Marketing Plan for New Product Launch Free Essays

string(97) " market coverage Large range of flavors High availability Price: Minimum price of juice is 20 R\." {draw:g} {draw:frame} SUPERIOR UNIVERSITY LAHORE Project Name: Marketing Plan for new product launch Presented To: Sir Kashif* *Mahmood Group Name : The Stallionz Leader Name Id: Imran Shoukat MBP Members Name Id: Muhammad Arslan Dilawar MBP Abuzer Shabbir MBP Hassan Raza Muhammad Kashif Munir Company N*ame:* The Glimmers Limited. Company Logo: {draw:frame} Product Name: {draw:frame} * * * *Contents of Marketing Plan Part 1: Executive Summary Part 2: Purpose and Mission Part 3: Situational Analysis Product, Market Analysis Distribution Analysis Competitor Analysis Financial Analysis Other Analysis Part 4: Strategy and Objectives text:list-item} {text:list-item} Part 5: Tactical Programs {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} Part 6: Budgets, Performance Analysis, Implementation Budgeting and Analysis Implementation Part 7: Additional Considerations Executive Summary This report explains the marketing plan for launching a fresh Juice named â€Å"Refresh†. This product has been made by the Glimmers Limited. We will write a custom essay sample on Marketing Plan for New Product Launch or any similar topic only for you Order Now And it is approved from the Ministry of health. In the very beginning of the report we have explained the mission and vision of the Glimmers and then we have further carried out our. It will be introduced in the market with the help of various promotional displays, advertisement and distribution of free samples to the general public and financial institution. This report examines that this product is initially launching in Lahore’s domestic market. The study included both primary and secondary research. The primary study focused on a survey of the competitors and the likings and disliking of people. Through this strategy company can penetrate more into the market and can attract the bulk of customers. For this purpose we have conducted SWOT analysis of the company to see the company’s strengths, weaknesses, opportunities and threats. Then we have explained the purposes, benefits and objectives of our product. Then we have made a marketing mix strategy for our product. We have divided market into different segments and decided to target the kids, youngster mature and old age person. We have also paid special attention to the packaging, color and price of the product. We have decided to place the product in all the markets of Punjab especially in the canteens of colleges and universities. We will promote our product through electronic media, print media, cable, and outdoor sources. We shall also conducted a market survey in future to know the opinion of public about our product and developed our product accordingly. Introduction to the Glimmers Limited Company’s Vision Statement: â€Å"Be the global leader in customer value†. Company’s Mission Statement: â€Å"To set world class standards in the Juice industry through providing a diverse range of high quality Juice products that are prepared in accordance with Islamic principles striving to satisfy consumers tastes and needs and serving the Society† The Glimmer’s Business in Lahore The Glimmers will commence its operation in Lahore from October 2010. The factory facility has been founded on a 20 canal area of land in the Industrial area, Ferozepur Road Lahore. The factory is expected to match the demand of our products. We have ensured the installation of modern, sophisticated and efficient equipment, conforming to the very latest standards of â€Å"Goods Manufacturing Practices†. Introduction to Refresh People started too perished under the scorching heat of summer in our country. They need an energy drink to refresh themselves. Refresh is a fresh juice product. It provides energy and keeps people fresh when they are felt weak or tired from doing a lot of work. It contains vitamins and proteins which is a useful energy source. Vitamins give freshness and proteins are the energy cells that recharge the human body so that they work at their maximum. The students, employees and workers become tired due to the work burden and sunlight which make them feel loose. They need an energy drink that makes them re-energize so they may be able to perform better again and feel refresh. * Slogan*: â€Å"The taste u desire† Ingredients are: {text:list-item} Objectives: To increase 25% market share {text:list-item} {text:list-item} {text:list-item} {text:list-item} Current Market Situation Refresh is a fresh juice product that is going to introduce in the Lahore domestic market. We are focusing to all levels of generation. The kids, youths, mature and olds and overall families The prices of the refresh are moderate, because it is for everyone in the society. Market Demographics: The customer of the Refresh consists of following: Geographic’s: The refresh geographic target