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My attached Marketing Plan failed my Professor's standards. He wants more details in these three areas:


1. Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides, and introduce the contents of your marketing plan. (Just make up something. It's a fake company)


2. Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals.


3. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.


Short and long term goals:

MUST be marketing-focused(revenue $, profit $, market share %, # of customers, customer retention %, etc)

MUST BE SMART goals per all the material that was provided explaining and giving examples of SMART GOALS (Specific, Measurable, Achievable, Realistic, Time-based)

Go back and look at the examples and materials previously provided

Environmental forces analysis

Competitive forces: MUST provide the names of at least 2 actual competitors you will face and a discussion of the overall nature of the competition in your industry/market

Economic forces: discussion of what is actually happening in the economy today (relative low inflation, low unemployment, strong economic growth etc and how these can potentially impact your business

Socio-cultural forces: identify and discuss various trends within our broader society today that could have either a positive or negative impact on your business (examples could be people seeking healthier lifestyles, two income families, single parent families, people seeking more gluten-free food etc.) The key is to think about and discuss how each trend could potentially impact your business.

Demographic trends:what ARE the demographic trends in our society (what is the fastest growing ethnic demographic for example), how does an aging baby boom generation or upcoming millennial generation possibly impact your business?

Legal/regulatory trends: what ARE theses trends within YOUR INDUSTRY.Example, if you’re doing a restaurant business, there is a trend towards requiring calorie counts on every menu item.What are the trends in YOUR industry and how might they impact you?

Technology trends:what are the trends in the use of tech within your industry today and how could those impact your business?Example, order takers and waitresses/waiters are being replaced with “ordering kiosk” in the restaurant industry.

The quickest way to get started on discovering the various trends in your industry is to just Google something like “current U.S. economic trends” or “socio-cultural tends” or “ regulatory trends in the ________ industry” and see where it leads you.Then think about any trends you discover could impact your business.

As stated in the previously provided submission checklist and grading form, good research and references are an actual necessity in order to do this environmental analysis properly.

