Essay:

Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Executive summary:

This report provides an analysis and evaluation of the current market for the business and also the marketing plan the business will do. Methods of analysis include market target, distribution plan, unique selling proposition (USP), place, pricing, and promotion. Results of the graph indicates a rise of usage in electronic cigarettes. Found that there are only a small number of competitors both online and offline around Norwich city. With a low number of competitors and a growing market, it is very ideal to start up a business of smoking accessories. With the marketing the business will adopt, the business main objective is to get a large portion of the market in the city of Norwich.

Market target:

The main market target group for our business is both male and female adults between the age of 18 and 35. We targeted people that is already smoking either electronic cigarettes or traditional cigarettes. According to a study made by \'Action\' on Smoking and Health (2016) a 17% of women and a 20% of men smoke in the UK giving access to 9.6 million potential consumers in the online sales. As to the Norwich market it is seen in Figure 2 how the smoking prevalence rate in adults in Norwich has always been higher than England. The study found in Fingertips.phe.org.uk. (2016) reflected that 18.6% of the adults (over 18 years) smoked. In addition to this Figure 1 shows how the demand for e-cigarettes is increasing and investors are optimistic in the UK. It is further predicted that demand will be on the rise for many more years to come.

Distribution plan:

Our business can be access by our customers both online and offline. We have our shop in the middle of Norwich city and a website for our customers to purchase our goods. In our website, we also provide two types of purchase option, delivery and pay and collect. The delivery options are provided in Figure 3. The pay and collect option is for our customers that wanted to do online payment but want the goods to be collected from the shop.

Unique selling proposition:

Although this market is highly price competitive, with this given plan, research and analysis conducted, our main goal is to capture more than 40% of the market within Norwich, by offering a very similar / same product at, at least, half of the market price. We can achieve that by focusing on cutting down minor running costs, by assembling our own furniture for instance and dealing in wholesale Chinese products. Our strategy is basically to sell cheap products, for cheaper prices, with respectably good quality products on demand, but also serving the same purpose.

Place:

The place that we will occupy is a shop in the middle of the city, just a five minutes walk from the city council and a three minutes walk from the local shopping mall. By opening our shop in the city centre not only we can attract more visitors that pass by the shop, but also online by having our website written on our shop sign. Our shop exact location is at 13 Dove Street, Norwich, NR2 1DE (Propertylink.estatesgazette.com, 2016).

Pricing:

Following our objective, we are selling our products almost half from the market price in Norwich. This is possible because we are not only selling it through our shop but also online on our website. We sell acceptably good quality products with cheaper prices to penetrate our market easily. Our product range and price range are stated in Figure 3.

Promotion:

For our promotion, we will adopt both above and below the line promotion. The type of above the line promotion we will use is online, we will also advertise our shop and products online so when people who favour smoking surf through the internet they can also see our advertisement and create awareness among smokers.

For below the line promotion, firstly, we will train our employee how to convince passing by people to come in to our shop and persuade them to purchase our products. Secondly, we will also print brochures to be spread at key points of the city to create awareness among the people that our shop just open and we provide cheap prices for good quality products. Finally, we will also give promotion for a certain time and loyalty cards to attract more customers to our market and treat them in such a way so we can create a personal relationship with the customers.

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