area is currently Lahore. We are supplying our product to all area of the Lahore. We have further divided the areas of Lahore into 4 zones. A zone includes Gulberg, M. M Alam road, Defence B zone includes upper Mall, Wahdat road, model town C zone includes lower mall, Allama Iqbal Town, Sabzazar Scheme D zone includes Multan road , Sakeem mor, Allama Iqbal town {draw:frame} b. Demographics: There is an almost equal ratio between male and female and also kids. We are focusing: Kids Youngsters Mature Old age persons Our Competitors The Refresh is currently facing a very competitive environment. Because the competitors of the Refresh are:- Shezan Country Nestle Sunfresh Benz Product Review: The Refresh is available in 250ml size and available in different Flavors like: Mango Apple Pineapple Orange Mix-fruit Competitive Review â€Å"Refresh† Competitors: The competitors of â€Å"Refresh† juice are more than 10. NESTLE SHEZAN is leading market right now and other companies are far away from it. NESTLE SHEZAN has loyal customers over the years because it is very old company and customers are aware of its merits demerits. The company’s first purpose is to compete NESTLE and other juices which have large market share. The main competitors are {draw:frame} {draw:frame} {draw:frame} Product: Shezan juice is a product by Shezan International Ltd. Qualities of Shezan: High availability Large range of flavors Standardized and attractive packing Large promotion and market coverage Available in Various weights packing. Price: Minimum price of juice is 12 R. s Place: Shezan has a large market share in Pakistan. Sales: Promotion: They promote this product through Electronic media Print Media FM Radio stations Wall Chalking {draw:frame} {draw:frame} Product: Nestle beverages is a product by Nestle International. Qualities of Nestle: Large promotion and market coverage Large range of flavors High availability Price: Minimum price of juice is 20 R. s Promotion: They promote this product through a. Electronic media b. Print Media c. FM Radio stations Place: Nestle has a large market share in Pakistan. All calculations based on non-rounded figures Strategy: Creating shared value global forum Good pricing Better Quality By offering different flavors Intensive distribution Attractive packing SWOT Analysis of Glimmers {draw:frame} Strengths: Updated technology plant Quality product Specialists available for specialized jobs and tasks Hire experienced staff Medical insurance of employees Pakistani made Targeted to low and middle class people. Reasonable price Expiry date above 6 months Weakness New in juice industry Small distribution network Strong competitor No market share Limited experience of customers Opportunities Increase the distribution network. Acquiring the newer technology techniques. Market is very big attractive. Take-over of the distributor Increased demand of high quality products due to Lahore being a developed city. Threats Political instability New entrance from the exiting competitors So many competitors Retaining consumers Economic instability. Increases of general sales tax Development of plant Marketing Strategy and Objectives The market strategy is based on positioning of the product in the mind of consumers. Providing high quality Juice to the customers. We will distribute our product on mass level so that we can maximize the profitability. Positioning Strategies: We want to put an image of our product in the consumers mind as compare to competitor’s product. We want to target the high school, college and graduate students and government sectors that have to work hard and need to â€Å"Refresh† them in an instant. *2. * Segmentation: * We made the market segmentation on the following basis: Density Age Gender Income Family size Family life cycle Occupation Education Social classes Life style 3. Targeting: We will target the following customers: Kids Youngsters Mature Old age persons Marketing Mix: Product Price Promotion Place Product Strategy: Develop the long-term relationship with the customers Give val ues to the customers to delighting them Do whatever it takes not to satisfy the customers but retain our customers In order to accomplish this objective, the company has established sales, marketing and support teams. Product variety: Our product would be available in the following flavors:- Mango Apple Orange Grapes Mix-fruit Brand name: The name which we have chosen for our product is *â€Å"Refresh*† {draw:frame} Quality: High quality assurance would be our first priority. This would be ensured by: Implementing high quality standards Total quality management Acquisition of the high quality raw materials Design: â€Å"Refresh† is a sweet, refreshing Juice with an eye catching Tetra hedral pack. *Features*: Here are of the some features of our product: Fresh original fruit juice Provides proteins and minerals Provides vitamins Beneficial for kidneys Excellent in taste Gives freshness Tetra Pack protection