Chat with us, powered by LiveChat this is the companey I want to do my market plan called Zamil Industrial in Saudi Arabia? https://www.zamilindustrial.com/en/ ?the plan should include the following? The final marketing pl | Wridemy

this is the companey I want to do my market plan called Zamil Industrial in Saudi Arabia? https://www.zamilindustrial.com/en/ ?the plan should include the following? The final marketing pl

this is the companey I want to do my market plan called Zamil Industrial in Saudi Arabia? https://www.zamilindustrial.com/en/ ?the plan should include the following? The final marketing pl

 

this is the companey I want to do my market plan called Zamil Industrial in Saudi Arabia 

https://www.zamilindustrial.com/en/

 the plan should include the following 

The final marketing plan should include:

An appropriate title page

A table of contents

An Executive Summary (summarizes the entire plan and written last)

A Company Background section

A Situational Analysis

A SWOT Analysis

A Marketing Goals and Objectives section

A Marketing Strategy section

A Marketing Implementation section

An Evaluation and Control section

Millbrook Market

Marketing Plan

Table of Contents

Executive Summary 1

Company Background 2

Situational Analysis 2

SWOT Analysis 4

Marketing Goals and Objectives 5

Marketing Strategy 6

Marketing Implementation 6

Evaluation and Control 7

Executive Summary

The Millbrook Market is a new business that has been open for approximately six months. The Millbrook Market does not have a mission statement or marketing plan and could best be described as “cash strapped”. The owner does set goals for monthly sales. Additional strengths of the Millbrook Market include its unique product offering and the positive relationships the owner has with customers and vendors.

Key trends noted in an analysis of the external environment include many diverse competitors and a booming economy. The prevalence of technological advancements related to the internet and apps are rapidly changing the face of retail business.

Based on a situational analysis and a SWOT analysis, it was determined that the main marketing goal for the Millbrook Market should be to increase awareness. This marketing plan has three specific objectives related to achieving this marketing goal:

1. Increase social media presence (likes, followers, etc.) by 25% across all social media platforms by March 2020

2. Participate in a minimum of 10 vendor events by June 2020.

3. Participate in a philanthropic endeavor once per quarter in 2020.

The Millbrook Market’s primary target market consists of women between the ages of 30 and 65 with average to above average incomes. To reach this target market, the owner will continually seek out new vendors with unique items and add seasonal impulse items to the product mix. In addition, the owner will use various forms of promotion to communicate with customers. The primary means of communication will be social media. The owner will also engage in public relations efforts by participating in causes relevant to the community. From time to time, consumer sales promotion strategies, such as “Free Product Friday” will be used.

In terms of implementation, two part-time positions will be added—a Social Media Manager and a Communications/Scheduling Manager. Key IMC tactical marketing activities will be posting regularly on social media with the specific intent to engage followers and get them to share posts, participating in local vendor events, and participating in one philanthropic event each quarter.

Formal input controls will be allocating ~$6400 towards the marketing budget over the next twelve months and hiring for the two part time positions. The output controls used to measure marketing performance include dollar sales, brand awareness, and return on marketing investment. Specifically, the marketing plan should generate a 10% increase in sales volume as compared to the same month the previous year. Brand awareness will be measured by tracking the numbers of likes, follows, etc. across all social media platforms with an initial goal to increase social media reach 25% by March 2020. After that, it is expected that social media reach will increase by 5% each month in the near future. The minimum acceptable return on marketing investment is 5.0 for all marketing expenditures. Finally, the owner will be in charge of auditing the marketing plan on a monthly basis. If the marketing plan does not meet expectations, it is recommended that the owner seek out a second opinion.

Company Background

The Millbrook Market is a relatively new business located in Aiken, SC. The Millbrook Market officially opened in September of 2019. The concept of the Millbrook Market is that the store is made up of many different vendors who are not large enough to open a store on their own. Currently, the Millbrook Market is home to two different types of vendors: (1) those who make handcrafted items; and (2) those involved in direct selling companies. The Millbrook Market offers handmade jewelry, clothing, candles, soaps, wood carvings, and home décor. Direct selling companies at Millbrook Market include Paparazzi, Color Street, Mary Kay, and Chalk Couture. The owner of the Millbrook Market has also recently added clothing and novelty candy (i.e. Jelly Belly) to the product mix.

Situational Analysis

Internal Environment

Currently, there are very few marketing goals and objectives for the Millbrook Market. The owner sets a monthly sales goal at the beginning of each month. The owner has a lot of ideas about marketing but rarely codifies them into goals. The Millbrook Market does not have a mission statement.

The firm’s current marketing strategy could best be described as nonexistent. The owner did spend $500 on radio advertising in December of 2019, but there were no clear objectives related to this expenditure. The owner sporadically posts on social media. The Millbrook Market does have a good product mix. Customers who come into the store often remark on the various products offered and have a favorable view of pricing in the store.

