The Waan manufactures electronics for home use and is to launch a new product into the market. The following marketing plan forms a foundation of an innovative new product by this company (Jinnett, 1999, p27). The engineers and designers at Waan have developed a visually appealing set of devices, which they feel will be appealing to the buyers. The company feels that the current marketing strategies will not help them realize the profit potential for these small appliances. Therefore, the president of the company wants a new marketing plan to be developed that would help the company realize the full profit potential that these small appliances are likely to generate for the company. This will help the company keep their position as the leader in innovative and successful product launches. The marketing strategies will enable us to arrive at a market population of an estimated five million people (targeted) with a sales growth vision of 4.4% over the next 2 years. Achievement will be by an ample capture of market shares within the market. In the first two years, we anticipate consulting to form a large part of our revenue source.
The company mission statement is to provide reliable, value added small electronics.
The Waan Company’s major mission is to benefit and satisfy the customer needs. Founded in 2007, we are the leading manufacturer, marketer and distributors of electronic appliances in the whole of Africa and parts of Eastern Europe. Waan company is a corporate company that was conceived five years ago from the idea of the one Ann. Our company headquarters are situated in the London, and we are holding local operations in 14 outlets in England.
The main goal for the company during its inception in its niche market was to produce child tracking devices that were reliable, efficient and easy to use at excellent prices. In fact the greater impetus for the company according to its founder and president, was to find ways of reducing child abduction cases and the best short at this Endeavour was thought to be the innovation of tracking systems that would be able to track children wherever they are at all times within the specified radius.
A glimpse at any of the local dailies; or a squint at any of our channels’ evening news; or a click at any online news providers will most certainly tell you of the security concerns for our children who are plagued with a daily threat of abduction, defilement, assault or even being out rightly killed. The prevalence of recidivist seasoned or sadist killers and bandits who are making a huge kill with ransoms from abduction of children in the society is reverberating. There is very little help that parents who are scared to leave their children leave their front doors either to the malls, church or even school without company. The security surety assured by law enforcement agencies is not as promising given the numerous domestic and notional security issues that the agency is already strained by. In this regard Waan is devising a micro-tracking chip for children’s clothing with the capacity to give geographical location of your child at any place and time within a specified radius which is adjustable according to client requirements.
The company has reverted to this invention since there is quite no such technology that is effective in offering the tracking services that are necessary in reducing risks of abduction and assault against children from schools, malls or other social areas they may be sent. Our marketing focus is to increase brand recognition of the Got Him Micro-Tracking chip brand name as a novel, effective and casual brand whose quality, novelty, design innovation and comfort, perfection and accuracy in the tracking endeavors are unrivalled. The wider security provision industry is very competitive and consumer demands keep changing almost on a daily basis given the evolution of crimes against which security is to be provided. It therefore our core goal to identify the changing trends in child security concerns to which decisive and astute response is our only alternative of ensuring the security of our children in the neighborhood (Kotler and Keller, 2008).
The target consumers for GH-Tracking chip will be parents from all walks of life; from all income levels who desire to ensure the safety of their children. The devices are unisex and therefore can be used for both boys and girls. There is no age limit for these children but they have to be five years and over since they are required to go through some training of how to respond when in danger with details of what to press and how to maintain cover of the device so that the assaulter does not easily realize where the devise is implanted. It has been observed that some clients have reverted to use our devices for other personal needs like tracking personnel at work or at home among other specific needs.
Our customers are assured of quality and satisfaction for the purchases they make. We offer quality guarantees in money-back provisions and unconditional replacement of devices that malfunction or whose services, the consumers are not satisfied with. There is also a six month warrant for new systems purchased Kotler and Keller, 2008).
Therefore, Waan will manufacture this at the same feature-rich reliable at much lower cost with cheaper technology should target the lower to middle-income group of consumers in the country, who aspire to have those appliances at an affordable cost during the initial stages Waan’s GH-T brand and logo are very popular with consumers.
