Cougar CM LLC Marketing - Business Plan Example

Cougar CM LLC Marketing Plan Plan for January December 31, Mike Nelson Founder and CEO Submitted to Dr. David Kalicharan Submitted November 19, 2012 Executive summary The object of this marketing plan is to explore the possibilities to expand Cougar CM into other markets and regions. This plan would focus mainly on enhancing commercial contracts. Cougar CM is well established in residential renovation and is considered as a reputable business within the region. With over one and a half decade of experience in construction business, the business has decided to set foot in new market by expanding the business geographically. The business operates with a tagline of “if you can dream it, we can achieve it!” which clearly identifies the concept of professionally meeting the needs of the clients by providing them with quality and innovational concepts to win their hearts. Table of Contents Introduction 4 Situational Analysis 5 Marketing Planning 6 Product/Service 6 Price 6 Place 6 Promotion 6 Implementation and control of marketing plan 7 Summary 8 References 9 Introduction Cougar construction management is well known for its unique and special residential designs and renovations according to the needs of the clients to the core. Without compromising the quality and value, the business has done well for gaining attention of the residential and commercial clients but still aims to enhance the market so that it could fulfill the needs and wants of the new clients that dreams for well-designed house and offices (Cougar construction management, 2012). Cougar construction management is passionate about what they do and how they work. The business excels in meeting the needs of the client by providing the best customized home in the entire block. The homes are old-fashioned that creates a personal connection and gains attention in the very first sight. Being fair and honest is what drives the business to be the best and committed to the work i.e. construction. This is the very reason that Cougar CM sets competitive price that is affordable and within the parameters of the clients. The business has not only limited itself in meeting the demands of the residential clients but also has engaged in meeting the needs of the commercial contracts. The business encourages expansion for the very reason of meeting the requirements of commercial contracts as well as residential clients. The business is in favor of moving forward as well as operating at the place where it all began. The company is looking forward to explore the possibilities of expansion to help the company to understand the different needs of clients in both residential and commercial construction. Situational Analysis Due to the recession in the economy of US the businesses have suffered as the purchasing power of the customers have decreased but it was quite opposite in Canada where the economic recession had no effect. The construction industry has suffered in United States as the volume of such businesses has dropped by 18.7 percent in the first quarter of 2010 (Altius Directory, 2012), however on the other hand there have been several growth opportunities in Canada in the same industry. It has been found that the overall construction industry has remained stagnant in the year 2012 which shows the adverse affect of recession on the industry in United States. However, in Canada both the residential and commercial construction shows growth rate which has increase the possibility of success for Cougar construction management in other regions and markets. With over 15 years of experience in the market, Cougar construction management would be able to cope with the threats as the business already had encountered many competitors and challenges in the past. Cougar construction management has managed to survive all these years because of its determination and passion to provide its clients with the best quality and inexpensive renovation. Furthermore the opportunities that the business would have in new regions and market would help the business to enhance its growth and to meet the changing demands of the contracts. By expanding the markets and the regions Cougar construction management would be open not only to local communities but also to other communities that love to build their dream house and offices according to their requirements. The increase in non-residential construction industry in Canada shows a greater opportunity for the Cougar construction management and it can be capitalized as the company has all the required resources. The strong growth of this industry might not be sustainable in 2017. The boom of this industry is predicted to end in 2017 where again the manufacturing industry would once again take over (Barnes, 2011) and therefore it is high time for Cougar construction management to capitalize on the prevailing opportunities. Marketing Planning This phase of marketing plan is the most essential as it comprises the development of marketing strategy based on the 4P’s of marketing. These 4P’s are the Product, Price, Place and Promotion. Product/Service The service that is being offered by Cougar construction management is residential and commercial renovation. Cougar construction management is to establish its ground into other markets and regions and for that it has its uniqueness and professional support. Cougar construction management aims to enhance its presence in the commercial sector more than the residential sector. The services that are currently offered by Cougar Construction include: Design work Alteration and remodeling Painting and Drywall Utilities installation Flooring Exterior renovation Price Being fair and honest is the policy of Cougar Construction Management due to which it charges competitive price that is acceptable in the market. By keeping the price competitive, it does not mean that the company compromises on quality or any other requirements of the clients but it shows the commitment of the business to help