Sample Marketing Plan free essay sample

Founded by a skilled, degree-holding photographer, Snapped has evolved from small-scale portraits to high-quality event photography. Justin Wilkerson graduated from Savannah College of Art and Design in 2012 with a BFA in photography. He has been working with clients on a small basis and has been working to expand his company. A big challenge facing Snapped is the lack of clients, which is leading to lack of income. It puts the advancement potential in jeopardy. An evaluation of the company’s internal strengths, weaknesses, external opportunities, and threats serves as the foundation for this strategic analysis and marketing plan. The plan focuses on the company’s growth strategy, suggesting ways in which it can build on existing client relationships, and on the development of new services and potentially products. Since Snapped is a company that primarily markets a service to a consumer, it is considered a business-to-consumer marketer. The Marketing Environment 1. Competitive Forces The competition in the increasingly popular photography industry is strong on a local, regional, and national level. We will write a custom essay sample on Sample Marketing Plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Due to many levels of expertise, the prices vary between companies. The competition within the photography industry is strong for event and portrait specific photographers. Economic Forces Many companies face the developing trend of amateur photography. If companies nationwide are not stylizing their service or products, then they will struggle to grow. Presenting top-notch experience and high-quality work, worth the cost, will differentiate the company. Once the company has a valued service and product, price should not be negotiated. 3. Political Forces There are no expected political forces associated with Snapped’s services and products. 4. Technological Forces Technology usage is an emerging trend that can store copious amounts of personal data about people. With this beneficial resource, a lot of promotional business could be done through social media platforms. This allows Snapped to spread the word about the company in a modern manner. 5. Sociocultural Forces People are naturally attracted to services and products that are simple, painless, and provide an emotional experience or connection for them. As Snapped differentiates itself as a company with a unique style, developing an experience for clients is necessary. Target Markets By delivering an excellent service with superb quality, Snapped presents their differentiation strategy to create a unique selling point in a widespread industry. Snapped offers service/products, prices, and promotions unlike any other company in Savannah, GA. The company’s target market, consisting of females and males of a variety of ages, will be attracted to Snapped’s trendy as well as adaptable aesthetic and style of services. Snapped’s customers will appreciate the effectiveness of their promotions, organization of the studio and professionalism of the employees. These qualities make communication between the company and client easy and productive. Once Snapped meets the needs of the client, the company is able to gain profit. In addition, the clients become loyal and the company gains reliability. Snapped utilizes company loyalty as a promotional tool, offering clients package deals, premiums, and discounts. Snapped’s success with their customer allows advancement and focus in developing marketing objectives and performance guidelines. Current Marketing Objectives and Performance Snapped’s marketing objectives depend on the sales accumulated, which helps measure performance and possible corrective action. Snapped employees should conduct social media outreach to call on potential clients. Posting flyers in public areas helps promote and market Snapped to customers of all ages. Connecting with bridal and tuxedo stores, in-store and online, will expand Snapped’s target market of engaged couples. These marketing objectives are examples of developing client relationships and engaging with Snapped’s target market on a personal level. Snapped expects significant growth from rigorous effort of marketing objectives. Snapped markets its services through other services that Savannah has to offer. The company wants to thrive off of the local community and its warm, welcoming environment. Creating services through the Savannah public builds lasting connections. Snapped will thrive on clients coming back for services for an average of about six years. Furthermore, the company should be debt free within three years. Setting these goals maintains motivation within the company. The urgency for growth is clear as well as the passion for meeting the needs and wants of the customer. Once Snapped measures performance of the company, they will be able to assess accurate changes of client outreach, finances, target market, competition, and quality of services. Snapped is able to utilize research from the photography industry, target market, and external forces to provide precise ways to perform and deliver special occasion photography. Nevertheless, the company will be able to adapt accordingly and display dependable and exceptional resilience. SWOT Analysis Strengths and Weaknesses Snapped has a number of strengths that will enable it to compete in this market. Its weaknesses are addressable and will improve over time. Strengths 1. Snapped is a low-margin company. The low service cost attracts customers and develops loyalty. 2. Spreading awareness of Snapped’s opening through business cards and word-of-mouth helps promote the business. 