Promotional Strategies and - Business Plan Example

Promotional Strategies and Plan Introduction A promotional plan is a detailed schedule that provides the marketing tools, strategies and financial resources that a business intends to use to increase the awareness of a particular product in the market. It is one of the most vital tools essential in planning and enables organizations to launch a product or to increase its awareness in the market successfully. It also enables marketing professionals to act upon visions created through completing a well-choreographed marketing schedule. Promotional plans aims to provide simple and practical schedules which are less time consuming and that provides focus and direction that encourages the marketing efforts. Promotional strategies and approaches are subject to change and this can only be done in a situation where a comprehensive plan provides basis upon which such a change is achieved (Delre, jager, Bijmolt & Janssen, 2007). In this paper, a comprehensive promotional plan will be provided for my fictitious product that in this case shall be a remote control diaper changer. Therefore, I will provide a detailed description of my target market, the objectives of this promotional plan and the tactics that I shall employ in promoting it. The implementation program, time for implementation and the entire budget needed to implement this plan comprehensively shall also be provided. Finally, evaluation of approaches used in marketing is essential for the success for the programs and provide basis for future changes. I will finally evaluate the feasibility of this promotional plan to ascertain its ability to succeed and deliver the final targets. Target market Diapers are clothing materials used for young babes and children to help improve their sanitation and comfort. These baby wears must be periodically replaced to enhance their comfort of the baby and to clean the bottoms. However, the process of removing diapers and the need to replace continuously them has proved to be a nuisance to most parents. The target market for this remote controlled diaper removers are current and future mothers. This market is large due to the high number of births recorded within the country in a given year. This target market has also exhibited their desires to have a product that help them eliminate the need for constant removal of diapers. Based on the omnipresence aspects of mothers with young children, this target market will be easily reachable as they are found everywhere within our neighborhoods (Delre, jager Bijmolt & Janssen, 2007). As a product that targets constant diaper users, the target market wills also constants consumers of locally available diapers and this product will thus be sold to them together with diapers in the store. The current consumers of diapers from our store thus forms the biggest number of our target market, as they are easily available and accessible. Apart from retail consumer, this product will also target diaper manufacturers who can sell the product together with their diapers. Creating a demand for the remote controlled diaper remover will result into increased demand for the diapers as well. This makes the two products potential complementary products in the market. The identifications of these primary and secondary targets will enhance the development of the product to suit the needs for the consumers. The primary consumers, who are the mothers with children and the expectant mother forms the core target that this product will seek to reach out to and create a lasting relationship with (Baber, Taylor & stick, 2010). Objectives of the plan Contentment and satisfaction from diapers users can only be enhanced if a product that meets both their desires and needs is made available. Despite the milestone achieved in the area of pediatric care through the introduction of diapers to replace the traditional materials that were used, issues surrounding frequent removal and replacement of diapers has necessitated this invention. This product thus seeks to increase the comfort of mothers and make the process of diaper replacement simple and easy. This product also seeks to boost the sales of diapers in the country through the introduction of a complementary product that makes it easy to use and replace the gadgets on the children. As a new product that will hit the market for the first time, this promotional plan seeks to ensure more that 50% sales within the first one month of introduction into the market (Luther, 2011). Tactics As stated in the target market and the objective of this promotional plan, two approaches will be used to ensure the successful introduction of this product into the market. This promotional plan will seek to achieve two major objectives and these will guide the tactics that will be adopted. The customers’ needs and challenges on handling diapers constantly will be evaluated to ascertain what their attitudes may be towards the introduction of an automated device to assist in the process of diaper changing. It will also lay the framework upon which the estimated initial sales of 30% can be achieved within the first one month of introducing the product into the market (Gelder & Woodcock, 2003). In the process of assessing the desires and views of the potential consumers on the gadget to be introduced, a one on one interview session will be organized to enable me interact with my potential market target and explain for the benefits of this product and how it seeks to meet their needs. As a pioneer business, the mails, phone contacts and physical addresses of my potential clients will be built well in advance before the implementation of this promotional plan. Diaper stores and supermarket joints will also facilitate the process of meeting the diapers consumers who remain my primary target. I will seek to create a marketing rapport with the supermarkets and stores within my primary target market to enable me reach the consumers easily and assess their opinions towards the product (Luther, 2011). Attaining an initial sales volume of 30% is my second objective and this plan should provide frameworks on how this shall be attained. This objective can only be achieved through comprehensive and rigorous exercise aimed at reaching the consumers and convincing them to purchase the product. Within the first week of launching the product, a marketing brochure with detailed features of the products and how it seeks to benefit the consumers will be mailed to my target market to increase