Marketing Plan for New Product
Instructions:
The Stand-Alone Project requires you to assume the role of the director of marketing for an organization. You have been tasked with developing a marketing plan for the promotion of your organization’s newest product or service. Your deliverable is to create a marketing plan that includes the following parts. Your Stand-Alone Project responses should be both grammatically and mechanically correct, and formatted in the same fashion as the project itself. If there is a Part A, your response should identify a Part A, etc. In addition, you must appropriately cite all resources used in your response and document in a bibliography using APA style. (200 points) (A 10-page, double-spaced, response is required for the combination of Parts A through E.)
Part A Executive Summary: After completing your marketing plan, write a brief summary that concisely captures the essence of the plan, including your rationale. Place it on its own page as the first element of your Stand-Alone Project.
Part B Product Description: Determine the product or service that you will promote. The product may be for either the consumer or the business-to-business markets. Provide a general background and description of your proposed product or service and its associated industry. Include in your discussion, the product’s key characteristics, features and options, and benefits.
Part C Situation Analysis: Conduct a situation analysis, including a SWOT analysis. Your situation analysis should include the following components.
- Market Summary: Conduct a market analysis and provide market segmentation by determining the target consumer groups and how the target market is divided. Discuss market needs, trends, and growth. Define your target market in terms of user behavior, demographics, and lifestyle.
- SWOT Analysis: Based on your research findings, conduct your SWOT analysis. Include three (3) internal strengths and three (3) internal weaknesses, as well as three (3) external opportunities and three (3) external threats. Your external analysis must include identification and discussion of your competitors, including any brands, forms, and generics. Research how competitors’ offerings compare with one another in terms of strengths, weaknesses, and other characteristics, determining how they would impact the sale and distribution of your product. The SWOT analysis should also address market potential, consumer behaviors, and environmental impact.
Part C Situation Analysis: Conduct a situation analysis, including a SWOT analysis. Your situation analysis should include the following components.
- Market Summary: Conduct a market analysis and provide market segmentation by determining the target consumer groups and how the target market is divided. Discuss market needs, trends, and growth. Define your target market in terms of user behavior, demographics, and lifestyle.
- SWOT Analysis: Based on your research findings, conduct your SWOT analysis. Include three (3) internal strengths and three (3) internal weaknesses, as well as three (3) external opportunities and three (3) external threats. Your external analysis must include identification and discussion of your competitors, including any brands, forms, and generics. Research how competitors’ offerings compare with one another in terms of strengths, weaknesses, and other characteristics, determining how they would impact the sale and distribution of your product. The SWOT analysis should also address market potential, consumer behaviors, and environmental impact.
Part D Marketing Strategy: This is your game plan for introducing your product, based on your research and analysis thus far. In this part, you will complete the following components.
- Objectives: You must define your marketing and financial objectives: that is, what you hope to achieve with your marketing program. Objectives must be specific, measurable, and quantifiable. List at least five (5) objectives.
- Target Markets: Here you will identify and describe those market segments to which you will direct your marketing program. The more you know about your target markets, the greater your chances of success. Use any of the tools discussed in the course to define and describe them with as much demographic and psychographic detail as possible. You should target at least two (2) market segments.
- Positioning: Here you will establish your product’s competitive position relative to your competition in the market. Your product position should be based on and discussed relative to your five (5) objectives.
- Marketing Mix: Discuss how you will price, promote, and distribute your product or service. Include two (2) promotion options and two (2) possible distribution channels.
Part E Controls: Describe your controls. Include your start-up costs, monthly budget, and expected return on investment (ROI).
The rapid rise of e-commerce within the 21st century has seen an increase in the demand for shipping services. Further, in the era of online shopping and an increment in the corporates intending to deliver their products to the targeted audiences and other firms, competent shipping organizations are currently in high demand. Therefore, the marketing plan will capture, effectively analyze, and develop techniques to successfully ship products to clients and highlight how the company, Freight Club, intends to incorporate not merely the local provisions but broaden its scope to the global shipping. Presently, the company is considered a hub for small businesses and daily clients seeking to satisfy their shipping requirements on a domestic scale. Hence, in executing the marketing plan, the paper will outline how the firm plans to manage the small business shipping, clients’ satisfaction, and address the customers’ demands.
