Answer To: here it is
Dipali answered on May 14 2023
WRITTEN ASSIGNMENT 21
WRITTEN ASSIGNMENT
Table of contents
Introduction 5
Marketing Plan Summary 5
Our Business 5
Market Overview 6
Marketing Objectives 6
Marketing Strategy 6
Action Steps 7
Business objectives 8
Short Term goals 8
Long Term goals 8
Products 8
Financial Analysis 9
SWOT Analysis 9
The Market Overview 10
Our Market 10
Market research and environmental/industry analysis 10
Our Customers 11
Customer profile 11
Our Competitors 11
Competitor profile 12
Marketing Strategy 12
Our PRODUCT or service 13
The PRICING of our product or service 14
Our POSITION (Place) in the marketplace 14
The PROMOTION of our product or service 15
The PEOPLE in our business 16
The PROCESS represents the buying experience 17
The PHYSICAL ENVIRONMENT where the goods/services are presented 18
PRODUCTIVITY is an essential part of meeting a customer's needs 19
Marketing Activity 19
Our Finances 21
Organisational Implications 22
Contingencies 22
Monitoring/measurement activities 23
Supporting documentation 24
Glossary 25
References 26
Introduction
This marketing strategy is for a legitimate business that sells high-end organic skincare items in the Australian market. By developing a thorough marketing plan, the firm hopes to raise brand recognition, grow its clientele, and improve revenues.
Marketing Plan Summary
The company's marketing strategy calls for defining its industry and target market, conducting market research, identifying rivals, establishing marketing goals, creating a marketing strategy and action plan, assigning duties, establishing budgets, and establishing monitoring and measurement activities. The marketing plan puts a major emphasis on building a devoted client base, expanding internet visibility, and forming alliances with firms that share similar values (Tong, Luo & Xu, 2020). The action plan calls for putting together promotional events, social media campaigns, website optimization, and working with influencers in the cosmetics industry. Within the following 12 months, the firm wants to boost revenue by 20% and online sales by 30%. In the upcoming fiscal year, there will be a $100,000 marketing budget.
Our Business
· Business name: Organic Beauty Co.
· Business structure: Proprietary Limited (Pty Ltd)
· ABN: 12 345 678 910
· ACN: 123 456 789
· Business location: Melbourne, Victoria
· Date established: January 1, 2020
· Business owner(s): Jane Smith and John Doe
· Jane Smith, the owner, has ten years of expertise in the skincare sector, including marketing and product development. John Doe has five years of expertise in digital marketing and e-commerce.
· Products or Services: Cleansers, toners, moisturisers, and serums are just a few of the high-quality organic skincare products that Organically Beautiful Co. offers.
Market Overview
· Target market: Women between the ages of 25 and 45 who are interested in organic and natural skincare products make up Organic Beauty Co.'s target market.
· The ideal client cares about the environment and appreciates the use of natural components. She is prepared to spend more for high-quality, organic skincare products that are obtained ethically and without doing any animal testing.
· Competition from high-end organic skincare companies like KORA Organics, Aesop, and The Body Shop is a threat to Organic Beauty Co.
Marketing Objectives
· Goals/objectives: The company's marketing objectives are:
· Increase brand awareness: To increase the number of people who are aware of Organically Beautiful Co. and its products by 50% within the next 12 months.
· Expand customer base: To increase the number of customers by 25% within the next 12 months.
· Increase online sales: To increase online sales by 30% within the next 12 months.
Marketing Strategy
· Product: Organically Beautiful Co. will keep providing high-end organic skincare items, with an emphasis on their excellence, all-natural components, and ethical sourcing.
· Price: In keeping with the ideals and perceptions of excellence held by its target market, the organization will retain premium pricing (Morgan et al., 2019).
· Place: Organically Beautiful Co. will concentrate on e-commerce and market its goods via its website and certain online merchants. In the future, the business will also think about setting up a flagship location in Melbourne.
· Promotion: The firm's efforts will be directed towards establishing a distinctive brand identity and enhancing its online visibility via influencer partnerships, email marketing, and social media. Additionally, the business will host marketing occasions and provide its devoted clients with exclusive discounts and promotions.
Action Steps
Top 10 Action Steps:
· To determine current trends and consumer preferences in the organic skincare sector, do market research.
