Introduction
After creating a business plan, the next logical step is to come up with a solid marketing strategy for the enterprise and the product. Marketing strategy helps connect selling activities together, streamline product development, determine optimal prices, assist with marketing communications, and contribute to overall organizational impact (Riley, Singh, & Blankson, 2016). This paper focuses primarily on the company’s mission, branding strategy, brand extensions, positioning statement, and customer behavior study of the market, in order to determine a functioning competitive strategy.
Company’s Mission
Defining a company’s mission is paramount for formulating the company’s marketing strategy and improving employee motivation (Walker, 2012). The company’s mission must correlate with the company’s products, the target market, and have a transcendent theme to it. The mission statement must affirm the company’s values beyond the materialistic boundaries of reality.
Company’s mission statement
We work to make our customers happy. Our boxes provide quality, surprise, and intrigue that helps brighten up your day. It is the kind of feeling when you do not know what you will get, but you know that it will be something good. With us, every day will be like a birthday.
Brand Name, Logo, and Slogan
Our products will carry the name of our company, aBox4You. This name is original and represents what we are selling. The use of the number 4 instead of a word is meant to appeal to the younger generations and their slang, which is likely to make the brand more attractive and memorable to them. The logo will feature a colorful gift box with a smiley-face to represent cheer, as well as the name of the company either above or on it. The colors for the box would be yellow and red, with a green sign. All three colors have a positive connotation, according to color theory in branding, and ought to attract the eyes of potential customers (Behzad, 2014). The purpose of the logo is to be memorable, and the combination of bright, friendly colors in addition to a funny and positive image ought to send the right message.
The slogan for our company would be “Sweets, goodies, and trinkets, just for you!” The first part slogan lets the customer know what kind of products we are offering. The last part of the slogan lets the customers know that our services are there to serve them. The individualistic and personal approach is valued in a modern capitalistic society.
Perceptual Map
The perceptual map represents how our customers and potential customers are going to view us. Due to the novelty of our services and products, aBox4You will no doubt attract attention as an interesting product. Our products will also be useful, as they will either be consumable or have a practical implementation. Due to our subscription box service being the first of its kind in Toronto, the company will not have any competition to include in this perceptual map. This is a good thing, as it will allow us to establish ground rules for any future comers to the market. Using this perceptual map, a positional statement can be constructed, which will include all factors mentioned above, as they are important in its formulation (Barton, 2015).
Positioning Statement
Our subscription boxes are designed for customers of all genders and ages who need a bit of surprise and excitement in their lives. aBox4You offers monthly, bi-monthly, and quarterly thematic subscription boxes, which include many goods and items, ranging from small trinkets to sweets, sauces, and other consumables. The selection of goods varies from one delivery to another, so that you may never know what to expect. At the same time, our company will ensure quality that will tempt your palette with exquisite foods and leave you craving for more. This service is the first in Toronto, offering an array of goods and a fresh experience, unlike anything you have experienced before!
Brand Extensions
The philosophy behind brand extensions lies in creating products that are both similar and different to your main brand. For example, a brand extension may provide different products yet be similar to the main brand in terms of service and delivery (Kalamas, Cleveland, Laroche, & Laufer, 2014). Brand extensions must use the same concepts of the 4P marketing mix as the main branch. For our brand, I see two possible extensions:
- aGift4You
- aGadget4You
aGift4You will be in line with the company’s mission of spreading cheer and providing intrigue and surprise in peoples’ lives. It will be a gift delivery service that will rely on the company’s transportation system. The customers will be able to purchase items from an e-shop and have them delivered to their friends, neighbors, and loved ones already wrapped up and decorated for the occasion. Holiday cards may be included and placed in the box, containing the name of the sender and words of kindness and cheer.
aGadget4You, on the other hand, will deal with small electronic pieces and devices that might be useful to all, but with a focus on the male audience. It will function like aBox4You and have a similar working business model. It will rely on aBox4You’s renown to promote itself and will use the same transportation and distribution system.
Customer Behavior
According to Bischof, Bottger, and Rudolf (2016), subscription boxes were well-received in the USA, where they first appeared roughly a year ago. This new service capitalized on a habitual customer need for buying something they do not know, yet without risk of ending up unsatisfied. This psychological effect can be observed in children opening birthday or Christmas presents, or tabletop card gamers opening new packs with cards. The model of selling unknown collectibles in packs was successfully exploited in the card-gaming industry. Based on the success of subscription boxes in the USA, it is safe to assume that the product will be well-received in Canada, as Canadians share similar views with Americans in terms of habitual buying and entertainment.
The price range of our products and subscriptions will be set to affordable, to encourage habitual buying and impulsive subscribing, as our target audience – middle-class families, will not feel the subscription boxes taking a toll on their budget. Colorful appearance and edible nature of our products will look equally attractive to both children and adults.
Our advertisement campaign will be aimed to influence customer behavior in a favorable way by informing them of our products, thus creating a positive information field, and provide a strong point of purchase. Frequent contests and discounts will help build loyalty and increase revenue from customers.
Conclusions
Branding strategy and customer behavior are intertwined, as the former is meant to influence the latter in a favorable way. By having an attractive mission statement, brand name, and logo, aBox4You will be one step closer to claiming its desired market share. Analysis of customer behavior in other countries shows favorable results for opening a subscription box business in Toronto. A lack of competition, Canada’s economic prosperity, and a large number of potential customers in Toronto will contribute to the success of the company’s market strategy.
References
Barton, L. (2015). Active positioning: The importance of relevancy. Journal of Marketing Perspectives, 1, 48-54.
Behzad, M. (2014). The art of packaging: An investigation into the role of color in packaging, marketing, and branding. International Journal of Organizational Leadership, 3(2), 92-102.
Bischof, S.F., Bottger, T., & Rudolf, T. (2016). What’s in the box? Risk in surprise subscription models. Association for Consumer Research, 5(3), 1-15.
Kalamas, M., Cleveland, M., Laroche, M., & Laufer, R. (2014). The critical role of congruency in prototypical brand extensions. Journal of Strategic Marketing, 14(3), 193-210.
Riley, F.D., Singh, J., & Blankson, C. (2016). The Routledge companion to contemporary brand management. New York, NY: Routledge.
Walker, J.L.G. (2012). Mission statement creation and dissemination in service organizations: reaching all employees to provide unified organizational direction. Communication and Theater Association of Minnesota Journal, 39(6), 84-106.