Main objective
This market plan focuses on a brief and straight forward plan of extending the already existing Zeep to a lawn mower in the market. This paper provides a straight forward plan of marketing that will be used in order to attain the zeep lawn mower brand extention marketing plan.
Brand extention is the process of making use of the benefits derived from an existing brand in the market to bring into the market a new product using the same brand (Taylor 14). After the successful launch and use of zeep in the market, the company wishes to extend it by introducing a lawn mower.
With this brand name, it is expected that the large customer bases of the zeep product will stand higher chances of benefiting from this product.
It is very important to market this new brand zeep lawn mower given that there is stiff competition in the lawn mower market owing to the fact that even Honda have introduced been able to make lawnmowers. The company therefore intends to use the brand name in order to take advantage of the existing customer base in the market.
This product will be available at all our retailing agents’ world wide in order to make it possible for the consumers to access it. Given that our current customers have always been satisfied with our products, we expect them to make use of the zeep lawnmower and even recommend it to others. The benefits from the customers will be a great benefit to both the new product and the existing brand and this can help the business plan for future marketing activities (Sengupta 268).
Our main objectives will be to increase our market gross sales and in the process increase our earned profits. As a result of this, we intend to increase our employee number by bringing on board more expertise to help in the manufacture and marketing of the new product. Another objective will be to grow our customer base by reaching to new consumers who will make use of the lawnmower product.
Goods or services
The creep lawnmower is an automotive machine that makes use of a rotating blade around a vertical or horizontal axis to cut a plot of grass at a length that is even. This machine is very important because several homesteads have lawns that need to trimmed and maintained well using a lawnmower
Competition
There are several other companies that manufacture lawn mowers in the market hence the competition is quite stiff. Our main competitor in this new product is Honda that currently commands a large share of the market. However, our brand name (Zeep lawnmower), comprises of a brand that is well known and widely used in the market. This in itself makes our zeep lawnmower product unique and better than the other lawnmowers in the market.
Projected outcomes
After a period of one year, this product is expected to pay back by realizing great profits. In the short term we expect to see a steady and reasonable increase in customer numbers, gross sells and profits levels. In the long run, the client base is expected to grow tremendously, gross sales doubling and earning great profits compared to the levels that are currently being realized.
Implementation plan
This section basically reflects how the plan of developing and introducing the new lawnmower in to the market is going to be carried out step by step. This will reflect how as an organization, we will turn the stated plan into expected results.
In achieving the above, there are a few challenges that are bound to come along the way. One, being a new line of business, we don’t have enough expected expertise to carry on the task.
We will therefore need to hire individuals who are already in the field of manufacturing lawnmowers to help us in this task. Hiring expertise is very expensive given that they have to be enumerated on terms that are above their current terms.
Being a new venture, the company will also be expected to acquire a set of new machinery that will be used that will be used to come up with the zeep lawnmower. This in itself makes it an expensive venture since it requires huge amounts of capital to setup.
In real sense, we need a new set of expertise hem implement and a support human resource group to help the new set up, setting up capital is needed to purchase the manufacturing equipments, financial recourses are also needed to purchase the parts that are needed for assembling in order to come up with the new machine, money is needed for salary and wage payment to the workers, distribution costs of the complete product have to be met among other implementation requirement that may come along the way.
Sequence of activities and events
Creep lawnmower
Evaluation, control and contingency plan
Evaluation
As the implementation process continues, it is important to note the results and keenly take not of new happenings in the inside and outside surroundings. A close observation needs to be made in order to determine whether the stated programmes meet the desired objectives of customer growth, increase in gross sells and rise in profits. Any programmes that will not be in line with the above objectives will be changed. The performance will be compared with the budget requirements at every stage. (Schmitt 223) The variations noticed will give the information required to evaluate the impact of each program.
A keen study of the market will be analyzed so as to determine to what extend the creep lawnmower will change the market. If the market change will be insignificant, the plan will be reviewed to ensure that it is productive.
Control
In this section we will be concerned with looking at how the given programmes support the tactics that are put in place. We will also ensure that the strategies being practiced are in line with this plan for a creep lawnmower development. Monitoring of how the project is fairing on will be done at given points in time and this will help in the modification of the necessary market plan. (Sherman 374)
Contingency plan
The main challenge to this plan is getting experienced expertise since they are scarce and absorbed in other firms. If this happens, the company will be farced to poach workers and give them rates that are above market rates in order to attract them. Better working conditions will also be provided in order to maintain the workforce. Competition may lead competitors lowering their market prices in order to bit the creep lawnmower, this will force us to revise our prices and improve our product further. In case such challenges among others occur, then we will be well prepared to handle them. (Dacko 491).
Works Cited
Dacko, G. Scott. The advanced dictionary of marketing: Putting theory to use.
New York: Oxford University Press, 2008.
Schmitt, Berndt. Handbook on brand and experience management. Cheltenham: Edward Elgar, 2008.
Sengupta, Subroto. Brand positioning: Strategies for competitive advantage. Delhi [u.a.]: McGraw-Hill, 2005.
Sherman, J. Andrew. Franchising & licensing: Two powerful ways to grow your Business in any economy. New York, NY [etc.]: AMACOM, cop. 2004.
Taylor, David. Brand stretch: Why 1 in 2 extensions fail and how to beat the odds: Abrandgym workout. Chichester: John Wiley and Sons Ltd, 2004.