Marketing
Executive Summary:
This executive summary is for a marketing plan for dreams factory, a company based in the United Arab Emirates that solely offers financial incentives to the U.A.E population. The company offers financial assistance, as well as funding to the population as well as investors seeking to venture into projects in U.A.E. The report highlights the marketing strategies that will be employed by dreams factory, their implementation strategies in place, as well as the overall marketing plan in order to penetrate the market as well as reach the potential clients. This will highlight the various elements of the marketing strategy, sales force management, advertising, and public relations.
Background Information:
Entrepreneurial ventures require a lot to sustain their operations. There are various aspects that such companies require to make them sustainable. The various operations surround the aspects of financial control, administration, and marketing especially for companies offering incentives such as finances to the population. Crowd factory is a company that will operate in an environment that is much competitive, with the major competitor being the beehive company that sells similar products. The company therefore needs a marketing strategy that will be essential as a countermeasure to enable the company to react positively towards market constraints, difficulties, and challenges in order to launch, penetrate and market its products and services effectively. A marketing plan will be very essential in the mainstream marketing efforts of the company. It will highlight what the firm intends to achieve, along with its marketing activities, as well as the different approaches that will be of strategic importance to the company. A marketing plan refers to a document that identifies the marketing objectives as well as the strategies that will be used to carry out the marketing process (Westwood 5). It is like a direction showing tool that the company will use to reach its target objectives. However, a SWOT analysis stating the company’s strength, weakness, and opportunities is essential to help the company understand its internal and external environments. This will help the company to understand where the competitors are underperforming in order to capitalize on that, and the opportunities that the company can take advantage of as well as the threats that are prevailing in the market.
The SWOT analysis enables the company to use a unique differentiation strategy based on sharia law that allows investors to easily access funds that comply with the sharia laws of the country. This reduces instances of fraud hence attracts more investors and customers towards the company’s products and services.
Marketing mix for the dreams factory
Product:
The company will market its products along the line of packaging. This attribute will be used to market the products unique features, showing how it well fits the population. The features of the product which will be used will include the financing bundles, options and packages, as well as pegging specific bundles to specific interest rates. The company will also ensure that various product attributes used target specific markets to remain responsive in respect to the customer’s needs. The company will also ensure that the marketing process captures the minds of the customers by elaborating more on the aspects of the products that are not found in other products sold by the rival companies.
Place:
Crowd sourcing will ensure that its financial service are in reach with the customers, by ensuring that all information concerning the financial services of the company. The company will ensure that all the information is available to its consumers, either through the website or any other platforms to enable consumers make decisions regarding the available financial packages. This will be facilitated by the use of various distribution channels such as the use of agents or financial services resellers in order to ensure that the services are well distributed across all locations The company will use its internet portal to foster an interactive platform with customers so as to enable them understand the company’s financial services.
Price:
The company will tailor its prices based on some market segmentation attributes so as to ensure that the company remains competitive with its competitors. The pricing strategy of the company will involve tailoring the prices of the financial services either by using an attractive credit terms or discounts in order to ensure that the financial products are well predisposed to the consumers. The plan of the company will be to offer competitive pricing plans in package form so as to compete favorably with the rival companies in the market.
Promotion:
Promotion involves a persuasive approach that a company uses to communicate about its products. A creative strategy will be used to convey the best message to the intended market, while on the other hand, a media strategy will also be used to match the media preferences of the customers with the channel of communication so as to achieve maximum response. This is because various customer segments have their own preferences compared to others, and as such the company shall use the strategy to capture the attention of most customers.
Marketing strategies developed by the company
The company will blend its low rates and interest waivers on its financial services to low income areas. This marketing strategy will be used to lure more customers to buying its products and services. It will also use a flexible re-payment schedule to target investors establishing companies in the area. This will be used to segment the different markets consisting of both the international investors and the middle income earners, since investors would need a flexible mode of payment especially in instances where the economic climate is unpredictable. Besides these, the company will use a low cost model based on interest rates and waivers in order to position itself in the market as an interest free financial service provider. This will attract more customers towards using the products and services. This strategy will be used to differentiate its products against its services who may charge more in terms of interest rates, and as such position its products and services uniquely among its competitors.
Challenges faced and ways used to lessen the challenges:
Despite the classic plans, the company also faces some constraints, with the major being lack of consumer trust. Consumer trust is trust established between the consumer and the company towards purchasing and using the company’s products and services. This occurs especially when there are elements of distrust between the two parties. This affects customer loyalty in that only a few become willing to purchase the products and services. The constraint lessened this issue by establishing a strong brand through a corporate reputation strategy, which involves understanding the needs of the customers and making them at the center of decision-making in regards to the use of financial policies. This allows the company to offer exemplary service with no additional hidden cost in order to make customers appreciate the products.
