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Marketing Strategy-2
Principles of Marketing (MKTG231-555)
Bowie State University
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Collide
(Programmable color carpet )
Marketing 231 - Spring Semester - 2020 Elizabeth Keenan, Aaron Greene, Richard Gadson, Mark Houston, Jezreel Larios, Cameron Burnette, Michael Aluko
EXECUTIVE SUMMARY
The intended purpose of Collide’s business plan is to significantly improve the way today’s education is being taught by launching our product, Rug Lights. This product will be branded by Collide and will be targeted to students, parents, and teachers. Our aim is to enhance the education material for it to be more enjoyable and improve the form and function of teaching and learning. Not only does it change the learning environment but as well provides a unique entertainment. The keys to success will be based on product quality, service, and atmosphere. The goals of quality and customer satisfaction are given after which analysis of the production process and equipment used in it that are illustrated. Then, the marketing and distribution strategy is prepared for the advertisement and deliveries of the product to the customers. Our leadership model is based through group teamwork, communication, and team management. Our market strategy is essential to the business plan and our overall success. The marketing strategy will focus on our target markets that will create and bring awareness of Collide’s product and emphasize expectational customer satisfaction. The specific marketing and advertising tools are as followed: Reminder and Connect promotion. These tools will target an older and younger audience. In order to securely market our company and product to the target market, we would require an investment of $176,854. This will implement a plan that follows according to our mission and objective which is enhancing the learning environment for the student from either the teacher or parent to provide a better and a more enjoyable education.
Marketing Challenge
Our company MC Productions is a family oriented company. Producing products for family learning and engaging households in comfortable and easy solutions. The current mission in our company is gearing towards the audience inside the home. Our mission is to create innovations to engage families with their decor. Carpets and rugs are very everyday items we all encounter in our lives. They can bring an element of comfort, softness, and familiarity to a home. Adding the element of lights and patterns to these everyday objects is a great way to engage a room for families to congregate and keep a child's attention. Our latest product is Ruglight (will think of a better name later), is a programmable rug with a built in underlay of lights. It has a multitude of displays to create an atmosphere for the home and to brighten any floor time activities. Adding a new engaging ambiance to any household brightens a room without changing the entire room's color like other LED light sets. The added plush comfort is also great for children that have a hard time standing or sitting still. Investing in this technology would be one of the first of its kind in the industry. To give a reference, the spread of LED light strips has boomed in the last 10 years. Philips came out with their programmable bulbs about 5 years ago and has had great success. It is a new market that has yet to be explored yet.
Customers
Who they are
Our customers are families and parents, or family oriented organizations such as daycares, or child developmental care. As stated in the threats column, our targets are parents, teachers, and subsequently children.
What they need
A new product to bring engagement with an interior design element. Being able to have a simple thing such as a carpet or rug to give some sort of element of interest when learning or playing is something many of our customers need. Gaining the attention of young ones is the core of our product, and is necessary to fill the need of our customers
Market Research
Product Screening One thing we must research is the programming and displays best used for our product. While there are many light display options product testing needs to be done on the best options to be chosen. Feedback on our product in general is something that can be worked on. Having processes set up to improve the product developmental side. Investment Research Investment planning is another important process that must be researched. Getting our product and company as a whole expanded will take more than just marketing, investors are
Our customers(Parents, teachers, children) experience technical difficulties with the LED lights. LED lights overheating and exploding.
Rug Light will be available to order from various websites.(Walmart, Target, T. Maxx, Amazon) Our competitors copying our designs and improving them which would ultimately lead to our competitors taking away our customers.
Social media coverage for Rug Lights that includes Twitter, Instagram, and Facebook.
Students getting too distracted by the display of Rug Light that affects their in class performance.
Expanding Rug Light through business from other countries.
