Marketing Plan Example Assignment

Marketing Plan Example Assignment Words: 2520

Taking the philosophy they have used with their tea making and providing consumers with a spa product line that meets heir needs in a natural, environmentally friendly and consumer friendly way. The market that will be targeted is young professionals and baby boomer women that are looking for a way to rejuvenate and relax at home. Development, marketing, and production are the current focuses of the company in order to grasp a part of the already competitive market. 2. Market Summary The target market for Taco Spa is young professionals and baby boomer women that currently are searching for the best alternative to spending money at a spa. These women are looking for environmentally friendly and consumer friendly products that et their relaxation, rejuvenating, and renewal body needs. Currently the spa market is holding strong despite the recent economic decline, however with disposable income becoming smaller; people are seeking ways to relax at home. Because of this our projections for the growth of the market are positive.

With this in mind, and our creative approach to our products, we project our share of the market to grow 3% in the first year and additional 5% in the second year because of how convenient and easy it is to purchase. 2. 1. 1 Market Demographics * Demographics * Women make up over half of the Taco Spa consumers. Ages 18-49 with 43% being young professionals and 47% being baby boomers. * Primarily Caucasian with a $ASK+ household income and a college degree. * * Taco is not limiting itself to a particular geographic area.

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With the ease of on line purchases and vast number of potential spas carrying the line of products, Taco can easily provide for customers domestically and internationally concentrating on up and coming cities with young professionals working to stimulate the economy. * Behavioral Factors * Users enjoy being relaxed and pampered and invest in products used at their favorite spas. * Users spend money on natural and holistic products. Users are consistently on the go with work and home life and want to have products to help relax and rejuvenate them for the next day. . 1. 2 Market Needs Taco is providing its customers with excellently blended natural products and fulfilling the needs of the market. * Providing a superior product: Consumers are looking for the best in spa products. Products that help them look and feel their best * Insuring the use of all natural products: Consumers are concerned with the use of unnatural chemicals in their spa products. * Protecting the environment: Consumers want products that will not mage the environment when used or disposed of. Customer service: Loyal customers are secured with excellent customer service assisting with questions, concerns, and issues with the products. 2. 1. 3 Market Trends Industry trends that will globally drive the sales of the Taco Spa line are as follows: * Baby boomer generation is concerned with looking and feeling young by slowing the aging process without cosmetic surgery * Reinforcing the consumers positive perception of “natural materials” * Minimizing environmental effects of product during production, use, and disposal The trends mentioned above are the keys to the success of the Taco Spa products.

They are all made from natural materials, reduce the effects of aging, and are completely environmentally friendly with their 100% recycled and recyclable packaging, thus meeting the current consumer trends for the industry. 2. 1. 4 Market Growth The spa market itself is consistently on the rise with more and more people taking time for themselves. The at home spa products have gained in popularity since the current economic recession.

Consumers are realizing that they can recreate tranquility and rest at home that was once thought to be attainable only at a spa. Superior products and ease of use will invigorate the at home spa line created by Taco. 2. 2 SOOT Analysts The following analysis displays the internal and external strengths, weaknesses, opportunities, and threats facing the Taco Spa line. 2. 2. 1 Strengths * The Taco Spa line is made from high quality all natural products. * Taco * Taco Spa employees are highly motivated and believe in the product they are associated with 2. . 2 Weaknesses * Synthetic products are offered to consumers in a more timely fashion and cost effective way * Demand of product and limited natural materials will cause accorders for consumers * Market demand is large and personnel on hand is limited 2. 2. 3 Opportunities * Marketed as an environmentally and consumer friendly product to the upper middle class * Competitively priced for the high end home spa products currently on the market * Internet shopping and overnight delivery make the products very accessible to consumers globally 2. . 4 Threats * Consumers could believe they are paying too much for a new brand of products regardless of performance * Lower prices could be perceived as lower quality products in the market * Costly website to maintain with frequent changes and additions to product line 2. 3 Competition The personal care industry is extremely competitive. There are many small businesses that hold a large share of the market. The business trend seen today is filled with takeovers and acquisitions giving large companies a number of small pieces of the market.

