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MBA Marketing Assignment - Colonial Candles

Extracts from this document...

Introduction

MBA MARKETING ASSIGNMENT By Jonathan Simpson Contents Chapter Subject Pg No Executive Summary 4 Current Market Situation - The Candle Market Today 5 - Breakdown of Segments 6 - Demand and Supply Forces 7 - Market Future Growth 8 Data Restrictions and Assumptions 9 SWOT - Opportunity and Issues Analysis (External/Internal) - Main Opportunities (External) 10 - Main Threats (External) 11 - Main Strengths (Internal) 12 - Main Weaknesses (Internal) 13 The Vision - Business Mission Statement 15 The Concept of Operations - Strategy Formation - The Future Strategy 16 - Radical Changes 16 - Company Brand Name 17 - A Business-to-Business Producer 18 - Cash Flow Advantages 18 - New Products and Markets 19 - Phasing Out of the Emergency Candle 20 - Three Years from Now 20 Objectives from the Main Mission Satement 21 Tactical Plan - The Programme Formation - Intelligence Needs 22 Implementation Plan - Outline Plan 23 - Customer Segmentation 24 - Market Selection 24 - Product Development 24 - Pricing 25 - Distribution 25 - Sales Team 26 - Marketing Promotion 26 - Advertising 31 Control and Communication - Customer Feedback 33 - Market Research 32 - Internal Sales Support 32 - Internal Communications 32 - Sales Incentives 32 Bibliography 33 Word Count: 4423 Executive Summary The Colonial Candles marketing strategy for 2000 seeks to generate a significant increase in company sales and profits over the preceding years. The profit target for 2000 is set at �0.3 million. The sales-revenue target is set at �1.4 million, which represents a 100 percent profits increase over last year. This increase is seen as attainable through an expanded product range, and improved pricing, advertising, and distribution strategies. The required marketing budget will be �0.1 million., a 625% increase over the previous year. This increase in marketing expenditure is necessary to support maximum penetration into the identified target markets based on market research conducted and to overcome entry barriers and competition. ...read more.

Middle

In addition, market research is to be carried out to establish customer demands for seasonal colours, i.e. Spring, Summer, and Autumn, with a review to increase demand during these periods. 16. New Products and Markets. New products are to be developed to enter new sectors. The primary new product is to be a safe scented candle, targeted at the Air-care sector. This sector alone has grown 500% during the last 5 years. Competition within the sector would be from competitors such as, Glade and Haze. By allowing retailers to self-brand a popular selling product, the marketing burden will be off set, enabling entry barriers to be overcome. The Product Life Cycle (PLC) of the Air-care products currently on the market are in the growth stage, and the introduction of the new safer candle will seek to gain rapid market share. The long-term PLC for the product is anticipated to be a 'growth-slump-maturity pattern' (see fig 6). Fig 6 Growth-slump-maturity Pattern The product will be produced for a number of high, medium and low market retailers, with variations in ingredients and hand finishing differentiating the candles from those competitors. The establishment of these product alliances will be exploited to gain a valuable distribution base expansion for the Table Candle Range, with an extended range of styles available. To further enhance the perceived 'quality' of the table candles, a sales promotion of candles in the respective military colours is to be launched, aimed at securing supply contracts to Military Messes for all their social functions. This promotion will not be aimed at adding to the bottom line of the company directly, more at establishing credentials as a manufacturer of 'bespoke' hand crafted table candles. 17. The Phasing Out of the Emergency Candle. The manufacture of Emergency candles is to be phased out over the next 3 years. The sales revenue that this product contributes to the company is anticipated to continue to fall over this period. ...read more.

Conclusion

On establishment of a product alliance, close co-operation would be essential with the retailers marketing department, to facilitate their own marketing requirements. b. Product B Regular adverts are to be taken out in trade publications in the run up to the trade show in trade publications. There after, advertising would be placed in trade press 6 months prior to Christmas. c. Product C Regular advertising is to be placed in military journals such as Soldier magazine. d. Product D Mail shots, together with limited trade advertising will be used. Advertising to peak in the run up to the winter months. Control and Communication 31. Customer Feedback Study Investigations are to be made into the design and implementation of a 1/2 yearly business customer feedback study that will be used to provide accurate information on a variety of factors regarding the relationship between Colonial Candles and the distribution base. All departments in the company to improve product and service quality will use this information. 32. Market Research Market research into new products, and fragrances, demanded by the end customer will be completed on an individual basis and, as part of the product alliance with a business customer. In doing so costs can be shared, together with knowledge within the company. Independent information, where appropriate, will be shared with all of our product alliance partners. 33. Internal Sales Support The setting up of an internal sales department will provide the customer a point of contact in addition to the designated sales team member. An additional responsibility of the internal sales team will be to deal with complaints. 34. Internal Communications With a work force of 25 internal feedback will be by a series of meetings. In the future, it may become necessary to consider newsletters if the workforce were to increase in size. These feedback sessions will be used as a means to keep the workforce fully appraised of new business and, over all company performance. 35. Sales Incentives Sales incentive schemes should be designed and implemented were by external and internal sales are rewarded with bonuses when securing larger orders. ...read more.

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