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Knitknit Company’s Marketing Plan in New Zealand Report (Assessment)


Reflection

The marketing plan of KnitKnit aimed to introduce handicraft products into the New Zealand market and publicize the Chinese culture. Because traditional Chinese culture incorporates many interesting fairy tales, it was expected that the products based on these stories would interest consumers. To promote our products, we used WeChat, QQ, and Facebook. We planned to sell twenty pieces of handicraft in the first week to meet the break-even point. The materials needed for the production cost very little, so it was expected that the profit would have been made easier. During the second and third weeks, we planned to sell thirty more products. For the fourth week, our sales target was twenty items. Since the cost of one item was $0.40 and the price was $2 per piece, the net profit from selling seventy products would equal $140. The gross profit would be $112.

We had some apprehensions about sales results, but our income showed that we need not have worried. During the first week, we sold thirty items, which exceeded our expectations by ten items and fifty percent. Thus, we managed to meet the break-even point and even surpass it. Such a state of things gave us confidence in our enterprise and inspired for future production and sales. Within the second and third weeks, we sold fifty items of handicraft versus the planned thirty products. We realized that our products interested customers.

Also, we asked the buyers where they had found out about our products. People answered that they had either heard about us from friends or seen the advertisement on Facebook, WeChat, or QQ. With the help of that information, we could make conclusions about the success of our promotional campaign. We decided to continue telling people about our company and its products on the internet as well as asking our customers to share the information with their friends and families. Also, we increased the number of products available since we expected a rise of interest in the last week. Our expectations came true, and in the fourth week, we sold forty items. During that week, we realized that our company’s goals were achieved and even surpassed our expectations.

The sales results indicated that our marketing campaign was successful. Our prices were not high, but taking into consideration the expenditures, the profit was good enough for such a small and brand-new company. Our customers showed great interest in KnitKnit products and inquired about the new items. Frequently, people bought something for themselves and then returned to buy something as a present for their friends. We can say that the sales results were rather productive and inspired us to expand the range of products and arrange more salespoints. The project was rather successful, and we were happy to see that customers loved our items inspired by Chinese culture.

Conclusion

Our company KnitKnit had several major sustainability objectives, the results of which will be discussed in this section. There were four types of aims: economic, environmental, social, and cultural, and ethical. Each of these goals was achieved to a sufficient extent.

Objectives and Outcomes

Economic objective and outcome

Our economic goal was to make a profit of $112 during the first four weeks. This objective was achieved, and we even demonstrated outperformance. Instead of selling seventy items of handicraft, we sold as many as a hundred and twenty products.

We believe that such success was associated with a low cost of materials and a low price of the items. Moreover, the idea of creating something based on culture appeared to be a beneficial approach. Our customers were rather interested in buying something authentic and unique. They told their friends about us, which increased sales.

Social objective and outcome

We intended to donate 10 percent of our income to a local Chinese school. We contacted their administration before launching the project. The school showed interest in our company and supported our endeavors. An example of their support is that some pupils agreed to promote our products on the internet. Thus, we had more time to dedicate to buying materials, making handicrafts, and choosing places where we would sell them. At the end of the fourth week of our campaign, we contacted the school again. We told the administration that the sales were not what we had expected. They said it was okay, and they would accept anything with gratitude. Then we informed them that our sales surpassed all expectations, and we could donate much more than we supposed in the beginning. The school administration was very happy and grateful. They said that with the money we donated, they would but equipment for the art classroom. Also, they promised to help us in any further promotional campaigns. We were rather happy that we had an opportunity to help a local Chinese school. Since their culture inspired our company’s products, it was rather pleasant to be able to express gratitude to them in such away.

Environmental objective and outcome

Our environmental endeavors were reflected by using recyclable materials when creating handicraft products. We realized that being environmentally friendly would increase our chances of success. Therefore, we bought the materials that were biodegradable or could be reused in one way or another. When we asked our customers about the role of the environmental element in purchase preferences, the majority admitted that they paid great attention to it. Thus, we concluded for the future to continue using the materials that could be reused or recycled. Taking into consideration the number of environmental problems in the world, everyone should make an effort and save nature.

Cultural and ethical objectives and outcome

Cultural and ethical aims occupy an important place in achieving the company’s success. No matter how many resources one may have or how imaginative its promotional campaigns may be, a healthy working environment plays a crucial role. In KnitKnit, culture and ethics of work relationships are established at the highest level. Company leaders are thoughtful and creative. They always know how to interest employees in new projects. Also, it is necessary to mention that our leaders practice a democratic leadership style, which means that every employee can take part in the decision-making process.

Such an attitude increased the team’s productivity and raised their interest in the company’s success. When we started the project, the leaders listened to all ideas and chose the most efficient ones. Then, collectively, we agreed upon the idea that seemed the most reliable. Company culture and ethics were also demonstrated through the team members’ communication approaches. At each stage of implementing the project, everyone was friendly and supportive of others. There was a team spirit and willingness to achieve the result together. I believe that such an attitude was one of the key factors why we succeeded.

Human Factor

Our project would not have been successful without people who created it as well as those who participated in it. What concerns the first group, we believe that our team played a crucial role in the project’s success. When people have a goal and strive to reach it by all possible means, they are bound to attain good outcomes. In the case with KnitKnit, we had a friendly team and wise leaders. Everyone was ready to come to the rescue if something did not work properly. Our team spirit made us friendly and responsible for the project. Due to such good relationships within the company, we arranged work at a good level and achieved an adequate profit.

The second group of people whose support was crucial for the project was constituted by our customers. These people were friendly and helpful. They showed a sincere interest in our products, which gave us faith in what we were doing. Moreover, we enjoyed working on the attainment of our social objective very much. It was great to realize that our efforts were not in vain, and we were able to help a local Chinese school. It is always pleasant to know that your deeds may benefit somebody. We enjoyed working on KnitKnit project and hope to maintain a high level of achievement in the future. Our progress was greater than we had expected, which will inspire us to come up with more ideas and put them into practice.

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IvyPanda. (2020, September 1). Knitknit Company's Marketing Plan in New Zealand. Retrieved from https://ivypanda.com/essays/knitknit-companys-marketing-plan-in-new-zealand/

Work Cited

"Knitknit Company's Marketing Plan in New Zealand." IvyPanda, 1 Sept. 2020, ivypanda.com/essays/knitknit-companys-marketing-plan-in-new-zealand/.

1. IvyPanda. "Knitknit Company's Marketing Plan in New Zealand." September 1, 2020. https://ivypanda.com/essays/knitknit-companys-marketing-plan-in-new-zealand/.


Bibliography


IvyPanda. "Knitknit Company's Marketing Plan in New Zealand." September 1, 2020. https://ivypanda.com/essays/knitknit-companys-marketing-plan-in-new-zealand/.

References

IvyPanda. 2020. "Knitknit Company's Marketing Plan in New Zealand." September 1, 2020. https://ivypanda.com/essays/knitknit-companys-marketing-plan-in-new-zealand/.

References

IvyPanda. (2020) 'Knitknit Company's Marketing Plan in New Zealand'. 1 September.

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