Additionally, in the Amazon Prime age, the clients demand products delivered faster than ever and require a middle man, such as Freight Club, to ensure the completion of their shipping experience. Besides, they must be aware that the clients’ services remain excellent and that shipping standards are upheld. Further, the firm is aware of the exceedingly competitive landscape of the shipping organizations, with numerous options to select from. Hence, this marketing plan will explore the firm’s novel services providing international shipping while assessing the target clients, its rivals, and its opportunities and threats. Further, it will develop a premise for the price of e-commerce shipping, the applicable return policies and procedures, creating a metric for determining the pricing strategy for the clients, establishing a shipping approach, packaging and branding optimal practices, as well as assessing the popular shipping tools as the firm strives to become the best shipping firm of choice within the US and the selected global nations.
Freight Club is an organization providing shipping options to clients and other businesses. The firm facilitates shipping for commercial equipment, small purchases on the retail clothing sites, supplies for the local beauty and hardware stores, and delivers gifts for the Christmas holidays or even the amazon baby registry. For this product provision, the organization will mainly focus on small corporates. Also, the company’s development on the global market would be more than 30 different nations, as the organization aims to increase its market shares in the emerging e-commerce market. Besides, Freight Club allows the small business manager to analyze shipping options for their products swiftly. The small corporate owners’ primary concern is the product shipment cost. Hence, if such an organization signs up with Freight Club, they would have a personal dashboard that is generated to review all the shipping expenses and offer a strategy of tracking their shipment in all the stages from when such products are shipped to the moment when the products reach the expected clients, and to offer feedback to services offered and chat with the client service representatives. Also, the company would offer a transparent platform for the corporate owners to comprehend the way the shipping rates and the competitive prices are generated, which would be essential in increasing the market shares of Freight Club (Freight Club, n.d.).
Some of the variables used in determining the shipment prices are captured in the speed and service, weights and dimension, shipping volume, and destination. The most well-established organization have a shipping and receiving sector to monitor and track all the activities on such services. Therefore, Freight Club’s platform would offer these organizations clarity with simple procedures like a click of the mouse. Further, the platform would generate questions directly linked to the constraints outlined and, with a few core strokes, will offer options for the shipment requirements aligned with the products to be shipped. Also, the dashboard of Freight Club would incorporate a built-in business analytics role, which would consider the corporate’s known operation parameters and reorganize the information for proper management of the records over a certain period. This attribute would be significant in allowing the company to better comprehend every firm’s requirements and the nature of their shipping necessities, fostering individually customized services. Also, Freight Club has a real-time tracking and monitoring system that would enable the firm to effectively track its shipment at all the phases of the procedures and get necessary updates on delays, the scheduled arrival time, and the shipment points. Also, the platform would be responsible for offering the function of tracking and diverting deliveries if there is any shortage in the storage options or when there is a lack of transportation help.
Overall, the Freight Club’s system would generate reports, thus giving the company an analytical perspective of the information aligned with the corporate’s fundamental performance indicator matrix. Also, different reports will be generated using the format that would allow the management to review the delivery procedure attached to the shipment successfully. Moreover, the reporting system will demonstrate the overall time encompassing of the price and effectiveness of the process order Freight Club, n.d.). The system will offer information to the corporate on supplier ratings and shipment details like packaging, shipping speed, and assessing any damaged products in the delivery process. This is significant as it would guarantee more responsibility on the part of suppliers and enable the organization owners to make informed decisions regarding receiving value for their money in the long run. Finally, the system would promptly communicate with the suppliers to ensure that any required adjustments can be made efficiently and adequately before it translates into a client service challenges.
The targeted market for the firm’s plan would focus mainly on the domestic and the identified global markets to assess the company’s success before expanding its operations to other countries. The situation analysis will follow two key components, including the market summary and the firm’s SWOT analysis.
