Marketing Plan Outline.doc

marketing plan goblue inc. goblue connectors team: innovative marketers glenn fiala joy babalola laurie wells robbie chapman terrence phillips amba 603 dr. murray millson august 10, 2008 marketing plan template amba 603 page 2 of 16 table of contents table of contents.2 1.0executive summary.3 2.0situation analysis.3 2.1mission.3 2.2product or service description.3 2.3value proposition.4 2.4swot analysis - strengths, weaknesses, opportunities, and threats.4 2.4.1 strengths.4 2.4.2weaknesses.4 2.4.3opportunities.4 2.4.4threats.5 2.5critical issues.5 3.0market analysis .5 3.1macro environment.5 3.2market size and growth.5 3.3market trends.5 3.4target market analysis.5 3.5customer/consumer analysis.6 3.6need analysis.6 3.7competitive analysis.6 3.7.1direct competition.6 3.7.2indirect competition.6 4.0strategy .6 4.1marketing objectives.6 4.2financial objectives.7 4.3positioning strategy.8 4.4product strategy.8 4.5price strategy.8 4.6distribution strategy (direct and indirect).8 4.7integrated marketing communications strategy.8 4.8branding.8 4.9marketing research.8 5.0financial analysis.8 5.1break-even analysis.8 5.2sales forecast.8 5.3expense forecast.8 6.0implementation and control.8 6.1implementation.9 6.2controls.9 6.3marketing organization.9 6.4contingency planning.9 marketing plan template amba 603 page 3 of 16 1.0 executive summary 2.0 situation analysis 2.1 mission the mission of the innovative marketers is to develop a more convenient means for the non-technical consumer to enjoy electronic components in a wireless capacity. 2.2 product or service description goblue connectors are a line of wireless audio and stereo component connectors. the connectors will initially be offered in four different product groups which include: component rca, high-definition multimedia interface (hdmi), and audio connectors. the goblue unit without the component connectors attached are two and one half inches long, five eights inches wide, and five eights inches deep. (see appendix 1). each unit is encased in a white plastic covering with a goblue logo printed lengthwise along one of the sides. also, on the topside of the cover is a small opening for a small blue light-emitting diode (led) to slide into. the led light is a status indicator providing information to the user about the connection between the paired units. the backside of the case designates whether it is a transmitting or receiving device with the words transmitting or receiving embossed onto the casing. for example, to connect the audio portion of dvd player to a stereo system, the dvd player would get a transmitting goblue connector and the stereo receiver would get a receiving goblue connector. each goblue component connectors has an intel ultra-wideband (uwb) chip. the chips are designed to provide low-power short-range radio transmissions within a thirty foot area (intel technology potential customers may not feel the need to replace existing component wire cables with wireless devices that are comparable in price. in addition, goblue connectors are limited to distance of around thirty feet between each connector. due to bad experiences with other bluetooth devices such as hands free mobile headsets, users may also have the perception that the wireless connectors do not provide the same quality as wired connectors. moreover there are a limited number of purchases expected from each customer, attributable to the limited number of connectors needed and the long reliability of each connection device. finally goblue inc. has limited capital, which will require the company to seek out loans, and outside investors to ensure funds are available for marketing and production of the goblue connectors. 2.4.3opportunities the main opportunity is that goblue connectors can truly be the first wireless connectors to reach the market place. as more households purchase flat screen tvs the traditional placement inside a cabinet, on a table or stand is changing. consumers are looking for ways to hide or eliminate unsightly wires especially since many tvs are now being mounted on walls. likewise consumers are marketing plan template amba 603 page 5 of 16 looking for more convenient ways of placing stereo speakers to achieve the full effect of stereo surround sound technology without the hassle of burying wires under carpet, running them through walls attics or craw spaces. goblue connectors will allow consumers to convert all or part of their system to wireless technology based upon the consumer needs. goblue inc. also has opportunities to expand in the global market place through: indirect and direct exporting, licensing, joint venture, or direct investment (kottler a competitor will get a similar product to market first. 2.5 critical issues 3.0 market analysis 3.1 macro environment the following macroenvironmental trends are concerns the innovative marketers will focus their attention and possible solutions to current trends identified. demographic environment the concern for release in the united states concerning the demographic environment is considering the quantity to be released in the less densely populated areas. the concern would be releasing more product than necessary to areas that does not have the population to support the number of sales required to move the goblue product from the shelves. the current plan would be to ensure the distributor understands the limited funds available for production and distribute the goblue product to areas that would support the highest number of customers for a given area. if the goblue product is distributed world wide after a successful release in the united states, the under developed regions of the world will have to be studied and identify if the goblue product would need to be distributed to these areas. there are a number of other concerns when considering a world wide release, but our current focus is if the product will be supported in other countries. do to the vast number of problems that may be encountered with a marketing plan template amba 603 page 6 of 16 world wide release the team would have to research a number of variables that would need to be corrected and cleared with the other countries in which the goblue product is to be released. economic environment although there are indications of a recession currently in the united states, retail markets are reporting higher than expected sales for consumer electronic devices. best buy (2008), reports that 41% of their overall sales are generated by consumer electronic devices and does not foresee a decline in the near future. with the mandate for digital television signaling to happen in early 2009 (ntia, 2008) more families are considering purchasing new consumer electronic equipment to replace what they currently own. this variable may add to the possibility of increased sales of the goblue product due to the customer reviewing the ability to reduce wiring allowing for convenient layout of their