Marketing implementation plan for crowd source funding
The implementation process is used to bring the marketing activities into a reality by specifying how to accomplish the activities (Lancaster 63). The implementation plan will guide the crowd source company in carrying out its marketing activities so as to enable it meet the overall marketing objectives. This will consist of the following:
Carrying out a review of the plans:
This will be done to enable the company to adjust given scenarios in the external market environment. This will help the company to become more tactful by developing and implementing plans in respect to the prevailing external environment.
Communicate the goals of the marketing process
This will help the company to communicate the goals which are to be achieved at the end of the marketing activities, in order to drive commitment among the company staff.
Allocation of resources and roles
This shall involve assigning members of the company different tasks to perform so as to help the company to become successful during its marketing process.
Initiating the marketing activity
This is the final segment that involves the actual marketing process.
The marketing implementation plan will be used as a framework in order to guide the marketers as well as control the various elements of marketing in the company. In the marketing process, the company will also use a set of promotional mix in order to market its set of products to the population.
The marketing plan:
The marketing plan will consider various elements such as the implementation plan to oversee the various phases of implementing the plan and the overall strategy to be used. The plan will steer the marketing strategy, with the marketing plan role being to identify opportunities, as well as coordinating various elements in order to stimulate and attract customers towards the products and services (Winston 11). The plan shall use a communication strategy to precisely convey the message about the product, as well as the charges that will be levied upon using the product.
Steps for new product development
This follows some steps for a product to attain maturity to enable it to be acceptable in a given market. This process involves various stages as established below.
Generating ideas:
This involves the search for a particular product idea. Ideas are searched from both the internal and external environments, with such being initiated either by the management or market information due to a given opportunity not exploited by competitors
Screening ideas
This involves ascertaining the potential nature of ideas that have been generated. It involves checking for the most promising set of ideas that can be implemented in the market.
Concept development
This involves developing a probable product idea that can be launched in the market. It is then checked against certain market variables and needs of a consumer segment to tailor its use to the customers.
Marketing strategy development
The task here is to launch the product for the consumers in the market. This includes research elements of the intended market in order to create a value-based marketing strategy which is centered on the customer tastes and preferences.
Business analysis
This involves the business aspects, which determine the sustainability of the product in the market, including finding the right price, carrying out a breakeven analysis as well as determining long-term effects of the product in the market.
Product development
This involves all plans needed to produce the product to the market in good state. It also involves all the parties assembling to produce products to the market finally.
Marketing testing
This involves launching the product in the market to investigate the forces of market which either assists or prevents it to be launched.
Commercialization
This is the final phase of the process that involves the establishment and final launch of the product in the market. The product is transported to the market for commercial purposes.
Promotional mix strategy for the company
The company will use a promotional mix to ensure that customers are persuaded to acquire the products and services offered by the company. The promotional mix which will be put in place will include advertising, personal selling, sales promotion, public relations, direct marketing, telemarketing and direct mail.
Advertising:
This is a way of enabling consumers to be aware of a product and its attributes such as its price and where it is found (Kaptan 7). This will be carried out through different methods with an informative approach being used to inform potential customers regarding the product, as well as correct future impressions of the company products that may occur due to stiff competition. This will take place using various channels of advertising such as print media, broadcast and outdoor advertising techniques. These forms of advertising will cater for the different market segments, in that a specific segment may be well reached though the use of outdoor advertising compared to the use of magazines.
The company will advertise its financial services in the print media such as daily newspapers and magazines in financial sector to reach the affluent that purchase or subscribe the magazines. The daily newspapers on the other hand are cheap and easily bought by the ordinary folk, and as such will also be used to advertise the company’s financial products, hence will specifically be used to target the ordinary people. Apart from this, the broadcast media having penetrated deeply in every sphere of the community will also be used to market the financial services and products to the entire population that cannot access either of the two mediums of advertising. Upon establishing the product in the market, the company will use a persuasive and reminder advertising strategies. The persuasive advertising strategy will be used to establish the brand presence, persuade and convince more customers to purchase the company’s financial services. The reminder advertising strategy will also be used to remind and maintain customer loyalty by keeping the products in the mind of customers during off-season periods.
