The purpose of this paper is to develop an international marketing plan for Emaar Properties since the company would enter a foreign market (preferably London, England) in order to expand its business operations within the British territories. As a result, this research first prepares a brief overview of the company, outlines its main products and services, selects the target country, delineates the main target markets, and formulates the primary entry strategy; in addition, in order to understand the entire study adequately, the paper precisely clarifies the research methodology, situational analysis, and company analysis.
Moreover, to make sure that the marketing plan is aptly carried out, the paper assesses the organization’s assets and skills, conducts market analysis and business environment analysis, defines the political/ legal/ institutional environments, evaluates the present and anticipated regulatory environment, and reviews the conditions and trends of the economic environment and social and cultural environment. In order to identify the key trends of the prospective market, the paper assesses its demographic environment, the scenario of the technological environment, the natural conditions, effects of seasonal or climatic factors, and physical environment (that is infrastructural indicators).
Subsequently, in order to understand the consumer behavior, this paper analyses the nature, size, and extent of the demand; additionally, it examines the product category stages of the product life cycle, the configuration of the industry, the cost structure of the industry, the competitive composition, and SWOT analysis (comprising of internal strengths, weaknesses, external market opportunities, threats, and their implications).
It incorporates a competitor analysis in the country of investment and the key international and marketing objectives of the entry, whilst preparing the recommended marketing strategy, target market identification and segmentation strategy, market positioning, market entry strategy, marketing mix strategies and tactics, product and service branding strategy, place (distribution) strategy, price strategy structure, and promotion strategy (including promotional budget). The paper also plans the entire budgetary requirements, whilst defining the planning assumptions, implementation and control, and formal project plan for implementation of the recommendations.
Emaar Properties or Emaar is a Dubai-based company located in the UAE that provides services in commercial and residential property development throughout the world. It was created in 1997; it continues to be one of the major real estate developers in the United Arab Emirates and internationally, with more than 50 subsidiaries functioning internationally. Its flagman projects include Burj Khalifa, the Dubai Mall, the Dubai Fountain in Dubai, HITEC City in Hyderabad, India, the Tuscan Valley in Turkey, etc.
It should be noted that due to its international presence, the company operates in multiple countries, including the UAE, Egypt, India, Pakistan, Saudi Arabia, and other parts of Asia Pacific. Its target markets include citizens and tourists of the middle class, upper-middle-class, and upper-class levels from the Middle East, North America, Europe, North Africa, etc. The new target country of Emaar is England; the company is not yet present in the country but aims to enter the market by presenting its properties to potential target markets.
In 2017, the company opened a showcase for its properties in Dubai at Harrods, London, with hopes to attract more customers and clients to their offers in the relevant territory. It is notable that the target market of Emaar can be divided into several groups: it is travelers ‘who seek a strong lifestyle experience’, young families and Gen-Y travelers in Europe, business travelers, and MICE (meetings, incentives, conferences, and events) tourists interested in new experiences and travel destinations at affordable prices. Therefore, one can assume that the target market is citizens of England, of any age, who are interested in quality leisure at a reasonable price; business travelers are more interested in quality hotels that provide short stays, while young families and Gen-Y travelers are looking for affordable hotels with quality services that allow prolonged stays.
The research methodology of this paper is a qualitative research that incorporates the following research techniques: web analytics (data gathered from primary and secondary sources was analyzed and applied to the paper’s objectives) and interviews with key informants (employees of the company). Web analytics allowed the researcher to gather and analyze data related to the company, the industry, the company’s target markets, make comparisons to establish the preferred marketing strategy, etc. Interviews with key informants provided the researcher with primary data that was necessary to provide more detailed, relevant recommendations. All interviews were conducted with present or former employees of the company; each of the interviews was conducted via E-Mail correspondence. To view the interview summary, see the Appendix.
Situation analysis shows that the company holds a strong position both in local and foreign markets. Its operating revenues grow each year, and its successful business strategy allows it to attract more customers who prefer to choose Emaar instead of its competitors. Please see the appendix below accordingly for further detailed information.
Emaar was established by Chairperson Mohammed Alabbar in 1997 with headquarters in the UAE; since then the company has remained to be extremely successful in its industry, and today it has six corporate divisions and sixty dynamic subsidiaries – which operate in more than thirty-six countries globally (especially in America, North Africa, Middle East, Europe, and the Asia Pacific).
