Jeremiah Nwokolo 45508747
Wei Han 44312342
Mian Zhao 44362765
Ziyang Xu 44318464
Tangjian Gu 44483325
Introduction to marketing management
Coolz jacket is the best of air conditioned clothing in the world, which helps to reduce perspirations. And not only that the apparel Protects the body from heat related injuries such as dehydration, skin cancer etc. Australia is one of the countries which have recorded high level of skin cancer as a result of how hot weather making it a good market for our product.
Coolz jacket is faced with a market threat which is ‘octocool jacket'.
Our marketing strategy includes investing highly in promotional activities so as to help create awareness for our new product in Australia.
Table of Contents
BACKGROUND OF THE COMPANY 1
MISSION AND OBJECTIVES 2
TARGET MARKET 3
CORE COMPETENCIES 4
MARKET ANALYSIS 4
MARKETING MIX 5
PRODUCT STRATEGY 5
DISTRIBUTION STRATEGY 6
PROMOTIONAL STRATEGY 7
PRICING STRATEGY 8
BUDGET, SCHEDULE, AND MONITORING 8
BACKGROUND OF THE COMPANY
MISSION AND OBJECTIVES
Coolz jacket mission is to be the leading producer and marketer of personalized, conditioned clothing for consumers who engage in outdoor activities under hot weather. coolz jacket wants to inspire people that even during summer they can still engage in their outdoor activities comfortably. In addition, coolz jacket strives to design programs for preserving the natural environment.
During the next five years, coolz jacket seeks to achieve the following financial and nonfinancial goals:
• Financial Objectives
Obtain financing to expand manufacturing capabilities, increase distribution, and introduce two new product lines.
Increase revenues by at least 40 percent each year.
• Nonfinancial Objectives
Introduce two new product lines—customized logo clothing and lightweight luggage.
Enter new geographic markets.
Develop its own conservation program aimed at helping communities raise money to purchase open space.
Develop brand awareness through a steady, month to month increase of new customers.
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses, the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified (Bruhn, M. 2009). The marketing environment for coolz jacket represents overwhelming opportunities. It also contains some challenges that the firm believes it can meet successfully. Below is a SWOT analysis of the company conducted to highlight coolz strengths, weaknesses, opportunities, and threats.
The SWOT analysis presents a thumbnail sketch of the company's position in the marketplace. coolz jacket has built some impressive strengths while looking forward to new opportunities. Its dedicated founders, the growing number of brand-loyal customers, and sound financial management place the company in a good position to grow. However, as coolz jacket considers entrance into new markets, the firm will have to guard against marketing myopia (the failure to recognize the scope of its business) and quality slippages. As the company finalizes plans for new products and expanded Internet sales, its management will also have to guard against competitors who attempt to duplicate to products. However, building strong relationships with consumers, retailers, and suppliers should help thwart competitors.
• The dedicated founders understand the target market and the product
• The organization has achieved distribution in several markets with quick acceptance
• The organization has little debt thus much potential for growth
• The firm work with competent manufacturers thus ensuring quality control
• The markets got some gaps which can be filled by the introduction of these products
• The firm has the potential to venture in new markets across the country
• The firm can reach more consumers though utilizing social media platform
• A limited number of customers in the country are aware of their products
• The firm has limited cash flow
• High cost of production
• Large manufacturers and firms may soak launch a similar production line
• Relationship with retailers might deteriolite if they believe they face internal competition in the form of social media sales platform.
coolz jacket work with the following objectives in accordance with its vision and mission.
• To build the attention to coolz coat in Australia market inside the primary 10months.
• To make a sale of 9000 units within the first half of the business year. This include both on the web and physical deals
Manage cost efficiently through out to financial year.
The target market for coolz jacket including primarily construction workers who engage in outdoor activities. our market is not only limited to them but also consumers within the age of 25 and 45 people who also engage in outdoor sport like to hiking, rock climbing, other such activities . In short, they like to “Go Outdoors.”
These active consumers represent a demographic group of well-educated and successful individuals; they are single or married and raising families. Household incomes generally range between 60,000 and 120,000 annually. Despite their comfortable incomes, these consumers are price conscious and consistently seek value in their purchases. Regardless of their age (whether they fall at the upper or lower end of the target range), they lead active lifestyles. They are somewhat status oriented but not overly so. They like to be associated with high-quality products that would help reduce perspiration.
Marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place (Kotler, P., 2000). In services marketing, an extended marketing mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by process, people, and physical evidence (Booms, Bernard H.; Bitner, Mary Jo, 1981).
PRODUCT STRATEGY. Coolz jacket currently offers a line of high-quality outdoor air conditioned apparel items including long sleeves, short sleeves etc. All bear the company log and slogan, “Play Outside.” This strategy will keep the concept fresh and prevent it from becoming diluted with too many variations.
Coolz jacket seeks to expand distribution to retail specialty shops throughout the nation. The firm has not yet determined whether it would be beneficial to sell through a major national chain, as some outlets could be considered competitors.
Coolz jacket plans to expand online sales by offering the customized product line via Internet only, thus distinguishing between Internet offerings and specialty ship offerings. Eventually we may be able to place internet kiosks at some of the more profitable store outlets so consumers could order customized products from the stores. Regardless of its expansion plans, Coolz jacket fully intends to monitor and maintain strong relationships with distribution channel members.
PROMOTIONAL STRATEGY. Coolz jacket communicates with consumers and retailers about its products in a variety of ways. Information about Coolz jacket —the company as well as its products—is available via the Internet, direct mailings, and in person. The firms' promotional efforts also seek to differentiate its products from those of its competitors.
The company relies on personal contact with retailers to establish the products in their stores. This contact, whether in-person or by phone, helps convey the Coolz jacket message, demonstrate the products' unique qualities, and build relationships. Coolz jacket sales representatives visit each store two or three times a year and offer in-store training on the features of the products for new retailers or for those who want a refresher. As distribution expands, Coolz jacket will adjust to meet greater demand by increasing sales staff to make sure it stores are visited more frequently.
Sales promotions and public relations currently make up the bulk of coolz jacket promotional strategy.
Non-traditional marketing methods that require little cash and a lot of creativity also lend themselves perfectly to Coolz jacket. Because Coolz jacket is a small, flexible organization, the firm can easily implement ideas such as distributing free water, discount coupons at outdoor sporting events and sites. During the next year, the company plans to engage in the following marketing efforts:
• Organize Coolz jacket hikes departing from participating retailers.
• Hold a Coolz jacket design contest, selecting a winning slogan and logo to be added to the customized line.
PRICING STRATEGY. As discussed earlier in this plan, Coolz jacket products are priced with the competition in mind. The firm is not concerned with setting high prices to signal luxury or prestige, nor is it attempting to achieve the goals of offsetting low prices by selling high quantities of products. Instead value pricing is practiced so that customers can embrace the new innovation and work comfortably even under hot weather. The Coolz jacket long sleeve would sell for $234.99 while the short sleeve and pants would sell for $211.98 and the flames resistant air conditioned shirt would sell for $297.The Coolz jacket will be priced competitively, offering a good value against it competition.
Opportunities exist for Coolz jacket to venture into the Australian markets using its existing strengths. These opportunities show promise for improved returns for Coolz jacket based on the industry market potential. Coolz jacket superior quality, patented products, and diverse product lines are the framework for urban markets success.
The promotional strategy will include advertising, a dealer incentive promotion, personal selling, dealer meetings, trade show appearances, and the use of the company website. Advertising will include articles and advertisements in industry trade magazines, an internal publication on food safety that will be distributed to the dealers and customers, and direct mailings to the end customer for current product promotions.
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