Opportunities: As a company we think that using social media we can have an opportunity to see how our products are viewed by the consumer through our pages, such as on Facebook, and we can receive feedback on what they like and dislike which will allow us to make changes. It also allows us to respond accordingly to complaints or concerns. Consumers can order from Amazon and other websites. Social media and ads will allow us to grow our brand and expand into different countries and grow our brand (Newberry, 2020). You can take it with you if you travel or move to a different house. Everybody will benefit from it. Threats: I think our biggest threats are the businesses that we are competing against. They copy our designs and use similar technology which will take away customers from our business. Customers may experience technical difficulties. Students may also become distracted from this technology. There is also a fear of toxic chemicals being found in rugs. A dozen products manufactured by the nation's largest carpet manufacturers were found to have contained toxic chemicals that were linked to cancer (Diaz, 2018). This can severely hurt our business and will be a disaster if a person dies from this. One last thing is change in customer preferences.
Collaborators: We will be using Amazon as our distributor. Customers would order products from Amazon. Then we will package the products from the warehouse which will then be shipped from trucks or drones. We also have customer service for people who are concerned about their delivery and they can return it if they do not like it. By having warehouses, they will make our products easily accessible while also having the warehouses placed near metros and big population hubs. There will be faster delivery as well since they are closer to people’s houses. They will provide us with the platform we need to sell to as many people as possible. We will be using Amazon as our retailer as well since they own different kinds of physical stores.
Objectives and Issues Our first objective is to create innovations to engage families and increase quality time in families within two to three months with their decor. Our new product is a great way to do this because it compliments your house and will be a great way to bring your family together to learn, increase your knowledge, and have fun. Another objective is to enhance educational material by providing consumers with comfort while they learn from home that will lead to increased academic performance within six months. The last objective is to affect the form and function of teaching by providing alternatives to how to teach to students and how they learn information. Also, we want to create fabric that is transparent enough to show the display screen with clarity. Issues for this are not all families will have the time to do this because of their work or health. Not all children will want to learn this way and may struggle. Teachers may have difficulty adjusting to this way of teaching and they will need to be trained. Lastly, we don’t want to compromise our product’s comfortability. In doing so, trying to secure investors for funding could hinder our research and development.
innovative. DAYBETTER products are the result of our industry-leading research & development, manufacturing, and sales departments, and our mission to make your life more colorful indoors.
- Nanoleaf Position – Smart Decor for Your Home Strategy – Nanoleaf is a technology and IoT company changing the world with the most innovative smart home solutions, taking ordinary experiences and making them extraordinary. By infusing thoughtful design and technological intelligence in their products, Nanoleaf is ushering in a new era of the smart home that centers around complete personalization.
- Philips Hue Position – Smart Light Strategy – Philips Hue transforms your every day. It can gently wake you up in the morning, get you energized for the day ahead, and even give you a warm welcome when you arrive home. Because the right light changes everything.
Business Climate
To understand the business climate and all of the things that fall into this category, we need to first understand the people who are mostly buying this product. Teachers and parents who are the working class and care college educated have higher incomes and therefore higher purchasing power. People with degrees have a higher potential for earning income. Our business will need to be unique and continue to improve so to do this we need to innovate and we
innovate by creating an innovative environment at our business and by catering to entrepreneurs. American culture is about the individual so buying our product will improve the individual person’s skills. How we promote our product will affect our business. If we support different ideas like gay rights or pro life may affect how people see us and if they will buy our products are also many legal forces that will prevent us from becoming a monopoly like the Sherman Act of 1890 and the Federal Trade Commission Act of 1914 which is a good thing and they affect the market. There are also laws that protect consumers like the Poison Prevention Labeling Act of 1970. There will be safety packaging to protect children from poison and lead. All of these affect our business and if we succeed then our business will generate lots of revenue. Supporting issues that are controversial can be a threat like pro life or pro choice, but supporting issues that are widely accepted like fighting cancer will help us is an opportunity to make our business stronger and viewed in a positive way.
Product Strategy Our main goal with rug light(Collide), is to provide comfort and joy to home activities for children and for homeschooling families. Collide provides a playful atmosphere that will stretch out to students who may have issues with learning in school. If children in the lower grades from pre-kindergarten to elementary school have a condition or disability, they would have access to our “Collide” product that is provided to give a joyful experience while learning from home. Collide also extends to the parents as well, as parents can have just as much fun as the children while either teaching them from home schooling, or parents engaging in activities with their kids for fun. Collide is for parents, home schooling teachers, and children. This product is for schools
struggling in school and will bring the learning to the house and this is also good for homeschooling and students suffering from disabilities.