Organization’s Assets and Skills
The company has assembled huge volumes of assets from its global operations; in the table below, it can be seen that throughout last three years, the asset accumulation has increased gradually, reaching its peak in 2016; this shows that the company has sufficient skills to ensure the growth of assets:
|Assets and Skills (AED’000)||2014||2015||2016|
Table 1: Assets and skills of Emaar.
The foreign market suggested the company’s expansion in London in England, UK. This market was chosen for different reasons. First, the company expressed interest in expanding its business to major European cities: “We are looking at key gateway cities. We are looking at London, Rome. In addition, we are looking at cities where opportunities can lie.” Second, it is interested in feeder markets for the Middle East. Third, such a business hub as London includes a large target market that consists of business travelers and travelers with good/high income. The selection criteria were the following:
- The target market is large
- Company expressed interest in the country
- The country/city heavily relies on business
- Real estate market is stable or growing
Business Environment Analysis
A brief glimpse of the business environment analysis for Emaar Properties has been provided in the table below; however, it should be considered in detail in the subsequent sections:
|Political/Legal||Laws in the UAE allow less internal freedom than in the UK |
Registration of overseas business in less supported in the UK
|Environmental Factors||Due to the BREXIT procedure, the company might experience difficulties in integrating the market. The Clean Air Act regulates pollution and will influence the company’s operations. |
Estate registration is available via estate agents and offices.
Business must be registered with HM Revenue and Customs, fees are to be paid, otherwise, the business receives a penalty.
|Economic Conditions||Pop. size: 8,673,713; GDP: £565 billion ($720 billion); current economic growth: £15.5 billion ($19.7 billion) from financial business services; |
Expected economic growth is approx. 25-27%;
UK’s inflation rate is 2.7%;
London’s unemployment rate is approx. 6%;
Average interbank interest rate: -0.42614 %;
Gross disposable household income: £23,607 ($30.04)
|Social/Cultural Factors||English is the second language of many UAE citizens, some of the companies use it as a tool for international communication. Documentation and papers in London are mostly in English, in the UAE (Dubai) in Arabic. Levels of entrepreneurial interest are high in both cities. Dubai citizens are more open and communicable than London citizens. Islam is the major religion in Dubai/the UAE, Christianity is common for London/ the UK. |
London and Dubai both have policies that address climate change.
London attracts more than 15 million tourists each year, thus increasing the company’s chances to attract more new clients.
|Demographic Trends||25% of Inner London citizens are from 25 to 35, and more young adults (including YA families) are present.|
|Technological Environment||London is a large financial hub, where the majority of Fortune 500 companies are present. Inventions of new technologies in the real estate industry can facilitate a company’s entrance, but might also increase costs. The technological effort is crucial for the industry but technological diffusion is high. The life cycle of technological obsolesce is short.|
Table 2: Business environment analysis for Emaar Properties.
Although a number of political and institutional instabilities are haunting the UK at present times, from an overall perspective, these are unlikely to hamper the country’s business environment significantly; therefore, the market entry can still become successful.
Regulatory Environment (Present and Anticipated)
The regulatory environment in the UK has remained to be quite strict in comparison with the UAE, and now, due to certain national issues, the UK government has undertaken measures to make it even stricter – and this may create some hassles for Emaar’s entrance in the future.
Economic Environment (Conditions and Trends)
The UK economy seems quite stable since it has recovered from the effects of the global financial downturn; even in the middle of the national unrests, the economy has shown stable growth rates:
In addition, the British consumers promise a very lucrative market, since the consumer-driven growth has been gradually increasing every year:
Social and Cultural Environment (Factors and Trends)
The UK society is quite liberal and the country’s cultural backdrop welcomes people from different racial backgrounds; moreover, the civilians are generally friendly with foreign businesses and the cultural dissimilarities do not usually affect the overseas companies adversely.
