Choosetheprice Website’s Marketing Plan Coursework

Summary

This paper would gradually explain the www.choosetheprice.com’s product and services, present situation, description, challenges, SWOT analysis, target market and market segment and competitors as a part of the website’s marketing plan.

Product & Services

ChooseThePrice.com is not negotiator of transactions but an US publisher of information of sized assets by the government. It doesn’t engage in marketing activities directly. It is a source of is information for products and services. From different sources it obtains its information. ChooseThePrice.com doesn’t justify the sources. They carry on the assets and properties ‘as is’ and ‘as available’ basis devoid of any kind of warranties. ChooseThePrice.com also does not justify the accuracy or correctness of information. Users have the access to site all the time from any where and allowed to edit their information. ChooseThePrice.com renounces any accountability and guarantees for purchases, financing and all kinds of transactions concerning products and services of ChooseThePrice.com. All the services used by any user are exclusively at users own risk. The company is not legally responsible for any indemnity that effect from unfair use. It concerns to supposed liability yet proviso ChooseThePrice.com has been suggested such harm. The company is not allied with some state or federal department or agency at any means.¹

To avail ChooseThePrice.com service users at first step choice his preferred vehicles or property. At second step the client have to making the preliminary contact. At third step he can join a face to face presentation and conclude the deal with proper paperwork and Insurance.

The product and services offered by ChooseThePrice.com have been included as government auctions, real estate auctions, land auctions, foreclosure, auto auctions and car auctions. The product and services are also included government surplus, repossessed vehicles, seized assets, seized property auction, seized boats & vessels and unclaimed money. There are also some items handled as auction jewelry and defaulted property.

Situation analysis

• Market situation: The Company is well-organized in restructuring capability with the technological development and enriching huge product categories.