There are very few competitors in this business for Waan since security providers of this caliber are not common in the market. The only providers that trade in tracking devices are government agencies and companies like Track IT International, G4S Company, and Wells Fargo do not entirely specialize in children tracking devices but rather major in other security provisions like alarm response services and round-the-clock surveillance services. With GH-T having specialized in micro-tracking devices for children’s clothes, it stands out as the only provider of such services in London to begin with thereby expecting the only competition to be probably from emerging companies which are not yet there as of now.
Sales Objectives- for the 4 years Waan has been in existence, we have recorded growth rates and market share that are not as appealing. For the past five years, there has been a 15 percent market share which in our estimation we can do better. Our target is to have a 25 percent market share in the second year due to the introduction of this micro-tracking device among our products. This percentage is then expected to increase to 30 percent thereafter through the distribution of these devices throughout the entire world using company’s convenience stores and retail shops.
Profit Objectives- Waan assumes that the economy will be stable and that there is no foreseeable constrains on the economy in things like recessions or booms for both the local market in the UK. Upon this premise therefore, the company projects a 30 percent gross margin with its profit projections (Laermer and Simmons, 2007).
- Product – The main objective is to improve awareness among the people about the product by 33% in one year. This can be achieved by targeted advertisement on the Internet through popular portals and in serials with very high ratings on television, through distribution of pamphlets and brochures at electronic goods showrooms etc. where people come to buy electronic items. This new product that is being designed to be sold by Waan is a tracking system. The device has inbuilt response mechanisms that are integrated into the National Security agencies to communicate any form of danger that children using them may be in. The integration system is composed of miniature digital camera that is designed to pick video clips of the surrounding and any other thing within its line of focus and transmit it automatically to specified destinations (parents and security agencies) who receive the alerts through their phones and VDU screens respectively. It also has a response system by which when the child feels he/she is in danger activates a circuit by pressing button on a wrist watch that alerts the respective security agencies and the parents (Nash, 2000).It is appreciable that damage and hurt may not be completely evaded in the event of assault but at least the system gives information about the location of the incidence since it is integrated into the national Global Positioning System (GPS) and records high-quality videos of what is happening around the user. Unless the assaulter knows about the device, it will only take minutes for security agencies to catch up with them depending on the promptness of the agency. The device comes with a manual and instructions of how to use although the company recommends that users be trained on how to use it by company technicians (Vargas, 2008). The product’s logo and company name are simple and easy to identify and remember. The logo has a curved ‘With You Everywhere, Your Safety Our Only Goal’ around a circle with a line across it which symbolizes that we access every depth of society and there is nowhere that we do not permeate. This is a unique logo that distinguishes our brands as our trademark.
- Price –The main objective is to increase the volume of sales of the device that Waann manufactures by at least 25% in one year. This would help Waann to emerge as a market leader in the electronic market. GH-T intends to thrive on appealing to a broad spectrum of customers whose needs as regards child tracking facilities are met with enviable consistency and satisfaction. To maintain this value of consumers, pricing strategy will be steered towards ensuring that all pricing techniques that are consumer considerate but at the same time realizing profitability from the investment are employed (Boone & Kurtz, 1999). So as not to have our price rock bottom, we set out to Endeavour to revamp the tracking system with the most recent and modernized technology newest in the market so as to always have the marketing of our product profitable. The price recommendation for the Child Tracking System is $ 80 to $ 100. Place –Since Waan’s logo is popular among the consumers in the electronic goods industry and because the lower and middle-income groups are been spread across the world, the objective should be to launch the product at the national level in one go. This would help the consumers in the country to identify the product with the company and make purchases of the product. Since Waann’s logo is very popular among consumers in the country, the consumers once they come to know of the new product launched by the company would make enquiries for it. Since the device is a quality product from Waann, its simultaneous launch nationwide would help the company to reap in the maximum profits before competitors come out with similar products (Schultz, Tannenbaum and Lauterborn, 2004). GH-T will use producer-retailer-consumer distribution channel deliberately arrived at in order to reduce the length of the distribution channel. Lack of intermediary distributions of the product will effectively reduce the ultimate consumer price that the product will eventually have. There will be a warehouse for the products to be stored before distribution into the chain and also the company has strong financial resources and muscles to manage its channel effectively giving financial assistance in credit to retailers to help them in the distribution channel (Vargas, 2008). The decision to limit intermediary involvement in middlemen will also enable us to maintain a close contact with our consumers and this will help in building our relationship with our customers which is imperative in the success of product marketing (Boone & Kurtz, 1999). With the aim of gaining considerable market share, we will sell our products in convenience stores, retailer shops, and such retailers as K- Mart. In all these places, we will use place utility concept where we intensively distribute our products to the market which then will translate in gaining market share and accruing profits from sales (Clow, 2009).
