Write a marketing plan for a new crowdfunded product in pairs.Your marketing plan will include the following elements: Situation analysis incorporating Micro and macro environment analysis (PEST/PESTEL) Deduce the problem from the situation analysis Draw Marketing objective(s) Define the customer
o Are you going to segment and target a specific group, or mass market If this is the case, you will need to outline this segment and justify why this one has been chosen. If you have decided not to focus on a specific segment, you will need to justify this decision instead.
The purpose of this study is to understand about the marketing plan of the fidget cube and to analyze about the various types of key elements that includes in the marketing mix of the same. The marketing plan plays a vital role in the formulation of the marketing strategy for fidget cube (Abrahams, 2010). this report describes about the ,marketing plan of the new launch of product in the market that is fidget cube it is one of the biggest discovery of the stress reliever , multi-functional device that helps to remove the stress of the adults.
The research will discuss about the features, market segmentation, brand positioning, marketing mix, and PESTLE analysis of the company. It is the evident from the marketing plan that the company has a huge potential in the future and they can capture the untouched market where no company has reached. They can introduce their products in the countries where the level of stress is high. They can find data and identify the national where there is a need of such devices to remove the stress and has stress management. However, the company also need to take care for the successful implementation of the effective policies and strategies so that they can achieve competitive advantage in their company, the company wants to achieve economy on scale by enhance the production and sales of the company. The company is also enjoying the advantage of first mover advantage. The company is trying to penetrate the market in the best way they can by using effective marketing and promotional strategies I their organization (Battini, Boysen, and Emde, 2013).
The fidget cube is a small cube. It is a small hand held also known as a fidget toy that is designed by antsy labs. The cube is designed to remove the stress that is using all the techniques that help o do the same (Borden, Coles, and Shaw, 2017). It is the easiest way to fell good and relieve form the excess stress. It can be occupied by one hand and other senses, particularly for the self soothing. The tool also helps in burning of calories and also to focus (The ultimate stress relieving cube, 2017). The toy has sensory tools on all the six sides of the device that is
An on/off switch
A rolling ball
A small joystick
A spinning disc
A rubbing stone
Macro environment analysis (PEST/PESTEL)
The PESTLe analysis helps in analysis and evaluating about the external factors of the product and company. The aim of conducting the pestle analysis for fidget cube is to identify the factors that are related to the external environment of the product. It is easy to identify the pestle analysis for the company but it become little difficult to understand about the pestle analysis of any product (Çal??kan, and Callon, 2010). The product is a stress reliever product that booms the markets. The marketing theories work as the tool or the framework to monitor the macro environment of the product or services that has a direct impact on the company (Fillis, 2011).
The external factors of fidget cube are
The political factors are related to the factors that arise due to the government interventions, governed policy, the political stability of the country in which the orgnaistaion is, instability in the overseas market, taxation policy, foreign trade policy, labor law, environmental law, trade restrictions, and many other factors that are related to the government. These factors are very effective whether is a positive sense or negative sense as they impact the entire sale of the products (Gordon, 2011). It is the fact that the fidget cube is also affected by the political factors that have a direct impact on the company also and on the way the company conducts their operations and functions (Gummesson, Lusch, and Vargo, 2010). There is a need understand that how fidget cube and its business organization can curb the risk from the political factors and respond to the external factors (Kumar, 2015). They have to make a balance between the current and future legislation and adjust the marketing plan and strategies according to the same.
The economic factors are related to the economic growth, interest rate inflation, exchange rates, disposable income, of the customers as well as the business. The economic factors have a direct and significant impact on the business organization and how a company performs their business in the markets (Leonidou, and Leonidou, 2011). It also impacts the profit margins of the products and services. The economic factors are related to two types of enviornment that is external and internal environment. It can also be known as micro and macro environment (Mintz, and Currim, 2013). The macro factors helps to deal with the management of the customers demand for the products in the given economy and conditions. It also includes the government use of the interest; rate control taxation policy, foreign direct investment, exports and imports of the products, expenditure of the government, etc are the main mechanism of the.
The micro factors are related to the customers, their buying power, buying habits, their incomes, etc. that also has a huge impact on the business to customer’s organization in particular.
The social factors are also known as socio cultural factors (Moussa, and Touzani, 2010). These are the factors that are related to the shared belief, values, attitude, culture and behavior of the population. These factors also include the other factors like age distribution, age, growth, health consciousness, career attitude, etc. The culture factors are dependent on the country to country as different country has different culture and social beliefs (Myung, McClaren, and Li, 2012). The social culture has various interests as they have direct and indirect impact on the marketers and industry. The company has to understand the customers and their needs and what exactly drives the same.
