Components of a Marketing Plan Part 2

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Purpose of Assignment

The purpose of this assignment is to continue to have students place themselves in the role of a marketing research and planning team leader while completing the last half of the team's project that was started in Week 3. Students will be researching and making decisions on price setting, promotion strategies, environmental forces/scanning, and steps to bringing their company's product from concept to commercialization.

Assignment Steps

Resources: Marketing: Ch. 1: pg. 4-10; Ch. 3: pg. 72-92; Ch. 8: pg. 210-223; Ch. 10: pg. 274-281; Ch. 13: pg. 350-352; Chapter 17: pg. 472-475; Ch. 18: pg. 519-526; Ch. 19: pg. 556-558

Scenario: Using the same organization and product/service you used in the Week 3 learning team assignment and the same scenario, you will be presenting the following analyses to the board of directors and stakeholders. They will be using these analyses to make their final decision on how, and if, to launch your company's new and unique product/service.

Develop a minimum 250-word analysis addressing the following:

  • Select four of the following methods and explain how they should be used by your company. Explain the reasoning why they align best with your target segment and product:
    • Advertising
    • Public relations
    • Traditional Digital marketing
    • New Digital marketing techniques (describe)
    • Sales promotion
    • Direct marketing
    • Event marketing
    • Outdoor

Cite a minimum of three peer-reviewed sources.At least one source should be from the course materials and at least one source from the University Library.

Format your paper consistent with APA guidelines.

Attached is a copy of our week 3 assignment for a reference. Our Company is a pool sensor company.

