Creating Your Marketing Plan - Paper Example

2021-08-25 21:31:26
7 pages
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University/College: 
University of Richmond
Type of paper: 
Business plan
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Full best practice guidance on creating your Marketing Plan is found on www.MarketingMentor.net1. The executive summary The Marketing Plan FILLIN "SECTION 1: Which Brand is this Promotion Brief for?" \* MERGEFORMAT

MACROBUTTON NoMacro [What is the desired result for this plan?]

The plan that follows is about a project to bring Vivacos products to the Kurdistan region of Iraq. Vivaco is a Czech cosmetics company that specializes in the production and marketing of natural products. The desired result of the plan is to successfully roll out the Vivaco brand in Kurdistan

MACROBUTTON NoMacro [What's increase in sales or market share are you planning to achieve?]

To grow Vivacos market share by 10% during the first year and 3% thereafter for the subsequent four years. This will be achieved through sustained marketing, which will be conducted all year long.

MACROBUTTON NoMacro [What is the financial value of achieving your planned result?]

The expected operational expenses have been estimated at $1.2 million. This amount will cover the initial start-up costs as well as any other expenses that will come along as the company launches the new business in Kurdistan.

MACROBUTTON NoMacro [What turnover and profit is predicted?]

A sales turnover of $1.3 million is expected during the first year. This will translate to a net profit of about $0.8 million which will be expected to grow by 30% annually during the first five years.

MACROBUTTON NoMacro [What new or improved products or services are being planned?]

The company does not intend to produce any new products except the ones currently in its portfolio. However, the management will be looking for any new market opportunities that may necessitate the development of new products.

MACROBUTTON NoMacro [What is the desired timescale?]

The desired time scale is one year. See the appendix.

MACROBUTTON NoMacro [What is the budget needed to deliver the plan?]

In total, a budget of $1.5 million is needed to deliver the plan. This budget has been calculated based on the relevant expenses that will be critical in launching the Vivaco brand in the foreign country.

MACROBUTTON NoMacro [What are the potential consequences (pluses/minuses) if the plan isn't implemented?]

If the plan is not implemented, the company will lose out on an opportunity to diversify its revenue and gain a greater market share.

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2. The introduction - The Marketing Plan FILLIN "SECTION 1: Which Brand is this Promotion Brief for?" \* MERGEFORMAT

MACROBUTTON NoMacro [Should you include the Company history here?]

Vivaco is a Czech company that specializes in the production and distribution of natural health, body care and beauty products (Vivaco (2017). The company has created a globally-recognized brand portfolio comprising of skin, hair, body and oral hygiene products all of which are 100% natural and produced in the Czech Republic.

MACROBUTTON NoMacro [What about the Company organisation. Should it be included here?]

Vivaco is organized as a public limited company in accordance with the laws of the Czech Republic. The company's core business is organized into different categories, each of which is responsible for the production of different products.

MACROBUTTON NoMacro [What are the Company's core competencies?]

Vivacos competitive advantages and core competence are rooted in its proven experience in the production of high-quality natural products. The company has established a robust research and development program that is responsible for the continuous innovation and creativity in its products.

MACROBUTTON NoMacro [Include a description of the product/service/brand(s) here.]

Vivacos brand portfolio comprises of skin, hair, body and oral hygiene products, all of which are 100% natural and produced in the Czech Republic. The specific products include face creams, lip care, skin oils, makeup, shampoos, hair tonics, body lotions and creams, shower gels and foams, hand and foot creams, sun protection and ointment oils.

MACROBUTTON NoMacro [What is the Company/Brand positioning?]

Vivacos brand positioning is to be the global leader in the marketing of high-quality natural cosmetics specially designed to meet the needs of consumers all around the world.

MACROBUTTON NoMacro [What is the Brand Promise?]

Vivacos brands promise states living in harmony with nature is a natural need of every person.

MACROBUTTON NoMacro [What's your Mission Statement?]

Vivacos mission objective is to be a major brand that represents quality in the development of natural products.

MACROBUTTON NoMacro [What is your competitive advantage?]

Vivacos competitive advantages and core competence are rooted in its proven experience in the production of natural cosmetic products. The company has developed a team of highly trained professionals who spearhead research in natural products.

MACROBUTTON NoMacro [What unique benefits can you offer your customers?] MACROBUTTON NoMacro [What's the USP?]

Cosmetics derived from natural products that are not only eco-friendly but also gentle on the skin and have no any harsh chemicals or petroleum-based ingredients. Vivaco's products have a strong natural fragrance, are rich in nutrients and help in protecting against premature aging.

MACROBUTTON NoMacro [What is your proposition? Irresistible Offer?]

Vivacos value proposition is respect for the people and nature. This proposition continues to inform the companys efforts to develop quality natural products.

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3. The current situation analysis macro environmentalThe Marketing Plan FILLIN "SECTION 1: Which Brand is this Promotion Brief for?" \* MERGEFORMAT

MACROBUTTON NoMacro [How does the state of the economy affect your plan?]