Unformatted Attachment Preview

Running head: WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN STRAYER UNIVERSITY MKT500027VA016-1186-001: Marketing Management PROFESSOR: Dr. James W. Fraser, Ph.D. WEEK 03: Assignment 1, Part A: Marketing Plan (Hawaiian Highbiscuits) STUDENT: Anthony W. McCloud 22 July 2018 1 WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 2 1. Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides, and introduce the contents of your marketing plan. Introduction Hawaiian Highbiscuits is a Canadian company that has been in existence for five years as a marijuana grower, as well as manufacturer of cannabis infused products such as cookies scones and brownies. The company integrates the best of both the technological and natural world to produce the best quality cannabis products. The firm has capable teams in the various departments to cater with plant research and development, production, extraction, and supply. The firm’s marketing plan entails a one-year plan (short term) and a five-year plan (long term). The plan covers the following metrics; tracking website visitors and downloads to enhance their experience, increase new product adoption and retention rates, and expanding the market share. The company’s vision is to establish the best cannabis across the global cannabis community that comprises of passionate and daring people. The company is driven by the virtues of quality and integrity in undertaking all activities. The mission of the company is to set the best practices by becoming the industry leader; thus, change the perception of cannabis positively and raise consumer experience. The values of the company include maintaining trust among its customers as a measure of its success and generating an iconic portfolio of high quality and enjoyable products while maintaining affordability (Vara, 2016). The firm's short-term goals include; increasing new product adoption and retention rates, and tracking website visitors and most common website purchases to capitalize on the product. On the other hand, the company has long term goals which include; increasing the growth rate WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 3 compared to its competitors, expanding the market share as well as the profit margin, and maintaining positive customer engagement. The company has undertaken an in-depth analysis of the market, financial capability, and the situation at hand to draw an action plan that will see them achieve both their short term and long-term goals. 2. Develop your company’s mission statement. Hawaiian Highbiscuits’ mission is to be the industry leader in quality, affordability, and accessibility to the world’s growing marijuana market; thereby, changing the perception of cannabis to one of high potential, while we work jointly with industry partners to bang the gong for safe and responsible consumption. 3. Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Short term goals Website analytics Website analytics is essential for business growth as it provides information on how visitors behave when using the website. It gives actual reports on the age, gender, and location of most visitors. It also helps to know the most popular content on one's website and the total conversions. The directors can also get to know the most popular materials which enable them WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 4 to make informed business strategies. For this reason, the directors have set tracking website downloads as one of their primary goals in the next three years citing the following importance: • Getting more knowledge on customers and enhancing their experience Business decisions, whether big or small can hurt customers, thereby, creating a negative image and decreased sales. Website analytics are critical for the managers when it comes to making business decisions. The directors want to enhance user experience with every decision that the company will take. The analysis will help them to know the geographical location, age, and gender of their customers and their interests. For instance, young customers aged between eighteen and twenty-five years would prefer to smoke marijuana as opposed to the older generation, which would opt to consume the product in the form of scones. Also, the analytics will help them gain knowledge of the technology (device, browsers and operating systems) that most customers use to access their site. For instance, if the device analytics shows that most customers use mobile to visit the company’s site, the developers can try to make the website more mobile-friendlier. Research by Maccoun (2015) shows that interests vary across the various age groups, this is important in customizing a website that will be popular among users making them take more time in the site and ultimately buy. • Knowing and focusing on the best content Website analytics will help the company to know which content gets the most visits, the duration each customer spends and bounce rates for individual pagers. The information will help the firm sort its site for better engagement. The IT department can add purchase links or call to action links on the top of the pages of the firm to increase sales. Similarly, the site developers can update their pages with the latest information or reconstruct the page design and structure to WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 5 make them more appealing. Moreover, the firm will know which content works and which does not work and as a result, focus on what gets more visits to boost site engagement. For example, the company can choose to focus on the health benefits of taking cannabis. • Search engine optimization (SEO) The company ought to optimize on its search engine because it gives a reflection of the business growth. Businesses with more organic traffic on their sites often have higher turnover compared to businesses with lesser site visits. The website analytics will help the company’s SEO in various ways; first, knowledge on visitor’s demographics and interests will help generate customized content that will get more views. Besides, the company may gain more insights on backlinks by tracking its referrals. The company can also connect its account with Google search console which will enable them to search queries that send the most traffic. Moreover, the company will benefit from actual data on total clicks impressions and average click-through rate. Increasing product adoption Hawaiian Highbiscuits has recently sold over $50 million dollars of product to the 9 million active users who log in to their account every week. The directors understand the importance of product adoption as a prerequisite for every significant metric, that is; customer retention, user engagement and revenue generation. For this reason, the managers work hard to popularize their ‘aha!’ movement which targets making the product a staple of the customer’s routine rather than just being nice. The directors target weekly sales revenue of $100 million in the next the six months. This goal highly depends on their product adoption and retention by customers; consequently, the directors have laid down the following strategies. