produce a brief Advertising Plan for a new or existing product or service that y
ID: 368781 • Letter: P
Question
produce a brief Advertising Plan for a new or existing product or service that you develop.
You should include at least the following information
a brief Overview of the YOUR project, similar to an Executive Summary (a paragraph or two.)
The product (or service): what it is, does, is made of, how big, taste, etc.
The suggested Target Market specifics: demographics, geographics, psychographics
The Promotional Plan: Talk about the proper print and broadcast media you would use. Where and when would you advertise? Your artwork, if included, need only be of mockup or storyboard quality. You are not graded on the quality of your artwork.
Your project should be about four pages in length, you may single or double space, you should use 12 point font.
The Outline of the Project should be:
1. Overview / Summary
2. Product / Service Description (what it is, what it does, how it works)
3. Target Market description (demographics / geographics / phychographics / usage - as appropriate)
4. Promotional Plan
4a. Media Objectives: Reach / Frequency / GRP discussion (IF DESIRED)
4b. Print Media Advertising Message: Copy / headlines / visuals / artwork / color / (show mockup of ad or describe in detail)
4c. Print Media Selection (list magazines / newspapers / etc)
4d. Broadcast Media Advertising Message: script / storyboard (show one or describe in detail) / spokesperson selection / art direction
4e. Broadcast Media Selection (discuss which TV shows and radio shows you would use)
5. Pretest / posttest Plans (just a paragraph or two of what should be done.)
Explanation / Answer
Voguish
Voguish Is a new business which is ventured by four students specializing in finance, marketing and human resources. They are budding professionals filled with high potential and sense of creativity which can be materialized in the form of this venture.
Business Description
Voguish means trendy & stylish. We intend to be an exclusive store providing custom made gift items for all occasions. As a start up: the operations would take place at Indore only. The product portfolio includes mugs, key chains, photo frames and greeting cards. A gift is an important element for an individual so ‘expression of feelings’ is our compassion.
Mission
Bring in loyal and satisfied customers by supplying altered flavours of fashion
Vision
Nationwide expansion in the years to come with diversified product range and better servings.
Values
Care, Creativity, Customize Touch, Commitment and Cost Efficiency
Objectives
Organisational Structure
As the business is at nurture stage the structure is unclear in terms of detailing. The clarity of the role carried out by the four founders is as follows:
Name
Description
A
To take care of the marketing and promotional activities of the store.
B
To work out the rates with the suppliers of both raw materials and finished goods
C
To carry out all financial and investment related activities
D
To communicate with customers walking in the store regarding their needs and to take feedback after product delivery
Performance Objective
Performance objective is an integral part of an organisation. At voguish we aim to perform with best quality and cost effectiveness. In a start up it is a challenge to get break even point so the top most priority is to gain BEP without any compromise on the values and objectives.
Market Challenges
Start up setup of a store which is based more on differentiation rather than traditional design targeting premium class has many hurdles like to seek confidence of the customer. To create awareness regarding the concept, to become a retained name on a customer’s mind, to gain an identity in highly competitive market.
Market Attractiveness
Indian culture has many festivals and occasions into it which have an immense association with presents which signifies that the market is highly attractive. The gap lies in providing uniqueness to these usual give away. This gap can be filled though our offerings which are exclusively designed as per the occasion.
Primary Target market
The primary targets are upper middle class and high class of the society as the products range in premium pricing.
Product Offering
The offering totally depends on a customer’s need as we just provide the canvas where our customers paint their wish. Further we craft premeditated fancy into a quality based reality.
Distribution Approach
The distribution is direct as the base raw material used is a semi finished goods so it is directly bought from the manufacturer. After quality check it is given to the experts craftsmen according to the requirement. The quality of the finished product is reviewed, and then finally it is available for the customer at our store.
Marketing Strategies
Awareness has a crucial role is the success of something which is new to the crowd. Therefore heavy advertising is required to gain the retention of the customer. This advertising can be done by using local media radio, newspapers etc. In addition to this ambient media is also utilized for grabbing attention of the targets at respective places. An introductory discount can help getting customer responses which may turn into sales.
Retaining & enhancing customer base
Satisfying the customers need to its best is the best way to retain. For growing the customer base awareness is a tool and attractive festive offers which can appeal the customers. Placing banners at places where the target segment is present can also enhance the customer base to a large extent.
Pricing
Premium pricing is being applied on all the products so that the differentiation can be kept alive with good quality. The other reason is that market is highly competitive so it is very difficult to derive benefits from exclusivity for a long time so it is better to make reasonable profits at the introductory and early part of growth stage for sustainability.
Finances
The maintenance of financials is of key importance so it is essential to keep them in place by making a balance between investments, costs and revenue. It has been considered while pricing that the products are priced just right neither high nor low.
Decisions to be taken next
The strategies and tactics which are required for conquering more market share and expansion policies related to different cities. The terms and conditions laid down for consideration regarding quality assurance and payments of suppliers. The other decisions can be based on customer responses and feedback.
Conclusion
Thus the above report has covered the marketing plan of a newly started business. It covered both external and internal factors which are taken into account while a business plan is prepared for seeking investment.
Name
Description
A
To take care of the marketing and promotional activities of the store.
B
To work out the rates with the suppliers of both raw materials and finished goods
C
To carry out all financial and investment related activities
D
To communicate with customers walking in the store regarding their needs and to take feedback after product delivery
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