Asdsignment: Marketing Plan
Complete and edit marketing plan for a product.
Situation Analysis:
Our company was founded in November 2019 in Delaware with the goal to put the basic essentials needed on moving day into the hands of new movers when they need them the most. It's handy, and easily carried. The company expects to take advantage of an increasing demand and desire for easy and professionally packed essentials especially for students on their move-in day. Although there are other companies both large and small that compete in this market, our company has the expertise to create and market superior products that will appeal to its target market.
Internal Environment:
Mission statement
Our company seeks to meet the need and demand of the handiest and easily carried moving day essentials.
Organizational structure
The company board structure started with five young entrepreneurs.
Corporate culture
Our company is an entrepreneurial organization. Thus, a key element of the internal environment is a culture that encourages innovation and creativity. The company's beginning was based on a desire to provide a superior kit that includes all the essentials and the company decision have consistently emphasized this mission.
Past and current marketing
Our product is new to the market. Hence, it's the first product produced by our company.
Current products
The H.O.M.E kit it basically a cooler bag filled with either cleaning tools or cooking tools. It could also be a customizable kit where the customer mix and matches tools by themselves. The cooler has two sizes, a medium size that could carry 21 products. Or a large size that could carry 31 products. Each kit comes in a considerable weight that could be easily carried. Also, it has the H.O.M.E label represented in every kit.
Current markets
The consumer market for H.O.M.E products is made up of anyone who cares about making moving day less stressful.
Pricing
The suggested retail prices for H.O.M.E company are $60 for the medium kit that carries 21 products and $90 for the large kit that carries 31 products.
Customers/sales
Distribution
To reach its target market, the company places primary distribution emphasis on college students, couples, and families. Home depot as housewarming gift, or closing gift from residential builders, title companies, mortgage lenders, and realtors for their new homeowners.
External environment
Competitive environment
H.O.M.E faces several different levels of competition. Direct competitors are companies that also market like Moving Day Survival Kit, moving care package and other smaller manufacturers. Also, individuals who make these kits as gifts for their friends and families.
Economic environment
Moving day kit was first introduced in.. the product gained momentum and sales steadily increased. With the continuing improvement of the economy, many analysts are suggesting growth opportunities for a variety of sectors of the economy.
Technological environment
Technological advances have minimal impact on the firm's operation. Nevertheless, the use of the current technology enables and enhances many of the company's activities. For instance, the company uses the internet to enhance its operations
Political and legal environment
H.O.M.E is environment friendly. We make sure to provide all tools that tend to reduce the use of plastic. Tools that could be recycled as well. We are working hard to provide
Sociocultural environment
SWOT analysis
The SWOT analysis provides a summary of the strengths, weaknesses, opportunities, and threats identified by H.O.M.E through the analysis of its internal and external environments.
Strengths
The following are the strengths H.O.M.E identified:
- Creative and skilled employee team.
- High-quality, convenience, and practical product that provides essentials to movers.
- Strong network of manufacturers' agents and distributors.
- The growth of a reputation for a high-quality product among ...
Weaknesses
The following are the weaknesses H.O.M.E identified:
- Limited financial resources for growth and for advertising and other marketing communications.
Opportunities
The following are the opportunities H.O.M.E identified:
Threats
The following are the threats H.O.M.E identified:
- Increase popularity of moving day kits.
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 includes 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.