The purpose of the marketing plan is to introduce new product, high-end sunglasses which has special features of being long lasting and are custom made. The special features are likely to make the product competitive. The plan will be implemented for one year after which it is expected the sales volume to be over 500,000.
The mission statement for the sunglasses is “To be the leading market supplier of sunglasses in the country within duration of one year”
This gives the marketing personnel to know what is happening in the firm and in the market. In order to understand the situation surrounding the product and market, a lot of research needs to be carried out in the market. Secondary sources of information are also employed. Primary sources of data include having to fill a questionnaire and collecting information from the citizens. Secondary sources of information include getting data from the library or online databases.
Among the main areas of concern here include;
- Analyzing the product
- Market analysis
- Financial analysis
- External analysis
It is expected that the product is will have special features which makes it to be at competitive advantage. Though this is not a new invention, the product has been innovated. The average price of the product will be 5 dollars. After entering into the market, future changes are expected to be made after considering the various pricing strategies. With time, the sales volume will dictate whether we are price takers or price setters.