Marketing PlanMK150: Marketing, Terrianne Tacheny

Fun in the Sun Inc.

Introduction

Fun in the Sun, Inc. will be offer unique products that can be personalized for each customer. Product examples are personalized coolers, tents, can coolers, and camp chairs. The customer’s will be able to create their own design, add their name, and design the product how they want.

Marketing Plan Outline:

SWOT Analysis

Marketing Objectives

Market Segmentation

Target Market Strategy

Marketing Mix Strategy: Product

Marketing Mix Strategy: Distribution

Marketing Mix Strategy: Promotion

Marketing Mix Strategy: Price

Implementation, Evaluation and Control

References

SWOT AnalysisStrengths

• Inexpensive operating and leasing fees

• Competitive advantage of products being unique

• Create strong relationships with customers

• Products will be inexpensive, highly marketable and high in quality

• Small is small-sized and creative

• Room for advancement

SWOT AnalysisWeaknesses

• Reputation has not been established

• May take time to start making profit

• Not a lot of face-to-face interaction

• Shipping may become expensive

• Online purchases may make people hesitant

SWOT AnalysisOpportunities

• Can get customers all around the world because we are online

• Can have a monthly catalog to email/mail

• Can create a wedding line

• Can have booths set up at beaches and fairs in the summer

• Can use social networking to advertise

SWOT AnalysisThreats

• Product may get lost or damaged when being shipped

• Websites like personalcreations.com are similar to our company

• Business relies on weather

• Shipping costs could rise

• We could start off with a bad reputation

Marketing Objectives• Have 50% of target audience recognize company’s

name and logo within one year

• Inform target audience about product uniqueness and options for sale, leading to a 25% percent increase in sales in two years

• Have Fun in the Sun, Inc. Products in 30% of wedding shops in the Minneapolis/St. Paul area by the end of one year

• Achieve an annual growth rate of at least 15%

• Achieve 10% of sales through the internet in 6 months

• Have 10% of our competitors customers switch from their company to Fun in the Sun, Inc.

Market Segmentation

Information obtained from http://www.uscensus2010data.com/27-minnesota-census-2010-data

Category Estimated Number Estimated percent of

population Female 2,650,870 50.3

Age 15 to 19 years 368,300 7.0

20 to 24 years 367,914 7.0

25 to 34 years 700,898 13.3

35 to 44 years 696,967 13.2

45 to 54 years 813,429 15.4

Marital Status: Never married, Males

712,865 34.2

Marital Status: Never married, Females

598,408 28

Population 16 years and over in labor force

2,950,857 71.1

Target Market Strategy

Target Customer:

• Young adults in MN

• Females aged 15-54

• People that are getting married

• Personality type: Active, enjoy nice weather, want to stand out

Marketing Techniques

• Social networking sits

• Website

• TheKnot.com

• Booths

Marketing Mix: Strategy: Product

Tangible Benefits: Can help keep food and beverages cold, can serve as a storage device, can display name and ownership, small enough to bring on a boat or to the beach, weighs less than 40 lbs.

Intangible Benefits: The customer will not experience confusion when trying to determine which cooler is theirs, the customer will feel special with the product, it can create a fun mood in the air, easy to find owner if gets lost, easy to haul.

Marketing Mix: Strategy: Product

1.Introductory Stage: Cooler will be tested, developed, awareness raised

2.Growth Stage: Profits will be sale, awareness of competitors will raise, website will be heavily used

3.Maturity Stage: Longest phase; Competition gets aggressive, features will be added

4.Decline Stage: Costs continue to rise, profits decline, may need to introduce new version or discontinue

Life Cycle:

Marketing Mix Strategy: DistributionDistribution that will be used:

• Direct Distribution- Manufacturer to Customer

• Exclusive Distribution- Customer will seek to find our products

• Just-in-time manufacturing will be used- Products will be manufactured based on customer’s demands

• Shipping methods: FedEx, UPS, USPS

Marketing Mix Strategy: Promotion

• Flyers, business cards, catalogs will be distributed

• Advertisements will appear on popular social networking sites

• Personal selling at beaches and fairs

• Pull Strategy will be used

• Fun and pleasure will be the focus.

Slogan: “Have fun and stand out. You only live once.”

Marketing Mix Strategy: Price

• Price per cooler will be set at $25.00 plus shipping costs.

• We will use penetration pricing at first to get people “hooked” to our product.

• Seasonal discounts will occur during winter and cold months. Our products will be offered at 10% discount.

• We will use FOB origin pricing as well. So, if a customer lives farther away from our warehouse, the more they will pay in shipping.

Implementation, Evaluation and Control

Goals that will be reached in the first year:

1.Hire staff. This includes graphic designers, manufacturers, marketing experts, and accountants

2.Create employee handbook

3.Achieve marketing objectives

4.If marketing objectives are not met, reevaluate what went wrong

5.Make sure staff is happy and on-task by having monthly meetings

6.Talk about expansion

7.Follow the marketing plan by reviewing each month

8.Analyze sales and accounting records

References

W., C, F., J, & McDaniel, C. (2010). Mktg 4 (with marketing coursemate with ebook printed access card). Mason, OH: South-Western Pub.