Demographic Environment (Data and Identification of Trends)
The UK has an aging population, which is essential for a property business like Emaar because it is generally the old and the middle-aged individuals who are willing to buy properties; therefore, the demographic environment of the country has been outlined below:
|Birth rate||Twelve birth per thousand population|
|Age distribution||0 to 4 yrs||17.44 percent (men 5,761,311 and women 5,476,649)|
|15 to 24 yrs||12.15 percent (men 3,997,150 and women 3,830,268)|
|25 to 54 yrs||40.74 percent (men 13,367,242 and women 12,883,674)|
|55 to 64 yrs||11.77 percent (men 3,760,020 and women 3,820,525)|
|65 yrs +||17.9 percent (men 5,170,542 and women 6,363,047)|
|Figures on dependency ratios||Total dependency ratio||55.1 percent|
Table 3: Demographic environment of the UK in 2016.
Technological Environment (Factors and Trends)
The technological environment of the country is highly business-friendly, and it is able to offer the latest technical advancements, innovations, IT infrastructures, scientific experts, and other relevant facilitates to Emaar in order to help it in expanding the business. Moreover, various solutions are present through which the country can help this potential market entry to become successful; these can include the integration of cloud computing mechanisms, online payment systems, and so on.
Natural Environment (Effect of Seasonal or Climatic Factors)
The climatic conditions of the UK remain stable throughout the year and there are no chances of any kind of serious business disruptions due to the atmospheric conditions.
Physical Environment (Infrastructure Indicators)
The UK possesses a strong physical environment where both foreign and local businesses can flourish; it has a solid base of infrastructural facilities that can ensure smooth operational activities.
Nature of Demand
The UK consumers conventionally demonstrated a very high demand for the real estate industry; however, following the Brexit actions, the industry has observed a slight fall in consumer demands, mainly due to uncertainties in the market – this can make the market entry a bit tougher for the company.
Size and Extent of Demand
Due to the above-mentioned reasons, the size and the extent of the demand in the real estate industry have diminished recently; this is apparent since the investments in the UK’s property sector has lowered significantly in current times in comparison with 2014; this can be noticed from the figure below:
Product Category Stage of Product Life Cycle
The following figure illustrates the product life cycle for Emaar, showing the prospective product category stages in the real estate sector of the UK in the post-market penetration phase:
Structure of the Industry
At this stage of the paper, the structure of the UK’s real estate industry shall be considered in terms of the cost structure and the competitive structure of the industry.
Cost Structure of the Industry
The following figure shows the cost structure of the UK’s real estate industry; it is notable that ‘other residential houses’ (owner-occupied or social housing) has the largest share in the cost structure, whereas infrastructure is the second biggest area of investment and commercial property is the third-largest:
Competitive Structure of the Industry
In the UK, the real estate industry can be described as a highly competitive sector, as a huge number of players tend to control the entire industry, and the threats of new entrants are low as well.
Competitor Analysis in Country of Investment
There are many companies offering real estate and property services in the UK, which, for example, includes CLS Holdings, Emerson Group, West Properties, Galliard Homes, Opal Property Group, Allied London, Balkan Dream Properties, Capital and Centric, and so on; as a result, Emaar must adopt relevant strategies to sustain in this area.
The SWOT analysis for the company in order to start its operation in the UK has been delineated in the subsections below:
Internal Company Strengths and Weaknesses
|InternalStrengths||Rapid expansion: Emaar is one of the fastest-growing property businesses in the global market, and the number of satisfied customers of the company is increasing gradually every year|
|Technology: as per the annual report, the company is committed to provide superior service and offer innovative solutions using the most advanced technological applications so that its customers can carry out most of the formalities online|
|Financial strength: as per the annual report of the company, Emaar has demonstrated extraordinary financial performance in the last 10 years, and the financial capabilities of the company are highly likely to support its entry in the new markets|
|Brand awareness: being one of the biggest real estate companies in the UAE, Emaar has a strong brand image not only in the national market but also in the international arena as well, since it operates in 36 countries all over the world with huge success|
|Quality: Emaar has never compromised with the quality of service provided to the customers, and it is Emaar’s key strength|
|InternalWeaknesses||There is often problems of communication within the business; so a gap between the top-level management and low-level workers persists in Emaar|
|The complex structures of its subsidiaries are difficult to manage|
|The corporate culture is not strong enough to create a bonding with the employees|
|The company’s customer relationship management has remained to be quite poor; in most cases, the company fails to understand the customers appropriately and generate trustworthy relationships over the longer term|
Table 4: Internal company strengths and weaknesses.