Customers will prefer our product based on the brand name and the mission behind it. The Taco Spa mission will be the similar to their tea line: To bring you the most intriguing line of at home spa products with creative blending of tea, fruit and botanical resulting in an at home spa experience unlike any other. With this mission in mind and clearly stated on the product packaging Taco Spa has the ability to fiercely compete and win in the very competitive market. One of the largest domestic competitions for Taco Spa is Veda products.

An example of one of their competing products is as follows: Veda (Calming Composition 1. Ml bottle) $21 Price Place Available on line and in spas that carry the Veda product line Promotion Free sample of new cleanser and free shipping of orders over $80 Product Calming oil used after the shower to lock in moisture, in bath to soothe your skin, or as massage oil for calming scalp or issue massages There are many other competitors within the home spa market such as Origins and Limes products.

Origins is sold at major department stores around the world and Limes products are used on almost all cruise ships. 2. 4 Product Offering Examples of products Taco Spa is currently offering products to consumers: * Relaxation serum: A relaxing combination of green tea and rosemary oil used to lock in moisture and renew skin elasticity. * Tea and Fruit infused shampoos and conditioners: When used daily they rejuvenate the scalp and release natural oils making hair shiny, full of volume and dandruff free.

Natural lotions: Scent combinations that invigorate the senses and calm the spirit while providing moisture and protection to the everyday free radicals our consumers encounter that damage by consultants from Millard Brown and WAP that develops the brand equity through a sequence of steps that are contingent upon successfully accomplishing the prior step. This will build brand equity by challenging us to provide new and creative products to allow consumers to move up in the primary to become bonded consumers that remain loyal to Taco Spa because no other product is beats it. 2. 5 Keys to Success

The keys to success for Taco Spa are as follows: * Letting the consumer know about us through creative marketing and sales promotions overcoming the threats perceptions * Offering consumers exceptional products that produce promised results * Delivering the level of quality and customer service expected from our clients * Developing products that offer unique products that are not only perceived as better but actually are better than the competition Successfully accomplishing these key factors will ultimately result in consumers seeking out our products because they are the best in the market. 6 Critical Issues Critical issues to keep in mind is leveraging our internal strengths by staying true to the promises of creating products that are all natural, keeping up with the technology that will allow us speedy production without compromising quality, and continually having key employees that believe in our concept and are always willing to assist consumers with their personal needs. Currently Taco Spa is in the developmental stage of its product life cycle. This is a new concept for Taco because they have exclusively dealt with the production of unique and interesting tea.

Although the products are still in development, the concept is one that will quickly grow and mature as time passes. The Taco brand already has excellent points-of-difference within the consumer market when examining their teas. Consumers already feel that Taco Teas are unique and original and cannot be found within another brand. Using these points- of-difference, Taco Spa is predicted to have similar impact on consumers. With Taco Spa being a new competitor within the home spa market, the challenge will be to negate the competition’s points-of-difference to establish their competitive mints-of-parity.

Providing products that others are still trying to develop or match will give the consumers a strong sense of the brand and a competitive position. 3. 0 MARKETING STRATEGY 3. 1 Mission Taco Spa Mission Taco Spa brings you the most intriguing spa products in the modern world, on the strength of artful blending, distinctive aromas, and the use of only premium-quality The Taco Spa Business and Values Developed with the same concept we bring to our teas, the Taco Spa line of products is dedicated to the production of high quality products delivering desired results for a competitive price.