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN • 6 Creating an unforgettable first user experience The company seeks to enhance the first user experience as a means of increasing product adoption by customers. The directors have suggested the use of welcome messages, tooltips and in-app tutorials that will help generate a clear path to value. For many buyers, the product importance may not be vivid until one gets a clear insight; for example, one has to inform patients the health benefits that come from the products for them to purchase it. • Treating every new feature as a new product launch The company's product has been evolving; the company has been learning parts of their product that boosts engagement as well as elements that customers overlook. The company frequently updates old features and releases new brand functionality using the information. This move helps to increase customer adoption, especially with new users. The management has decided to treat a new feature like a mini-product launch. This way, even veteran users of the company's product become utterly inexperienced and intrigued with every release. • Supporting in-app experience with behavioral emails The ‘aha' movement is the quest for habitual user experience; it aims at people using the product consistently and automatically. For a social media management tool, the company wants users to log in every time it shares a post on Facebook or LinkedIn. The company wants customers to use their SEO tool every time they have queries regarding search performance. The company is considering the use of email to leverage on mere exposure effect and achieve repetition. The firm will be sending emails that will echo the advice in their app tutorials; this way, it will increase the likelihood of the target user acting on it or trying new features of the WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 7 product. Also, emails can be used to relay other messages such as urging users to finish their social media accounts. • Use of hyper-targeted onboarding This approach will help Hawaiian Highbiscuits to fix its ‘weak spots’ and drive engagement with the whole product regardless of how complicated the feature might be. The firm will use segmentation because of the varying customer preferences. • Find, fix, and repeat The firm’s goal of product adoption has been hindered in the past by specific acute problems. For instance, some features have been too complicated for the customers to use. In other cases, in-app navigation has been a problem for some customers. The company has resorted to finding and sorting this problem. The company will use product analytics that will be useful in; providing aggregated user data that provides insight into macro-level issues such as the decline in customers' retention rates or drop in daily active users. Also, the analysis will help shed light on micro-level problems such as features going unused. More importantly, the company will focus on fixing the issues rather than just understanding the cause. The company will use live chats, user sessions and surveys to collect data. Using the information, the company will create a flywheel of continuous improvements. The process will be repetitive- collecting data, feeding it into the flywheel and undertaking improvements. Long term goals • Increasing the company’s market share The company is considering innovation as a way of increasing its market share in the long term. The company seeks to be pioneering in technology adoption especially in the growth WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 8 of marijuana in greenhouses. Also, the company will optimize technology when it comes to customer relationship management (CRM). By investing heavily in CRM, the company will protect its market share mainly by preventing a customer from migrating when competitors offer new deals. Similarly, the approach can help retain customers, since satisfied customers continuously speak of positive experience gained to their friends and relatives. Furthermore, word of mouth is far better as it involves no marketing expenses to a company. • Increasing customer engagement Hawaiian Highbiscuits seeks to enhance customer engagement within the next five years. Customer engagement involves encouraging customers to share their experiences that the firm creates for them. As a result, the firm will benefit brand growth and loyalty. The company has set customer experience as the number one priority. The directors are keen on creating a support team that is empowered and shares in the company's dream. For instance, giving customers more call time as opposed to enforcing call time. Research conducted by marketing students of Harvard University shows that 80 percent of customers will pay more for a product just because of customer experience. The company also wants to humanize its brand which is natural considering the firm's nature as a fun consumer brand. The directors will select one employee who is passionate about the company's product. Consequently, they will grow the persona into a leader and give them an opportunity to engage with consumers. Lastly, the company’s managers focus on personalizing customer engagement mainly by use of a sophisticated algorithm that generates product recommendation based on a customer's browsing history. 4. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 9 Environmental analysis Hawaiian Highbiscuits has undertaken an ecological study to identify all of its internal and external elements that affect its overall performance. The managers know that the industry is dynamic with new changes every day. Some factors are beyond their control however most factors can be controlled. The directors used the PESTLE analysis model to analyze their environment. • Political situation The directors sought to know the country’s political situation; they also conducted a detailed analysis of the global conditions. Currently, the government leadership is supportive with most leaders embracing growth and sale of marijuana products but subject to some refinements to remove some addictive substances. As a Nation, Canada (where the company is headquartered) has voted to legalize the production, use, and distribution of both medical and recreational cannabis. This bodes very well for the company’s future growth. Also, many states in the US have legalized marijuana and will provide subsidies in the form of fertilizers for marijuana growers thus the company may consider expanding to the United States. The legislators are planning to introduce a motion that will see cannabis products be tax-free due to the health benefits