External Market Opportunities and Threats
|External Opportunities||The consumer groups of the UK are highly enthusiastic towards real estate businesses, which promises new profits|
|The country offers good technical support to new businesses, and is likely to come up with innovative business models based on information technology|
|Highly qualified local labor is available in the UK|
|The economy of the country is quite stable|
|The demands in the property market are likely to increase after Brexit|
|External Threats||Extremely strict regulatory requirements|
|Temporary political instability in the UK|
|Due to the adverse political and economic scenarios in certain markets, it is often difficult for the company to control the operating costs and to reduce other financial risks|
|Foreign companies are often charged a high level of taxes in the UK|
Table 5: External market opportunities and threats.
Implications of SWOT Analysis
From the above SWOT analysis, it can be construed that the company has enough strengths to overcome the possible threats and weaknesses in the British market. Since this new market promises fresh revenues for the company, it is highly likely that it would overcome the risks involved in the market entry process and use its full potential to monetize the opportunities.
The international objectives of the company should be to further boost its key strengths, particularly, its advanced technologies, financial strengths, fast growth, brand awareness, and quality in order to aggressively compete in the UK market.
The market objectives of the company should be to persuade the target customers in getting involved in the property trade and make sure that its pricing policies are strong enough to compete with the rivals.
Recommended Marketing Strategy
The recommended marketing strategies for the market entry of Emaar in the UK are specifically analyzed below:
Target Markets Identification and Segmentation Strategy
The target market should be the high-income earners, who are principally middle-aged or elderly; this is because aged individuals tend to have more money in their hands, and are more likely to invest in the property market – thus, the market would be segmented according to ‘high to low’ income groups, and age demographics.
The following figure shows the market positioning of Emaar in the UK; it suggests that the company would principally focus on high growth markets and strong competitive positions:
Market Entry Strategy
Whilst there are many ways in which the company can make its market entry, it is highly advisable for the company to follow the joint venture strategy, as other entry routes can be highly expensive and risky. If it solely enters the market, the risks would be high, as being a UAE-based business; it is unaware of the UK market. As a result, it is pragmatic to select a stable local real estate company and enter into a joint venture with them, so that the market can be easily accessed at low costs and the expertise of the local business can be used.
Marketing Mix Strategies and Tactics
The key marketing mix strategies and tactics are considered below:
Product/Service and Branding Strategy
The company would offer its existing range of services in the UK, but try to focus more on creating brand awareness amongst the public by using brand promotional strategies over a longer period.
Place (Distribution) Strategy
As the company plans to enter the market by the joint venture, it would try to keep the costs lower and make sure that it uses the existing distribution strategy of its partner company – since they have better knowhow of the market, this should be appreciated.
Price Strategy Structure
Emaar would be using highly competitive pricing strategy because there are a huge number of competitors in the market who are able to offer lower prices; in fact, in the second year of its operations, the company would provide regular discounts in order to attract the customers and create a loyal customer base.
Promotion Strategy (Including Promotional Budget)
|Television advertisement||Television campaigns are expected to be the best media to attract people of all ages, including middle-aged men and women spending their leisure, or working people watching TV at a Saturday night; so, Emaar could get more opportunity to exhibit the services through TV campaign besides of reaching mass public at the same time|
|Campaign through print media||Newspaper is one of the most essential campaigning media for any company to come into the attention of mass people; so, Emaar will start and continue paid circular campaigns in the UK market|
|Radio campaigns||Emaar will also go through radio-advertising, as this form of advertisement will better address those busy people|
|Online marketing campaign||This may include web marketing, including search engine optimization, advertisement through social networking sites, website development, blogs, and e-mails; moreover, by advertising through Google+, Twitter, Facebook, Myspace, etc should also be emphasized|
|Outdoor marketing campaign||Outdoor campaigns can be a great form of marketing to keep huge contributions; this may include setting billboards at busy streets beside colleges, universities, offices, shopping malls, etc|
|Special campaigns & others||Emaar will also undertake other forms of campaigns, such as promoting through magazines, sponsoring concerts, sporting events, etc|
Table 6: Promotion strategy of Emaar.
|Promotional budget for Emaar|
|Sectors for expenditure in 2017||(figures in thousands)|
|Advertising campaigns in television, print media, and radio||AED 60|
|Other forms of ads and campaigns through magazines, direct mails, and leaflets||AED 10|
|Online IMC, comprising expenses of campaigns on social networking sites, search engine optimization, website development, blogs, and other internet ads in different areas||AED 5|
|Researching on the target market||AED 25|
|Other expenses of the marketing department||AED 25|
|Total Promotional Budget||AED 125|
Table 7: Promotional budget for Emaar.
