetle"
6. It was not until August 1967 that the Volkswagen corporation itself began using the name "Beetle" in marketing materials in the US.
7. Adolph Hitler wanted a car that the common citizen could afford.
8. Ferdinand Porsche, the creator of the Volkswagen Type 1 (a.k.a. Beetle) was born in 1875 in a small village called Mattersdorf, which is now in Czechoslovakia.
9. 1934 the German government decided to award a contract to Ferdinand Porsche’s company to build Volkswagen prototypes.
10. Means: “people car.”
In episode 3 of MadMen, Volkswagen’s Lemon ad was referred to in a discussion about something completely else, (supposedly a advertisement meeting for another product) regarding the Beetle’s simplistic and inversed ad focusing on the Beetle’s disadvantages compared to its competitors. This ad was aimed at a completely different target market than its previous usual consumer, which sparked up this remarkable fifteen minute rant among the advertisement company’s employees. Creating a buzz about the ad that was featured in Playboy Magazine, it was a hit as an advertisement-simply getting people to talk about it.
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