· Create interesting content, work with influencers, and launch social media campaigns as part of a holistic social media strategy.
· Improve user experience, online sales, and search engine rankings by optimising the website.
· Launch email marketing campaigns to reach current and prospective clients.
· To raise brand awareness and reach a larger audience, work with beauty influencers and bloggers to provide product reviews, tutorials, and sponsored content.
· Plan marketing activities like product releases, pop-up stores, or skincare classes to interact with customers and build brand experiences (Li, Larimo & Leonidou, 2021).
· Implement a consumer loyalty programme to recognise recurring purchases and promote brand loyalty.
· Create alliances with like-minded companies to take advantage of cross-promotional and co-marketing possibilities, such as organic food retailers or wellness centres.
· Keep an eye on marketing initiatives and sales statistics to assess the success of your efforts and make the required corrections.
· Continually educate and train the sales staff to make sure they are knowledgeable about the items and capable of offering superior customer service.
Business objectives
Short Term goals
· Within the following six months, raise brand recognition by 20% through focused marketing initiatives and brand alliances.
· Within the following six months, increase the customer base by 10% by providing special deals and discounts to new clients.
Long Term goals
Through increasing sales and brand growth, reach a 20% increase in revenue within the next 12 months. Within the following 3 years, position Organically Beautiful Co. as the top organic skincare brand in the Australian market.
Products
Cleansers, toners, moisturisers, and serums are just a few of the high-quality organic skincare products that Organically Beautiful Co. provides. Each product is meticulously crafted using natural and organic components, is devoid of potentially dangerous chemicals, and is not tested on animals.
Financial Analysis
A healthy profit margin and consistent sales increase over the previous year are shown by the company's financial analysis (Ferrell, Hartline & Hochstein, 2021). The marketing budget is set at $100,000 for the upcoming fiscal year, which will be distributed among several marketing initiatives and campaigns.
SWOT Analysis
Strengths:
· Premium organic products with high-quality ingredients.
· Strong brand positioning in the organic skincare market.
· Experienced business owners with a deep understanding of the industry.
· Positive customer reviews and testimonials.
Weaknesses:
· Limited brand awareness compared to established competitors.
· Relatively small customer base compared to industry leaders.
· Limited distribution channels beyond e-commerce.
Opportunities:
· Growing consumer interest in organic and natural skincare products.
· Increasing demand for ethical and sustainable beauty brands.
· Collaborations with beauty influencers to reach a wider audience.
· Expansion into international markets.
Threats:
· Intense competition from established premium organic skincare brands.
· Potential market saturation in the organic skincare industry.
· Changing consumer preferences and trends.
· Economic uncertainties impacting consumer spending.
The Market Overview
Our Market
Due to growing consumer awareness of the potentially hazardous effects of synthetic components in conventional skincare products, the organic skincare sector in Australia has seen tremendous expansion in recent years. More customers are aware of the advantages of natural and organic products for their skin and general health (Kingsnorth, 2022).
Market research and environmental/industry analysis
According to market data, clean, organic, and sustainable beauty products are becoming more popular. Consumers are looking for skincare products that are ethically sourced, devoid of toxic ingredients, and kind to the environment. They are prepared to spend money on high-end organic skincare companies that share their ideals and provide reliable and secure goods. Australia's market for organic skincare is extremely competitive, with numerous well-known manufacturers meeting the rising demand. The Body Shop, Aesop, and KORA Organics are some of the main rivals. These companies enjoy widespread distribution channels, high brand awareness, and devoted followings.
Our Customers
Women between the ages of 25 and 45 who are concerned about their health and value natural and organic skincare products are the company's target market. They place a high importance on ethics, sustainability, and quality (Dubbelink, Herrando & Constantinides, 2021). They are prepared to spend money on high-end goods that address their skincare demands in an efficient and secure manner.
Customer profile
The perfect consumer for Organically Beautiful Co. is concerned about the environment and looking for products that don't contain toxic chemicals. She is dedicated to promoting products that are ethical and sustainable and appreciates natural and organic components. She is more likely to have more money available and be prepared to spend more for superior organic skincare products. She uses social media frequently and asks influencers and online communities for product recommendations and reviews.
Our Competitors
· Analysis of the competition shows that in the Australian market, reputable premium organic skincare manufacturers compete...