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Running head: COMPONENTS OF A MARKETING PLAN PART 1 Components of a Marketing Plan Part 1 Bob O’Connor, Juana Hernandez, Kenny Hernandez and Michael Mayberry MKT/421 October 4, 2017 Eric Kingsbury 1 COMPONENTS OF A MARKETING PLAN PART 1 2 Components of a Marketing Plan Part 1 Phoenix Pool Inc. has developed a great new product in child early detection for pool safety. The Automatic Child Pool Senor (ACPS) is a devise in which the moment a child has fallen into the pool, an alarm will go off. The alarm will be set to a mobile phone as well as a house alarm. The ACPS will save many children from drowning by accidently falling into the family pool. Being able to reach the child within seconds after falling into the pool. The mission, values of the company and the industry they operate in separate this company from the competition. Our Values and what makes us different Phoenix Pool Inc. was founded in 2016 by Bob O’Connor, Juana Hernandez, Michael Mayberry and Kenny Hernandez. A group of students which came up with the idea of an early detections system to prevent children from drowning. The four founders were tired of hearing of all of these children falling into the family pool and not being found until sometimes it was too late. Early detection was a priority when it came to the product development. The product is installed all around the pool. ACPS will function with the initial fall in of the child along with the motion of the water. The industry in which we operate in is in pool and early detection. We are unique in the product which we offer our clients. Our Mission is to help save as many innocent lives are possible. Helping as many children and pets from being missing once fallen into the pool. Early detection can help parents making sure their children will be found faster if they fall into the pool on accident. Target market and segmentation criteria COMPONENTS OF A MARKETING PLAN PART 1 3 We at Phoenix Pool Inc. will be targeting the pool industries. From storefronts to the companies which install pools as well. Our product is focused on protecting children from drowning by sending an alarm to a phone as well to the customer's house. The alarm will notify the homeowner someone has entered/fallen into the pool. This can also be useful to customers with pets, if they were to fall in as well. Since last year there was a reported of 10.4 million residential pools (Taylor, 2016). The market has great potential of installing our product to save as many children from drowning unnecessarily. In the United States, there is an average of 3,536 fatal pool drowning from 2005 – 2014. About one and five people that drown are children 14 and younger (Unintentional Drowning: Get the Facts, 2017). We will target pool installation companies and pool stores to sell to parents with kids. Whether they are young or older, parents will be able to rest easier. We used measurable segmentation criteria to know what market we would want to target. Measurable segmentation is important in order to market our product to the segments with children. Not being marketed correctly will fail before we release our product to the market (Claessens, 2016). Marketing is crucial to the organization in order to get our product out to the consumers. However, without identifying the targets of the products produced or service to be offered it can fail. The brand position in the market, the strengths will weaken and possible threats will make the product fail to achieve the purpose if not marketing correctly. Safety is important and will be answering any safety question for parents. Children cannot take care of themselves and this is the responsibility to their parents. We manufacture sensors with the ability to sense disturbances in the water body sending signals to the alarms. COMPONENTS OF A MARKETING PLAN PART 1 4 Our product is well packaged, labelled and objectively branded. Thus, the product is attractive to the customers in the midst of other products from the competitors. Its branding is unique, which differentiates it from all other brands of other companies (Groucutt, 2015). Warranting our product for customers has created confidence to customers for better services. This gives us an advantage in reaching our target since our competitors have neglected the fact, showing commitment to their customers. The brand has significantly been received well by the customers, creating a good brand position. Target reaching has not been without analyses on the strength, weaknesses and the trends. The strength of the product is that every parent will require it at one time in their parenting. Hence, brand position. However, new trends that are inevitable in the modern technology is threatening. The product will require innovation frequently, so as to maintain its usefulness in the market. SWOTT Analysis Our strength would be our people. We have motivated individuals that care about our product, processes, and our future. Our weakness would be the fact that we are bringing a new product to market in face of a fierce and established market. There is always a possibility that our product will not be successful. Our opportunity would be that no other competitor overs a version of our proposed product. We are the only pool product company that is chasing a real threat to the safety of our customers. A threat would be if a competitor brings a similar product to market before we can. We need to take advantage of being the first company to produce a viable version to gather market share. Our trends would be the fact that customers are becoming more and more in tune with their mobile devices. Our customers have integrated their mobile devices into almost every part of their lives so integration will be simple for the majority of customers. COMPONENTS OF A MARKETING PLAN PART 1 5 Competition Our competition is currently divided into three categories; childproof fences, security cameras, and pool covers. Childproof fences and gates have the vast majority of the market as we bring this product to market but they are not foolproof. Most cities in the greater Phoenix metropolitan area have a building code requiring a safety fence with childproof gates but accidents still happen. In 2015 there were ten preventable drownings in Arizona that involved pools or hot tubs (AZDHS, 2016). We feel that was ten too many. Security cameras also work great as long as there is a responsible adult there monitoring the screen. This is usually only done while the swimming is planned and does not do any good to prevent the unplanned accidents. Lastly there are lockable pool covers that offer the greatest security but due to their high cost most people do not have them. Costs for the covers start at four to five hundred dollars and go into the thousands not including installation. There are no legal requirements for them either making their purchase above and beyond the fencing requirements. Our product is innovative with a lifesaving capabilities of early notification for parents to save their children from downing. ACPS takes their product to the homes of parents which need to have peace of mind. Early detection allows parents rest assure if their child falls into the family pool to be notified as soon as the child falls in. With extensive research our product speaks for itself and sells itself. Competitors have tried to copy our product, but have not been able to match our technology. COMPONENTS OF A MARKETING PLAN PART 1 6 References Arizona Department of Health Services. (2016). Arizona Child Fatality Review Program (23rd ed.). Retrieved from http://www.azdhs.gov/documents/prevention/womens-childrenshealth/reports-fact-sheets/child-fatality-review-annual-reports/cfr-annual-report-2016.pdf Bohari, A. M., Hin, C. W., & Fuad, N. (2017). The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 9(1). Claessens, M. (2016, June 27). Market Segmentation Criteria - How To Segment Markets. Retrieved from Marketing-Insider: https://marketing-insider.eu/market-segmentationcriteria/ Groucutt, J. (2015). Marketing. Place of publication not identified: Palgrave Macmillan Taylor, L. H. (2016, August 27). Good to Know: Facts About Pools, Spas, Swimming and Safety. Retrieved from The Spruce: https://www.thespruce.com/facts-about-pools-spasswimming-safety-2737127
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Explanation & Answer

Attached.

The Marketing of the Product - Outline

Thesis statement: The success or failure of a product in the market mainly on how well a
company is able to market its product to the target customers.
I.

Introduction

II.

Methods
A. Advertising
B. Digital marketing strategies
C. Direct marketing
D. Event marketing


The Marketing of the Product - Outline

Thesis statement: The success or failure of a product in the market mainly on how well a
company is able to market its product to the target customers.
I.

Introduction

II.

Methods
A. Advertising
B. Digital marketing strategies
C. Direct marketing
D. Event marketing


Running head: THE MARKETING OF THE PRODUCT

The Marketing of the Pro...


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