Raffles International Company Marketing , Promotions and Sales - Business Plan Example

Marketing Plan, Sales and Promotions Marketing Plan, Sales and Promotions Marketing Plan, Sales and Promotions Executive Summary This marketing plan has been created for Raffles International Company. This company wishes to develop a tourism industry in Chinese market. The company will use its main product, adipose-derived stem cell. This is as a result of the increasing development of tourism industry and the uniqueness of Switzerland. Although the company wants to enter this market for the first time, the available market research findings indicates that the company has targeted the right market. To prepare the company for this action, this marketing plan is prepared to inform and also to persuade the involved stakeholders. The plan begins with the company description. Second, the company’s marketing environment is analyzed. This is followed by the analysis of the marketing strategy, where significant strategies like sales and promotion are analyzed. Company Description Raffles International is a private company that specializes in health journey Brand. Particularly, the company is working toward the developments in health tourism. It is based in Switzerland. This country is known for its outstanding performance in medical industry. This company saw the unique conditions of Switzerland as an opportunity to establish tourism industry in Chinese market. This is by introducing its main product “adipose-derived stem cell” commonly referred to as adult stem cell. To facilitate its brand, the company has collaborated with Med Cell Europe Laboratory. This is a new company that specializes in commercialization of adipose-derive stem cell and other therapeutic products derived from ones adipose tissue (EuroStemCell, 2013). This is for the purposes of treating regenerative diseases under the specialization of anti-aging. The company has an excellent medical centre referred to as SGK Anti-Aging centre. The company’s professional and creative teams specialize toward health tourism services. The company determines different routes and provides services in accordance to customers’ needs. Raffles Mission is to improve main competitiveness in the field of adult stem cell technology in Chinese market and offer high services to make tour guests enjoy their journey toward youth. The company’s vision is to monopolize a few cities in Chinese market and continue to improve human health by the use of adult stem cell technology. Marketing Plan General market Strategy As explained earlier, Raffle International company markets comprise of Affluent Chinese people. This population average age is 38. They are more concerned about their health conditions, looks and body status for both genders. The idea of Raffle International to join the Chinese market needs to be done on a careful note. This is because the company wants to enter into this market for the first time and with a new brand of the product. To achieve its goals, it is essential to establish both long-term and short-term objectives for the company. Short term objectives are significant in determining the success of the company with its new practice. The first year of this company will involve on creating the brand awareness and attract consumers in the Chinese market. In addition, the company will be working on how to expand to other market areas from Shanghai. Later, the company will begin to focus on how to maximize profits and retain good relationships with Shanghai customers. Short Term Strategy The following are the short term strategies that the company will use to capture Chinese market at Shanghai. Provision of quality services at competent prices The company will launch its stem cell product from Sheep Placenta. The product is designed to meet the needs of the high population of affluent Chinese. Shanghai has a high number of rich Chinese who are in demand of quality health services. The company will not change its prices in the Chinese market because we are the lowest. Multi-Promotion Strategies To increase awareness of Raffle International product within a short period, a variety of promotion techniques will be used. They include press advertisement, social networking, and through employee tours. Set of specific Goals The company will have to set specific goals that will help in taking over Shanghai market by making use of the annual international exhibition in this city. Pricing Policy and Sales Tactics The company will use the policy of lowering prices to attract customers and also organize health events in Shanghai to reach new customers. Medium Strategies Comprehensive revenue Return Strategy The company will review its reputation and work toward expansion into a recognized new area. The company will make additional charges on its services in areas that it would have monopolized. For example, the company will pursue the customers surrounding Shanghai. In addition, the company will increase its charges by at most two percent. Record Updates The company will always review its records to inform users on new innovations and plans. For example, the company will always come with different print media to cater for foreigners of different languages living in Shanghai and the surrounding areas. Building customer relationships There will be development of customers’ profile. This will help in understanding their needs and development of rewards. A company social site will also be established on Facebook, Chinese blog, and Twitter. This will be for the purpose of sharing. Building Corporate Relations The company will determine other partners especially local corporate and international corporate to promote customer sharing cycle. Pricing Policy At the entry, Raffle international not lower its price for the Sheep Placenta product because its prices are the lowest. For other products and services, the company will have to adjust the price because there is no competition in those areas at the moment. During first moths, the first customers will rates will be based on their positions up to 50. See table 1. Later, the price will be normal. Table 1: Customer fixed rates based on positions during the First month Customer Position Rate (%) 1 – 10 25 11-20 20 21 – 30 15 31 – 40 10 41-50 5 Surcharge Policy The company