packing Packaging: Product units are packed in 6-layered Tetra Pack Brick Aseptic. Sizes: Our product is available in 250 ml pack. Pricing Strategies: Our pricing strategies for the product are for total cost, which include custom services and other expenses. Pricing strategy usually change as the product passes through its life cycle. The price should be set at moderate level in order to attract a large number of buyers and to gain large market share. Amounts are in Pak Rupees. The total per unit price for 250ml packs that we will offer as follows: The cost of fruits Rs. 3 Electricity Rs. 2 Factory Overhead Rs. 3 Miscellaneous Rs. 2 Retailer Margin Rs. 2 Profit Rs. 3 Total Price Rs. 15 In accordance to our strategy we have decided to offer the product to customers at the price of Rs. 15. The price is very much compatible and the offer is substantial enough to attract a large percentage of market in a very quick time. Price and Quality Grid: This grid shows what pricing strategy a firm is perusing:- {draw:rect} {draw:custom-shape} According to this grid we are offering high quality at low price. So we are following penetration strategy. Communication Strategies: Promotion: Actually the promotion is a first step when we are launching a new product, but we make its strategies in last. We want to make a good image in the mind of customers, so that they will buy only our products. Criteria for Promotion: In promotion our main objective is to provide: Awareness Knowledge Liking Preference Purchasing Main Sources of Promotion: Electronic Media Print Media Cabel network Billboards Hoardings Electronic Media: Print Media: Billboards: Hoardings: Cabel Network Benefits: Following are the additional benefits which are offered to the customers to give them Value: Give 5 rappers and get one free juice pack Purchase ten juice packs and get one pack free. If you purchase a small crate of juice then you will able to participate in lucky draw and you can win following prizes: Samsung FM Guru DVD system Rs. 5000 Place: Distributors Review To assure the availability of its product â€Å"Refresh† juice has established effective network of registered dealers. The main target of these juices is Lahore. draw:g} The end consumer would then purchase â€Å"Refresh† from the retailer. The distributor are the most reliable distributors in the region. They enjoy a flawless reputation combined with business relations with numerous retailers even in the rural areas of Lahore and near sides. This has ensured that â€Å"Refresh† will be made available all over Lahore. Budgeting: Controls: This is the main and last element of the marketing planning by using this we can check our product standard by comparing It with our standards if there is any problem arrive in marketing plan the it must be corrected. Three main functions are performed under this element of planning that is: Measuring Comparing Correcting Measuring: We can check our marketing condition through measuring in which different types of tasks may be performed like Surveys Survey *for* *The* Future: In order to learn weather people would like to buy or use our product, we have decided to conduct a market survey in future so that we can assure that people likes our product or not. Comparing: In controlling process we compare our product with our standards Correcting: If any problem occurs then correcting process will take place in which we found that from where the problem will arises. Marketing Organization: Refresh’s chief marketing officer, holds overall responsibility for all of the company’s marketing activities. There are other subordinates with him to help the sales campaigns, trade and consumer sales promotions, and public relations efforts. Action Programs: The â€Å"REFRESH† will be introduced in May. Following are summaries of the action programs we will use during this summer session to achieve our stated objectives. May We will initiate 80,00,000 rupees trade sales promotion campaign to educate dealers and generate excitement for the product launch, and provide sample crates to our selected product reviewers, opinion leaders and celebrities as part of our public relation strategy. June We will start an integrated print/displays/television campaign. The campaign will show how many features the â€Å"REFRESH† have for users to reenergize them. July As the juice advertisement continues, we will add consumer sales promotion by including them to our messages. We will also support or retailer to increase our sales. August _ _We plan to roll out a new advertisement having new views of customers through survey who have used our drink which will help to promote our juice. Story Board References: Philip Kotler* * * * (Principle Of Marketing) Journal of Marketing Journal of Advertisement Websites: www. mickinsey. com www. wikipedia. com *www. Nestle. Com* www. Angrofoods. com www. shezan. com www. marketing. com How to cite Marketing Plan for New Product Launch, Essays