build a dream house or building according to the needs of the clients. With high quality services, Cougar construction management can capitalize on the market by offering competitive prices as this would enable the business to skim profits as well as increase its market share. Place Cougar construction management aims to set its ground in other markets and regions while maintaining the market in Dayton, Ohio. This would allow the business to expand in markets that are profitable and continuously growing. By doing so the business would be able to build its reputation in the market and easily attract commercial contracts as well as residential clients. To enhance the commercial contracts and to meet the demands of these contracts, Cougar construction management has been located in such a place that the contracts could easily get in touch with the construction management. Promotion To promote Cougar construction management in commercial areas, the company must use advertisement to grasp the attention of their potential contracts. This would not only help the business to attract the commercial contracts but will also play a crucial role in reaching the market effectively than any other medium. The other promotional tool that might come in handy would be direct marketing. It would help to interact with the potential contracts directly and to discuss the importance of renovation to gain their attention. In addition to this, the company has to use its personal relations and build relationships with customers in order to further flourish in the long run. Implementation and control of marketing plan To be successful it is must that Cougar construction management continuously analyzes its marketing strategies with the passage of time. It must be kept in mind that the planning and implementation both are independent phases and should be carried separately. To implement the marketing plan in new market and region it is essential to keep in touch with the local contractors. This would not only help Cougar construction management to complete the task in time but will also help to provide an insight of the industry and market. To have a successful marketing plan the resources must be allocated effectively and according to the needs of the plan. This would ensure that the plans to go smoothly and to maintain the standards when the plans are in action. To explore the possibilities of expansion, Cougar construction management must maintain its uniqueness and its direction. It is vital as this uniqueness sets it apart Cougar construction management from other businesses in the market. Keeping track of changes in the external factor (i.e. technology, competitors, and customers) is also important when it comes to making the marketing strategies of the company successful as these factors keep on changing and the company has to adjust its marketing strategies and marketing plan accordingly. Changes in these external factors can lead to either success or failure; and it depends on several factors such as how the change is taken by the business, how it has influenced the company, how others have responded to the change etc. Controlling is another phase of marketing plan. In this phase the flaws of the plans are eliminated or corrected. These flaws are the reason for the failure of marketing plan and the failure means either poor implementation of plan or the wrong direction of the business. Controlling means the setting of standards and to continuously check the performance of the business against the standards. This would help increase in sales and performance. Another method of controlling is reallocation of budget. This helps to increase the performance of business and eliminates those marketing strategies that are ineffective. Therefore as Cougar construction management formulates marketing strategies and implements it, it is important for the management to critically analyze the implementation of these strategies as they can be the line between success and failure. Summary To explore the possibilities of expanding Cougar Construction Management into another market and region, the business must first estimate the growth opportunities in those areas and the competitors available in those markets. Growth and competitors are both major elements that can shape the business. According to the US Census Bureau there are over 725,000 construction companies in US. This shows the number of competition in US (Statistic Brain, 2012).. With this challenge, there are other advantages that would help Cougar construction management to be successful. These advantages include new market and potential contracts, high possibility of increase in sales, growth opportunities and new local subcontractors. The marketing plan of Cougar Construction Management focuses highly on the marketing mix. The marketing mix consists of the 4P’s of marketing that are Product/Service, Price, Place and Promotion. To make the marketing strategies successful, it is critical that the company implements it well and then control it properly. Failure means that the plan failed to pinpoint the main areas of business. For a marketing plan to be successful it is essential that the resources and the budgets are allocated efficiently. To eliminate the failure a contingency plan is must as it acts as a secondary plan if the primary plan fails somehow the secondary plan can be used immediately. References Altius Directory. (2012). Construction Statistics. Retrieved November 26, 2012 from http://www.altiusdirectory.com/Realestate/construction-statistics.php Barnes, J. (2011). 2012 Construction Forecast. On Site Magazine, Retrieved November 26, 2012 from http://www.on-sitemag.com/news/2012-construction-forecast/1000817110/ Cougar construction management. (2012). Dayton, OH Construction Manager. Retrieved November 23, 2012 from http://cougar-cm.com/index.htm Statistic Brain. (2012). Construction Industry Statistics. Retrieved November 27, 2012 from http://www.statisticbrain.com/construction-industry-statistics/ Read More