The cooler bag branded ‘cool-ent’ with a stereo and speakers is a product aimed at fun-loving students, nature lovers, sports lovers and outdoor spirits in general. This particular cooler bag will feature an entertainment unit that will allow users to have fun in the outdoors. The differentiating factor for this product will be the fact that the users will be able to keep their things cold while in the warm outdoor since it is expected that the users will be able to carry cold drinks, ice cream, and chilled wines. The competitor product would be the regular cooler boxes that do not offer anything else besides the cool box. This paper will focus on the marketing proposal for the cooler bag branded ‘cool-ent’ product.
Advertising and Promotion Plan
The advertising and promotion plan will require the company to spend more than what its competitors will spend to enable it to gain a competitive advantage. Advertising and promotion tools are key elements of the marketing mix. Therefore, the company requires making sure that it has the best advertising and promotion strategies for the cooler bag branded ‘cool-ent’ product. This would enable it to compete with its competitors, as well as to gain a competitive advantage.
Media Used and Why
To make substantial sales, a company ought to communicate its products to a big number of people. In this case, the company intends to use television as its advertisement medium. Using television to advertise the cooler bag branded ‘cool-ent’ will allow the company to reach a wider consumer base. Apart from reaching a wider consumer base, television conveys messages in both audio and visual form.
Advertising the product in both audio and visual formats will also facilitate information retention. Once people watch and hear an advertisement, it becomes hard for them to forget it quickly. Audiovisual communication facilitates the retention of the message. Therefore, the company opts to use television since it will facilitate the retention of the information, thus, making sure that consumers do not forget about the cooler bag branded ‘cool-ent’ product.
Events and media choices for one calendar year
The marketing plan will comprise a detailed calendar of the promotional events for a whole year. The year will be divided into three segments January-April, May-August, and September-December. To create customer awareness about the product, the company will carry out an aggressive advertisement and promotion program during the first segment. It will run daily advertisements on the television to make sure that consumers know about the cooler bag branded ‘cool-ent’. As consumers get to know about the product, the company will relax its advertisement program. Therefore, the second segment will entail running the advertisements thrice per week. This will aid in keeping the clients aware of the product. Besides, it will target those consumers that might not have heard about the product.
The last segment of the calendar year will involve running the television advertisement once per month. By this time, the majority of the consumers will have known about the product. Besides the advertisement, the company will also conduct some promotional campaigns, especially during the first segment of the calendar year to recruit more consumers. With these events running throughout the year, the company is guaranteed that it will keep its target consumers aware of the product.
Marketing vision and goals
To succeed in selling the cooler bag branded ‘cool-ent’, the company will require having strong marketing vision and goals. The company’s vision will be to be the leading company in the sales of the cooler bag branded ‘cool-ent’. On the other hand, the marketing goal will be to sell 300 units of the cooler bag branded ‘cool-ent’ per week for the first six months. Besides, the company will have a goal of adding value to the life of its target consumers. Through its marketing, the company will strive to ensure that consumers continue benefiting from the cooler bag branded ‘cool-ent’ at all times.
Product strategy and positioning statement
To be able to achieve the mission and the set goals, the company will require having a captivating position statement and superior product strategy. In this case, the company’s positioning statement will be as follows;
We have what everyone wants and at considerable prices. The products are unique and of high quality. They are supremely stylish, trendy and certainly the latest in the market. Those that purchase the product will be guaranteed convenience, entertainment, innovation, value for money, and healthy outdoor routines. The prices are also considerable; one will get anything they want at an affordable price.
The customer snapshot helps the business get an overview of the customers. In the plan, the company will incorporate customer snapshot. The features that will be included in the snapshot are recent invoices and payments. This will show what the company has sold. Therefore, it will be of significance when evaluating the effectiveness of the marketing plan in the future. The snapshot will include a list of the items that are highly purchased so that the company can focus on these items when running its subsequent promotional campaigns.
The mobile entertainment speaker and carrier industry are competitive. Other companies offer more or less the same product. The majority of these companies rely on local consumers. Therefore, they do not run promotional campaigns or advertise their products. Consequently, this company will have an advantage since it will create consumer awareness through its promotions and advertisements. Besides, the majority of the competitors sell their products at high prices, and they run out of stock frequently.
To surmount this competition, the company will use strategies like consumer education on how to get the best from the product by using it appropriately. The company will make sure that it has a regular supply of the cooler bag branded ‘cool-ent’ to encourage the consumers to return to its store. Besides, the company will opt for franchising the supply chain to ensure the efficiency and reliability of the distribution network.
Brand elements and differentiators
The company’s name, logo, and design facilities to differentiate its brand from its competitors. Marketers ought to establish unique brand features that can draw the attention of the target consumers. To stand out from the competitors, the company will use the logo to differentiate its cooler bag branded ‘cool-ent’ from those of the rival companies. It will promote its products by using colorful logos. This will create an impression of brand quality in the minds of the target consumers; hence help the company to make substantial sales. Colorful logos will also make consumers remember about the brand whenever they come across a color portrayed in the logo.
This marketing proposal presents the marketing plan for the Camerapad product. This is a product aimed at benefiting young and techno-savvy professionals, professional cameramen, freelance journalists and everyone else with a free spirit. As the name suggests, this would be a tab that is fitted with a camera strong enough to be used for professional purposes. The product promises the convenience, which would have otherwise been offered by carrying a pro camera and a laptop, by carrying one device.
The primary differentiator for this product would be that it is offered by an already established company that has all the distribution channels, marketing strategies, and good following. This analytical treatise attempts to comprehensively review different elements of marketing the Camerapad product such as competition, promotion, segmentation, and environmental analysis.