that people stand to gain. However, the government regulates the new entrants to the industry by formulating stringent requirements. Nevertheless, the move might work positively towards promoting the company's growth since it is already in existence. • Economic factors WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 10 The managers have conducted an in-depth analysis of the economic factors. The managers expect a small decline of the economy in the next six months followed by a gradual rise of at least 2 percent annually. The country's inflation rate is 6 percent which the directors consider as favorable, especially, to maximize exports. The bank's interest rate will drop but subject to a bill that is yet to be passed. However, this move might make the banks stricter when it comes to issuing of loans. The unemployment rate, especially among the youth, is expected to decline which is a positive message for the company since most of its customers are young. • Social factors Social factors vary from one region of the country to another; generally, people's attitudes have been positive, which has impacted the business positively. The population has been openminded and easygoing with matters of accepting marijuana and marijuana products. Somewhat surprising, people with higher education levels readily take marijuana compared to those with a lower level of education. Further, studies show that men are more interested in cannabis compared to women. The managers do not worry much about wealth distribution since their products are affordable even to low income earners (Caucins, 2015). • Technological factors Technology advances every day and continues to impact businesses significantly. Thus, managers have to continually scan the technical environment to stay updated on any changes. Furthermore, it is not an option for the managers, because they risk being kicked out of business by their competitors. Hawaiian Highbiscuits has experienced high technological obsolesce recently and this continues to be a big problem since it loses millions every financial year. For WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 11 this reason, the directors have resorted to employing an IT expert that will help the company make informed technological decisions. The firm has also been on the forefront of creating innovative technology platforms when compared to other firms in the industry. • Legal factors There have been many legislative changes that have taken place in the country over the decade. The business onset started seven years ago with the legalization of marijuana for certain reasons, and in certain locations. However, there have been several product regulations mostly affecting the chemical components of the products. Employment regulations require any marijuana company to employ people over twenty-five years of age since they are considered more mature. Also, many health and safety regulations continue to be formulated every day (Baum, 2016). • Environmental factors An environmental analysis shows that the business has a favorable location. The geographical area of the firm allows it to quickly access its customers as well as get supplies without difficulty. Though the firm highly depends on controlled greenhouse conditions, the climate and weather are also conducive. 5. Develop both a SWOT analysis and needs analysis for your product / service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 12 SWOT analysis The company directors have adopted the use of SWOT analysis as a technique of analyzing the firm's internal strengths and weaknesses and external opportunities and threats. This analysis in turn has been helping the managers curve a sustainable niche for the company. • Strengths This is an analysis of what the firm does better than everyone else in the industry. The firm has an active research and development team that has enabled the company develops products pioneering for the whole industry. Also, the company has a strong marketing department that has allowed the company to create a lasting customer experience and increase turnover as a result. The company has identified the human resource in the IT department as a core strength meaning that it has been able to perform more than all other departments. • Weaknesses Despite the firm being the industry leader, it still has many things to improve. The firm has a weak finance department majorly depending on bank loans to finance even minor operations which have seen the company incur significantly in repaying the debts. Secondly, the firm identified its technology obsolescence as a weakness; the company spends up to $10,000.00 annually. The firm has also experienced high staff turnover which questions the ability of the HR department. • Opportunities WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 13 A market survey has shown several opportunities that the company could utilize to increase sales. For instance, many people prefer cakes compared to scones, the firm, as a result is considering preparing cannabis-infused cakes. Also, the firm is to adopt, the new technology that comprises systems that control the environment. The main benefit will be the production of marijuana that is accurate to standards. The firm has identified marijuana consumption is becoming more popular with celebrities. Consequently, the managers plan on contracting with a local musician to be their brand ambassador. • Threats The company is facing several obstacles that hinder the realization of its goals. The primary challenge is the issue of government policies, which define the quality standards of the products. At times, companies have to dig deep into their accounts to achieve the abrupt changes. The company has also identified production of counterfeit products branded with the company's name as a significant threat. The company has to deal with counterfeits by continually changing the packaging and disseminating information to its customers. Lastly, the company is at risk of experiencing cash flow problems mainly due to the increasing rate of bad debts by its customers as well as the rise in loans and bank overdrafts. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 14 References Baum, D. (2016). Legalize it all. Harper’s magazine, 24. Caulkins, J. P., Kilmer, B., Kleiman, M. A., MacCoun, R. J., Midgette, G., Oglesby, P., ... & Reuter, P. H. (2015). Options and issues regarding marijuana legalization. Rand Corporation. Kotler, P., Cunningham, M. H., & Keller, K. L. (2008). A framework for marketing management. Toronto: Pearson Prentice Hall. MacCoun, R. J., & Mello, M. M. (2015). Half-baked—the retail promotion of marijuana edibles. New England Journal of Medicine, 372(11), 989-991 Vara, V. (2016). The Art of Marketing Marijuana. The Atlantic. Running head: WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 1 1. Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides, and introduce the contents of your marketing plan. Introduction (INSERT A ONE PAGE DETAILED INTRODUCTION HERE) (GENERIC INTRODUCTION IS ON THE NEXT PAGE) Hawaiian Highbiscuits WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 2 Hawaiian Highbiscuits is a Canadian company that has been in existence for five years as a marijuana grower, as well as manufacturer of cannabis infused products such as cookies scones and brownies. The company integrates the best of both the technological and natural world to produce the best quality cannabis products. The firm has capable teams in the various departments to cater with plant research and development, production, extraction, and supply. The firm’s marketing plan entails a one-year plan (short term) and a five-year plan (long term). The plan covers the following metrics; tracking website visitors and downloads to enhance their experience, increase new product adoption and retention rates, and expanding the market share. The company’s vision is to establish the best cannabis across the global cannabis community that comprises of passionate and daring people. The company is driven by the virtues of quality and integrity in undertaking all activities. The mission of the company is to set the best practices by becoming the industry leader; thus, change the perception of cannabis positively and raise consumer experience. The values of the company include maintaining trust among its customers as a measure of its success and generating an iconic portfolio of high quality and enjoyable products while maintaining affordability (Vara, 2016). The firm's short-term goals include; increasing new product adoption and retention rates, and tracking website visitors and most common website purchases to capitalize on the product. On the other hand, the company has long term goals which include; increasing the growth rate compared to its competitors, expanding the market share as well as the profit margin, and maintaining positive customer engagement. The company has undertaken an in-depth analysis WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 3 of the market, financial capability, and the situation at hand to draw an action plan that will see them achieve both their short term and long-term goals. 2. Develop your company’s mission statement. Hawaiian Highbiscuits’ mission is to be the industry leader in quality, affordability, and accessibility to the world’s growing marijuana market; thereby, changing the perception of cannabis to one of high potential, while we work jointly with industry partners to bang the gong for safe and responsible consumption. 3. Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Short term goals (INSERT ONE PAGE DETAILED SHORT TERM GOALS HERE) WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN Long term goals (INSERT ONE PAGE DETAILED LONG TERM GOALS HERE) Website analytics Website analytics is essential for business growth as it provides information on how visitors behave when using the website. It gives actual reports on the age, gender, and location of most visitors. It also helps to know the most popular content on one's website and the total conversions. The directors can also get to know the most popular materials which enable them to make informed business strategies. For this reason, the directors have set tracking website downloads as one of their primary goals in the next three years citing the following importance: • Getting more knowledge on customers and enhancing their experience 4 WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 5 Business decisions, whether big or small can hurt customers, thereby, creating a negative image and decreased sales. Website analytics are critical for the managers when it comes to making business decisions. The directors want to enhance user experience with every decision that the company will take. The analysis will help them to know the geographical location, age, and gender of their customers and their interests. For instance, young customers aged between eighteen and twenty-five years would prefer to smoke marijuana as opposed to the older generation, which would opt to consume the product in the form of scones. Also, the analytics will help them gain knowledge of the technology (device, browsers and operating systems) that most customers use to access their site. For instance, if the device analytics shows that most customers use mobile to visit the company’s site, the developers can try to make the website more mobile-friendlier. Research by Maccoun (2015) shows that interests vary across the various age groups, this is important in customizing a website that will be popular among users making them take more time in the site and ultimately buy. • Knowing and focusing on the best content Website analytics will help the company to know which content gets the most visits, the duration each customer spends and bounce rates for individual pagers. The information will help the firm sort its site for better engagement. The IT department can add purchase links or call to action links on the top of the pages of the firm to increase sales. Similarly, the site developers can update their pages with the latest information or reconstruct the page design and structure to make them more appealing. Moreover, the firm will know which content works and which does not work and as a result, focus on what gets more visits to boost site engagement. For example, the company can choose to focus on the health benefits of taking cannabis. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN • 6 Search engine optimization (SEO) The company ought to optimize on its search engine because it gives a reflection of the business growth. Businesses with more organic traffic on their sites often have higher turnover compared to businesses with lesser site visits. The website analytics will help the company’s SEO in various ways; first, knowledge on visitor’s demographics and interests will help generate customized content that will get more views. Besides, the company may gain more insights on backlinks by tracking its referrals. The company can also connect its account with Google search console which will enable them to search queries that send the most traffic. Moreover, the company will benefit from actual data on total clicks impressions and average click-through rate. Increasing product adoption Hawaiian Highbiscuits has recently sold over $50 million dollars of product to the 9 million active users who log in to their account every week. The directors understand the importance of product adoption as a prerequisite for every significant metric, that is; customer retention, user engagement and revenue generation. For this reason, the managers work hard to popularize their ‘aha!’ movement which targets making the product a staple of the customer’s routine rather than just being nice. The directors target weekly sales revenue of $100 million in the