For December 2019, the owner set a sales goal of $8000. The Millbrook Market did exceed this goal by a few hundred dollars. The current performance in terms of market share, awareness, etc. is unknown. The retail industry as a whole is declining, although there are some signs that small, independent retailers are succeeding while large, national retailers fail.

Financially, the Millbrook Market is not in the best position. The business does not have many cash reserves. In terms of human resources, the vendors who rent space have a good relationship with the owner and are willing to pitch in covering the store as necessary to help the owner.

The business has a strong customer orientation. As noted above, the business does not engage in long-term planning. Since this is a small business, the owner makes the marketing decisions, but her time is limited since she is handling so many different business functions.

Customer Environment

The Millbrook Market’s current customers are primarily women between the ages of 30 and 65 with average to above average incomes. Most of the customers live, work or shop within a five mile radius of the store’s location. In terms of psychographics, the Millbrook Market’s customers likely value handcrafted and unique items.

The firm’s products are connected to the customer’s needs since many of the products are unique in nature. The basic benefits provided by the firm’s products are hedonic in nature and many of the products sold at the Millbrook Market make great gifts.

The Millbrook Market does not have an e-commerce site, so all products purchased are purchased in person at their physical location. Many of the vendors post regularly to social media and indicate that their products are available at the Millbrook Market which draws some potential customers to the store.

It is too early to tell how much seasonality will influence Millbrook Market’s sales. Revenues in December were significantly higher than previous months which is typical of the retail industry.

The advantages of the firm’s products relative to competing products is that many of the products are handcrafted locally. While the Millbrook Market accepts major credit cards, financing is not used in purchasing the firm’s products since the products have relatively low price points. Some customers have already developed a long-term relationship with the firm, but there are some customers who are transactional in nature.

One primary reason that customers do not purchase the firm’s products is lack of awareness. Since the Millbrook Market is a relatively new business, it is likely that many potential customers are not aware of the firm. Some of the products sold at the Millbrook Market (such as handmade soaps or crocheted hats) are priced at a higher point than similar items sold at mass merchandisers.

The Millbrook Market’s promotion is sporadic. A well-planned marketing and promotion strategy could potentially draw in more customers.

External Environment

Competition. The Millbrook Market has a wide variety of competitors that can be divided into two groups: small, independent retailers and large national chains. Examples of some of the small, independent retailers include Aiken Antiques and Uniques, Unique Expressions, and Beyond Bijoux. The large, national chain retailers include Walmart, Target, and Hobby Lobby. Most of these competitors have been in business longer than the Millbrook Market and most have better locations. The large national chains are much more financially stable, draw people in with their large product assortments, and have strong promotions. However, the large national chains are lacking in customer service and personal “touch”. The barriers to entry to open a small retail store are low, so the Millbrook Market should anticipate similar retailers opening in Aiken from time to time.

Economic Growth and Stability. The U.S., regional, state and local economies are expected to grow at an average rate into the near future. Unemployment is currently low (~4%) and not expected to dramatically increase. Inflation is also low. This results in consumers being fairly optimistic about the economy. While the retail industry is growing at about the same rate as inflation, nonstore and online retailing accounts for a large share of the growth. Sales from traditional brick and mortar retailers continues to shrink. The retail industry is seasonal in nature, with the largest proportion of sales occurring in the fourth quarter of each year.

Political Trends. Some elected officials have a “protectionist” stance that may result in increased tariffs and quotas that could in turn create trade wars. This could potentially increase the price of products.

Technological Advancements. The Internet enables customers to easily access information on products and buy most things online. The vast majority of customers have embraced these technological advancements. It is expected that online sales will continue to grow. More and more businesses are developing mobile phone apps to reach their customers and social media is also being used extensively to reach customers.

Sociocultural Trends. Many Americans are waiting longer to get married and have children (or may choose to not have children at all). These trends have resulted in higher disposal incomes for many Americans. The immigrant population in the U.S. continues to grow. Incomes continue to rise, but there is also a greater disparity of income.

There seems to be a general favorable attitude toward handmade items. More and more businesses are promoting women in general and women entrepreneurs in particular.

There is a sociocultural trend towards minimizing (e.g. tiny houses) and decluttering. This may result in some consumers being less materialistic and only buying necessities.

SWOT Analysis

Strengths

1. Unique product offering. The Millbrook Market has many unique handmade items. Also, because vendors change from time to time, the product selection is also ever changing. This keeps customers coming back to the store to see what is new.

2. Positive relationships between owner/vendors/customers. The owner has an extremely pleasant personality and makes a positive impression on vendors and customers alike. Visiting the Millbrook Market is a pleasant experience with a personal touch that many mass merchandise retailers lack.