• Product situation:To carry out the product situation, the following information is significant
  • Explanation of total sales
  • Action cars = 70%
  • Boat, vessel and truck = 9.07%
  • Action home = 9.07%
  • Land = 8.86 %
  • Other sales = 3%
• Competitive situation: Choosetheprice.com’s main two main competitors are GovernmentAuctions.org and www.Bargain.com. Both companies are deals with same actions product. Among all the competitors GovernmentAuctions.org holds the first position and its marketing strategy is more powerful for their fair policy. So, in 2009, Choosetheprice.com will attentively analyze the marketing plan to maximize its profit.
• Environmental analysis: Choosetheprice.com environmental position will depends on PEST². Their sale increases every year, therefore its profit have been increased about 12% per year. However, for recent global financial crisis may adversely affect its sale.
• SWOT analysis
  • Strengths:
    • Strong networking is the main strength of www.choosetheprice.com
    • www.choosetheprice.com has excellent brand awareness It has the experience and efficient employees to serve the customer’s needs
    • sometimes citizen can not afford their mortgage or catch by legal problems. In this circumstance, banks or other institutions get the right to sell the property..com to make it easy to sell the property on time
    • Choosetheprice.com spread its business all over the world through its websites,
    • Forward going network and elimination of extra costs.
    • Availability of new cars at lower prices, customers can save up to 90% of the original price
    • Strong administrative control
  • Weaknesses:
    • To reach a customer, it should have to provide adequate data and information.
    • Pricing and availability for all sorts of customers.
    • Relatively smaller budget for promotion. It has mainly spent money on online advertisements.
  • Opportunities:
    • It has the opportunity to provide quick customer service with high satisfaction
    • It has the opportunity to compete with its competitors
    • It has Strong capital for further expansion.
  • Threats:
    • the main threats to this company are the recent financial crisis, rising interest rates, unemployment problems which can reduce its sales.
    • Competitors are threats to Choosetheprice.com
• Target Market: This strategy and action, decision responds to the question, “what is www.choosetheprice.com’s target market?” Some possible decisions that would be made for each variable
• Market segmentation: Choosetheprice.com must decide first which segments offer the best opportunity for achieving its objectives to increase sales and profit by creating long-run customer relationships. Its market segment is mainly considered the US market. However, its market segments will consist of buyers with different needs, characteristics, or behavior who might require separate products or marketing programs. In this regard, choosetheprice.com can prepare market segmentation in terms of-
  • Customers who want luxurious products at a reasonable price.
  • Customers who care mainly about the price of the products.
  • Customers who think to get high quality products.
• Target Customer: Choosetheprice.com’s main target market for its sized car and home are upscale and middle- income level people who want to maintain luxurious life-style.
• Market positioning: By using perfect positioning module, Choosetheprice.com’s can position its items in a clear, distinctive and particular way to the target customers mind relative to the competitors.
• Product line: Kotler, P., Armstrong, G. (2006) stats that the product is the first element of marketing mix. Its product line includes seized, used and impounded cars, seized property, seized boats or vessel, land, household property, unclaimed money, auction jewelry etc.
• Price: The purchase price will not be fixed for the year 2009. price will be lower than the original price. The price will be determined by bargaining at the time of action sale.
• Distribution Channels: Thompson, A. et al (2007) stated that the third elements of marketing mix are distribution mix of the product. It is depends on retailers, whole sellers as well as representatives of the company. Choosetheprice.com has strong networking system to cover whole country. It offers the commodity and assets on the basis of ‘as is’ and ‘as available’ condition. People can view the Catalogs online and communicate himself for a face to face visit and finalize the deal with proper documentation. Thus the buyer is responsible to transportation of goods.
• Promotion: Kotler, P, and Armstrong, G (2006) explained that promotion is the fourth elements of marketing mix. Promotion introduces the products to the customer by advertising³. Every year www.choosetheprice.com expends lots of money for online advertising purpose.
• Advertising: to increase sales it will develop a new advertising campaign that supports the positioning strategy, emphasize higher – price units in the ads, increase the advertising budget by 5%.
• Choosetheprice.com should evaluate each market segment’s attractiveness and select one or more segments to enter. Running through an equal speed with the major competitors, Choosetheprice.com will develop niche marketing by remaking its distinguished TV, stereo set, or other compact disks for specific markets. In order to select the target marketing strategy, it should consider a number of ideas
  • In 2009, it will follow a differentiation strategy for leading, growing and accelerating internet and business solutions for auction selling, service level and marketing.
  • Its first and foremost strategy is to encourage people at improved means.
  • It will maximize profits through competitive dynamics and global strategy by understanding consumers, brand development, supply chain and channels and technology.
  • Future growth and integrated supportive management of corporate-level strategy.
  • And finally, Collaborative strategy for research, authority and other organizations within the same industry.
  • It will develop the market position of a product in the product life cycle (PLC) and product position in the Matrix.
  • It will consider competitor’s marketing strategies etc and variability.

Competitors & Substitutes

ChooseThePrice.com deals with different auctions for vehicles and properties offering the buyers too many opportunities to purchase properties at a low price. This is the online marketplace where buyers get assets as per their capabilities. Researches demonstrated that ChooseThePrice.com auctions always offer at least 90 percent savings based on market rates. Through encouraging ChoosethePrice the developers and affiliates are able to make as a great deal of 70 percent for each sale.

At ChooseThePrice.com each day thousands of vehicles & homes are auctioned. The assets seized by the government and mortgage institutions are source of supply of ChooseThePrice.com.