The spa product line is full of unique blends of teas and botanical to give our customers a home spa experience unlike any other. Fundamental Goals Taco Spas goals are simple and straight forward: 1. Make a profit selling high quality products 2. Keeping customer satisfaction high with new products and innovative scent combinations 3. Gaining a substantial spot in the market place 3. 2 Objectives * Enhance product awareness among the target audience by 20 percent in one year. Inform target audience about features and benefits of our product and its competitive advantage, leading too 15 percent increase in sales in one year. Decrease potential customers’ resistance to buying our product, leading to a 30 percent increase in sales in six months or less. 3. 4 Target Markets The specific target market segments are based on the following variables; ages 18-49, Profession and Baby Boomer women with incomes over $60,000. These are the optimal target market segments for us because of the need for pampering among young professional women and the baby boomers.

Both age groups with $ASK + income are hard working and in need of a home remedy for aging, stress, and aching muscles and our unique blends of tea and botanical are made to do Just that. 3. MARKETING STRATEGY (continued) 3. 5 Positioning For young professionals and the aging baby boomers who are concerned with the health of their skin and ability to relax, Taco Spa offers the all natural way to achieve the sound body and mind they are seeking.

With the all organic tea and botanical used in our products, we offer rejuvenating and relaxing products that are clinically tested and proven to enhance the look and feel of skin and relax the mind. Our spa line is distinguishable from others because of the care we put into our products and the testing we do to insure the results we promise our customers. We also use only cycled materials to package our products to ensure minimal impact to the environment making them echo-friendly for the life of the product.

Product The Taco Spa line is produced around the idea of echo-friendly and all natural materials. Taco Spa offers a basic line of products for the average consumer; however we also offer specialized custom products for the consumer with particular needs. These products are offered to all our consumers. We have a highly trained staff that knows the effects of each ingredient and they are ready to work with our consumers to manufacture a product specifically for their individual needs giving us he ability to reach and please consumers that may feel there isn’t a lotion or shampoo or bubble bath for them.

Personalizing our products adds special value for our brand with our consumers. The Taco Spa line of products will be set on a tier pricing scale ranging from $8 to $45 with an average price of $12. The products are divided into categories: high priced specialty and customized products, moderate priced designer products, and low priced basic products, thus giving everyone a product they can afford and something they can splurge on. The price will not determine the quality of the reduce, only the complexity of its ingredients.

Taco Spa aims to be the product-quality leader in the at home spa market making them affordable luxury products. Consumers of spa and beauty products tend to associate higher prices with quality products and are less price sensitive when it comes to purchasing. Demand for our product will be determined through dry testing the market and analyzing our competitors’ current and past prices. The dry test will show us if the demand is there and looking at out competitions’ changes in price will give us an idea of how elastic the demand for home spa products is.

With this and the use of activity based cost accounting our prices for the basic line will be competitive but slightly less than the market average. Taco Spa had adopted the concept of value pricing for their basic line, however the designer and customized line will be priced based on the consumers’ perceived value of the product, thus leaving the final price set on a product to product basis. These prices will be adapted to the market based on the initial 6 months of sales for the basic line (the designer and customized products however will remain since their price is based on the complexity of the product).

Our mission is to keep the price competitive with the other products on the market without giving the perception that the quality if faltering so we can attract and capture valued customers. With the launch of the Taco Spa product line there will initially be promotional pricing and enhance our brand’s name. Place We will use the push strategy due to the low brand loyalty to introduce our products and build our customer base through merchants selling our base and designer lines to establish our core value of product leadership with our consumers.

Taco Spa’s marketing channel design is direct from factory to retail space or arouse for online purchases. The product is made, distributed to merchants and bought by consumers. There is also the on line and by phone purchasing entity where consumers can purchase items on line or by speaking with one of our agents. This is the only way consumers are able to purchase customized products for themselves. Promotion Our Advertising objectives are to create preference and conviction for purchases through the use of persuasive advertising and participatory promotion campaigns.

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Marketing Plan Example Assignment. (2018, Sep 28). Retrieved October 19, 2021, from https://anyassignment.com/art/marketing-plan-example-assignment-34314/