3. Involvement in magazine ads provides Snapped with a lead for branding the company. Branding has a long-term positive impact on businesses as it allows you to charge more for your services. 4. Proof of strong management and enthusiasm for this company will have a long-term positive impact, which also adds to its value. 5. Having brand new photography equipment allows Snapped to better meet the needs of their customers in ways that competitors may not be able to. Working in a small studio and employing minimal staff gives Snapped a greater advantage against larger photography studios. A small studio is ideal to create relationships with the customer. Weaknesses 1. $6000 is a tight budget for Snapped to get their business established, however, considering the photography equipment has already been purchased, the budget can be managed. 2. The online market is essential for displaying information and selling products. A weak online presence can result in lost opportunities for Snapped as well as potential clients or partners. 3. A weak cost structure means Snapped’s costs are high in comparison to their competitors’. Cost structure will have a long-term negative impact on this studio, which subtracts from the studios value. With a weak cost structure, Snapped becomes less competitive and decreases their value in the market share community. 4. Lack of competitive advantage hurts the launch of this company, which in turn compromises the attributes that allow Snapped to outperform its competitors. Assessing and reassessing what is offered to the customers that other photographers cannot, will be vital in getting ahead in the business. Minimal initial establishment of marketing mix, product distribution, client base, and no clear image for company. Opportunities and Threats Snapped would ideally analyze the market to seek real opportunities, which exists to provide services to local wedding parties. Opportunity and threat analysis will describe the environment in which the company will compete, and the key success factors to compete as well. Opportunities 1. The city of Savannah has a high appeal for destination weddings. A wedding in Savannah is relatively less expensive in comparison to other cities in the U. S. Partnering up with wedding planners and other wedding based establishments will increase publicity for Snapped. 2. New markets allow Snapped to expand their business and diversify their portfolio of products and services. New products and services can help Snapped to expand their business and diversify their customer base. Overall, greater innovation can help Snapped to produce unique products and services that meet customer’s needs. 3. The online market offers Snapped the ability to greatly expand their business. Snapped can market to a much wider audience for relatively little expense. In further expansion to building a website, digital marketing goals can be set in place. These goals are things like number of positive reviews left about a company on sites like Google Reviews and Yelp, which mentions of a brand name on social media sites and the size of a company’s fan base on social networking websites. 4. New technology helps Snapped to better meet their customer’s needs with new and improved products and services. Technology also builds competitive barriers against rivals. Technological advances make sharing events instantaneous. Consumers do not want to wait long for their images. In the past couple years, there has been a growing demand for event photographers. Threats 1. A poor economy can hurt Snapped’s business by decreasing the number of potential customers. When the economy is strong, more people are willing to spend the money for a wedding photographer. When the economy is weak, more people turn away from paying event photographers. A weak economy is a difficult qualitative factor to overcome, so the investor will have to spend a lot of time trying to overcome this issue. 2. Wedding photography popularity varies throughout the time of the year. Statistics show that there are fewer weddings in the winter months (January, February, and March). Snapped should consider expanding outside of solely wedding photography. 3. Existing photography businesses are already established and have an advantage. Getting above or leveling with other companies in this market will be highly crucial and competitive. 4. Changes in consumer tastes and purchase tendencies, economic downturns, new regulations, changes that affect access to Snapped’s business, and competitive threats, will turn customers away. 5. Difficulty convincing cost-conscious customers to spend money on a special events photographer. Matching Strengths to Opportunities/Recognizing Weaknesses and Threats 1. Having new equipment is a benefit for Snapped because some clients base the credibility of the photographer by the gear they have and how they use it. With the knowledge of how to use the existing equipment and its features, Snapped could potentially use that skill as a distinguishing factor. 2. Spreading the word about Snapped is crucial for business, whether it be through word-of-mouth, physical advertising, or social media. Networking to create partnerships will put Snapped in a powerful position. The extravagant wedding industry in Savannah calls for wedding and event photographers. Partnering and being recommended is a huge step for a new business, but yields the opportunity for success. 3. If Snapped cannot maintain its low margin plan, cost-conscious customers will be more likely to not choose Snapped over other competitors. 