Marketing Promotion Strategy For the marketing promotion strategy, we will market our product by using the reminder promotion style. This style of promotion will keep the product in the consumer’s mind so they do not ever forget it. Advertisements will help us to keep their attention and people will be more interested in our product when they are aware of it. Television and google ads are a great way we can do this because we will see our product on television or when they go on search engines like google. Another one of our strategies will be forming relationships with the consumer through social media which is known as connect promotion. Different social media platforms that we will be using to connect to the consumer are facebook, youtube, instagram, and twitter. These are popular platforms that many people like to use especially young people. Young people like to use social media platforms to connect with their friends and family and this will help us to grow our brand and to sell to as many people as possible.
Product Offering Light is a very important aspect of life. But the balance of light and color improves life – especially family life. This is essential in this environment of “StayHome”. Our RugLight can benefit every household during this time and more when teleworking, virtual education, and telehealth. Show RugLight in rooms frequent by our target groups – bathroom, family room, game room – to relate to our target groups. Rug Light in a room when children are doing homework or receiving video instructions from a teacher with a parent or parents observing.
Display RugLight in a home office of someone teleworking. Show Ruglight when a family is having game time. All these are examples of how safe the product is; how easy it is to handle and/or setup and most of all, how aesthetically pleasing it is to a room. Made from material that is exceptionally comfortable for children to play on and adults can use to relax. Our programmable display can change color and combination of colors to match or create an atmosphere that you desire. Also, our programmable display offers a plethora of patterns and designs, light up display games, and educational materials for the family to enjoy. All these activities and features can be performed without changing the entire room’s color by controlling the lights intensity.
The Distribution strategy For our distribution strategy we will sell our product Collide (light up rugs) using indirect channels. We will sell our product through amazon, and other shipping services like our company website collide. This is the best way to get our product off the ground. Since our product is a carpet it can be easily shipped to people's houses. This is convenient for consumers because they don't have to leave the house to get their rugs. Using indirect channels also gives us consumers around the world. This allows us to gain more than a local fanbase. Selling out products through indirect channels will also help us save money. This is why indirect channels are the best way to sell our product.
The Price Strategy
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The first major action we need to take care of is the production of our light up carpet. This should take 3-4 mouths to have. We will get the supplies from Home depot and Lowes. We have enough material to start making the rugs for 600. The next major role is promotion. The promotions will take 2 months. We would have to get the money for ads on television. A 30 second a will cost us 115,000. Plus 15,000 to put ads on social media like twitter and instagram and google ads. The last major step will be to distribute the product. This step will take us 1-2 weeks to get our distribution system up. It will cost us about 271, for 6 months on amazon. We will need roughly 287,000 to start production and to market our rugs. We will get our money from loans. And from investments by selling some of our stocks.
Revenue section First week $9, 3 month $15, 6 month $25, year $50, 2 years $100, 3 years $150,
` With our home improvement product (light up rugs), we plan to sell products at a slow rate. During the first week we will sell 90 carpets, around 6 months to a year we will
sell 500. And by 2-3 years we will sell 1,500 rugs. And as sales go up our company should be stable in 4-5 years.
Conclusion
Life isn’t meant to be dull and grey. Our goals are to enhance and improve the environments for a learning environment and a household. Although with the competitors, in attempting to make households and schools more enjoyable, we offer a new concept that targets more than one group and brings a great impact to this field. With the investment, strategies, and the offerings within our business plan, the anticipated results will surely be at its best. Not only will it bring satisfaction to the customers but giving us the benefit to grow our company and brand. This new concept for enjoyable moments of fun for children and a better way to enjoy learning and teaching can bring benefits. Allow the children and students to learn and joy themselves easier with Rug Light. It can also make the teaching easier for parents and teachers as Rug light is right below their feet. Taking the right first steps may benefit both parties in the long run.
Marketing Strategy-2
Course: Principles of Marketing (MKTG231-555)
University: Bowie State University
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