- Promotion –Stimulating demand should be the main promotional objective for this product. Consumers are given a free demos of the product for promoting the product. Successful product promotion leads to stimulation in demand. For the success of the marketing of our product, it is imperative the promotion of our brand be intensive and effective. We therefore have embarked on rigorous training of our sales and marketing personnel to be well versed with the various promotional strategies that are in the market with the intention of settling on the one that is most relevant, applicable and effective for our case. We will use widely differentiated promotional strategy in the market by employing a different strategy at every stage of the product’s lie cycle (Smith, 2007). At the onset, it will be necessarily viable to invest in popularizing our product to the market through bill-board, television and radio advertisements as the surest way to reach our target market telling them of the new tracking system we were promoting. In the ads, we will detail how easy the device’s installation and use is. When the product starts enjoying market popularity and acceptance, spending so much money on ads in the electronic and print media will be untenable and therefore we will revert to using simple in-store displays. The few media advertisements that will still be aired, we will have to change their content from being informative to being persuasive (Edwards and Day, 2007).
- People – people play an important role in the launch of the product.
- Process – the process of manufacture will be automated.
- Physical evidence – the product will be a physical product that can seen.
Waan Company has valuable strengths that will help it to be successful. These strengths include: a well-informed and friendly employees, state of art in electronic equipments, clear vision of the market need, company’s brand strength, company’s effective progress in new markets, strong distribution channels within the company and good results from the company operation. It is also important to realize weaknesses which include: the cost factor associated with keeping this state of art in tracking device, reliance upon particular electronic by the company, to rely on other external investors and the saturation of the industry in UK.
Waan strengths will assist to capitalize on rising opportunity. These opportunities include but are not limited to, a growing population that is interested in safety of their children, participating within a gradually growing trade, the ability to reduce the constant costs as a fraction of company sales as quantity increases, launching of new products and an attractive trademark to the international partners. The company should also be aware some of the threats towards it. This includes: strong competition with other emerging companies, a drop in the economy which minimize unrestricted spending and perception of product (Abrams, 2004).
When the sales’ goals are met and market share realized, then that will translate into our success. Product sales will be tracked and recorded consistently after the initial launch of the product in the market. These parametric measures will be taken after every promotion, add or PR attempt made. Given the centrality of the Security provision industry in the UK market, we hope to meet our targeted 20 percent market share by the end of the first fiscal year and should this be achieved, it will be a mark of great success for our product.
Such levels of success and market dominance are expected to be the basis upon which Waan Company will establish a firm grip in its niche market as a Child Tracking Company. After this level of market prevalence has been established, we will then embark on serious promotional activities and advertisements that promote societal courses so as to establish our corporate social responsibility obligations (Abrams, 2004).
Tactics and Action Plan
Different action plans have been devised for the implementation of the different marketing strategy tactics devised. In addition, the due dates for submission of the action plans and parties responsible for the various actions plans have been identified here.
Product Action Plan
|Tactic||Due Date||Responsible Party|
|Advertisement strategy tactic||11/4/2010||Job|
|Awareness campaign strategy tactic||11/13/2010||Jemima|
|Social networking strategy tactic||11/15/2010||Saunders|
Price Action Plan
|Tactic||Due Date||Responsible Party|
|Increased supply strategy tactic||11/10/2010||Williams|
|Discount strategy tactic||11/19/2010||Hebron|
|Volumes Strategy tactic||11/30/2010||Jacob|
Place Action Plan
|Tactic||Due Date||Responsible Party|
|Regional level strategy tactic||11/10/2010||Joy|
|National Strategy tactic||11/10/2010||Vane|
|International Strategy tactic||TBD||TBD|
Promotion Action Plan
|Tactic||Due Date||Responsible Party|
|Free demo strategy tactic||11/4/2010||Anthony|
|Surprise gifts strategy tactic||11/13/2010||James|
|Quiz contests strategy tactic||11/15/2010||John|
In this section, we discuss the monitoring procedures in place to check the effectiveness of every marketing strategy adopted. Various measurement plans have been developed and due dates for submission of the plan and parties responsible for submission of the plan have been identified.