|Budgetary Planning for 2017 and 2018 in the UK (all numbers in AED 000)|
|Cost of services provided||4,200||5,040|
|Gross Profit (Loss)||5,837.5||7,005|
|Salaries and wages||577.5||693|
|Advertising & Promotion||125||225|
|Total General/Administrative Expenses||2981.25||3577.50|
|Total Operating Expenses||4683.75||5620.5|
|Net Income Before Taxes||1152.5||1383|
|Taxes on income||20||24|
|Net Income After Taxes||1132.5||1359|
Table 8: Budgetary Planning for 2017 and 2018.
The above budgetary plan assumes that the market conditions and the economy of the United Kingdom would remain stable throughout these two years and other external factors would not adversely influence the revenues generated from the market.
Implementation and Control
The company would closely observe the implementation and controlling phase of the project in order to make sure that Emaar is able to penetrate the British property market promptly and successfully.
Formal Project Plan for Implementation of Recommendations
The formal project plan for the apt implementation of the key recommendations includes the following:
|Recruit highly efficient local employees having knowledge of the local market|
|Consult the UK-based analysts to make sure the project plan is compatible with the market realities|
|Create detailed scheduling of the project implementation phase|
|Create a breakdown of the salary packages of the newly recruited individuals|
|Check to see whether the marketing plans are working in every three months|
|Focus on competitors’ pricing policies to make adjustments|
|Offer discounted prices where possible|
Table 9: Project plan for implementation of the recommendations.
|Structure||A public joint-stock company, which major shareholders include the owners of the company (such as Mohamed Alabbar and Saji Varghese), the Government of Dubai, and the Dubai Financial Market; |
Associated organizations are Emaar International, Emaar Hospitality, Emaar Malls, Emaar Hotels & Resorts, Emaar Retail, etc. Key departments include administration, marketing, and advertising, accounting, production, and sales; each of the departments is supervised by a senior management team.
Employees: approx. 6000 or more;
The company was established in 1997
|Core Business Activities||The company specializes in providing managerial and property development services. The real estate industry in the UAE is large and fast-growing; in Egypt, India, Saudi Arabia, and the USA the industry also experiences positive growth, which will influence the company’s competition with rivals. |
Target market is local country includes young families, millennial, business, and MICE travelers from middle, upper-middle, and upper class.
The important customers of Emaar are governments of other countries and major hotel/services residence brands
|Operating Revenues||Full-year 2014 revenue: AED 9,930,044 |
Full-year 2015 revenue: AED 13,660,536
Full-year 2016 revenue: AED 15,539,704
|Products/Services||The company provides a wide range of products and services that include real estate investment, education, leisure, retail, development, and management of property, hospitality, financial services |
Product features include exclusive lobbies, various shops, spa, banquet halls, sports facilities, banks and ATMs available 24/7, aquariums, zones for children, conference rooms, etc. (as in the biggest mall in the world (the Dubai Mall), Formula 1 budget hotels in India, luxury Armani Hotels and Resorts), whereas product benefits include reputation, popularity, unique design, high brand awareness in the target market, location (in cultural, economical and business hub in the UAE);
Products can be used in tourist, leisure, retail, and sports industries.
Since Emaar is one of the biggest real estate development companies in the UAE, its contribution to the venue of major product lines is also significant.
|Key Managers||There are 23 principal officers at Emaar; managing director Mr. Ahmad Thani Al Matrooshi has more than 30 years of experience in the industry and manages government affairs, public, and community relations. Chief Executive Officer Mr. Amit Jain has more than 20 years of experience at various senior positions in real estate and banking industries. General Counsel Mr. Ayman Hamdy established the company’s legal strategy and is responsible for bylaws, policies, and regulations|
|R&D Activities||The R&D activities of the company include the research of the following areas: construction, design, management, leasing, acquisition, and disposition. No precise data is available on the company’s spending on R&D activities.|
|Technology and Competition||The company’s subsidiary Emaar Technologies provides patented products: SAKANI (community management system), EVALET (valet parking), Self-Service Kiosks (secured payment) |
Nakheel PJSC and Saudi Binladin Group Limited provide similar technologies in the same industry, although they are more focused on property management and leasing.
