MKT421 Wk 2 Marketing Plan Phase I
MKT421 Wk 2 Marketing Plan Phase I
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Date Created: 11/17/15
Marketing Plan: Phase I – Pet Palace Marketing is essential for every business, be it a small household business or a large multinational group. All businesses depend on marketing in one way or the other. Setting of goals according to entrepreneur’s visions marks the starting o f the plan. It is better to do proper research and documentation before launching a product in the market or else the results will not be according to one’s thinking. Raymond Morose is the owner of Pet Palace and has been running this business for the last 44 years (Manta, 2010). Raymond Morose is running the business with a small staff but is very clear about his goals, as he has set his goals according to SMART approach. SMART stands for specific, measurable, achievable, relevant, and timebased and every goal should be SMART. By using this as baseline, one can easily monitor the performance of his team and decide how much they have achieved. If they have not achieved enough, strategies can be altered to get the desired results. Pet Palace is a private business that has years of experience in providing pet supplies. Now they want to expand their business by introducing a new product called Allergy BeGone. Pet Palace has been working for almost 36 months on the planning of its marketing strategy and is very keen to take it up. Description of new Product Allergy BeGone Researcher has shown that many people are allergic to pets and cannot have pets due to this issue. Pet Palace has created a product that will diminish the allergy and allow people to a happy living with their pets. This product will be introduced in the market as an allergy neutralizer that will stop this allergy irritation with a simple and clean method. Allergy BeGone will be provided in a liquid spray form and can be sprayed on the pets, pet beds, and all other places pet visit frequently. Allergy BeGone will trim down dandruff, coat oils and shedding of hair, as they are the main causes of allergy. Spray will have a fresh fragrance that will deodorize the house environment as well. The spray has been designed to be used numerous times a week and this much usage will not affect the pet or the house owner in any way. Alcohol or similar liquids have not been used that is why there is no chance of skin infection. Allergy BeGone by Pet Palace will be placed in grooming section of departmental stores and shopping malls. It will have great success when placed at a suitable location, along with its awesome features like fresh scent and effective allergy management. Allergy BeGone will the way forward for people who have always wanted to have a pet but were unable to do so because of medical limitations. Importance of Marketing for Pet Palace’s Success Pet Palace is aware of the importance of its product and knows that it has the ability to change everyday life of millions of people. They have spent time on it, called experts and tested it on different levels and on different pets and it has passed every test with excellence. As far as business side is concerned, Pet Palace is also aware of the fact that this production will cost them heavy money. They must make sure that the product is of best quality and meets the desired longterm goals of the company. Heavy emphasis will be on marketing efforts so that the product is as successful in the market as anticipated. Knowing one’s customers, what they think of our product and what changes do they want are must for successful marketing effort. An effective marketing campaign will help Pet Palace in knowing what their customers want. They can modify their product in desired way to achieve better sales. Customer relations will also play an important role in achieving the organizational goals of Pet Palace by helping the customers in every way they can, by communication them the true value of their product and by winning their trust and confidence. Pet Palace has been in a successful business for a long time and they have a certain reputation. This reputation can help in rapid establishment and acceptance of their new product. It must be kept in mind that the marketing strategy used should not conflict with the already existing goodwill of the company. This will not only retain the existing customers but will also attract new ones to increase the customer base to optimal level. SWOT Analysis – Allergy BeGone Marketing plan is always based on information regarding product, customers, market and competitors. The best way to analyze all this information is through a SWOT analysis. SWOT stand for strengths, weaknesses, opportunities and threats. This analysis takes into account both internal and external factors, internals being strengths and weakness, and external being opportunities and threats (Kotler & Keller, 2009). Pet Palace can get to know its strengths and weaknesses by its analyzing internal environment. Strengths of Pet Palace include its good name, its loyal customer base and its product quality. Pet Palace should overcome its weaknesses if it wants to gain from its strengths. Current business of Pet Palace is retail store business and it has no experience of production business. Allergy BeGone requires a production unit and production skills which, at the moment, Pet Palace does not possess. This can make the capital requirements higher than anticipated. Pet palace can earn huge profits from Allergy BeGone because the currently available solution for allergy problem cannot match with it. Currently available options to customers are shampoos, hand sanitizers and air purifiers (Allergy Relief Pet Care Products, 2010). All of these are expensive and take longer to act. It takes longer to reach every nook and corner of the place as well whereas Allergy BeGone is comparatively inexpensive and very easy to use. Current trend in the market is that people prefer environment friendly things (American Pet Products Association, 2010). Allergy BeGone uses environment friendly ingredients and can capture this edge by proper marketing. Main threats include large established pet care companies such as Hartz. They are already manufacturing related product and can easily launch a similar product at a much lower price because of economies of scale effect. Marketing Research Approach Just like all other products, marketing will play a vital role in the success of Allergy Be Gone. Marketing strategy will be defined and designed on the basis of market research. Marketing information systems (MIS) will be used to design the marketing plan. Use of Marketing Information Systems will allow the marketers to properly plan each and every activity of the marketing plan. It will also enable them to keep an eye on the execution of marketing plan. Information collected through MIS is organized and more useful than traditional information collection. Information is collected through different techniques such as questionnaires and customer surveys. Constant monitoring is done through analysis of customer feedback. Marketers will decide how will they market the product based on information collected and then its progress will be monitored constantly through customer feedback. The constant information collection and analysis can also be used to improve marketing mix. This continuous improvement will help the product stay in accordance with the customer’s needs resulting in more sales and more profit. Conclusion Pet Palace is going to launch a new antiallergy product called AllergyBeGone that will help people who want to have pets but are unable to do so because of certain allergies associated with pets. First of all goals were set keeping in mind the SMART approach. New product and the reason behind it conception were explained. Next was the SWOT analysis to know the company’s internal and external environment. Several other topics will be explained in the next steps such as identification of target market and factors that affect its selection such as segmentation criteria. Consumers and buyers will be discussed. Factors that can affect the purchase decision of people will be taken into account and then this information will be incorporated in final marketing strategy. This information will help the company in keeping their product uptodate. Finally, current and potential rivals of Pet Palace will be discussed and competition in the market will come under the microscope. References Allergy Relief Pet Care Products. (2010). Retrieved June 15, 2010, from AchooAllergy.com: http://www.achooallergy.com/petcare.asp American Pet Products Association. (2010). Industry statistics and trends. Retrieved June 15, 2010 from http://americanpetproducts.org/press_industrytrends.asp Kotler, P. & Keller, K.L. (2009). Marketing management (13th ed.). Upper Saddle River, NJ: PrenticeHall. (2010). Manta.com. Retrieved from http://www.manta.com/coms2/dnbcompany_h4hhmh
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