The Kurdistan Region is an autonomous area situated in the northern part of Iraq. The economy of this region has recently begun to stabilize after years of dictatorship and wars (Leezenberg, 2005). The regional government allows foreign investment in different industries including body care and beauty.

MACROBUTTON NoMacro [What legal issues are relevant to your plan?]

Foreign businesses interested in investing in Kurdistan are required to establish legal presence in the region by registering either as companies or branch offices (Iraqi National Government, 2016). Marketing of cosmetics in Kurdistan is subject to laws governing health care and food products. The laws prohibit the use of banned substances in the manufacturing or packaging of the cosmetic products.

MACROBUTTON NoMacro [What government issues are relevant to your plan?]

The government prohibits misleading or deceiving advertisements about the quality, quantity, standards and the grade composition of cosmetic products (Sabah & Abbas, 2016). To ensure that these laws are adhered to, product approval by the government is required before manufacturing, distribution or import of cosmetic products (Angus & Okanlawon, 2015).

MACROBUTTON NoMacro [What advances in technology will affect the plan?]

Information and communication technologies (particularly the internet) will be utilized in the marketing of Vivacos products in Kurdistan. The company will incorporate various web related media such as social media, emails, and the website to target customers and promote its products in Kurdistan.

MACROBUTTON NoMacro [What ecological issues are relevant?]

The climate of Kurdistan is semi-arid. Due to the high temperatures, people in the region have traditionally relied on perfumes and oils to keep their bodies fresh. This is an important ecological issue which Vivaco will consider by developing relevant products.

MACROBUTTON NoMacro [What socio cultural issues are relevant?]

Socio-culturally, the people of Kurdistan prefer using body lotions and perfumes to protect their bodies against the harsh climate. In addition, they tend to be sensitive to the environmental and social impacts of business enterprises. These issues will be taken into account during the marketing of Vivaco in Kurdistan.

MACROBUTTON NoMacro [What changes to your suppliers/the supply chain are relevant?]

Due to the high cost of transporting manufactured products from the Czech Republic to Iraq, the company will seek to establish a production facility in Kurdistan. This will require the change of product suppliers so that the raw materials can be sourced locally or from regional countries.

The current situation analysis your marketplaceThe Marketing Plan FILLIN "SECTION 1: Which Brand is this Promotion Brief for?" \* MERGEFORMAT

MACROBUTTON NoMacro [What are the market demographics?]

Kurdistan has a population of 5.8 million people (2017 estimate). For the purpose of this marketing plan, Vivaco will focus mainly on adults aged between 18 and 65 years who constitute about two-thirds of Kurdistans population (Bertelsmann, 2012). Out of these, female consumers will be the primary target market and hence the most profitable customer segment.

MACROBUTTON NoMacro [What are the relevant key trends in your market?]

A key relevant trend is a growing preference for natural cosmetic products. This is due to the rising concerns about the possible adverse effects of non-natural cosmetic products.

MACROBUTTON NoMacro [Where is the market growth strongest? Why?]

Statistics show that market for cosmetic is growing strongest in major urban places although rural places are also catching up quickly. Urban dwellers have more access to information about body care products and have more disposable incomes than their rural counterparts.

MACROBUTTON NoMacro [Who/what is the main competition to the brand? Direct competition? Indirect competition?]

Vivacos largest direct competitors in Kurdistan will be LOreal, Dior, Lancome and Estee Lauder. The entry of these Western products has changed the competitive landscape by raising barriers entry (Meyer, Estrin, Bhaumik & Peng, 2009). Indirect competitors include supermarkets and departmental stores that sell a wide category of cosmetics.

MACROBUTTON NoMacro [How has the competitive market changed since your last review?]

Liberalization of the market has led to the rapid inflow of numerous brands which compete in the cosmetic category. Barriers to entry are generally weak, meaning that more competitors are expected to enter the market over the next few years.

MACROBUTTON NoMacro [What are the barriers to prospects partaking in the Brand Promise?]

The main barrier is the high degree of political uncertainty in Iraq. The country is recovering from prolonged wars which led to political divisions and stagnation of the economy.

MACROBUTTON NoMacro [What would a SWOT analysis of the brand (product, price, place, promotion) tell you?]

Vivacos greatest strength is the exclusive focus on natural cosmetics, while its weakness is the limited presence in Iraq. The products will be priced competitively but below the market average.

MACROBUTTON NoMacro [What would it tell you about external threats and opportunities, internal strengths and weaknesses?] Competition is the greatest threat facing Vivaco in Kurdistan. The company will compete with numerous market players including rival Western cosmetic manufacturers. Nonetheless, there are opportunities for the company to cash on Kurdistans rapidly growing cosmetics market.

The current situation analysis your customers/prospectsThe Marketing Plan FILLIN "SECTION 1: Which Brand is this Promotion Brief for?" \* MERGEFORMAT

MACROBUTTON NoMacro [What has profiling your customers told you?]

The profiling has shown that women and men aged 18-65 year are the most impo...

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