next the six months. This goal highly depends on their product adoption and retention by customers; consequently, the directors have laid down the following strategies. • Creating an unforgettable first user experience The company seeks to enhance the first user experience as a means of increasing product adoption by customers. The directors have suggested the use of welcome messages, tooltips and WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 7 in-app tutorials that will help generate a clear path to value. For many buyers, the product importance may not be vivid until one gets a clear insight; for example, one has to inform patients the health benefits that come from the products for them to purchase it. • Treating every new feature as a new product launch The company's product has been evolving; the company has been learning parts of their product that boosts engagement as well as elements that customers overlook. The company frequently updates old features and releases new brand functionality using the information. This move helps to increase customer adoption, especially with new users. The management has decided to treat a new feature like a mini-product launch. This way, even veteran users of the company's product become utterly inexperienced and intrigued with every release. • Supporting in-app experience with behavioral emails The ‘aha' movement is the quest for habitual user experience; it aims at people using the product consistently and automatically. For a social media management tool, the company wants users to log in every time it shares a post on Facebook or LinkedIn. The company wants customers to use their SEO tool every time they have queries regarding search performance. The company is considering the use of email to leverage on mere exposure effect and achieve repetition. The firm will be sending emails that will echo the advice in their app tutorials; this way, it will increase the likelihood of the target user acting on it or trying new features of the product. Also, emails can be used to relay other messages such as urging users to finish their social media accounts. • Use of hyper-targeted onboarding WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 8 This approach will help Hawaiian Highbiscuits to fix its ‘weak spots’ and drive engagement with the whole product regardless of how complicated the feature might be. The firm will use segmentation because of the varying customer preferences. • Find, fix, and repeat The firm’s goal of product adoption has been hindered in the past by specific acute problems. For instance, some features have been too complicated for the customers to use. In other cases, in-app navigation has been a problem for some customers. The company has resorted to finding and sorting this problem. The company will use product analytics that will be useful in; providing aggregated user data that provides insight into macro-level issues such as the decline in customers' retention rates or drop in daily active users. Also, the analysis will help shed light on micro-level problems such as features going unused. More importantly, the company will focus on fixing the issues rather than just understanding the cause. The company will use live chats, user sessions and surveys to collect data. Using the information, the company will create a flywheel of continuous improvements. The process will be repetitive- collecting data, feeding it into the flywheel and undertaking improvements. Long term goals • Increasing the company’s market share The company is considering innovation as a way of increasing its market share in the long term. The company seeks to be pioneering in technology adoption especially in the growth of marijuana in greenhouses. Also, the company will optimize technology when it comes to customer relationship management (CRM). By investing heavily in CRM, the company will protect its market share mainly by preventing a customer from migrating when competitors offer WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 9 new deals. Similarly, the approach can help retain customers, since satisfied customers continuously speak of positive experience gained to their friends and relatives. Furthermore, word of mouth is far better as it involves no marketing expenses to a company. • Increasing customer engagement Hawaiian Highbiscuits seeks to enhance customer engagement within the next five years. Customer engagement involves encouraging customers to share their experiences that the firm creates for them. As a result, the firm will benefit brand growth and loyalty. The company has set customer experience as the number one priority. The directors are keen on creating a support team that is empowered and shares in the company's dream. For instance, giving customers more call time as opposed to enforcing call time. Research conducted by marketing students of Harvard University shows that 80 percent of customers will pay more for a product just because of customer experience. The company also wants to humanize its brand which is natural considering the firm's nature as a fun consumer brand. The directors will select one employee who is passionate about the company's product. Consequently, they will grow the persona into a leader and give them an opportunity to engage with consumers. Lastly, the company’s managers focus on personalizing customer engagement mainly by use of a sophisticated algorithm that generates product recommendation based on a customer's browsing history. 4. Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces. Environmental analysis WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 10 Hawaiian Highbiscuits has undertaken an ecological study to identify all of its internal and external elements that affect its overall performance. The managers know that the industry is dynamic with new changes every day. Some factors are beyond their control however most factors can be controlled. The directors used the PESTLE analysis model to analyze their environment. • Political situation The directors sought to know the country’s political situation; they also conducted a detailed analysis of the global conditions. Currently, the government leadership is supportive with most leaders embracing growth and sale of marijuana products but subject to some refinements to remove some addictive substances. As a Nation, Canada (where the company is headquartered) has voted to legalize the production, use, and distribution of both medical and recreational cannabis. This bodes very well for the company’s future growth. Also, many states in the US have legalized marijuana and will provide subsidies in the form of fertilizers for marijuana growers thus the company may consider expanding to the United States. The legislators are planning to introduce a motion that will see cannabis products be tax-free due to the health benefits that people stand to gain. However, the government