Personal selling:
This is a selling strategy, which involves a personal communication between a customer and the seller in an attempt to persuade him/her to purchase a product or service (Pride and Ferrell 439). The main role of the personal selling process will be to establish various prospecting customers, persuading them to buy the financial services as well as doing after sales roles of making sure they are satisfied in order to enable them buy the company products in the future. The company will use sales personnel, agents, and sales representatives to sell the financial services and products to its prospecting customers. It will implement a selling process to make the selling process more effective. This will include prospecting, qualifying, approach, presentation, handling objectives, closing and follow up. The company will use both outside and inside sales personnel in order to carry out the personal selling process. The outside sales personnel will manage the outside selling function by approaching external customers, while the inside sales personnel will be located in the company offices and premises to give support and sell the products from the internal environment.
Steps in personal selling
Prospecting:
The company will search for new customers in order to obtain sales from them. It will also involve suppliers and dealers who have the potential of being a distributor of the company’s product.
Qualifying:
The company will identify good customers and conduct a screening process to establish their suitability of facilitating sales of the product. During this stage, the company will establish the suitability of a reseller based on the potential growth, financial capability and location in order to ensure that its products and services do not suffer from bad reputation.
Approach:
The company will approach an identified financial reseller upon carrying out a research that determines the suitability of the reseller. During this stage, the company shall motivate the reseller and stimulate him/her towards selling the product and services based on an agreement.
Presentation:
This will involve the presentation of the interest to form a partnership in order to market and sell the company’s products and services. In this stage, the company will present its products to the customer, and convert him through an agreement.
Handling objectives:
First time products will always elicit objections from potential customers since they are new in the market. The company will therefore strategize ways in order to handle objections from the identified customers. This will be done in order to protect the reputation and to convert potential customers into buyers of the products.
Closing and follow-up:
This will involve the company obtaining a commitment of the customer to sell and market the company’s products and services. This stage will ensure that an agreement as well as a mutual relationship is established between the company and the potential customer. The company will also make follow-ups in order to ensure that customers are satisfied with the relationship, as well as the products and services.
Distribution channels
Despite the challenges involved, the company successfully implemented various distribution channels, which have made the enterprise a success, with the role of distribution channels being to relay the end product to a consumer (Klopper et al. 261). These distribution channels such as the use of agents have played a key role to establish the product in the market as well as grow its market share in the financial services section.
Sales management and viral marketing
Sales promotion:
Sales promotion will be used by the company as a short-term incentive strategy to encourage customers to purchase the products offered by the company. The company shall employ a consumer promotion, trade and sales force promotional strategies in order to promote the company’s products and services. The consumer strategy will target customers through a direct promotional strategy, while trade promotion will target retailers and resellers, and on the other hand the sales fore strategy will cut through by the use of a territorial and complex sales force structures. The company will use the territorial sales force structure to conduct its promotional activities across specific territories, while the complex sales force structure will be used by the sales personnel to promote the products across a broad geographical area.
Public relations:
Marketing and public relations go hand in hand, and as such it will be used by the company to gain reputation with its customers. It entails establishing proper relations with the public by initiation positive publicity and good corporate image (Strydom 159). It is a tool that the company will use in order to understand the behavior attributes of its customers, as well as control inappropriate information, rumor and event that are deemed to negatively influence such attributes. The company will carry out its public relations activities through press releases, special events, and social media.
Press release:
The company will use this public relations tool to communicate specific occurrences in the company concerning its products and services. The press release will act as a briefing session through the daily newspapers and media in order to convey some message to the public concerning the products and services.
Special events:
The company will use special events in order to attract customer’s attention by allowing them to participate in the events. This strategy will ensure a life-time effect on customers mind.
Social media:
The use of social media is indispensable. The company will use the social media platform such as twitter, face book and Instagram in order to market and handle queries between the company and customers.
Recommendation:
The company however needs to adopt a more responsive marketing plan. This could be the use of mobile platforms in order to reach the population subscribing to a given telecom operator. This would be appropriate since the use of mobile technology has penetrated almost every part of the world, and hence utilizing this concept would result to sales and product penetration.
Works Cited
Klopper, H B. Marketing: Fresh Perspectives. Cape Town: Pearson/Prentice Hall South Africa, 2006. Print.
Kaptan, S S. Social Dimensions of Advertising. New Delhi: Sarup & Sons, 2003. Print.
Pride, William M, and O C. Ferrell. Marketing Express. Mason, Oh: South-Western Cengage Learning, 2011. Print.
Strydom, Johan. Introduction to Marketing. Cape Town, South Africa: Juta, 2004. Print.
Westwood, John. The Marketing Plan: A Step-by-Step Guide. London: Kogan Page, 2002. Print.