|Monitoring Activity||Due Date/Frequency||Responsible Party|
|Product Action plan effectiveness measurement||11/20/2010/to be conducted once every month||John|
|Price action plan effectiveness measurement||12/5/2010/to be conducted once every month||David|
|Place based action plan’s effectiveness measurement||11/11/2010//to be conducted twice every month||Jacob|
|Promotional action plan effectiveness measurement||11/20/2010/to be conducted once every month||Vane|
Implementation and control
Once approval has been granted, the company should implement the plan. Control should be put in order so as to examine and measure the results of the project to ensure the preferred goals are achieved (Thomsett, 2008, p28).
Control- The objective of this plan is to point out the strategies, methods and programs that will ensure that the sales goals in this plan become a success. There are probabilities that the company will face obstacles, but we will focus on effort that will build the image of the company. It is important to use this marketing plan and the business plan as our proof documents (Scott, 2010).
Implementation- Key dates must be set so that the marketing panel should meet. Both sales goals and deadlines for major projects that put significance to the marketing expense budget should be included. Each plan is assigned a manager who has ownership of the responsibility and is accountable for its success. We will monitor our successes and failures by revising the plan and the actual results obtained. Successes and failures will be reviewed and discussed on a monthly basis (Gonring, 2005)..
We have considered the situation faced by introducing the new swimming costume and the goals that we want to achieve. A critical look has been made both on our internal and external environments through analyzing our strengths, weaknesses, opportunities and threat. By identifying the marketing techniques, the aims of delivering the product are achieved. Upon implementation of this marketing plan, the Waan Company will gain increased shares and maintain the position of the company as the market leader (Baker, 2008).
Abrams, M., (2004). The Successful Business Plan: Secrets & Strategies. New York: Oasis Press. p.283.
Baker, M. (2008). The Strategic Marketing Plan Audit 2008. Vol. 4, Issue No. 2, p. 27.
Boone, L. & Kurtz, D. (1999). Contemporary Marketing. New York: Harcourt Brace & Company.
Clow Kenneth E, (2009). Integrated Advertising, Promotion and Marketing Communications. New Delhi: Prentice Hall.
Edwards, H., & Day, D. (2007). Creating Passion Brands: How to Build Emotional Brand Connection with Customers. New York: Kogan Page.
Gonring M. P., (2005). Global Megatrends Push IMC Concepts to Forefront of Strategic Business. Journal of Integrated Communications.
Jinnett, J., (1999). Keeping the Books. New York: Upstart Pub. Co. p.27.
Kotler, P., & Keller, K. (2008). Marketing Management (13th ed.). New Delhi: Prentice Hall.
Laermer, R., & Simmons, M, (2007) Punk Marketing. New York: Harper Collins.
Nash, Edward. (2000). Direct Marketing: Strategy, Planning, Execution; 4th Edition. New York: McGraw-Hill.
Schultz, E, Tannenbaum, S., & Lauterborn R., (2004). The new marketing paradigm: integrated marketing communications. Sydeny: NTC Business.
Scott, D. M. (2010). The New Rules of Marketing and PR: How to Use Social Media, Blogs, News Releases, Online Video, and Viral Marketing to Reach Buyers Directly (2nd ed.). New York: John Wiley.
Smith, W., R. (2007). Innovative Marketing. New Jersey: Sumy: 3 (2).
Thomsett, M., (2008). Bookkeeping for Builders. New York: Crafsman Book Company. p.28.
Vargas, D. R., (2008). Integrated Marketing Communications, An Effective, Comprehensive Approach, Business Ventures.