Market Plan of Greenomics - Research Paper Example

1.0 EXECUTIVE SUMMARY Greenomics is a company intended to provide modern interior design services using some of the most environmentally friendly materials available. The marketing plan seeks to present and illustrate some of the ways and means through which the company hopes to achieve a proper market base in order to ensure financial stability and the growth of the company. The unique program adopted in using environmentally friendly materials is a proper way to ensure a large market share given that environmental conservation is one of the most critical aspects in the modern age (Dasmann 2004). Greenomics hopes to achieve a fast market growth as a result of the booming construction industry which piles pressure on the demand for quality interior design services. Much of the professional work is actually tackled by very experienced people most of whom are Greenomics’ employees or within its reach. Recognizing the dynamics in the interior design industry, Greenomics will actually be at the forefront in providing some of the best services ever in order to woo more clients into its services. 2.0 SITUATION ANALYSIS 2.1 Market Summary The interior design industry is basically growing at a faster rate given the market dynamics. The focus of Greenomics is basically geared toward both the commercial developments and residential houses that are springing up in the locale. Much of the market is basically located in Melton County where Greenomics will have its central location. Plenty of construction activities are currently ongoing across the County which piles much pressure on all the support services like interior design. 2.2 SWOT Analysis Greenomics is strategically positioned in the market amid the challenges and opportunities that exist. The strength of the company lies in its choice to provide interior design services using environmentally friendly materials. Given the market shift towards such an orientation, it is hoped that Greenomics will certainly have a large customer base. The company also boasts some of the best minds in the industry who will effectively contribute toward its success. Nevertheless, the weak points of the company include its overdependence on a single supplier in the market and the seemingly limited financial base that can limit extensive operations. There are myriad opportunities in the market for which the company can take advantage. For instance, the market is still limited and expansion is much possible. In the same vein, considering that innovation is the most critical market driver in this industry, the company can effectively take advantage of its pool of knowledge to enhance efficiency. The major threats in the makert include the growing competition and the seemingly volatile nature of the construction industry. It is therefore much difficult to predict the eventuality of the industry. Nevertheless, it is hoped that it shall be relatively stable. 2.3 Competition Indeed, there are several competitors in the interior design industry. Some of these market players are actually well seasoned and have effectively established themselves in the market. However, through the strengths of the company especially the use of environmentally friendly materials, it is hoped that Greenomics will effectively manage to sail through the market and establish itself. Moreover, it must be remembered that healthy competition is actually an important catalyst that opens up the minds of the market players to identify opportunities and seek better ways of operations in the market. Greenomics is therefore least worried about the challenge of competition presented in the market. Nevertheless, measures are already in place to combat the competitive forces. 2.4 Service Offering: Interior design The major service line of Greenomics is in the interior design industry. The major objective in this regard is to create cool and comfortable offices, schools, homes and other facilities by creating landscape and interior designs that meet the demand of this age. The services are offered using state of the art facilities and modern trends are adopted using pure and environmentally friendly materials available locally. In order to meet perfect combinations and impress the clients, such important factors like moods, themes, personalities and hobbies are generally taken into account in the process. 2.5 Keys to Success Greenomics is positioned to take advantage of information Technology in its operations. By launching an appropriate website thorough which the potential clients can obtain information regarding the company, it is hoped that the customer base will subsequently increase. The company will use online analytical tools to track the number of clients who visit the site and this will help in strategic decisions. The use of social media in enhancing customer reach is increasingly becoming popular in the business world. In that regard, Greenomics will effectively take advantage of such sites. More importantly, the success of the organization is basically hinged on the quality of its output. Quality is at most valued at Greenomics. It is believed that the key success factor for the company lies in the quality of the services it shall provide to the clients. This will ensure repeat services hence much revenue and returns. The company also hopes to work in close association with real estate agents, architects and other players in the market in order to transfer business to one another. 2.6 Critical factors The most critical issues relate to the aspect of obtaining environmentally friendly materials and ensuring that the company does not compromise on its promise to purely use such materials. In that regard, one of the core preoccupations of the management will be the acquisition of such materials. Recognizing the important role of the clients in the whole sum game, the management regards the clients very highly and this customer-centric nature is part of the recipe for success. In order to achieve the objectives of the organization with respect to marketing, all employees are made aware of such goals so that they demonstrate a sense of ownership of the organization. This boosts performance. 3.0 MARKETING STRATEGY 3.1 Mission The Mission of Greenomics relates to offering quality, modern and efficient interior design services through the use of pure environmental friendly materials and the latest trends in the in the market. 3.2 Marketing Objectives The company aspires to create a niche in the market and establish a proper mechanism in dealing with customers. The clients for the organization will emanate from both the commercial sector and the personal establishments in the County. The industry for interior design is very dynamic and competitive characterized by several changes and that form the basis of its growth. It is however still possible to create a niche in the market and become a leader in the field. This calls for efficient marketing objectives characterized by customer-centric nature. In advertising its products, Greenomics will make an extensive use of the print media in advertising its services. The business will also be a frequent participant in the trade fairs and such other exhibitions that present the opportunity to showcase the products and services. Recognizing the imperative role of positive partnership in building a customer base for the business, Greenomics will readily cooperate with other players in the industry with the intention of exchanging decisions and business opportunities. The importance of such positive partnerships can always be seen across several industries where they have assisted in creating formidable market players. 