market awareness (Bob, 2011). In liaison with supermarkets and retail store within the city, I will set different demonstration spots from where diaper consumers will get the opportunity to experience the impact of the product and how it actually works. Such sessions will also enhance interactions with the potential markets and enable me answers any questions that they may raise on the ability and benefits of the product. The first few devices produced will also be for marketing purposes to enable me offer them free to the first five consumers. This will enable me to conduct a follow up on their independent assessment of the product after using it, information that will be essential in refining and improving the product (Bob, 2011). Achieving the set target sale can also be enhanced through building collaborative engagements with diapers manufacturers within the country. In such an agreement, the company can market the product together with product as an increase in the sale of remote controlled diaper changer increases the sales in diapers. This will ensure that as the demand for the diapers increase, the demands for the diaper changer also rises thus making it possible to achieve the set market sales within the timeline provided (Luther, 2011). Implementation This section will provide a detailed description of the individuals who will be responsible for implementing the different objectives and plans provided. The division of duties and responsibility will enable the product to reach a large number of potential consumers and thus enable the target sales to be achieved. A survey of the current issues affecting mother as far diaper changing is concerned will enable the product to be customized to meet their specific demands and desires. A member of staff who will use a designed questionnaire to collect important information from the target clients will thus play this important role. This same group will also be responsible for designing how they will conduct the survey within the timelines provided (Delre, jager, Bijmolt, & Janssen, 2007). Apart from one on one interaction and collection of data, this promotional plan will also collect information using mails, phone calls and letter correspondences. The organization of the mails of sales and online interactions with the clients will also be coordinated with a second group of staffs. This group will be responsible the organization of the online interactions with the target market and any correspondences that may be carried out through the internet. As a products whose market dynamics are not yet determined, the staffs involved in the coordination of the marketing and product awareness creation will be trained to increase their understanding of the product and the market dynamics affecting diapers sales. They will also need to understand the operational features of the device to enhance and improve their interactions with the target consumers. I shall conduct this training and complementary selling, because I understand the operation features of the product (Thackeray, Neiger, Hanson & Mckenzie, 2013). Timeline Despite the desire of achieving a 30% sales volume within the first one month on introducing this product to the market, this promotional plan has a four months’ timeline schedule. This schedule provides a description of the deadlines of achieving the different goals of the marketing schedule and the costs that will be involved in completing this. The table below provides a detailed timeline and budget to be incurred in completing each objective. June July August September Questionnaires $250 $230 Direct mail to consumers $400 Complementary sales $150 $150 $150 $150 Training $600 Totals per month $1200 $150 $150 $380 From the table above, the total cost of implementing this plan within the four months will be $1880, an amount which does not include the logistical costs that will incurred by the staff members who will travel to different parts to interact with the potential consumers. This cost is not extremely high as expected for a new product that is yet to hit the market mainly because of the fact that it complements a basic product that is already in the market and whose awareness is high. Evaluation of the plan This stage enables the critical analysis of the plan to ascertain its workability and understand if it will be able to achieve the required objectives of the product. This stage shall be conducted after a comprehensive marketing exercise to ascertain the impacts of the exercises. The direct sales, which can be attributed to the activities within this plan, will be calculated. From this, the fiscal impacts of the entire exercise will be achieved and documented. This stage will provide ground for future changes, which will be done on other promotional plans geared towards marketing this product. An increase in sales volume can used to indicate a positive attitude of the consumers towards the product. Email correspondence will also be conducted to enable me evaluate the attitude of the consumers towards the product and how the product changed their lifestyles (Thackeray, Neiger, Hanson & Mckenzie, 2013). Conclusion This promotional plan is simple and precise and provides detailed procedure upon which this product can be launched into the market with success. A conclusive adherence to the stipulate guidelines will enable the business to achieve its expected sales within the timelines provided. Thus, it must be followed strictly for successful introduction of this product into the market and to ensure the expected sales volume within the stated timelines. References Baber, N., Taylor, D., & stick, S. (2010). Selective marketing to environmentally concerned wine consumers: A case for location, gender and age. Journal of consumer marketing, 27(1), 64-75. Bob, J. (2011). The genius, power and magic of the bold promotion. Appliance retailer, 17(2), 22-22. Delre, S, A., jager, W.W., Bijmolt, T. A., & Janssen, M. A. (2007). Targeting and timing promotional activities: An agent-based model for the takeoff of a new product. Journal of business research, 60(8), 8260836. Gelder, D., & Woodcock, P. (2003). Marketing and promotional strategy. Cheltenham: Nelson Thornes. Luther, W. M. (2011). The marketing plan: How to prepare and implement it. New York: Amacom Div American Mgmt Assn. Thackeray, R, Neiger, B, Hanson, C & Mckenzie, J. (2013). Enhancing promotional strategies within social marketing programs: use of Web 2.0 social media. Journal of health promotion practice, 9(4), 338-343. Read More