Draft: Marketing Plan – “PCHS Vision Productions”
Brysen, Markus, Chris
Executive Summary
The main goals that were set for the PCHS Vision Production video yearbook, was to research and survey the students and find out, what they were interested in seeing in the video yearbook. Also, to find out how many students were serious about this product, and really were interested in it. Another important goal was setting the amount the video yearbook will cost. Setting the price too low would mean not making any profit, but would satisfy the customer since the price is low. Setting the price too high, would not attract as much customers as we would like to have. So we thought of a price that is reasonable for both the customer and the business. Setting it at $13 is reasonable enough, since making the video itself cost $10 and $3 for the CD jewel case.
Demographics
There are currently 2,150 students that are enrolled in Pearl CityHigh School. 84.1% of the students enrolled in this institution of higher learning are within the school district. For the past three years the number of students enrolling at Pearl CityHigh School has been consistent.
Economics
The economic state of our students is higher then the average state household, so we are expecting to sell more video yearbooks. The households of our students average $12,670, more then the average state households. Only 3.8% of our students need public assistance income compared to the 6.8% statewide. So in closing our students economic state is well over the state average.
Natural Environment
The location of the office will be in school. The film crew will have to go off campus and on campus to get to the events. The video it self will be made on campus and all the products and the tools needed to produce the video will be stored on campus.
Distributing the video yearbook isan important factor for us because we’re we want to get the product to the costumer. When we give the product out we will give it out after graduation in school and have the option of mailing it to there home.
Technological Environment
The technology we will be using to put together the video yearbook will be a Sony Digital Camcorder, to record high quality video with sound, a Digital Camera to capture high definition digital pictures to print and use for on the cover of the video, and to put it all together, we will be using a G4 Macintosh computer with I-movie to put the whole video yearbook together. It’s important to have the right equipment in putting together this type of product.
The overall technology of the equipment that we use can be improved if we had the money and people who know how exactly to work it.
Political/legal environment
Our political and legal environment is that we are mandated by the Department of Education. We have to raise money and deposit it into an account through the school, and must follow all Department of Education financing. We also have to follow copyright laws when we use music, software, and any video dealing with people. We need to have waivers for the students in the video, if the student does not return the consent form confirming that he/she can appear in video, we will not be including them in the video yearbook. And the educational software has to be able to be presented publicly. We need to obtain the permission of the copyright holder from the music that we include in the video yearbook in order to use it.
Consumer Market Analysis
The characteristics that are important in the buyer behavior are income and the interest in movies. In 1998, children from the ages twelve to nineteen, spent more than ninety-four billion of their own money. “Teens spend fifty-six dollars of their own money, and up to twenty-eight dollars of their parent’s money.” This shows that the twenty dollars from their parents will be more willing to be used on the video yearbook, and also shows they have enough financial resources to purchase our product.
Peers often times influence other peers by the way others purchase. One example would be, if one kid were to buy a pack of Pokemon cards, his peers would also want to have the same thing. One type of parental influence is the parent giving the child money to purchase a certain item, because the parent won’t give them the money to buy just anything.
Pearl CityHigh School surveyed five hundred ninety-four students. It showed that juniors and seniors are the most willingness to purchase our product. It also shows that the juniors and seniors that participate in a club, or sport, and or student government are more likely to buy our product. We found out that 22% of juniors and seniors participate in a club and another 22% participate in a sport. This shows that our target market is juniors and seniors that are active in extracurricular activities at school.
S.W.O.T Analysis
Weaknesses
Lack of staffing
If there was more people working thenthey could do more and get more done before they had to print it. More people to send out on different projects if there is not enough and there is like three different things going on they will not be able to cover it all.
Lack of commitment
If there is a lack of commitment projects will fall behind and the video yearbook will not be done in time and you will lose profits because some will want there money back and in the up coming years there will be a lack of confidence in the company.
Lack of equipment
If there is a lack in equipment the project will not come out as well as they can come out with the right equipment and if there is no shortage they can finish the video yearbook faster and on time.
The Introduction Stage
If we advertise the product properly then we could meet the quota of expected sales. So we have to follow through on our market research to meet our quota.
Threats
Regular yearbook
There will be a large threat in the regular yearbook because most will want some thing that they can open find what they want and close it, and there will be the people that want to have there friends sign there book, and the last the old fashion people that like to have every thing on paper the hard copy something that cant be lost as easily.
Graduation/PC video
Yes, there are compotation but if your video shows them something like no other there is any compotation. We also can help each other too. We can share some information. And show that we care about them by donating some of our profit to them so we well gets more sales and good Public Relations.
Lawsuits
There will be some violations with the PCHS video yearbook as to having people copy certain things and having distribution of “fake” copies that other people will be producing and selling for a much bigger profit.
Piracy
There will always be people in the act of piracy out there that willbe making copies and giving them out for their own sales. We can’t stop everyone from copying the video, but we can make it so the price is low and they wouldn’t feel tempted to do it.