It is the fact that the technology used to change on a very fast scale and the landscape of the technology changes in a very short time period. This has a huge impact on the working of the company and sales of the products (Ordanini, and Parasuraman, 2011). The fidget cube is one of the latest technology devices that have all the features that a customer wants but the problem and issue sis that with the launch of any new device which is ore technical advance can beat the market for fidget cube and it impact the sale of the company (Piekkari, Plakoyiannaki, and Welch, 2010). The technological factors impact the marketing and management of the products. The company that produces fidget cubes must take care of few things like
They can introduce new ways in the production and manufacturing of the goods and services
They can launch new features time to time in the product
They can adopt new techniques in the marketing of the product
They can use better services for the distribution of the goods in the national and international markets
They can also use new ways in the communication about the product to the target market and segmentation
These days the environmental factors have become one of the major concerns for the entire country’s government. This factor has included into the pestle analysis before 15 years ago (Thornton, Cameron, McNaughton, Worsley, and Crawford, 2012). It is sue to the fact that there is an increase in the scarcity of the raw material, pollution target for conducting the business, ethical problems with the company, sustainable development and growth, the carbon foot prints targets set by the government of the countries, etc. the markets are facing some issues related to the environmental factors . The customers are demanding and they wants to have products ha are eco friendly. Due to this company has to take care about the eco friendly products that are required to be manufactured in the company (Yoo, Lee, and Bai, 2011). The ethnicity of the products is must as the government has become very conscious about the same.
The legal factors are related to the safety and rules, and regulations opportunity, advertisement standard, rights of the customers, laws, labeling of the products, , and the safety of the products (Auerbach, 2012). It is very much clear that the company has to cover all the legal requirements that are suggested by the government so that they can conduct their business for a longer period of time. It is also clear that the business organizations have to keep the legal factors in their mind while conducting the business. They have to differentiate between what is legal and what is illegal in order to trade prominently in the market and industry (Brackett, Rivers, and Salovey, 2011). This become very tricky for the business organisations who conduct the business in an international as well as in national markets as the legal policies and strategies used to change with the change in the country. They have to fulfill the demand as per the rules and regulations of the other countries in which they are dealing.
Micro environment analysis that is SWOT analysis
The study of SWOT analysis helps the company to understand about the intern al environment of the company ad products (Day, Fleenor, Atwater, Sturm, and McKee, 2014). It comprises of strengths, weaknesses, as well as the opportunities and threats.
The biggest strength of this company is that the product is of high quality and utility.
It has all the features that a customer’s wants for fidgeting
The product looks attractive sit comes is differemt colors
It is one of the updated games for the adults
The company can take first mover advantage
The company is new to the market so they are doing well
The biggest weakness is the competition in the toy market
There are firms that are very strong as well established that provide high competition to this company.
The brand is not connected with the retailer
The distribution of the company is not as strong as the other competitors
The global distribution of the company
The price strategy as the company has to compete
Availability of the products and range
The company do not has any sustainable competitive advantage
The traditional methods in the production
Fidget cube has loopholes like size of the product is too small
The company can come up with a joint venture and strategic alliance to expand their business operations
They can tie up with online companies like Amazon.com to have a better supply system
There is a huge potential in the markets that are untouched (Dinh, Lord, Gardner, Meuser, Liden, and Hu, 2014). The company can tie up with some new companies so that they can expand the market share
Entrance of the new firms
China market and their cheap products
Low manufacturing of the local firms
Deduction of the problem from the situation analysis
The problems can be deducted by finding the most effective and efficient solution to the problems. There are certain steps that a company has to follow (Druskat, Mount, and Sala, 2013). On the basis of above situational analysis of the macro and micro environment that is internal and external environment, it can be aid that the company has many problems and issues. The study has discussed about the SWOT analysis and PESTLe analysis of the company.
Analyze the problem
The first step is to analyse the problem that has been taken place in the company. the problems are related to the brand that is not connected with the retailer, the distribution of the company is not as strong as the other competitors, the global distribution of the company, profit differentiation, the pricing strategy as the company have to compete, availability of the products and range, the company do not has any sustainable competitive advantage, etc. (Gardner, Cogliser, Davis, and Dickens, 2011) these are the problems that are required to be resolved in the company.