The market segment for the service provided by the company is mainly the small business owners that need shipping and receiving functions. Such corporates encompass the local appliance, clothing stores and beauty supply, which heavily depend on the receiving functions to facilitate their product and service provisions. Also, the Freight Club market includes the firms that ship several raw materials to different producers (Mordor Intelligence, n.d.). Another market segment for the company is the online businesses that primarily ship to their clients and receive their products from different producers. Hence this segment presents dual offering clients since they depend on shipping and receiving functions.
Additionally, the small corporate shipping requirements often increase during certain particular seasons. For example, the appliance stores typically experience an influx of clients during the Cyber Mondays and Black Fridays. Therefore, the user consumption is attributed to the seasonal demands since their shipping requirements would increase during such periods. Therefore, the target client segments for the firm are characterized by loyalty, seasonality, the destination of the shipment, and the imports or exports that a particular corporate offers.
Most small corporates cannot effectively carry out their shipping functions. In several situations, a single employee is responsible for undertaking other roles to meet the business’ shipping demands. Therefore, our platform will enable the businesses to conveniently and effectively resolve and assess the shipping requirements without experiencing delays and ensure that the firm devotes significant time to resolving issues presented in another vital area of business operations, hence increasing its productivity and market effectiveness. Further, the platform would provide other businesses and clients with a swift technique to monitor their shipments’ progress and the supplier’s service. Also, businesses often seek user-friendly and transparent shipping solutions attributes that will ensure that they are interested and certify their loyalty to our shipment procedures. Besides, the market research shows that clients consider little to no distinction between Freight Club and its rivals; thus, clients attribute reduced loyalty to a particular shipping firm other than cost and convenience (Tsai, Merkert & Wang, 2021). Presently, numerous organizations provide similar services to Freight Club; nevertheless, the technological demands in the market often set our brand higher than our rivals.
The rapid rise of e-commerce within the 21st century has seen an increase in the demand for shipping services. Further, in the era of online shopping and an increment in the corporates intending to deliver their products to the targeted audiences and other firms, competent shipping organizations are currently in high demand. Therefore, the marketing plan will capture, effectively analyze, and develop techniques to successfully ship products to clients and highlight how the company, Freight Club, intends to incorporate not merely the local provisions but broaden its scope to the global shipping. Presently, the company is considered a hub for small businesses and daily clients seeking to satisfy their shipping requirements on a domestic scale. Hence, in executing the marketing plan, the paper will outline how the firm plans to manage the small business shipping, clients’ satisfaction, and address the customers’ demands.
Additionally, in the Amazon Prime age, the clients demand products delivered faster than ever and require a middle man, such as Freight Club, to ensure the completion of their shipping experience. Besides, they must be aware that the clients’ services remain excellent and that shipping standards are upheld. Further, the firm is aware of the exceedingly competitive landscape of the shipping organizations, with numerous options to select from. Hence, this marketing plan will explore the firm’s novel services providing international shipping while assessing the target clients, its rivals, and its opportunities and threats. Further, it will develop a premise for the price of e-commerce shipping, the applicable return policies and procedures, creating a metric for determining the pricing strategy for the clients, establishing a shipping approach, packaging and branding optimal practices, as well as assessing the popular shipping tools as the firm strives to become the best shipping firm of choice within the US and the selected global nations.
Freight Club is an organization providing shipping options to clients and other businesses. The firm facilitates shipping for commercial equipment, small purchases on the retail clothing sites, supplies for the local beauty and hardware stores, and delivers gifts for the Christmas holidays or even the amazon baby registry. For this product provision, the organization will mainly focus on small corporates. Also, the company’s development on the global market would be more than 30 different nations, as the organization aims to increase its market shares in the emerging e-commerce market. Besides, Freight Club allows the small business manager to analyze shipping options for their products swiftly. The small corporate owners’ primary concern is the product shipment cost. Hence, if such an organization signs up with Freight Club, they would have a personal dashboard that is generated to review all the shipping expenses and offer a strategy of tracking their shipment in all the stages from when such products are shipped to the moment when the products reach the expected clients, and to offer feedback to services offered and chat with the client service representatives. Also, the company would offer a transparent platform for the corporate owners to comprehend the way the shipping rates and the competitive prices are generated, which would be essential in increasing the market shares of Freight Club (Freight Club, n.d.).
