Assignment
Executive Summary: The first sentence left me asking, "What company?" Nothing in the executive revealed the company name or whether it was a new company or existing company.
Introduction: This section seems to contain the information we would expect in the Product section. Use the introduction present the company (brief history, scope of operations, etc) and very briefly the product that is the subject of the plan.
Sit Analysis: Is Dazzling Kit the name of the company? If so, we should know that in the exec summary and the intro. Even in this paragraph, about half way through, when you say "the company" it is at first not clear if you are talking about the competitor of the company that is the subject of this plan. The latter half of this section gives away the company's positioning strategy rather than just talking about the existing situation in the marketplace.
Trends in the industry -- If the economy is rising (and it is), that means more people employed and able to buy things they might not otherwise buy in tough economic times.
SWOT -- looks good except I didn't understand on your last Threat item why this product would require reengineering the product supply chain. It seems to me the supply chain for products such as this is fairly well established.
Marketing Objectives: In first sentence, change the word "to" to "by." Also add a time-bound element to this objective so you know how much time is allowed to reach that goal. The second objective is not measurable or time bound. The third objective is not specific, measurable, or time bound.
Target market -- I was confused by the phrase, "The branding is also expected to attract youngsters which will increase......." I thought it was actually primarily to attract youngsters? Maybe it would be better to tighten up your target market description. For example, "The target marketing for the product are girls ages 8-18 from middle class and lower upper class families and their parents. A secondary target market is people who travel a lot." (By the way, the rationale for targeting travelers was missing. You might want explain that in your plan. Is it a separate target segment of adults or is this just a characteristic of the primary target market, that they tend to be families that travel alot? I can think of a good secondary target segment at that would be adults buying for teens, especially at Christmas.
Positioning -- I would borrow some of your verbiage from earlier in the paper where to described the difference between what the competition offers (jewelry sets or nail polish sets but rarely the two in combo and none with cartoon idols) and what your product will offer. There is something missing from the positioning strategy. I don't sense a strategy that has a clear, easily communicated distinction from others on the market. Not necessarily something for you to fix, just something to think about.
Product Strategy -- Oops. You wrote entirely about you promotion strategy in this section.
Pricing Strategy -- Be cautious about such a strategy. If there is room in the marketplace for a premium pricing strategy (assuming your product quality is there), then launching as an economy brand and hoping to later become a premium brand is not a strategy likely to succeed. Just take some time to see what's out there. What are the price points? Where should these kits be priced? Communicate that here both with a price range that the sets will bring and also with a pricing objective (see the book).
Place -- You need a far more specific distribution plan than this. Name specific stores that will carry the product. If you are targeting the upper class, this is not generally a population that buys jewelry at Walmart. Middle class, yes. What type of distribution intensity will you have -- intensive, selective, or exclusive? I'm assuming selective, but that then requires you to identify specific retail chains that you would like to distribute through. Will sets also be available online? If so, will they be manufacturer direct or will they be sold via major retailers in their online stores? Will you sell to retailers via intermediaries? If so, an agent/broker or through merchant wholesalers?
Promotion -- Make sure your promotion strategy matches your pricing objectives. If you start out always discounting and plan to continue, you will never be a premium brand. Take all of the text written under Product and move it here. Then make it far more specific. Which TV programs or channels will be focused on for advertising? How will social media be used (advertising, viral videos, blogger reviews, etc)? Your plan should be actionable when you are done, meaning that a marketing manager could be hired, handed your plan, and know exactly what media will be used for advertising, which social media platforms will be used and how, where to set the suggested retail prices for the kits, how the distribution channels will work, and the consumer directed messaging that will be used to convey the products unique selling proposition, etc. Your plan is fine, it's just skeletal.
Financials: Are these figures in 000's? What period is it for? When will the product line be launched? The second column just says, "Per".
Promotion Budget: This budget should only include things related to your promotion activities such as print media, digital marketing, If production and operating costs are the costs of producing the kits but not the promotional expense, your figures leave the company in the hole. ($48,614 - 66047 = -$17,433)
Controls -- I do not understand what you are saying in the first eight lines of this section. Do you? This entire section feels as if it is borrowed from something else and not at all a fit with your proposed product. To tackle this section, just ask yourself what types of things will it be important to track and monitor in order to ensure the success of the plan? How will you track the success of your promotion campaigns (TV versus email versus social media)? How will you know if you are reaching your marketing objectives? How will you know what consumers think of your product?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Product-Marketing-Plan.rar