The domestic market position is the market leader.
|Local Country Competitors||Nakheel PJSC, Saudi Binladin Group Limited, Majid Al Futtaim Holding, Crowne Plaza Hotels & Resorts. Only the first and the third rival manufacture their products locally. Approximate market share of Emaar is 42%, whereas data about other rivals are not provided in public sources|
|Export||Since the company provides products and services in real estate, it can expand its services to foreign markets but export per se is not possible. The company is already present in more than thirty markets.|
|Financial Resources||The company’s financial recourses are its revenues and investors’ shares. Emaar has successfully completed several expansions, and the funds for them were drawn for revenues and shares. Any long-lasting overseas project needs additional assessment to ensure that it will not exhaust present funds.|
Table 10: Situation analysis for Emaar Properties.
|Strengths||Rapid expansion: the fastest growing property business|
|Complex structures of subsidiaries|
|Weak corporate culture|
|Poor customer relationship management|
|Opportunities||Enthusiastic consumer groups|
|Good technological support|
|Highly qualified local labor|
|Demands may increase|
|Threats||Strict regulatory requirements|
|High level of taxes|
Table 11: SWOT analysis.
Evaluation of Alternative Marketing Strategies
|Competitive Strategy||Lifestyle-oriented business strategy is unique because Emaar offers more than a product: an experience associated with quality or luxury. The government is another support for its competitive advantage.|
|International Success||Emaar operates in multiple countries by creating a talent pool that consists of international well-experienced employees. Its focus on diversification attracts more valued professionals. |
Acquisitions of foreign companies and integration into the market via those can influence international success.
|Products/Services||Emaar’s property is built on a principle of community: education, health services, entertainment, leisure, sports all in one place is attractive to customers.|
|Product Differentiation||Emaar focuses on travelers/citizens of all ages, in particular business/MICE travelers. Limitations: less attention is paid to travelers with low budgets or those from the lower class. It is a high-cost producer.|
|Support||Support of end-users is conducted via a customer center, call-center, live web chat, and an international telephone line.|
|Image/Operating Advantages||Due to its innovative and awarded projects, the company can be labeled as a market innovator (e.g. Burj Khalifa). |
Operating advantages include government support, brand awareness, strong international presence, significant contribution to the national GDP of the UAE.
The state of production facilities is controlled by senior executives, quality is ensured
Equipment/manufacturing methods state-of-the-art or more advanced (company focuses on innovation and development in the real estate industry).
|Personnel||The company’s personnel (esp. senior managers/engineers/other executives) are well-experienced employees in the industry who frequently contribute to the company’s innovation. |
Corporate culture is focused on diversification, empowerment, education, and knowledge; it is not directly linked to marketing but influences it positively.
Subsidiary Emaar Technologies is responsible for IT operations and telecommunications (” the leading service provider in the data center and managed services”;
Emaar uses the iSupplier website to maintain relationships with suppliers and distributors; the Media Centre of the company is responsible for communication with the press.
Table 12: Evaluation of alternative marketing strategies for Emaar Properties.
Company Promotional/Product Brochures
The promotional or product brochures of the company shall be renovated and enhanced before making the market entry in the UK so that the customers can be persuaded in getting involved with the business.
There are no fixed tariff rates imposed by the UK government over foreign companies, and the rates regularly vary in each quarter.
Summary Table of Interviews
It should be noted that the participants of the interviews preferred to remain anonymous and asked to change their names if it was possible.
|Personnel Data||Position||Work Experience at Emaar||Responsibilities||Date of Interview|
|A. K.||HR Manager||2010-present||Recruitment, education, assessment of human personnel||17.06.2017|
|A. J.||Operations Manager||2012-present||Control, assessment, design of business operations||19.06.2017|
|M. L.||Sales Representative||2007-present||Customer interaction, sales of services and products||15.06.2017|
|A. A. M.||Marketing Manager||2014-2016||Management of marketing operations||16.06.2017|
Table 13: Summary table of interviews.
Record of Contact and Activities, and Project Plan
The interviewees remained reluctant in permitting to disclose the records of the contact activities, and so these records shall be stored safely in order to respect the data protection act. However, the entire project plan has been precisely described in the main marketing plan above.