The market for Camera and pad products has been in existence for more than ten decades. Over time, different types of cameral and pad products have either been developed or the older versions modified to embrace the dynamics of price and complexity. Therefore, it is necessary to review the main competitors and design a unique feature to better the standing in the competitive advantage bracket.
The main competitors at present in this market are Kodak, Sony, and Olympus among others. Aftermarket analysis, it is apparent that the Camerapad product is the most outstanding of the similar products offered by other companies since it offers convenience and ease of use. Moreover, the product is likely to become a household name due to its numerous applications and relatively lower prices than those of its competitors.
Environmental analysis is essential in projecting the sustainability and forecasting success of a marketing plan. In this segment, the market is a review of the facets of social, economical, technological, and other factors that influence the business environment. Comprehensively, the marketer should review the technological conversancy and lifestyle of targeted customers. The majority of the target population are technology conversant and have embraced new technological was of life. Their lifestyle revolves around technology from transport to communication.
Since this product is technology-dependent, it is necessary to establish the estimate statistics on the same. Research has it that the target market through populous has a very high percentage in literary and basic technological skills. Specifically, this rate is higher in journalists, freelancers, and college students who the targeted consumers; making this a good business opportunity. Therefore, it is important to establish the means and ways to reach the potential market. To achieve this, the company intends to segment and differentiate the market along with consumer-based market segmentation procedures.
This product introduction targets all the age brackets and has the conveniences of mobility and multiple uses. It is necessary to appreciate comprehensive population patterns for the population across the target market segment.
Even though the market for Camerapad product has been in existence for a long time, it comes complex design and expensive to low income earning customers. Due to economic hard times, this group operates on a relatively fixed budget and is keen on cost-cutting. Their budget is instigated by wants and not impulse. Due to exposure to information sources such as newspapers, television, radio, and magazines, product announcement through these avenues and a word of mouth would come in handy. The decision on the best product, therefore, would rely on the information on multiple exposures to different competing products. Consequently, due to the high literacy level and technological exposure, this group is likely to choose a particular product after comparison on price, quantity, content, and benefits with other products of the same nature. Since this product offers convenience at a competitive price, this group is likely to opt for this pocket-friendly version.
Small and Medium Business Segmentation
This market captures small electronic retail businesses across the target market and beyond. Camera products destined for this market are often expensive. Sometimes, quality is compromised due to the volumes of delivery for this market. The company manufacturing the Camerapad intends to introduce the product to this market promising diversity in types, convenience, hip and modern appeal, value for money, professional prosperity, happy and free spirit appeal, and on the move entertainment. This segment is influenced by competitive pricing for optimal benefits at a competitive price.
The target market has several schools, homes, colleges, among other institutions that use the Camerapad product regularly. These institutions are strategically located and uniformly spread across the accessible market. Nearly sixty percent of people found in these institutions are users of camera products. With properly drawn partnerships and a memorandum of understanding, the market is within our influence since our competitors lack this aspect. Specifically, the convenience and entertainment would give the product a competitive age in schools which campaign for affordable prices and high quality.
This is the largest segment for the Camerapad product. This segment comprises of individuals who use the Camerapad daily. Since this product comes in a smaller size and has multiple uses, the segment is influenced by differential quantification, convenience, hip and modern appeal, value for money, professional prosperity, happy and free spirit appeal, and on the move entertainment.
In the overcrowded market for camera and pad products in the target market, product position is directly linked to success in the short and long term, especially for a new product. To achieve the desired goals, positioning ensures a clear difference between the new product from the existing products. Thus, the following strategies will be applied.
We intend to position this product as the first of its kind in the market. As the first player for this kind of Camerapad product, we project a steady market share gain within six months. Once this is achieved, the delivery channel will revolve on quality maintenance to support the leading marketer status. In the process, a permanent and positive image of the company will be glued in the minds of our clients.
Also, a series of market research on the demands of the consumers will be carried periodically to improve on satisfaction, desires, and expand on new market territories. In the process, the focus will be directed to the most competitive price and what the customers are able and willing to pay. To cut a unique niche, the right audience will be captivated by the different colors and sizes available. Despite the crowded market for camera products, the Camerapad is first of its kind.
To diversify market operations, the company intends to create multiple products from the same product with different colorations, sizes, and packaging. This will create an environment of own competition and block other competitors from encroaching into the company’s market. These sub-products will be differentiated by features, prices, and the difference in quality. As forecasted in the market research, this strategy will be successful towards dominance as it offers a variety of options to consumers, while at the same time, maximizing benefits of economies of scale. Since the target market has low entry barriers, the company is likely to reap from the experimenting consumers.
The high and low-end varieties will target high and low income earning customers. With the high end and low-end varieties in the market, little room will be available for competitors to create a third product based on quality.
Demographic Strategy, Research, and Advertisement
This product targets every technological gaucho irrespective of the economic arms. To achieve this aim, demographic differentiation will be based on income supported by strategic packaging and a series of relevant marketing campaigns. As a result, the fair pricing mechanism among other factors will skew competitive advantage positively. Also, the company intends to recruit distribution agencies across the regions of the target market and well-trained marketers for this product. Moreover, the company has allocated a semi-annual budget of twenty thousand dollars on advertisement and periodic promotions.
To remain relevant to the ever-changing trends in the market, ten percent of projected revenues will be pumped back into research and product modification as dictated by demand and supply equations.
In summary, a properly researched marketing plan determines the success and sustainability in penetrating a market with a new product. However, the plan should be flexible to market dynamics and embrace alterations where necessary as is the case with the Camerapad and the Cooler bag products.