4. Due to the lack of initial establishment of marketing mix, product distribution, client base, and clear image of company, Snapped could suffer and potentially fail as a business if there is no immediate progression. Marketing Objectives Snapped’s purpose is to assist people in capturing memories and milestones that should last for a lifetime. Aside from creating a marketing-oriented and customer-focused mission statement, Snapped should establish an objective to achieve cumulative growth in net profit of at least 50% over the next 3 years. Snapped should develop benchmarks to measure progress, which will assist in accomplishing its marketing objectives. Regular reviews will provide feedback and corrective actions in a timely manner. The major marketing objective is to gain a better understanding of the needs and satisfactions of current clients. After a close analysis, Snapped could use the knowledge of it successes with current clients to market new clients. To further satisfy and capitalize on its success with current clients, benchmarks should be established and used to learn how Snapped can improve the service it now offers through knowledge of its clients’ needs and specific opportunities for new service offerings. These benchmarks should be determined through marketing research and Snapped’s marketing information system. Snapped should create new services or even products to utilize its current equipment, technology, and knowledge base. Marketing Strategies Target Market I: Maturing events-Birthday parties, graduation, senior pictures  · Demographics: Females, Males; Ages 16-24; High school, undergraduate, graduate students; single; choices are dependent on parents preference  · Psychographics: Value social engagements; purchases based on opinions of others; have busy academic life; priority is social life  · Behavioral: Spend a lot of time on social media platforms; prefer to have services done for them; has understanding of creativity and artistic aesthetics  · Geographic: Downtown Savannah; Tybee Island Wants/Needs: Wants accessible and creative special occasion services to capture parties and events in an inspiring and memorable way. Target Market II: Life changing events-Engagement, marriage, pregnancy  · Demographics: Females, Males; Ages 25-42; Graduate students, stay-at-home moms, professionals (doctors, lawyers, teachers, etc. †¦); disposable income can pay for creative services  · Psychographics: Family engagements are important and a priority; value friendships; has little free time; active professional and family lives  · Behavioral: Make purchases based on online reviews including social media and review websites; will purchase from and work with businesses recommended by friends, family, or coworkers; aware of trends including business, media, social media, retail, economic, and global  · Geographic: Downtown Savannah; Whitmarsh Island, Tybee Island  · Wants/Needs: Needs opinions and suggestions of business owner; open to creative, simple, and elegant set up options; gains most confidence in business when past examples are displayed Target Market III: Professional and family oriented-Birthday, holiday, business, family reunion, retirement  · Demographics: Females, Males; Ages 43-67; disposable income is extremely flexible; business owners, doctors, lawyers, marketers, teachers, real estate agents  · Psychographics: Family and business oriented; want to provide for others more than ever; has more free time to plan and take initiative on events and parties; chooses to host for others rather themselves  · Behavioral: Does not believe in extravagant services; values excellent deals, but will choose quality over price; will choose purchases based off of customer service level  · Geographic: Downtown Savannah, Whitmarsh Island, Skidaway Island  · Wants/Needs: Needs are based on the needs of their peers for birthday, holiday, or business events. Wants a flexible, accessible, and versatile photography business. Marketing Mix 1. Products Snapped markets a photography service. Products are generated after the service has been performed. Snapped’s intangible attributes are its ability to meet or exceed customer expectations consistently, its speed in responding to customers’ demands, and its anticipation of new customer needs. Intangible attributes are difficult for competitors to copy, thereby giving Snapped competitive advantage. As Snapped develops its specific style, potential clients begin to understand what differentiates them from other options. 2. Price Snapped provides a quality service and experience to suit its clients’ needs and specifications. The value of this service is reflected in its price. Snapped should be sensitive to the price elasticity of its service and overall consumer demand. What Snapped charges for its service minus the cost of utilities, production, operation, etc. will determine the margin. For maximum profitability, Snapped will need a low overhead. 3. Distribution Snapped uses direct marketing. Since its service is client-focused, personal, and selective, the connection with the clients is maintained. The updated services and potential products are easily promoted and shared. 