3. Recent monthly sales goals have been met.

Weaknesses

1. Lack of marketing plan. There is currently not a specific marketing plan in place. Marketing decisions tend to be made “on the fly”. This likely contributes to the lack of awareness.

2. Lack of financial resources. The Millbrook Market does not have a reserve of financial resources. For the most part, the business is operating “month-to-month”. This affects the amount of money that can be spent on marketing and promotions.

3. Lack of awareness by potential customers.

Opportunities

1. Economic optimism. This means that customers are optimistic and more likely to buy. The Millbrook Market should strive to capitalize on this optimism. The economy is dynamic and this optimism could potentially decline at any time.

2. Mobile culture. Consumers spend more and more time on their mobile phones. There is an opportunity to take advantage of this sociocultural trend by developing a Millbrook Market app.

3. Continued increase in online sales. There is an opportunity for the Millbrook Market to take advantage of continued growth in online sales by selling some items online.

Threats

1. Many competitors. In the Aiken area alone, the Millbrook Market faces competition from many angles, including small, independent retailers and large, national chains. This will continue to be an ongoing threat.

2. Growth in nonstore and online retailing. This means that the options for purchasing items continue to increase, making it more difficult for the Millbrook Market to make sales.

3. “Minimization” trend. Some consumers are becoming less materialistic and less inclined to buy more “things”.

SWOT Matrix

Strengths

1. Unique product offering

2. Positive internal relationships

3. Strong recent sales

Opportunities

1. Economic optimism

2. Mobile culture

3. Continued increase in online sales

Weaknesses

1. Lack of marketing plan

2. Lack of financial resources

3. Lack of awareness by potential customers

Threats

1. Many competitors

2. Growth in nonstore and online retailing

3. “Minimization” trend

Marketing Goals and Objectives

Marketing Goal A: Increase awareness of the Millbrook Market

Objective A1: Increase social media presence (likes, followers, etc.) by 25% across all social media platforms by March 2020

Objective A2: Participate in a minimum of 10 vendor events by June 2020.

Objective A3: Participate in a philanthropic endeavor once per quarter in 2020.

Marketing Strategy

Primary (and Secondary) Target Market

The Millbrook Market’s primary target market consists of women between the ages of 30 and 65 with average to above average incomes. The target customers are ethnically diverse, but generally live, work, or shop within a five-mile radius of the Millbrook Market. The target market values handmade and unique items and visits the Millbrook Market one to two times per month.

The primary target market enjoys shopping for fun and wants to find unique/handmade items for themselves and to give as gifts.

Product Strategy

The product strategy of the Millbrook Market is to continue to seek out additional vendors with unique items to add to the product mix. One way the owner can do this is by visiting local craft shows to look for unique vendors. In addition, there is a Facebook group called Aiken County Crafters where many local crafters post their crafts. The owner can reach out to crafters on this page if she thinks their items will be a valuable addition to the store. Also, look at adding non-handmade items that customers will appreciate. For example, adding seasonal impulse items such as Valentine’s Day cards or chocolate.

Pricing Strategy

Since each vendor is free to set their own prices, there is not much the owner can do in terms of pricing strategy for vendors. She can make sure that vendors pricing is aligned with her vision for pricing in the store. Also, on any merchandise the owner purchases for the store, her pricing strategy is a combination of competitor-based pricing and value pricing.

Integrated Marketing Communication (Promotion) Strategy

The IMC budget for 2020 is $5,000. Due to the low budget, most traditional forms of advertising (TV, radio, newspaper) will not be used. The primary means of advertising will be using social media. The Millbrook Market will participate in one philanthropic endeavor each quarter in hopes of generating positive publicity. For example, having a fundraiser for a pediatric cancer patient. If possible, see if vendors can create a unique item (e.g. design a T-shirt or a piece of jewelry) and donate the proceeds of those items to the selected patient. All sales associates will be trained on how to properly deal with customers in the store and when they call on the phone. Consumer sales promotion (pull) strategies include promotions such as “Free Product Fridays”, where a customer will receive something for free if they buy a certain amount. For example, purchase $50 or more in clothing and receive a pair of Paparazzi earrings for “free”.

Marketing Implementation

Structural Issues

Due to the demands on the owner’s time, two part-time positions will be added. Since financial resources are tight, it is advisable that the owner offer these two positions to current vendors in exchange for waiving part or all of the current booth rent. The two positions added will be a Social Media Manager, who will be responsible for developing and implementing a plan to promote the Millbrook Market on social media. The second position will be a Communications/Scheduling Manager who will be responsible for scheduling any events and communicating the events to vendors and customers. The Social Media Manager and the Communications/Scheduling Manager will need to be able to communicate and work together.

