Marketing Plan and Marketing Strategy: Case Study of ECOOPS

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Marketing plan

Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides the blueprint for attaining the marketing objectives. A marketing strategy is done by choosing the target market and gathering the marketing mix. Marketing strategy provides an organization an edge over its competitors and helps to develop goods and service with the best profit-making potential. Marketing is a multistage process that involves a number of different activities that must all be successfully integrated if the business venture is to succeed. Marketing process, or marketing strategy is started with a clear vision of the business goals, which is followed by market research to better understand the likely acceptance of the product or the service offering in the market and to develop the priority target markets. The extended marketing mix; product, price, placement, promotion, people, process and physical evidence must then be developed and implemented, after which the effectiveness of the marketing effort should be assessed. Target market is defined as the core group of customers a business intends to focus on. traditionally, marketing has been described in terms of ‘4Ps’; product, promotion, price and placement. First and foremost, marketing mix begins with product or service. It is important to identify the advantages, strengths and weaknesses of the product. The features of the products a statement of what is offering is or does, whereas the benefits refer to the advantage that the consumer can receive by purchasing the product. The features of our product are that it is comfortable to wear and easy to wash. The benefit of our product is it save cost.

Next, promotion. Promotion is defined as any type of marketing communication used to inform or persuade the target audiences of the relative merits of a product, service, brands or issue. Promotion is done to increase awareness, create interest, generate sales or to create brand loyalty. It is important to select the correct integrated marketing communication (IMC) promotional assortment to ensure that message delivered have an impact and effect at a justifiable cost. For our business, we promote our business through electronic tools, print media advertising and pamphlets. For the electronic tools, the promotion was made using internet. As the internet is increasingly becoming the default shopping tool for many time-poor consumers, so an interesting and easy-to-find website. Next, print media advertising. Newspapers and general magazines will be used for advertising the product. Our product advertisements will be placed in particular sections of a paper. Then pamphlets will be used to promote the product as well. The printed flyers are a cheaper way to distribute the information about the product. The pamphlets will be distributed to residential areas and also to companies.

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Furthermore, pricing is an important factor that attract potential customers. Price setting involves more than just dealing with the customers’ perception of the product and their willingness to spend. It is important to discriminate different types of expenses. The cost involves in running a business operation can be broken down into two categories; fixed cost and variable cost. Fixed cost are those expenses that remain the same, regardless of the level of sales turnover a business generates. Examples of fixed costs are electricity, water, gas, wages, equipment, rent of the premise, use of professional advisors and insurance. Variable cost is referring to the expenditure items that can increase or decrease correspondingly as sales volume move. Examples of variable costs are cost of goods sold which include raw material and trading stock, wages of the factory staffs and wages of the sales and other staff. In our company, we fix the price of per cloth to be RM 25.00.

Lastly, placement. Placement is the exchange of goods or services between the buyers and the sellers. There are many ways in which a business owner can sell the products to the customers. For our business, we sell our products as retailers. Retailers are the most common public face for the distribution channel. A retailer sells the product directly to the consumer. Besides that, pricing, payment, contractual and legal issues.

Figure 1: The sales process of a product.

A sales process is a set of repeatable steps that a sales person takes to take a prospective buyer from the early stage of awareness to a closed sale. A professional selling involves a series of seven steps; prospecting, preparation, approach, presentation, handling objections, closing and follow-up. Firstly, prospecting is defined is finding and qualifying the potential customers. Qualifying is the process of determining whether a potential customer has a need or want that the company can fulfill and whether the customer can afford the product. In our business, our potential customers are the teenagers and youths. Then, preparation involves the preparing for the initial contact with the potential customer. We will collect relevant information such as the product descriptions, prices, and competitor information to develop our initial sales presentation. Thirdly, approach as it is the first face-to-face interaction with the potential customer. We will offer pamphlets and ask question to the customer such as “Do you know what eco-clothing is?”. We also use the product approach, in which we give and show a sample of our clothes to the customer to review. Next, presentation is defined as actively listening to the needs and wants of the potential customer and demonstrate how our eco-clothing work in order to meet their needs and wants. Furthermore, handling objections is an important part in the sales process. Objections can be useful as it gives the salesperson what the focus is upon in addressing the customer’s concerns. Our salesperson will learn how to overcome objections through preparation and having a right information at hand to address the customer. Next, closing involves identifying closing signals from the customer that indicate that it is time to make the decision. There are several approaches for closing. Alternative choices can be made by assuming the sale and offer the customer a choice like “So, is it a cash or credit transaction?”. Besides that, we also train our salesperson by telling the customer the price may increase, and will change the offering made next time to make the customers buy our eco-clothes. Lastly, follow-up is defined as building a long-term relationship with the customer for the purpose of repeat sales. We will keep contact with our customers by sending them text messages or promotions in social medias such as Facebook and Instagram.

