Marketing Plan for Chinese Seals in Canada - Case Study Example

Marketing plan for Chinese Seals in Canada Summary The Chinese seals also called chops are an important cultural item that has been in use in China and the entire Asian region for centuries. The product has a potential market in Canada. The target market for the product is classified into three broad categories based on the location, the socio-economic status and on the basis of whether the target is individuals or organizations. Five cities have been specifically selected based on their marketing advantage to be the first in implementation of the marketing plan, namely; Ottawa, Edmonton, Prince Edward County, Halifax Regional Municipality, and Kawartha Lakes. The target groups include institutions, companies (businesses), distinguished personalities, and wealthy individuals. The product shall be marketed as a tool that promotes simplicity and convenience among the individuals while among the institutions and businesses, it will feature as a delegation tool as well as one that promotes efficiency. The pricing of the seal shall be based on the promotional strategy, the economic status of the buyers as well as the quantity of purchase. There is projected a double increment monthly for at least the first year based on the technology in use, the underlying need for delegation and the existing market foe the product especially from the Caucasians based on cultural motivations. Introduction Chinese seals are also called chops or stamps. These have a very long history in China; dating back in the 1000 B.C. Chinese seals are quite different with signature stamps, especially on the basis of the way they are used. The business culture in Canada and that of China have slight differences. In china, any member of staff who wants to approve a given document can use the seal. However, in Canada business owners keep their signature stamps under lock and key. This does not mean that the seals cannot be applied in the Canadian business setup. Since the early days that the seal has been in use, there has been no significant change in the reason for its use. However, it has been modified from the convectional dripped-wax seal to pre-inked stamps of the modern day. There are different types of chops, which includes; a company chop, a contract chop, a finance chop, a fapiao or invoice chop, tax chop and a personal chop (Weidenhamer, 2013). Chinese chops or seals as they are commonly referred, have a great potential in Canada. Firstly, they are unique products that requires a strategic approach hence they are likely to hit the market. Secondly, Chinese seals are very important in almost every business hence their market is wide. Thirdly, Canada is a multi-cultural country that has the capacity to embrace a product from any part of the world. In particular, there are a number of Chinese people in Canada, some of whom are in business; therefore, they are likely to embrace the product on cultural grounds. Finally, Chinese seals have a bigger scope of operation compared to signatures and the normal stamps. They are associated with a certain business, an individual, or a given family. The use of Chinese seals is widespread in Asia especially in Japan and China. A Chinese seal have a great strength; they are difficult to forge if not possible. Only the owner of the seal can authorize its use. Seals can also be used for other uses such as serving as souvenirs. Marketing Plan Introduction Chinese seals are an important product that has several uses. They have been in use in the Asian region for years. This marketing plan endeavors to find the strategy of penetrating the Chinese seals in the Canadian market. Under analysis is the product itself and its characteristics, the price, the mode of promotion and the place of sale. In addition, the size of market is essential and features in this market plan. Other aspects of the market such as market segmentation and an analysis of the target market shall be put into perspective (Canada, 1997). The Target Market The target market for the Chinese seals range from business people, to rich individuals, and celebrities. In addition, the Asian population in Canada provides a ready market since the product is already well known among them or at least among a number of them. Each of these groups of people has a special need for the seal. The business people will use the seal to make their work easier and more convenient by having the seal to confirm their confirmation even in absentia. This will greatly ease their work and promote the aspect of delegation of duties. In case, the business owner or manager is not available, documents can still be verified in his name especially those that require personalized attention. The artists need to autograph to their fans; the Chinese seal provides an opportunity for them to autograph as many people as possible within a short period with minimal effort. On the other hand, the rich can easily be fed up by the need to be always available to authenticate documents, contracts or any other matter. The seal can serve as the consent strategy even when they are not available. The seal is also very much required in government agencies and institution s of learning; in this case, the senior management does not need to keep on availing themselves for any minor task. Market Segmentation The target market shall be segmented in various respects. There shall be three broad categories of markets based on the specific needs of the individuals. Firstly, institutions and companies shall be in one area of target, this is because they have the same needs. Secondly, the individuals in need of the product shall be targeted on their own perspective and then there is targeting based on the location (geographical targeting) (Larsen, 2010). This means that marketing shall be done consecutively, from one location to another. The major cities are put into focus here. At the beginning, the product will be marketed in five major cities in Canada and then more will feature after three months. The first group will include the cities; Ottawa, Edmonton, Prince Edward County, Halifax Regional Municipality and Kawartha Lakes. Product Chinese seals have been in use for a very long time in the Asian region. They have been used for a variety of ways, they have been used in the place of signatures in various works. In particular, in every platform where item acknowledgement or confirmation has to be done, the seals have been widely used. In addition, they have been used in