Any person who will be in charge or running the store at any point, will need to be trained on the various aspects of running the store—checking out items, returns, taking gift cards, etc. The owner will need to put together a training manual that can be kept near the cash register. Monthly meetings will be held with all vendors/employees to communicate any changes.

Tactical Marketing Activities

Specific Tactical Activities

Person/Department

Responsible

Required

Budget

Completion

Date

Product Activities

1. Search for new vendors that will add value to the product mix.

2. Search for additional seasonal impulse items to add to the merchandise mix

Owner

Owner

Negligible

~$1000/ quarter

Ongoing

Ongoing

Pricing Activities

1. Ensure that vendor pricing and new product pricing fit the image of the store

Owner

Negligible

Ongoing

IMC (Promotion) Activities

1. Post regularly (~ once per day) on social media platforms with the intent to engage followers and get them to share posts.

2. Identify local vendor events and purchase space at 10 events to showcase Millbrook Market vendors.

3. Participate in one philanthropic event each quarter (i.e. fundraiser for pediatric cancer patients, etc.)

Social Media Manager

Owner

$100/ month

~$100/ month

Ongoing

June 2020

Evaluation and Control

Formal Controls

Several input controls must be in place before the marketing plan can be implemented. The financial resources needed ($6400) for the marketing plan must be allocated to marketing. Both the Social Media Manager and Communications/Scheduling Manager positions will need to be filled.

Process controls that will be needed during the execution of the marketing plan include management commitment to the plan and to employees. The owner of the Millbrook Market is very idea oriented and occasionally gets overwhelmed with all of the different ideas that are being considered. She needs to make a commitment to carrying out the marketing plan. Both the Social Media Manager and the Communications/Scheduling Manager need to be given the authority to make decisions related to their respective duties. In addition, part of the responsibility of the Communications/Scheduling Manager will be to develop an effective system of communication between the owner, managers, and vendors.

The output controls that will be used to measure marketing performance during and after execution of the marketing plan include dollar sales, brand awareness, and return on marketing investment.

Specifically, the marketing plan should generate a minimum of a 10% increase in sales volume each month as compared to the same month the previous year.

While not a perfect measure, brand awareness will be measured by the number of likes, followers, etc. across all social media platforms. The initial objective is to increase social media reach by 25% by March 2020. After that, it is expected that social media reach will increase by 5% each month for the foreseeable future.

Finally, the minimum acceptable return on marketing investment is 5.0 for all marketing expenditures.

Informal Controls

The owner and vendors are satisfied for the most part and committed to the business. The owners and vendors share organizational values, and the business has a good organizational culture. At this time, no changes are needed to the informal controls. However, self-control, social control and cultural control will be monitored on an ongoing basis.

Marketing Audits

The owner will be in charge of auditing the marketing plan. At the end of each month, she will calculate the monthly increase in sales volume, the social media reach, and return on marketing investment.

If the marketing strategy does not meet expectations, it is recommended that the owner seek out a second opinion. Due to the financial resource constraints, it is recommended that she look into working with a local college class or the Small Business Administration for additional marketing planning.

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Marketing Plan Goals, Objectives, and Strategy Worksheet

III. Marketing Goals and Objectives

A. Marketing Goal A: __________________________________________________

(should be broad, motivational, and somewhat vague)

Objective A1: ______________________________________________________

(must contain a specific and measurable outcome, and a time frame for completion)

Objective A2: ______________________________________________________

(must contain a specific and measurable outcome, and a time frame for completion)

B. Marketing Goal B: __________________________________________________

(should be broad, motivational, and somewhat vague)

Objective B1: ______________________________________________________

(must contain a specific and measurable outcome, and a time frame for completion)

Objective B2: ______________________________________________________

(must contain a specific and measurable outcome, and a time frame for completion)

(Can be repeated as needed to develop a complete list of goals and objectives. However, having one goal and two or three objectives is advisable to greatly reduce the complexity of the marketing strategy.)

IV. Marketing Strategy

A. Primary (and Secondary) Target Market

Primary target market

Identifying characteristics (demographics, geography, values, psychographics):

Basic needs, wants, preferences, or requirements:

Buying habits and preferences:

Consumption/disposition characteristics:

Secondary target market (optional)

Identifying characteristics (demographics, geography, values, psychographics):

Basic needs, wants, preferences, or requirements:

Buying habits and preferences:

Consumption/disposition characteristics:

B. Product Strategy

Brand name, packaging, and logo design:

Major features and benefits:

Differentiation/positioning strategy:

Supplemental products (including customer service strategy):

Connection to value (core, supplemental, experiential/symbolic attributes):

C. Pricing Strategy

Overall pricing strategy and pricing objectives:

Price comparison to competition:

Connection to differentiation/positioning strategy:

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