Diagnosing the situation
The second step includes diagnosing the situation so that the focus can be put on the problem. In this step the determination of the causes due to which the problems has raised in the company (Gardner, Lowe, Moss, Mahoney, and Cogliser, 2010). The reason for this are related to the new launch of the product, weak supply system of the company, etc.
The third step is to identify and prioritize the solutions
The solutions that help the company to bring improvements can be achieved by brining effective and efficient polices prominent solution to supply chain management, etc.The company has to identify all sorts of solutions for the prescribed problems (Goleman, Boyatzis, and McKee, 2013).The other step is to identify the best alternative for the problems the company has to choose the most suitable solution for all the problems (Northouse, 2015).
Implementation of the solution
The last and the most important step are to implement the suggested plan to the entire operations and function of the company. It will help to find about the actual solution to the entire problem faced by fidget cube co. The traditional methods in the production are also an issue. Fidget cube has loopholes like size of the product is too small
Te marketing objective of this company is to mad the availability of the product in the overall markets of the entire world (Walter, Cole, and Humphrey, 2011). The products are not available in stores but it is available on the websites, and online portals. The price of the product is very reasonable so that they can attract a huge group of customers to the organization. The y delivers the products at free shipping and also insured the product. They provide 100 % guarantee and satisfaction to their cutsoers. This is how the company has planned their marketing strategy for their customers. The aim of the company is to provide fidget cube to be the high level of their success today. The company believes that there must be balance between the market demand and supply of the products. Due to this, they maintain a high level of management in the production ad manufacturing of the same. The good news for the company is that they heck the daily output of the manufacturing. They try to deliver the products on the date when the order arrives so that the customers get their product as soon as possible. This is one of the shipping strategies of the company. The shipping ability of this company is very strong that means they have very efficient shipping facilities available in their company.
The customers of fidget cube
The customers are knows as the clients , buyers and purchaser that is a good recipient of a service, good, product, deal, etc. that is obtained from the seller, supplies, vendor, etc. through the financial transaction take place between them . It is also known as the exchange of product or services for the money or may be for some other valuable consideration. The fidget cube is one toy that has no age boundations as it is a stress reliever toy. There is no age limitation for this brand as the product is designed for all age people. It can be used by any age people. The product is very attractive as it is available in different and attractive colors.
The marketing mix and its results
The key elements of the marketing mix contribute to an organisation's marketing strategies. The key elements of this company contribute to frame the effective marketing strategy for the company the marketing mix includes price, product, place, promotion, etc, that pays a vital role in determination of the effective position. They also help in determination of the practical implications of core marketing theory including marketing empirical generalizations, the Double Jeopardy and Duplication of Purchase laws. It will help in the investigation of the marketing problems in business situations using marketing research and marketing metrics, and effectively report results to a broader audience. The formulation of the basic marketing strategies that can be implemented to address marketing problems is also done by using the market segmentation.
This project report has involved the preparation of the marketing plan for the company fidget cube co. for the launch of fidget cube that is a stress relieving toy manufactured by the same. There are many issues and problems that re faced by the company I the launch of this product but now the company has analyzes the problems and take corrective measures so that they can resolve the problems as soon as possible. The marketing plans have explained each and every data and information related to the market and industry of fidget cube. It is comprises of internal and external environment, micro and macro environment, SWOT and PSTLE factors, etc. The plan is also comprises of the marketing mix of the company and its products. The important product and the assessment of the market is also take place that has described about the marketing condition, position in the industry, brand position, customers demand and supply, competition in the market, etc. It is the evident from the marketing plan that the company has a huge potential in the future and they can capture the untouched market where no company has reached. They can introduce their products in the countries where the level of stress is high.
They can find data and identify the national where there is a need of such devices to remove the stress and has stress management. However, the company also need to take care for the successful implementation of the effective policies and strategies so that they can achieve competitive advantage in their company, the company wants to achieve economy on scale by enhance the production and sales of the company.
The company is also enjoying the advantage of first mover advantage. In order to bring more effectiveness, the company must have started taking the feedback from the customers so that they can bring improvements according to the feed backs of the people. The feedback mechanism helps the company to have effective implementation of the changes taking place in the company. In this way, the company can improve and expand their business organization jot only to the national boundaries but also to the international boundaries by making efefcive marketing plan and implementing the same in the entire business organization (Fidget cube, 2017).
The ultimate stress relieving cube, 2017. [Online], accessed on: 9 June 2017, Available at: https://www.thefidgetcube.co/
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