Sales tactics is defined as any action that an individual take to put the sales strategy into action. Sales strategy is the plan on how an individual market the product they wish to sell. Strategy explains the purpose of selling the product while, tactics shows the process an individual use to move forward to achieve the goal. For our product, we will create pamphlets, advertise in the social media such as Facebook and Instagram, and also in print media tools like the newspapers and the magazines. These aids in to promote our product to the customers and this are known as tactics. The peoples whom will be involved is also important in sales strategy. Sales tactics can involve many people. In our company, we hire graphic designers and copywrite to design the advertisement to be made in social medias, pamphlets and also in the print media tools. These people are not the members of management, yet they do their job based on the decisions made by the directors and supervisors of our company.

Overall schedule

Overall schedule is defined as our schedule shows the partners when the management or the leadership plans to attain their goals and what are the milestones that they have planned. The milestones that we have planned will be addressed in other parts of the business plan. The milestones are also important for the success of the company. We will have a good overall schedule which will demonstrated to the partners as the management has set realistic goals for the growth of the company. An overall schedule should contain a flow chart analysis or the timing of the product development, operations and important deadlines with marketing of the product. Besides that, incorporation of our company, the hiring of the management team, completion of the product prototype, completion of the product testing, rental facilities, critical financing, the starting production and the obtainment of first sale.

Month

March

April

May

June

July

Weeks Events

1

2

3

4

1

2

3

4

1

2

3

4

1

2

3

4

1

2

3

4

Business conceived

Business plan outline

Promotion establishment

Completion of the business plan

Secure critical financing

Secure supplier

Incorporation of venture

Completion of the prototype

Obtaining the first sale

First accounts receivable payments

Table 3: The overall schedule of ECOOPS.

During the first week of March in 2021, our company members will come out with our business idea which is to sell eco-friendly clothes. The business plan outline will be prepared in the next two consecutive weeks of March 2021 through the discussion of all the partners. The business plan outline will contain discusses the mission, vision, business concept and model, uniqueness of our products and marketing plan. This business plan outline is one of the guidelines for us to well understand the direction of our business. On the fourth week of March 2021 and April 2021, promotion establishment will be done by our marketing department director. Next, our business plan will be completed by our secretary, second week of April 2021. The business plan will be distributed to all the departments so that all the related process in their department can go on smoothly. In the following weeks of the month, the financial managers will be in charge to secure critical financing given by the partners. The money contributed by the partners will be used for launching our business. Our company aim to get along with various suppliers so that we can provide plenty of choices in eco-friendly clothing for our consumers.On the second week of 2021, incorporation of venture will be launched by our company’s stakeholders. After we start the operation of our company, we wish to get the first sale in the month of June 2021. We estimate to receive the payment of the first sales in first 3 weeks of the July 2021. The payment receive will be recorded by our treasurer.

ECOOPS company will be operated through partnership and the share of by through the business will be shared by five partners; Mei Shan, Laveena, Navina, Keen Onn, Aaron and Sabrina. Our company will be opening shop in Pavillion KL shopping mall, located in Bukit Bintang. It will grab the attention of the customers and encourage them to buy our products. As we will be renting a shop-lot in Pavilion KL shopping mall, we will be required to pay for the rentals of the facilities.

Rental

Amount (RM)

Shop lot

RM2800.00 per month

Water

RM 60.00 per month

Electricity

RM 50.00 per month

Table 4: The rental facilities of ECOOPS company

ECOOPS will be financed by the five partners. Each of the partners will contribute certain amount of money to start-up the company. Each of the partners contribute RM 30,000 as the money will be used to develop the shop, buy raw materials and stocks, and for advertisements of our company’s products. Our starting production will be 50 units of each prototypes that ranges from size small (S) to extra-extra large (XXL). The first sales will be obtained by our company in three weeks times after we open the shop in Pavilion KL shopping mall.

The completion of the prototype for woman clothing are as follows:

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The completion of the prototypes for men’s clothing are as follows:

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