Some of the variables used in determining the shipment prices are captured in the speed and service, weights and dimension, shipping volume, and destination. The most well-established organization have a shipping and receiving sector to monitor and track all the activities on such services. Therefore, Freight Club’s platform would offer these organizations clarity with simple procedures like a click of the mouse. Further, the platform would generate questions directly linked to the constraints outlined and, with a few core strokes, will offer options for the shipment requirements aligned with the products to be shipped. Also, the dashboard of Freight Club would incorporate a built-in business analytics role, which would consider the corporate’s known operation parameters and reorganize the information for proper management of the records over a certain period. This attribute would be significant in allowing the company to better comprehend every firm’s requirements and the nature of their shipping necessities, fostering individually customized services. Also, Freight Club has a real-time tracking and monitoring system that would enable the firm to effectively track its shipment at all the phases of the procedures and get necessary updates on delays, the scheduled arrival time, and the shipment points. Also, the platform would be responsible for offering the function of tracking and diverting deliveries if there is any shortage in the storage options or when there is a lack of transportation help.
Overall, the Freight Club’s system would generate reports, thus giving the company an analytical perspective of the information aligned with the corporate’s fundamental performance indicator matrix. Also, different reports will be generated using the format that would allow the management to review the delivery procedure attached to the shipment successfully. Moreover, the reporting system will demonstrate the overall time encompassing of the price and effectiveness of the process order Freight Club, n.d.). The system will offer information to the corporate on supplier ratings and shipment details like packaging, shipping speed, and assessing any damaged products in the delivery process. This is significant as it would guarantee more responsibility on the part of suppliers and enable the organization owners to make informed decisions regarding receiving value for their money in the long run. Finally, the system would promptly communicate with the suppliers to ensure that any required adjustments can be made efficiently and adequately before it translates into a client service challenge.
The targeted market for the firm’s plan would focus mainly on the domestic and the identified global markets to assess the company’s success before expanding its operations to other countries. The situation analysis will follow two key components, including the market summary and the firm’s SWOT analysis.
The market segment for the service provided by the company is mainly the small business owners that need shipping and receiving functions. Such corporates encompass the local appliance, clothing stores and beauty supply, which heavily depend on the receiving functions to facilitate their product and service provisions. Also, the Freight Club market includes the firms that ship several raw materials to different producers (Mordor Intelligence, n.d.). Another market segment for the company is the online businesses that primarily ship to their clients and receive their products from different producers. Hence this segment presents dual offering clients since they depend on shipping and receiving functions.
Additionally, the small corporate shipping requirements often increase during certain particular seasons. For example, the appliance stores typically experience an influx of clients during the Cyber Mondays and Black Fridays. Therefore, the user consumption is attributed to the seasonal demands since their shipping requirements would increase during such periods. Therefore, the target client segments for the firm are characterized by loyalty, seasonality, the destination of the shipment, and the imports or exports that a particular corporate offers.
Most small corporates cannot effectively carry out their shipping functions. In several situations, a single employee is responsible for undertaking other roles to meet the business’ shipping demands. Therefore, our platform will enable the businesses to conveniently and effectively resolve and assess the shipping requirements without experiencing delays and ensure that the firm devotes significant time to resolving issues presented in another vital area of business operations, hence increasing its productivity and market effectiveness. Further, the platform would provide other businesses and clients with a swift technique to monitor their shipments’ progress and the supplier’s service. Also, businesses often seek user-friendly and transparent shipping solutions attributes that will ensure that they are interested and certify their loyalty to our shipment procedures. Besides, the market research shows that clients consider little to no distinction between Freight Club and its rivals; thus, clients attribute reduced loyalty to a particular shipping firm other than cost and convenience (Tsai, Merkert & Wang, 2021). Presently, numerous organizations provide similar services to Freight Club; nevertheless, the technological demands in the market often set our brand higher than our rivals.