Milen, P. (2007) mentioned that ChooseThePrice.com’s services cover each US state and for the first time it offers seized properties obtainable for the general public. It is the official starting place of government vehicle recouping. With a strong database of thousands of vehicles, numerous of them starts at low price like $100 when the home prices as little as US$ 10,000.⁴

The most countable compotator of ChooseThePrice.com is GovernmentAuctions.org. Though ChooseThePrice.com stated its journey in 2005, GovernmentAuctions.org® has driven in the market before it is a part of Cyweb Holdings Inc. GovernmentAuctions.org is a membership oriented website that assists the users to locate and participate in government auctions. The users can accomplish each triumph buying goods at the ordinarily level of retail prices. At the same time the company can purchase at a noteworthy discounted price. As company GovernmentAuctions.org is older then ChooseThePrice.com. Being a New York based holding, GovernmentAuctions.org® provides elevated quality of web pedestal information services to the nation. Its owner was the US civil servant with background of legal educational degree. ⁵

The GovernmentAuctions.org blog has concerned as well defined and turn into a cultural phenomenon in current years. Its blog posts are so effective that they make available a personal and exceptional way to exchange ideas with our present and the prospective customers. The blog of GovernmentAuctions.org not only acquires the writings of forthcoming auctions but also provides impending auctioneers an effective experience about the auction process and real life trade. ⁶

Bargain.com® is another compotator of ChooseThePrice.com. Bargain.com is a leader in the network shopping industry. It was founded in 1995 as a brand name of Bargain Network, Inc. Bargain.com has effectively shared forward-looking proprietary seeking technology with superior customer service. Bargain.com is the leader of shopping service for vehicles, homes and consumer goods. Bargain.com stands apart from its shopping opposition for the reason that it offers several things at a single point. Bargain.com refuses reward or charges from any selling party when its members get absolute best prices. Bargain.com is confident on its abilities to make available the lowest prices for its members Bargain.com offers an opening charge free trail period for all the new users. Users are allowed to sign up and get instant entrance to discover and get pleasure from the benefits of the widespread bargain network. Bargain.com’s user friendly search tools allow the users to quickly start price comparison to locate the best category.⁷

From the above discussion of competitors of ChooseThePrice.com, it is found that both the competitors GovernmentAuctions.org and Bargain.com have a good network, customer base and experience. But the competitive advantage of ChooseThePrice.com is that it is recognized as an official site for government auction listing. Consequently, none in the market would be capable to bit its pricing. People also get 90 percent off of the price. This strength is developing the site day by day as most favorite for online shoppers and the company should turn into a market leader. Moreover, the company consists of personnel and management with high profiles. The management is forward-looking, with a shared vision and has widespread experience in business, legal issues, software and information technology. The management is committed to exercising their surroundings and acquaintance to create and sustain greater information products.

Bibliography

Bargain Network, Inc. (2008), Bargain Shopping on Everything Find Lowest Prices: About Us. Web.

ChooseThePrice.com (2005), Warranty and Liability Disclaimer. Web.

GovernmentAuctions.org (2007), About Us.

Griffin, R. W. (2006), Management, 8th Edition, Houghton Mifflin Company, Boston New York, ISBN: 0-618-35459x.

Kotler, P., Armstrong, G. (2008), Principles of Marketing, 13^th Edition, Prentice-Hall of India Private Limited, New Delhi, ISBN: 81-203-2825-6, pp-25-49.

Milen, Paul (2007), Luxurious Cars & Homes for Auction. Web.

PRNewsNow.com (2008), BargainHunter Portal GovernmentAuctions.org Reports Large Increase in Popularity of Its Government Auctions Blog. Web.

Quantcast (2008), choosetheprice.com. Web.

Stoner, J. A. F., Freeman, R. E., and Gilbert, D. R. (2006), Management, 6th Edition, Prentice-Hall of India Private Limited, ISBN: 81-203-0981-2, pp-30-45.

Thompson, A. et al (2007), Strategic Management, 13th edition, Tata McGraw- Hill Publishing Company Limited, New Delhi, India, 16-23.

Footnotes

1. ChooseThePrice.com (2005).
2. PEST: Political, Economic, Socio- cultural and Technological environment.
3. Kotler, P., Armstrong, G. (2008), Principles of Marketing, p-34.
4. Milen, P. (2007).
5. GovernmentAuctions.org (2007).
6. PRNewsNow.com (2008).
7. Bargain Network, Inc. (2008).