Project 4: Comprehensive Marketing Strategy
Project 4: Comprehensive Marketing Strategy
Develop a Marketing Strategy for introducing your new product or service. This should be a culmination of the past two projects with additional information. You can use any information or sections of projects 2 & 3 that are relevant. The textbook goes in depth to explain marketing strategies as a whole and I urge you to review these sections of the textbook. The point of this project is to create a comprehensive marketing strategy for your new business.
Below you will find an outline for the final project. I hope that you will find this helpful- please email me with any questions that you have.
Outline:
I. EXECUTIVE SUMMARY: This one page section summarizing your entire document. This is -the last thing you write for the report, but it is placed at the beginning of the report.
II. BODY OF REPORT:
A. Your Company--brief description (one page or less) providing background information on company.
B. Target Market--include a detailed description of relevant market, including various market segments, statement of primary target market and secondary market. Try to estimate the size of the relevant market. Discuss relevant trends in the market, i.e., growth or shrinkage of market segments, etc. Also describe geographic location of target market(s), demographic characteristics of target market(s), and what underlying needs and/or wants of target market(s) are you satisfying with what you offer.
C. New product(s)--goods and/or services--in addition to a description of new product, this section should include benefits the product(s) offer the end-user; brand name (if applicable), packaging, (description is somewhat dependent on nature of product and whether you're dealing with a good or service).
D. Price--price of product and competitors' prices--depending on nature of product, discuss gross margin or profitability of product. How price sensitive is target market(s) in this product category? Will they stray if the price point is too high or are you the only game in town?
E. Place--description of distribution channels (if a retailer, description of store location and physical appearance of store).What is the ideal market exposure level for this product? Describe the relevant middlemen and retailers, if any.
F. Promotions--description of personal sales, advertising, sales promotions and publicity you will use. You can add your flyer as an appendix page if you plan to use it in your marketing strategy. Your advertising, promotions, etc should include more items than just a flyer.
G. Projected sales estimates for the first years. How many items do you plan to sell? If possible, estimate basic costs as well. Explain assumptions you made, why, and show calculations.
H. Competition--list of competitors; discuss the strengths and weaknesses of each competitor. Why you view them as a competitor or why you think you will offer better service.
I. Other relevant "Uncontrollables"--discussion may include economy, law and politics, demographic and social considerations, technology, etc. Include anything that might stand in your new business’s way.
III. APPENDIX
A. Resources- include a list of resources in APA style. Make sure to include in-text citations throughout the paper where you used the information.
B. Attach any flyers, promotional materials, graphs, pictures, logo, and any other relevant information about your business here.
Project guidelines were adapted from the following source: http://www.muhlenberg.edu/depts/abe/business/gail/newprod.htm
Insta-Tix
The concept of Insta-Tix is an instant ticket website and application that provides a paperless way to search and purchase tickets to a customer’s preferred venue at affordable prices. Ticket options would range from sports to concerts and everything in between. Insta- Tix would also offer tickets to Movie theaters and theme Parks. Insta -Tix would play as a one stop shop for any recreational ticket need. Everyone is consumed with their phones nowadays and there is an “App” for almost everything. The convenience of Insta-Tix would eliminate the need not only to visit venues to make ticket purchases but also provide services that would be usually provided by multiple apps and websites.
With the advancement of technology, the tickets purchased on Insta-Tix can be used by all venues by scanning the barcode issued to you upon purchase. By issuing the barcode directly to a mobile device, it eliminates the need to keep up with the location of paper tickets. Tickets can also be purchased and transferred or gifted to other app and web users by sending confirmation information and correctly completing challenge question for security measures.
To create the Application and website with a domain would cost about $100,000 for startup. The Application itself would be able to be downloaded and accessed through the two main servicing domains OIS and Android. The Insta -Tix App would be equipped with access links to Social Media outlets and review options. Obtaining the tickets themselves and selling them at a competitive rate would be the most complicated portion for the company.
Insta -Tix would offer package deals that would provide a cheaper retail option for a bulk purchase of tickets. As the company grows I would aim to provide personable VIP packages that could include “Meet and greats” with different Sports Team players and Entertainers.
Retail Value for each ticket would vary based on the type of event or show being attended as well as section and seat preference. The closer to the stage of main event, the higher the ticket prices would be and vice versa. I would also try to incorporate a loyalty system once established to reward the customer with discounts or potential savings options.
Sources:
“How Much Does an App Cost: A Massive Review of Pricing and other Budget Considerations.” Savvy Apps, savvyapps.com/blog/how-much-does-app-cost-massive-review-pricing-budget-considerations.
Insta-Tix Marketing Mix and Promotional Flyer
Product: The Insta-Tix Service has been created to appeal to the new age users of technology. By servicing from any mobile device with internet access, a convenient ticket purchase can be made at the click of a button. Daily organizations and companies are leaning towards paperless routes of conducting business. Through the download of an e-ticket Insta-Tix removes the hassles that come with the traditional ticket sales.
Place: Place is concerned with all the decisions involved in getting the right product to the target market’s Place. The internet can be accessed by all different types of devices in a matter of seconds. The Inst-Tix Phone Application or website, paired with any internet or network access will allow for 24 hour access to the Insta-Tix service.
Promotion: Promotion is concerned with telling the target market or others in the channel of distribution about the right product. By having a service that is accessed online, opens up options for advertisements on several sites and web venues. Advertisements at the different venues can be used Inaddition to just the Insta-Tix Application or website, Social Media can be used as a promotional tool to reach a wide range of people in literally all parts or the world. Involving the use of coupons, point-of-purchase materials, signs, contests, events, catalogs, novelties, and circulars could also grasp the attention of the target audience.
Price: Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix. Most of the pricing for tickets of competitive services are accrued through service charges, facility charges, and processing charges. Tickets have been face valued at $50-$100 and have been resold at $300-$7,000. By being able to transfer tickets within the Insta-Tix Application and Website, ticket Inflation can be limited instead of huge spikes in prices. Insta -Tix could attempt to obtain partnerships with concert venues to assist with the offset cost of the additional charges, which would allow the prices to be significantly lower that competitive companies.
Sources:
Marks, Tod. “Why Ticket Prices Are Going Through the Roof.” Consumer Reports,
“Fees.” Ticketfly, support.ticketfly.com/customer/en/portal/articles/766985-fees.