4. Promotion A large majority of promotional expenditures would focus on physical advertising (business cards, flyers, brochures, posters, etc. ) and personal selling. There is the potential for partnerships and the business further develops. Social media marketing is a beneficial tool, which allows companies to fall in sync with the popular trend’s impact. Above the Fold will assist in the crucial development stage of all of Snapped’s marketing tools, including a well-developed social media presence. It is important to consistently update the various social media sites. However, that being said, it is also important to update many of them separately, so as to use each one’s unique strengths to your advantage. Services provided by Above the Fold would include guidance for updating to all social media sites. Our company will continue to assess operations and analyze potential operations. Snapped, like every photography company, has a style which is unique, and Above the Fold will work to share this with the world through every channel possible. By continuing to study Snapped’s work, and that of its competitors’, it will be possible to find and provide answers for how Snapped can perform at higher levels than the competition. Market Implementation A) Marketing Organization Because Snapped is small company, they should have the photographer, one sales manager, two sales associates, and a secretary. Because Snapped has several target markets and different types of customers, they can be organized into groups by interest: 1) Weddings 2) Birthdays 3) Religious Events 4) Other All of these groups should be marketed to separately. B) Activities, Responsibilities, and Timetables for Completion All implementation activities are to begin at the start of the next fiscal year on February 1st. On February 1st, create a secretary position as well as sales manager and sales associate positions. The sales manager will serve as project leader for the sales associates. By February 15th, assign the two sales associates to work on the following projects: 1) Research potential new service offerings and clients. 2) Analyze the billing cycle and billing practices. 3) Design a customer survey project. The marketing director is responsible for all of the following activities. By April 30th, the two sales associates will report their project analysis results. The full team will review all the recommendations coming from the results. By May 31st, develop a marketing information system to monitor client reorder patterns, customer recommendations, and customer satisfaction. By May 31st, implement any changes in billing practices as recommended by the business analysis team (two sales associates and sales manager). By May 31st, make initial contact with new potential clients for the current services. The sales manager is responsible. By June 30th, develop a plan for one new service offering along with an analysis of its potential customers. By June 30th, finalize a customer satisfaction survey for current clients. At this time, it would be appropriate for the company to contact the customers that have not continued using Snapped for their photographic needs. Sales manager is responsible. By November, implement the customer satisfactory survey with random sample of 20 percent of current clients to discuss their concerns. The marketing director is responsible. By November, implement a new service or product offering, advertising to current customers and to a sample of potential clients. The marketing director is responsible. By January, analyze and report the results of all customer satisfaction surveys and evaluate the new product offering. The marketing director is responsible. Reestablish the objectives of the business analysis team for the next fiscal year. The marketing director is responsible. Evaluation and Control A) Performance Standards and Financial Controls A comparison of the financial expenditures with the plan goals will be included in the project report. The following performance standards and financial controls are suggested:  ·The total budget of the billing analysis, new-product research, and the customer survey will be equal to 60 percent of the annual promotional budget for the coming year.  ·The breakdown of the budget within the project will be a 20 percent allocation to the billing cycle study, a 30 percent allocation to the customer survey and marketing information system development, and a 50 percent allocation to new-business development and new-product implementation.  ·The marketing director is responsible for adherence to the project budget and will report overages to the company president on a weekly basis. The marketing director is also responsible for redirecting budget dollars, as required for each project.  ·Any new product offering will be evaluated on a quarterly basis to determine its profitability. Service and product development expenses will be distributed over a two-year period, by calendar quarters, and will be compared with gross income generated during the same period. B) Monitoring procedures To analyze the effectiveness of Snapped’s marketing plan, it is necessary to compare its actual performance with plan objectives. To facilitate this analysis, monitoring procedures should be developed for the various activities required to being the marketing plan to realization. These procedures include, but are not limited to:  ·A project management concept will be used to evaluate the implementation of the marketing plan by establishing time requirements, human resource needs, and financial or budgetary expenditures.  ·A perpetual comparison of actual and planned activities will be conducted on a monthly basis for the first year and on a quarterly bases after the initial implementation phase. The business analysis team, including the marketing director, will report their comparison of actual and planned outcomes directly to the company president.  ·Each project team is responsible for determining what changes must be made in procedures, product focus, or operations as a result of the studies conducted in its area. Conclusion Above the Fold has analyzed external forces and competitors; Snapped is prepared to develop a profitable company. Evaluating internal and external objectives will allow for consistent knowledge of activities.