regulates the new entrants to the industry by formulating stringent requirements. Nevertheless, the move might work positively towards promoting the company's growth since it is already in existence. • Economic factors The managers have conducted an in-depth analysis of the economic factors. The managers expect a small decline of the economy in the next six months followed by a gradual WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 11 rise of at least 2 percent annually. The country's inflation rate is 6 percent which the directors consider as favorable, especially, to maximize exports. The bank's interest rate will drop but subject to a bill that is yet to be passed. However, this move might make the banks stricter when it comes to issuing of loans. The unemployment rate, especially among the youth, is expected to decline which is a positive message for the company since most of its customers are young. • Social factors Social factors vary from one region of the country to another; generally, people's attitudes have been positive, which has impacted the business positively. The population has been openminded and easygoing with matters of accepting marijuana and marijuana products. Somewhat surprising, people with higher education levels readily take marijuana compared to those with a lower level of education. Further, studies show that men are more interested in cannabis compared to women. The managers do not worry much about wealth distribution since their products are affordable even to low income earners (Caucins, 2015). • Technological factors Technology advances every day and continues to impact businesses significantly. Thus, managers have to continually scan the technical environment to stay updated on any changes. Furthermore, it is not an option for the managers, because they risk being kicked out of business by their competitors. Hawaiian Highbiscuits has experienced high technological obsolesce recently and this continues to be a big problem since it loses millions every financial year. For this reason, the directors have resorted to employing an IT expert that will help the company WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 12 make informed technological decisions. The firm has also been on the forefront of creating innovative technology platforms when compared to other firms in the industry. • Legal factors There have been many legislative changes that have taken place in the country over the decade. The business onset started seven years ago with the legalization of marijuana for certain reasons, and in certain locations. However, there have been several product regulations mostly affecting the chemical components of the products. Employment regulations require any marijuana company to employ people over twenty-five years of age since they are considered more mature. Also, many health and safety regulations continue to be formulated every day (Baum, 2016). • Environmental factors An environmental analysis shows that the business has a favorable location. The geographical area of the firm allows it to quickly access its customers as well as get supplies without difficulty. Though the firm highly depends on controlled greenhouse conditions, the climate and weather are also conducive. 5. Develop both a SWOT analysis and needs analysis for your product / service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your company. SWOT analysis WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 13 The company directors have adopted the use of SWOT analysis as a technique of analyzing the firm's internal strengths and weaknesses and external opportunities and threats. This analysis in turn has been helping the managers curve a sustainable niche for the company. • Strengths This is an analysis of what the firm does better than everyone else in the industry. The firm has an active research and development team that has enabled the company develops products pioneering for the whole industry. Also, the company has a strong marketing department that has allowed the company to create a lasting customer experience and increase turnover as a result. The company has identified the human resource in the IT department as a core strength meaning that it has been able to perform more than all other departments. • Weaknesses Despite the firm being the industry leader, it still has many things to improve. The firm has a weak finance department majorly depending on bank loans to finance even minor operations which have seen the company incur significantly in repaying the debts. Secondly, the firm identified its technology obsolescence as a weakness; the company spends up to $10,000.00 annually. The firm has also experienced high staff turnover which questions the ability of the HR department. • Opportunities A market survey has shown several opportunities that the company could utilize to increase sales. For instance, many people prefer cakes compared to scones, the firm, as a result WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 14 is considering preparing cannabis-infused cakes. Also, the firm is to adopt, the new technology that comprises systems that control the environment. The main benefit will be the production of marijuana that is accurate to standards. The firm has identified marijuana consumption is becoming more popular with celebrities. Consequently, the managers plan on contracting with a local musician to be their brand ambassador. • Threats The company is facing several obstacles that hinder the realization of its goals. The primary challenge is the issue of government policies, which define the quality standards of the products. At times, companies have to dig deep into their accounts to achieve the abrupt changes. The company has also identified production of counterfeit products branded with the company's name as a significant threat. The company has to deal with counterfeits by continually changing the packaging and disseminating information to its customers. Lastly, the company is at risk of experiencing cash flow problems mainly due to the increasing rate of bad debts by its customers as well as the rise in loans and bank overdrafts. References Baum, D. (2016). Legalize it all. Harper’s magazine, 24. WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN 15 Caulkins, J. P., Kilmer, B., Kleiman, M. A., MacCoun, R. J., Midgette, G., Oglesby, P., ... & Reuter, P. H. (2015). Options and issues regarding marijuana legalization. Rand Corporation. Kotler, P., Cunningham, M. H., & Keller, K. L. (2008). A framework for marketing management. Toronto: Pearson Prentice Hall. MacCoun, R. J., & Mello, M. M. (2015). Half-baked—the retail promotion of marijuana edibles. New England Journal of Medicine, 372(11), 989-991 Vara, V. (2016). The Art of Marketing Marijuana. The Atlantic.
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Running head: WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN

