Marketing Goals Essay

1229 words - 5 pages

Marketing Goals

To reach our target market as intensely as possible, have effective promotional plans and keep promotional overheads low. This will be done by nation-wide distribution through large retailers.
Product
Five Degrees of Innovation is introducing an new plastic label remover that fits onto an individual thumb in order to scrape unwanted adhesive labels.
Sales Projection

We projected our sales based on the Contandina case 80%, 30% rule. First we found our main target segment which is 15,015,300 people nation wide. We then adjusted this figure for the amount of awareness (30%) we can generate and distribution channels we can attain (ACV of 35%). This gave us a figure 921,914 people who will buy our product in the first year. Market penetration will increase in the future years as the marketing budget is raised to increase awareness.
Figure 3-
Base
Year 2000 2001 2002 2003 2004
Penetration 3.1% 4.6% 5.85% 5.26% 4.68%
Market Size* 15,015,300 15,015,300 15,015,300 15,015,300 15,015,300
Sales 921,914 1,382,871 1,756,027 1,580,424 1,404,821
Total Sales' 7,046,057



To account for alternative scenarios we changed the percentage of penetration to come up with a best and worst case scenario. We changed the awareness and ACV by 5% from the base case to come up with the sales projections for the best and worst case. To achieve sales projections in the worst case, we assume that the product sales did not pick up as quickly and the awareness did not increase as expected.
Figure 3-
Best
Year 2000 2001 2002 2003 2004
Penetration 4.09% 5.85% 7.24% 6.58% 6.58%
Market Size* 15,015,300 15,015,300 15,015,300 15,015,300 15,015,300
Sales 1,229,219 1,756,027 2,173,083 1,975,530 1,975,530
Total Sales' 9,109,388

Worst
Year 2000 2001 2002 2003 2004
Penetration 2% 4% 5% 4% 4%
Market Size* 15,015,300 15,015,300 15,015,300 15,015,300 15,015,300
Sales 658,510 1,053,616 1,382,871 1,229,219 1,229,219

Total Sales' 5,553,434

Pricing Strategy:
From our questionnaire results we found the average price a person would pay for this product is $2.83 per piece and we will retail it for $ 1.99 for a unit. We will sell this product for $1.54 to the retailers to account for their markup of 30%-35%. Comparable products in the market range from $3.99 - $5.99 per piece. Since our product is a point of purchase product keeping the price low is an essential feature for us to reach the desired sales. Large retail stores follow a concept of Odd - Even pricing. This is known to be a very effective demand increasing pricing strategy, because consumer's tend to see the product in the lower price range than it actually is. Example, if a product is sold for $49.99...

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