3.3 Financial Objectives On its establishment, Greenomics will mostly major in creating a market niche for itself and making a powerful presence in the interior design industry. Much focus is therefore laid on advertising and learning how the market operates. In that regard, it creates very little time to worry about financial objectives in the initial stages of operation. The yearly cycle of operations for the business starts in April which lives very little time to focus on financial objectives in the remaining part of the years. Many of the financial objectives are therefore scheduled for the next financial year. One of the basic objectives in this regard is for the business to averagely serve 50 clients per month netting revenue of $2500 per customer. This creates a breakeven of $1.5 million revenue with marketing expenses worth $70,000. However, in the coming years, it is required that the organization should serve over 550 clients per month at $2500 per client. That would give the business $1.65 million in revenue. Given a margin of 5%, such a revenue level would give profit worth $82,500. Such objectives are certainly within the reach of the business. Given efficient operations, it would even be possible to surpass some of these financial targets. The market is very dynamic with new opportunities coming up each day. 3.4 Target Market The target market for Greenomics is relatively wide. The construction boom currently evidenced in Melton County has created several opportunities for interior designers. Individual property developers are increasingly becoming very particular regarding the internal appearance of their establishments. The services of Greenomics will therefore target both the private and the public sector. The new apartments and buildings springing up in the County have also piled pressure on the owners of the old structures to renovate them and beautify the houses. This creates more business for Greenomics. Given its use of environmentally friendly materials, the company will also target organizations and individuals that cherish environmental conservation. Indeed, such people abound. It is therefore a matter of fact that the market for the company is indeed wide. In order to reach every corner of the County, Greenomics will establish several branches of the business in various locations in order to bring the services closer to the prospective clients. Nevertheless, despite the strengths and opportunities realized in the market, the business has no immediate plans of venturing beyond the County. Much focus will still be laid on the local environment. However, in the long run, given opportunities and capability, the business will eventually extend beyond the County borders. 3.5 Market Positioning Greenomics intends to strategically position itself in the industry as a low cost interior design service provider interested in serving its clients to their last needs. The most identifiable position the business has adopted is its strategy to use environmental friendly materials. This will easily tell the business apart from most of its competitors who still use the conventional means in the business. Another competitive positioning strategy will involve making the business a low cost service provider in order to attract a wide clientele. Low cost services are possible in this respect because of the ease of availability of eco-friendly materials and the low cost of such materials. This will certainly mean sacrificing some of the profits in the initial stages of operation. However, the benefits of such a move will eventually be realized upon the establishment of a wide customer base. A market position is also created by the brand name which effectively helps to send across the message regarding the nature of the business. 3.6 Strategies Greenomics aspires to live up to its strategic plans and achieve the objectives as can be seen in the vision and the mission statement. The business has devised a number of strategies to facilitate its operation across thee dynamic and competitive market. The strategies are products of a thorough market analysis to see the gaps that exist and take advantage of the opportunities in existence. 3.6.1 Innovation and Creativity The interior design industry is basically driven by new products and fascinating designs. Innovation is therefore at the center stage of the whole affair. In that regard, Greenomics is much absorbed into the concept of innovation and has therefore acquired some of the best brains in the industry. These people are able to come up with very creative products that will certainly create a lead in the market. 3.6.2 Pricing and Financial Strategies Given the use of low cost and eco-friendly materials, Greenomics can efficiently afford to offer its quality services at relatively low costs. Such low costs will create a better strategy of dealing with most of the competitors in the market. Similarly the organization will adopt various financing avenues in order to establish a greater financial base that can facilitate widespread expansion of the business. 3.6.3Brand Management Greenomics will strictly adhere to the quality of services it seeks to offer in the market. The fundamental concern is to create a brand image that shall become the foundation of success for the business. In that regard, strict measures are in place to protect that brand. 3.6.4 Creating Environmental Awareness Greenomics seeks to create awareness on environmental conservation and provide knowledge on the need to take care of the environment. Such a strategy will generally touch on most people and will therefore create an image for the organization. 3.7 Marketing Mix The marketing mix for Greenomics will basically adopt the following basis; Product-The brand name creates an image of an eco-friendly organization and hence safe and authentic products from the business. The products from Greenomics are basically differentiated and distinct in the market. They are non-pollutant and environmentally friendly Promotion-Promotion will be done through advertising in some of the leading print media and quarterly supplements. Other avenues like gatherings, television and the internet will extensively be used. Place and Price-The management strives to ensure a direct contact between the company officials and the customers it serves. Collaboration with other partners will also be strongly used as a basic for networking. In pricing, the demand-pricing method will be applied which effectively suits the customer’s budget. 3.8 Marketing Research In conducting research on the feasibility and viability of the whole program, several aspects shall be taken into account. For instance, information relating to the effects of climate change and global warming shall be much valuable. Similarly, cost reduction measures as a result of using locally available environmentally friendly materials should be adopted by organizations. The research will basically involve both qualitative and quantitative aspects. 4.0 CONTROL 4.1 Implementation The implementation process is certainly the major issue in the whole affair. It will be driven by the basic objectives of the organization and shall involve a methodical process that ensures all the imperatives are taken onto account and nothing is left for chance. Several key metrics have been put into place to measure and monitor the process of implementation. 4.2 Marketing Organization Greenomics is a well focused organization comprising of a vibrant team of professionals who seek to make the organization a leader in the industry. Quality and effectiveness of performance is most cherished in the organization. The marketing aspect shall be handled by a qualified team that effectively understands the market dynamics and is always ready to embrace changes that can spur positive change in the organization. 4.3 Contingency Planning Greenomics is effectively positioned to guard itself against most of the contingencies that could affect its operations. Diversification is one such strategy that can ensure business survival even in the most challenging situation. 5.0 CONCLUSION The marketing plan will hopefully assist the organization to achieve its objectives and become a market leader in the industry. Even though challenges are bound to appear in the course of the process, it is hoped that the operations will effectively go as scheduled. Reference Dasmann, R. F. (2004). Environmental conservation (2d ed.). New York: Wiley. Read More