Marketing Report
You are to create a marketing plan for a new product line.
The name of the company is Yellow Ribbon. The company only markets and distributes gifts online as well by direct mail (this is NOT a brick and mortar company). The company is 5 years old and has been successful in marketing to the consumer looking for summer gifts. Yellow Ribbon has decided that it needs to expand its product lines to include more than just summer items. Yellow Ribbon provides unusual gifts that are difficult to find. The look is intended to be new age and upscale in nature. The gifts are available to be gift wrapped in the company's signature wrap that comes with a large yellow ribbon and then shipped anywhere in the world. In the summer collection, the price selection is moderate to low, appealing to large orders for businesses rather then to individual consumers.
Yellow Ribbon is considering two new gift lines: one for women and one for men. Some of the new items for men include: Smartphone cases in leather, money clips, wallets, and other travel items. The new items for the women's line include: gold jewelry, Crystal charms, gold jewelry boxes, cotton robes, and a day spa supply basket.
The marketing budget is currently $300K. With the addition of these two new lines the budget is going to be increased to $800K.
Your job is to do the following:
1. Using the chapters in the text covered during the semester as well as your knowledge of marketing using social media, create a marketing plan that covers the items listed below.
2. You must use your text as a reference - when you use it as a reference, you must cite all specific references by page number or item number from the book. You are required to cite a minimum of five such references from your text book.
3. In addition, you must use at least ONE outside reference and you must site the source.
Items to cover in your marketing plan...
1. Describe and identify the process and key items of identification needed in order understand the new market segments. Who will buy? What would they buy? Why would they buy? What would they be willing to pay?
2. Identify and describe the steps needed to understand the new markets?
3. Should the catalog use the same demographics used in the past, or should it start the new marketing plan targeting a completely new group?
4. How will you implement the new marketing plan? You must include a plan that integrates traditional marketing strategies as well as strategies using various social networking sites. You must be specific concerning elements of this market plan.
5. What should the pricing look like for the new gift line?
6. How did you determine the prices recommended?
7. Is the choice of starting the new lines for men and women the best direction to go or is there another market segment they should be tapping into first? Why or why not?
8. What is the plan for gathering data and systematically analyzing whether your plan is working? (Look at the use of data mining available in today's social networking sites: Facebook, Twitter, etc.)
9. Is there a way to brand this market segmentation? Does it make sense to do so?
10. What should the new marketing dollars be spent on in the new campaign? Is it enough of an increase? Why or why not? If you need more, how much more? Build a budget and outline how it will be used in the report.
11. How would your plan build brand loyalty?
12. How would you let people know about the new lines and bring new and old customers to the website or calls from the catalog?
You must use MS Word to create this report.
1. Assume that you are going to present this report to Julie Free, Vice-President of Marketing, who will be making a decision to go or not to go ahead with this project based on your plan.
2. Use the questions listed above as a guideline for developing your marketing plan. Do not answer each question directly, but rather answer the questions by incorporating them into your plan.
3. Begin your report with a opening statement that summarizes what the marketing plan will present. End the report with statements that summarize what you have presented and what your recommendations will accomplish.
Report Format:
1. Your marketing plan must be a minimum of 5 pages, Times Roman, 12 Point Font, 1.5 spacing.