Marketing Essay

2899 words - 12 pages

Marketing Plan for the New PriceSmart's Royal Health LotionExecutive SummaryThe following detailed marketing plan forms the basis for the introduction of an innovative, value-added, quality product by PriceSmart Trinidad. The analysis provides us with the opportunity to delineate the best strategies to follow for the realization of the organization's strategic objectives and mission statement. Although the "Royal Health Lotion" does not fall within the core operational area of PriceSmart, the company intends to utilize its recently acquired Lotions Factory to manufacture the product and market it under its groceries segment. "Royal Health Lotion" will be marketed as a unique and innovative functional health and beauty product targeting professional women aged from 21-50 years, and with sufficient income that allows discretionary purchasing and personal spending.The marketing strategies sought, which include online promotions, advertising in women's magazines and employment of sexy and trendy billboards, will assist PriceSmart to not only attain sales revenue of $200 million by the end of the third year, but also reach a market size of 100,000 people in the first year and 170,000 in the third year, forecasting a 70% increase in customers. Additionally, through its new product offering, the company targets to get over 40 percent of the $500 million health and beauty products segment in Trinidad over the next three years, representing a sizeable capture of a market which has been traditionally dominated by multinational companies such as Proctor & Gamble & P&G. Success of the marketing plan will be reflected by the increasing uptake of the product among the target market of high-end professional women, as well as considerable profits and return on investments generated from the sales revenues over the next 3 years.Table of ContentsBackground………………………………………………………………………………4Company Description………...…………………………………………………..4Product Description………………………………………………………………4Current Marketing Situation……………………………………………………………...6PESTLE External...

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