will increase its profitability by customizing its services to different foreigners in China. The company will provide extra services in regard to their needs. For example, counseling services will be provided for different medical conditions. Home services will also be introduced to serve willing customers in their respective homes. Sale Tactics The company will use different sale tactics to help it stabilize in the market. The company will not lower its prices because we are the lowest. The company will maintain its low prices for a period of three moths so as to win more customers. Discounts will be given to the customers who come for the services during the first six months of the business operation at Shanghai. The customers will receive a discount of 5%. Later, sales will be made in packages. For instance, when a customer who is married is loyal to the company, his wife will be entitled to a free service during her first time to the company. We will also promote ongoing relationships. Relationship with other companies and local customers will be maintained. Loyal customers will receive regular communication from the company. For instance, they will be informed on discount services and new brands. The company will also stick to the deadlines so as to satisfy customers and build good relationships. Service and warrant Policy Services will be provided in accordance to the need and desire of the customer. Service Policy Adherence The customer will be informed on both the benefits and side-effects of using the company’s product. Client will specify his or her needs. Technology services Our company will design a website that will allow different customers to sign up as users. The customers will have an opportunity to view different services and even request for them. The website will also be a source of different information regarding new changes and innovations in the company. Advertising and Promotion As Raffles ventures into the Chinese market, the use of different sales and promotion strategies will be of help. The company is new in the Chinese market. Fortunately, there are numerous findings that will help the company on its choice of sales and promotion strategies. Raffles marketing objectives advocates for safe clinical environments that focus on room’s hygiene. In addition, the company is determined to provide a luxury journey for its customers. Currently, Raffles product strategy offers health services in anti-aging field. This service has been recognized as one of the outstanding services in the world. The company has professionals who are provides services in regard to a customer’s needs. The company has researched on its products sheep placenta and stem cells to justify why they are suitable. The company in collaboration with Med Cell Europe laboratory has done research to justify most of its procedures to the customers. Advertisement The first strategy is the use of advertisement. Some of the products by Raffles International are the Sheep Placenta and the Stem cells. Findings indicate that the market for sheep placenta in China is mature. This means that the company will have to utilize on this strategy to market its product. Understanding of other related advertisements will be essential in coming up with an outstanding one for the company. Advertisement will also be essential to inform the public about the stem cell product, whose market is not mature in China. Press Release At the beginning, the company will use press release so as to reach larger population of China in a short period. In addition, this strategy is cheap. Stations like China Beijing television will be used to reach different people. Hospitality magazines will also be used. Networking and Social Media The company will develop a Facebook page, Twitter page and an interactive company’s website. Customers will have to post their comments. They will also be reached through newsletters and other promotion activities, which will be posted on the website and the social sites. Other features like RenRen and Micro-blog will be used. Exhibitions Another strategy is the use of exhibition. In previous chapters, market research indicates that there is an annual exhibition in Shanghai, which is attended by international health stakeholders. They come together to share ideas. Such exhibitions provide a platform for Raffle International to market its products. Further, the company will have an opportunity to attract new partners in such exhibitions. Non-Traditional Techniques Raffle international can also make us of nontraditional techniques to promote its products and services. Considering that the company is a multi-national one, supporting of sports activities can be suitable in promoting its health products. Finally, the use of slogans and logos is a suitable way for sales promotion. Logos and slogans for different services and products will be helpful in refreshing the mind of customers and reminding the company of its vision and mission. Finally, Raffle International employees can take a tour in Shanghai high places to market their products and services. In such tours, they should try to interact personally with their respective customers and distribute some printed information about the company and its products and services. Figure 1 below summarizes how the above promotions will be prioritized the first three month. Distribution The distribution strategy for the company needs to begin from Shanghai. Currently, the company has not made any distributions. Considering that it is targeting affluent people, Shanghai is the best place to begin. Developing a service centre at Shanghai is significant. This centre can later act as a coordinating centre as the company explores newer markets in China. The distribution can later be extended to other Shanghai neighboring regions, which are also developed and have affluent Chinese. Raffles value for technology should also be utilized in the distribution process. The company serves affluent people, who have the capability to access internet services. The internet can be used as a way to reach out to the potential customers and give them direction on how to receive services from the company. References EuroStemCell. (2013). Europe Stem Cell Fact Sheets, news and Resources. Retrieved from http://www.eurostemcell.org/ Read More