Table of Contents
Situational Analysis from the macro-environment and micro-environment factors
Marketing goals and objectives
Marketing strategies and the marketing mix
Marketing mix strategies
Financial plan and budgets
Sources of funds
Erroyl is an Australian organization that designs and creates branded watches for customers. The main aim of this company is to produce exclusive watches that are both cost-effective and quality products for consumers. Its watches are always an attraction for consumers due to the superiority and stylishness embedded in them (Erroyl 2020). This marketing plan describes numerous strategies and marketing directions of the company for its upcoming watch in the regent brand. Moreover, it discusses the SWOT of the company through its situational analysis including the competitive environment, macro-environmental factors affecting the watch industry, and more. Furthermore, it discusses the proposed marketing strategies and the financial plan for the new watch in the regent brand of the company.
It is the marketing framework that is utilized to evaluate the internal and external potentials of the company. The external business environment tells about the opportunities and threats for the company. The internal business environment tells about the strengths and weaknesses of the company (Gürel and Tat 2017). From the environmental analysis of the company, the SWOT for the company is as follows:
The strengths of the Erroyl Company are:
It uses the advanced approaches for the production of exclusive designs automatic watches in the market.
It has a robust brand appreciation
The weaknesses of Erroyl Company are:
It has little experience in marketing fashionable products.
It has less capability of distribution to jewelry stores
The opportunities of Erroyl Company are:
Customers are now demanding more fashionable products and hence they may get attracted to its automatic watches.
Enormous customer base in 50 countries
The vastly growing watch market in Australia that it can drive its sales.
The threats of Erroyl Company are:
There is rising competition in the watch industry. Numerous companies are selling the same products.
The tastes and preferences of customers are constantly increasing.
It can be defined as the process of distributing the market of credible customers into diverse groups and divisions based on certain features. It classifies the prospective customers into numerous classes like sex, age, salary, and more (David and David 2017). The products of Erroyl are sold to the people aged between 18-60 years. These are available both for the males and females whosoever desire to wear innovative and technologically advanced watches. The watches of the company are mainly appealing to the young generation people due to their stylishness and branded features. The market analysis shows that the customers in the watch market are brand conscious and desire luxury, leather wristlet, fashionable, and more watches. Erroyl has its segments based on the needs of customers like certain clients are price sensible and certain want supreme features and do not care about the price.
Market targeting is the theory that can be defined as the process of retrieving and selecting the market segment (Arsova and Temjanovski 2019). Erroyl's target market is numerous namely students of schools and colleges, and the corporate people with their hectic roster. More specifically, the main target market of the company is the youngsters who desire superior excellence and exclusive pioneering watches.
Market positioning is described as the competence of a company to affect the vision of the customer about the product relative to rivals (Guo et al 2018). The market positioning of the Erroyl can better by offering its newer regent collection in the best manner with high quality and less price. It will help the company to create a better reputation in the market and help to change the perception of people for its products.
The marketing objectives are illustrated as follows:
To attain a valuable market share in the Australian watch market by offering the customers with cost-effective and exclusive designs of all brands.
To develop the business internationally as well as locally by 15% by the end of next year.
To increase the sales of its watch by 5% within the subsequent five months.
To launch a new watch in the regent collection by the end of this year.
It can be defined as a framework that can help Erroyl to grow its business with the four main strategies named as product development, market penetration, market development, and diversification (Wanjohi, Gathenya and Kihoro 2019).
Market penetration: A low level of investment is needed to enter the automated watch market thus; Erroyl must make substantial promotional investments in the watch market to offer its existing products to the present customer base.
Market development: Erroyl must enter the newer market not only in the Australian automated watch industry but also internationally to increase its customer base.
Product development: The Company must consider the quality, and make the tailored made new watch of the regent collection so that it can position itself in the luxurious watch market in Australia.
Diversification: There is a requirement for the company to diversify its products in the smartwatch category. The new product for the company is a regent collection watch that is a smartwatch.
The marketing mix refers to the components that are responsible for stimulating the unique selling points of the brand as compared with the competitors. The four P’s of the marketing mix for the new product are described as follows (Davari Farid et al 2019).
Since there has been an enormous success of the company with its regent collection brand, thus it has decided to launch a new smartwatch in this category with all the similar features as in the existing regent collection. It will use the innovative designs in this watch with the assistance of local craftsmanship in its production.
Due to its stylish and fashionable watches, the prices of its watches are high for the customer as compared with its competitors in the market. Therefore, it will adopt the competitive pricing strategy this time to appeal to every segment of customers. Its competitor bausele sued the same strategy to be competitive in the industry and to be the largest watch producer in Australia. The price of the regent watch will be USD 350 that is a competitive price in the market.
It tells the location or the operating markets where a product can be developed. Currently, the watches of the Erroyl Company are being sold on their websites to approximately 50 countries in the world. The new regent collection watch will also be sold and available on the company's website. There is an only online platform for the distribution of its product to the customers. Through the website of the company, the prospective customers will get all the essential information regarding the regent watch like its date of launch, its price, its available stock, features, and other.
The promotion component of the marketing mix can be defined as the communication platforms that a company utilizes to market its products. The currently used platforms for the promotion purpose by the company are social media accounts like Facebook, Twitter, Instagram, Pinterest, and more. However, it is planning to promote its new regent watch by a competitive strategy of advertising like magazines, sponsorships of music concerts, billboards, sports events, and more. This will aid the company to position itself in the market and can grow intensely.
The company is supposing to attain a market share of 15% until the next year. Erroyl will have a break-even in the first year. Its competition will be based on charge, design, and distribution channels. The challenge may come that is the market's taste in the designs of the watch and the company will meet this challenge. The company will need an amount of $500000 funds for its business development.
Action plans and platforms involve the complete description of a marketing plan, consisting of its aims and goals, marketing mix actions, extents, finances, time concerns, and more. The marketing team of Erroyl Company will work together with the advertising agencies. The new campaigns will start in the coming days. It will provide a new regent watch in an exclusive design at a reasonable price.
Arsova, M., and Temjanovski, R. 2019. Strategy for market segmentation and differentiation: contemporary marketing practice. Journal of Economics, 4(1), pp.27-35.
Davari Farid, R., Azizi, J., Allahyari, M.S., Damalas, C.A., and Sadeghpour, H. 2019. Marketing mix for the promotion of biological control among small-scale paddy farmers. International journal of pest management, 65(1), pp.59-65.
David, M.E., and David, F.R. 2017. Are key marketing topics adequately covered in strategic management?. Journal of Strategic Marketing, 25(5-6), pp.405-417. Erroyl 2020. About us. [Online].Available at https://www.erroyl.com/ Accessed on 5 May 2020
Guo, C., Wang, Y.J., Hao, A.W., and Saran, A. 2018. Strategic positioning, the timing of entry, and new product performance in business-to-business markets: do market-oriented firms make better decisions?. Journal of Business-to-Business Marketing, 25(1), pp.51-64.
Gürel, E., and Tat, M. 2017. SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).
Wanjohi, J.N., Gathenya, J.W., and Kihoro, J.M. 2019. Product-Market Growth Strategies and the Performance of Retail Supermarkets in Nairobi City County, Kenya. International Journal of Business and Social Science, 10(11).
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