Strengths
Experience
Experience of the teacher
With the teacher he or she can train the students to become better
in that field
Experience of the peers
Our peers will do the video yearbook so they will have a similar taste in what should be in it.
Experience of the buyers
Being that this is the first year it’s being produced there are no
expectations or ideas of what it will be like.
Experience of the staff
Because we will have an experienced staff the group will be able to get more done instead of teaching them what to do.
Able to get shots
Because the students will be working on this project,they will be in charge of shooting whatever they feel other students will want to see for their own personal interest.
Opportunities
Earning money
Because you are making a profit you can do:
Sales promotion of the product.
Upgrading equipment to create, edit, produce the product
School based
Include as an option with school fees
With this option you can get more buyers because there parents will buy them too. So if the student does not bring the form home, they can pay for the video yearbook along with their school fees.
Specialize in specific school activities
Because this is a school based business, you can use the activities in or from school.
School partnership
Because this is a school based business, you can make a partnership with the school so that way you are more insured
Supportive administration
With a supportive administration, the quality of work can be better.
Advertisement in yearbook video
With this you can cut the prices of the video and give local business a boost
Discount if pre-ordered/ paid with school fees
If we do this, it will give the students a chance to get it cheap and give us a good starting point of how many video we plan to sell before school starts
Marketing Problem
The PCHS Video Productions is a school based business. This business is working on making a video yearbook for the students and family of the PCHS. We are a new company so we have to find out what kind of product and what kind of format the target market would like. The business staff is small, they are from the advance photography class that are highly qualified to get the video done. We have limited financial banking so we can not put to much money into our first year. Our product is new, unseen, and unsought by the students and family of PCHS. We will have a harder time selling this now because of no real history or knowledge of the PCHS video yearbook.
Because this is the first year for PCHS Vision Productions we are unaware of what the consumers want in a video. Some students may want graduation, proms, sports, clubs, etc… and some students will not want some things, and some may want other things. So we have to find out what in detail would be good to cover within the video.
Price is important because it will determine how much people will buy it. If we make it too cheap, most people will want to buy. The people who might not want to buy it might think that because of the reduced price, or think of the lack of quality. Also if it’s too cheap, PCHS Vision Productions may not make a profit, but take a substantial loss. Also if the product is too expensive, no one would spend that much money. So we have to find the median between the prices to come up with a final price. Based on the information we need to find a good price range that we can use and find out how much of the target market is willing to pay for the video.
Marketing Strategies Proposal
Product or Service
Our product is the PCHS Vision Production “Video Yearbook”. From the survey that we took we are recommending that we concentrate on the Junior and Senior class that take part in a club or sport. Because of this we have a higher chance of selling more and it shows that 31% of the Junior and Senior want the “Video Yearbook”. We will also include proms, homecoming, sports, winter ball, and assemblies. The video yearbook will most likely to be a DVD because 95.1% of the people that took the survey wanted see it on DVD instead of in VHS format.
Price
The cost of the yearbook should be something the consumer will be willing to pay for. We gathered the information from the surveys that all four classes took and we came out with the cost of the video yearbook. We figured the cost of the yearbook would be set at a reasonable $14 per video DVD. The reason we set it at $14 per copy is because it cost $10 to make and produce one DVD, and it costs $3 for the DVD jewel case, so the price of the video yearbook is set at $14, that is a reasonable price for the video DVD. We would be making a dollar profit from each sales, but after evaluating the surveys, 30% of the votes went to the $13-$15 price range. If we set the price to low, we would be losing profit, and if we set the price to high, no one would be willing to buy the DVD. Looking at the survey, about 60% of the voters said they would be most likely to pick up the yearbook if their parents were to pay for it along with their child’s school fee. So more parents would be willing to pay for the extra $14 because it’s a low price for the DVD.
Promotion
To promote the DVD, we were thinking of promoting the digital video disk through posters. If we promote the DVD yearbook with posters all around the campus, then it would help get the word out on our product. The internet is a great tool of promotion. Another tool that we could use sneak preview to get people to know about how great the DVD yearbook is.
Place
We will be selling the video yearbook by mail or pick-up at the yearbook classroom. We will recommend that the video yearbook can be bought together with the payment of school fees and be sold with the other yearbook later in the year too. The video yearbook will be produced on campus and then be sent out for copies and finalization.
Budget
We will be advertising the video yearbook through posters, school newspaper, in the morning bulletin, and announce it during pep rallies and assemblies. Thecost for promoting the video yearbook will be at a minimum because we will be using school based resources such as the bulletin, assemblies and newspaper. Supplies such as pens, ink for printing, and paper will be provided by us and will cost very little.
Evaluation Plan
We will be keeping track of total sales by giving the consumers receipts. We will compare the sales to the projected sales before the product was released. Since we are following all the guidelines and rules, there will not be any questions concerning what we are making. We are not breaking any copyright laws in any way because we will not be copying any material used in the video yearbook.