new equipment and purchasing all of these items simultaneously. with the continued threat of a recession on the horizon in the united states this is a major consideration that may reduce the overall sales for the goblue product. there may be less expendable cash available to many families and spending may be reduced on items that are not required. if there is no means to make the goblue products capability of removing wiring and allowing for free movement of the electronic equipment within a family room a need by the consumer, then other considerations may be necessary. a plausible consideration is to research for an alternate use or ability of the goblue product and consider distribution to industry, college campuses and corporations. social-cultural environment customers may be concerned with environmental issues that may arise during production and sales of the goblue product. in order to support the customer concerns the team will identify the products used can be fabricated and handled within the standards designated by the government. if at all possible research a means to improve upon the standards if any one portion of the fabrication is questionable. there, will be a recycle program implemented so that customers who have purchased the goblue product can return an outdated product for a discount on a newly released product. this will allow for the older product to be reused to its full extent and either recycled for parts or refurbished for distribution at a reduced cost. marketing plan template amba 603 page 7 of 16 natural environment in order to support the continued concern for the natural environment, the team will implement all environmental standards required in order to provide the best product available with the least amount of waste and power consumption. technological environment the continued improvement of the technological environment provides numerous possibilities for the goblue product and what the team can provide to its customers. the team will monitor possible solutions that may reduce cost of the equipment or improve operability. the possibilities are endless with the continued updates to technological trends, in the end, the team will provide updated support to the goblue product and research possible other innovative ideas. in order to increase sales the innovative marketers website will be used to distribute and sale the goblue product to individual consumers. the advertisement and marketing directed towards attracting consumers for the goblue website will be designed by using demographic information that has identified markets with the most disposable income that has been used on consumer electronic equipment. using the website sales technique it is expected to generate another 15 20% more sales above those sales made in the distribution centers. political-legal environment there is concern dealing with the legal environment and the goblue product. there is patents, and licensing that will need to be researched and purchased in order to complete the product distribution. another concern dealing with the legal environment is concerning the radio frequency (rf) spectrum utilized by the goblue product. the rf spectrum is a limited spectrum of intelligence carrying capability. the rf spectrum is used by many varying companies within the united states and the world and in order to prevent conflicts these spectrums are monitored and controlled. for the united stated the rf spectrum is monitored and controlled by the federal communications commission and auctions are held by them on varying dates throughout the year (fcc, 2008). these auctions provide a means for companies to purchase the right to use rf spectrums that technology was once unable to use, or spectrums of older technology no longer utilized. if the team purchases the licensing from ibm then no spectrum will need to be purchased, however if there needs to be another source rf spectrum licensing may become yet another cost concern. for marketing plan template amba 603 page 8 of 16 the team to distribute the goblue product there will need to be an electrical engineer and a lawyer involved to prevent any boundaries crossed. 3.2 market size and growth goblues market will include just about every household in the world. one would be hard pressed to find a home that does not have a television and some sort of audio or video component. with that said, it is anticipated that the market for the goblue connectors will grow tremendously as consumers purchase high end audio and video equipment for their entertainment needs. the market for flat screen televisions, high tech audio components, as well as portable audio and video equipment will increase and there will be the need to have all these components communicate with each other. customer will be looking for a wireless solution. figure 1 below illustrates innovative marketers 5 year sales projection for goblue connectors. figure 2 illustrates the market growth for lcd televisions over a six year period. as indicated above, innovative marketers are hedging their projections on the sale of high end audio and video components, which is expected to grow over the next 5 years. figure 1 goblue sales projection (5-year) $500,000 $1,500,000 $2,500,000 $4,000,000 $6,000,000 0 1000000 2000000 3000000 4000000 5000000 6000000 20082009201020112012 goblue 5 year projected sales growth goblue figure 2 - market growth for lcd televisions marketing plan template amba 603 page 9 of 16 using the caption in figure 2 above as a benchmark, innovative marketers can project significant growth over the next 5 years for the goblue connectors. 3.3 market trends 3.4 target market analysis as the accessory market has grown, the need to reduce wires has created demand for this cable free technology, said andrew newman, product manager at eleksen. (tech news world, 2005) the electronic industry is in a boom period and is screaming for wireless components. with the bluetooth movement, people have become familiar with the ease and convenience of going wireless, and they like it. “manufacturers are already hinting at near-future products. dvd players, game consoles, tvs, and projectors are all possible candidates. but theres a catch: until theres an industry-recognized wireless high-def standard, well be wondering if our sanyo projector can talk to our samsung tv.” (sound however existing data combined with bureau of labor and statistics does provide electronic sector sales for forecasting and pricing purposes june 2008 2. focus group researchto discuss and gather product, market and consumer preferences of the goblue product. we will ask questions like: “will you purchase the goblue we will target specific demographic and psychographic us samples of the population (preferably 6-10 folks) in specific areas july august, 2008 marketing plan template amba 603 page 13 of 16 product instead of dealing with the hassle of connecting cables?” 3.online surveys (quarterly) learn about co