1

1. Write an introduction to your company. Describe your hypothetical company, its
location, and the product it makes or the service it provides, and introduce the contents of
your marketing plan.
Introduction
Hawaiian Highbiscuits
Majority of the state has only legalized it for medical use but the trend is now changing.
In North America, marijuana sales grew by 30% in 2016 and the market is projected to hit 20.2
billion within the next four years. The industry presents significant prospects given the fact that
the industry is still in the infantile stage. There are gaps which are supposed to be filled by the
innovative and forward-thinking entrepreneurs who recognize that the opportunity is the one and
only that has ever existed through generations. However, the path within the industry is not short
of problems. The regulations are tight, taxes are steep and also there are unforeseeable hoops and
roadblocks which need to be jumped. Investment in the sector is somehow risky due to the
uncertainties of the sector since it is emerging and the evolution of the business models. Further,
the capital costs for venturing into the industry are intense thus making it a hands-off venture for
many potential investors. Opportunities exist in areas of agricultural opportunities where there
are firms which major in the development of equipment that support the growth and cultivation
of marijuana, ancillary services and products where firms offer products which complement the
marijuana industry in entirety, biotechnology where companies concentrate on the
pharmaceutical application of marijuana by creating treatments and also consultancy services
where firms respond to the multi-facet nature of the regulations surrounding marijuana between
diverse jurisdictions. Additionally, potential investors can venture in organic farms where they
supply organically-grown marijuana, and marijuana extracts and products which sell marijuana

WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN

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products such as drinks, topicals, edibles among others. Investment in the venture comes with
significant risks. The industry’s greatest threat is regulations. For entrepreneurs who are willing
to juggle through the changing and tight laws and regulations, the opportunities are numerous.
Hawaiian Highbiscuits is a Canadian company that has been in existence for five years as
a marijuana grower, as well as the manufacturer of cannabis infused products such as cookies
scones and brownies. The company integrates the best of both the technological and natural
world to produce the best quality cannabis products. The firm has capable teams in the various
departments to cater with plant research and development, production, extraction, and supply.
The firm’s marketing plan entails a one-year plan (short term) and a five-year plan (long term).
The plan covers the following metrics; tracking website visitors and downloads to enhance their
experience, increase new product adoption and retention rates, and expanding the market share.
The company’s vision is to establish the best cannabis across the global cannabis
community that comprises of passionate and daring people. The company is driven by the
virtues of quality and integrity in undertaking all activities. The mission of the company is to set
the best practices by becoming the industry leader; thus, change the perception of cannabis
positively and raise consumer experience. The values of the company include maintaining trust
among its customers as a measure of its success and generating an iconic portfolio of high
quality and enjoyable products while maintaining affordability (Vara, 2016).
The firm's short-term goals include; increasing new product adoption and retention rates,
and tracking website visitors and most common website purchases to capitalize on the product.
On the other hand, the company has long term goals which include; increasing the growth rate
compared to its competitors, expanding the market share as well as the profit margin, and
maintaining positive customer engagement. The company has undertaken an in-depth analysis

WEEK 3: ASSIGNMENT 1, PART A: MARKETING PLAN

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of the market, financial capability, and the situation at hand to draw an action plan that will see
them achieve both their short term and long-term goals.
2. Develop your company’s mission statement.

Hawaiian Highbiscuits’ mission is to be the industry leader in quality, affordability, and
accessibility to the world’s growing marijuana market; thereby, changing the perception of
cannabis to one of high potential, while we work jointly with industry partners to bang the gong
for safe and responsible consumption.

3. Decide the main goals that you would like to achieve within the next year (short term)
and the mains goals that you would like to achieve within the next five years (long term).
Determine the most appropriate ways to measure both short- and long-term goals.

Short term goals
Business goals go beyond figures on earnings chart presented in boardroom meeting-they
play a crucial role in employee motivation. The company’s short-term goals include: increasing
new product adoption and retention rates. In order to increase new production adoption, the
company seeks to create an unforgettable user experienc...


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