confirming office work, personal engagements, arts, and contracts among other engagements. The Chinese seal can be mad from a variety of materials hence it has varying durability and appeals. They can be made from wood, ivory, metal, stone, or even plastic. However, the stone ones are the most common. In order to serve their purpose, the Chinese seals are accompanied by red ink in which they are dipped so that they can display the mark on the seal in the document. There are three basic types of seals based on the mode of presentation of the white and red colors. Firstly, there is the Zhuwen (朱文), this type of a seal presents the Chinese characters in red for the imprint that is left in the document. Secondly, there is the Baiwen(白文)seals, this type of seals leaves white characters against a red background, they are los called yin seals. Finally, we have the Zhubaiwen Xiangjianyin (朱白文相間印) seals, these type of seals blends the two colors (red and white), and hence they are a variant of the two types above. Market Positioning The Chinese seal will be positioned as the tool for delegation of work without interfering with the confidence of the client or the customer. On the other hand, it is a tool that promotes simplicity, convenience, and ease in executing a given task. The image to be created in the minds of the customers is that this product is a must have especially in the business. The management should be sensitized on delegation and giving their juniors the confidence to execute tasks in their position. Pricing The prices of the seals shall vary depending on a number of factors. Firstly, the type of material that makes up the seal; metallic seals will be more expensive than the ones made from stone. Secondly, prices shall vary depending on the socio-economic class of the buyers. In areas dominated by the rich and big companies the seal shall retail at a relatively higher price than the other areas. Finally, the price shall vary with the size of the order made. Someone in need of many pieces will get the seals at a relatively reduced price compared to someone in need of one or two pieces. However, the promotional strategy is also likely to affect the price. Promotional Strategy In order to create awareness about the Chinese seals, promotion will be inevitable. The first strategy shall be through advertising through the billboards; this will ensure that the people around the main towns are aware of the seals. Secondly, persona selling shall be done to make people aware of the product. Sales and marketing shall be recruited and trained, they shall engage in both online marketing as well as though paying visits to individuals, companies, and institutions. Finally, a price promotion shall be done for the first two months; this shall involve a 5% reduction in the price in order to encourage people to buy. Sales Forecast Based on the projected product reception including the resistance to penetrate some markets, the product will double in sales consecutively for the first year of operation. This is based on the various economic, social, political factors that are meant to affect the sale of the Chinese seals. Political factors Many managers have found themselves on the crossroads of efficient transfer of their authority to their juniors. The seals provide an opportunity for the juniors to defend the name of their seniors by making decisions that affect the organization positively. This eliminates the bureaucracy of having to wait for the manager to sign documents or give any other consent. This makes the seal have a great potential of having improved sales, especially because businesses will be learning from that are already using the seals. Economic The seals bring efficiency in the signing of contracts, business deals, and any other income generating activity. This reduces the aspect of waiting for long hours waiting for one individual to give their signature. This greatly increases income generation. In such a view, the companies and individuals will embrace the seal. Social The population of Caucasians in Canada is more than 5%. Having a cultural inclination with the use of the Chinese seal gives a ready market for the product. This market base can easily stimulate an increment in the market base through reference and recommendations. This assures that the sales will exponentially increase. Technology The Chinese seal has an upper hand in Canada based on the existing technology. The social media provides an opportunity to market the product at almost no cost. The user of the seal can also give their consent for the seal to be used through the mobile phone or through an email communication. These aspects of technology will boost an increment in sales. Conclusion The Chinese seal is a spectacular tool that has a role to play in the business world as well as the capacity to be used by different individuals. The target market for this product shall be the businesspeople, organizations, institutions, celebrities and rich individuals. The pricing shall be based on the bulk of purchase, the socio-economic standing and the promotional strategy implemented. The promotion of the product shall be through advertising using billboards as well as the use of sales agents that shall move from place to place in search of customers as well as the use of online marketing especially using social media. The seal shall be marketed as a tool for delegation in the businesses and institutions while for individuals it will be an item of making work easy and convenient. The sales are expected to double every month for at least the first year based on the available market gap, the existing customer base, the need for efficiency and convenience and the increased use of technology in marketing. References Bevers, S. et al. (2013). Developing a marketing plan. Retrieved from http://agecoext.tamu.edu/files/2013/10/rm3-3.pdf Cameron school of Business. (n.d). Writing a marketing Plan. Retrieved from http://www.csb.uncw.edu/people/mallalieul/marketing%20plan.pdf Canada, E. P. (1997). A SharkProof marketing plan. Economic Development Review, 15(1), 40-47. Retrieved from http://search.proquest.com/docview/230095211?accountid=45049 Larsen, N. (2010). Market Segmentation- A Framework for Determining the Right Target Customers. Retrieved from http://pure.au.dk/portal/files/11462/BA.pdf Weidenhamer, D. (2013). Mastering the Chinese Chop system. The new York Times. Retrieved from http://boss.blogs.nytimes.com/2013/12/17/mastering-the-chinese-chop-system/?_php=true&_type=blogs&_r=0 Read More