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Marketing plan of a new product.

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Introducing a new product in the market,

Introducing a new product in the market,

Published in: Marketing, Business

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  • 1. • The Arctic Paints PVT LTD is going to manufacture a liquid form paint named CANVAS • Our Marketing Challenge is to position our product offerings as the highquality at a value-added price • VISION To be recognized and accepted as Pakistan’s leading Paint Manufacturing Company • MISSION We empower consumers to achieve the colors of their dreams
  • 2. • Arctic Paints LTD, found by observation, is to enter in the now-mature paint market • Because now a days, People especially ladies become very conscious about their homes • They want to make changes (colors, decoration pieces, furniture etc) in their home more frequently • Competition is therefore stronger and pricing pressures squeeze profitability. • Arctic Paints LTD must carefully target specific segments with features that deliver value to customers.
  • 3. • The market of Arctic Paints LTD, consists of buyers who favor to make frequent changes in their home accordingly to current fashion • They may be divided into specific segments (Age, Gender, Income, Occupation, and Social Class etc) • The Arctic Paints LTD is launching its first product in a mature market • Arctic Paints are trying to decrease the cost of product even as potential of the product is increasing, which makes value-added price
  • 4. • The Arctic Paints LTD is going to manufacture a liquid form paint named CANVAS • CANVAS is a form of matt finish known as Oil Paints and mixture of Premier Chemical which contain high concentration about 60% - 70% of pigments in the paint • Due to high concentration of pigments CANVAS become stronger to resist against the salinity condition • CANVAS is cost effective as there is no further need to mix some extra chemicals which make value-added price
  • 5. • Paint industry of Pakistan is well established forced industry participants to frequently add new features and reduce prices • Some companies like ICI , Berger , Gobbi , Diamond, Buxla etc are directly affecting the sale of CANVAS • The Marble and Tile manufacturing industries are also indirectly affecting the sale of CANVAS • Because now a days, People are satisfy by having marble walls rather than paint because marbles are durable and is onetime expense
  • 6. • Arctic Paints decided to distribute CANVAS through a network of selected channels to associate CANVAS to an evocative positioning • The important distribution channels will be 1. Big Retailers of the Paint Industry or those who only deals with the product related to paint industry 2. Big Departmental Stores like (Metro in Islamabad, Aaghaz in Karachi etc) where people of lead or upper class are going for shopping
  • 7. • STRENGTHS 1. Superior Quality 2. Impressive Advertising and Promotional Schemes 3. Cost Effective 4. Efficient and hardworking employees 5. Lower price than competitors
  • 8. • WEAKNESSES 1. Low Brand Image 2. No Previous Experience 3. High Price can’t be charge to customers in the competitive market 4. Efficient and hardworking employees 5. Shortage of experts and skilled labors because of heavy demand
  • 9. • OPPORTUNITIES 1. People especially ladies become very conscious about style and durability 2. Lower Cost
  • 10. • THREATS 1. Already captured major market share by companies like ICI 2. Threat from marble and tile manufacturing industry 3. Increased Competition 4. Downward Pressure on Pricing
  • 11. • OBJECTIVES 1. Our first year objective is to achieve sales revenue of Rs.7900500 based on sales of 25,000 Liters mean 6870 Gallons of CANVAS at price of Rs.1150. 2. Our second year objective is to launch a new product with low price to capture the customers from working class
  • 12. • ISSUES 1. Major issue in launching product is heavy investment
  • 13. • Canvas's marketing strategy is based on following points • Primary consumer target is upper class who earns income near about 50 thousands and above per month. • Secondary consumer target is middle class who earns near about 30,000 and above per month. • CANVAS penetrate in the market by lower price than competitors with best quality • CANVAS will be available on the selected outlets to associate CANVAS to an evocative positioning • Using Hoarding, Print Media and Electronic Media for heavy promotion
  • 14. • We will provide reward to motivate Dealers on achieving targets; by achieving sale target, dealers get 11% commission annually • We will provide reward to motivate consumers on buying; Tokens of Rs. 50 are provided in every unit of CANVAS • Another encouragement for consumer will be economical price or less than competitors
  • 15. • We are positioning the CANVAS as the most affordable, reliable, value-added, and product for prevention from salinity problem with pleasant colors • The Positioning Statement is COLOR YOUR LIFE WITH CANVAS
  • 16. • Product means the goods-and-services combination offers to the target market • CANVAS is a liquid form paint and it is stronger than competitors to resist against the salinity condition • CANVAS will be available in a round container of 3.64 liter which is equal to the 1 gallon of paint, with a wide opening steel body in a cylindrical shape
  • 17. • Price is the amount of money; customers have to pay to obtain the product • Arctic Paints decided to introduced CANVAS at Rs.1150 per gallon and gradually increase its price • Price is one of the part of marketing strategy to get maximum share of Paint Industry of Pakistan
  • 18. Buxla Rs.1100 Diamond Rs.1100 Gobbi Rs.1180 Berger Rs.1180 ICI Rs.1200
  • 19. • Distribution Strategy refers to the activities of the company that make the product to target customers • Arctic Paints decides to make CANVAS available on the selected outlets to associate CANVAS to an evocative positioning Manufacturer Dealers / Outlets Consumers
  • 20. • Marketing communication strategy refers to the Promotion which means activities that communicate the merits of the product and persuade target customers to buy it • CANVAS Promotion mix consists of advertising through different types of media partners and by giving incentives to dealers and consumers • Arctic Paints provide 11% commission to the dealer on achieving sale target and token of Rs. 50 with every unit of CANVAS to customer. • Arctic Paints establish the desired and an innovative position in market and create awareness about the brand through advertisement. • Arctic Paints selected three media sources for the promotion 1. Electronic Media (FM and TV Channels) 2. Print Media (Magazines and Newspapers) 3. Outdoor Media (Hoardings)
  • 21. • Using Marketing Research, we can get clear picture about the existing Paint Industry • It is very important to do a complete survey about existing market from consumers before entering in the competitive market • Arctic Paints selected Research Instruments (Questionnaire) for Marketing Research
  • 22. • Questionnaire covers the following questions 1. Which are the well known companies in Pakistan Paint Industry? 2. What should be the Promotional incentives? 3. What are the new requirements or improvements in the Paint? 4. What should be the distribution channel taken by the company? 5. Give suggestions on Packaging?
  • 23. Production   6870 Units     Material     A 1511400   B 1511400   Total 3022800     Labor     Total 3022800     Factory Overheads     Total   Total 1511400     7557000
  • 24. Advertising Budget     o   Electronic Media (Radio & TV Channels) 3 Million (Monthly)     o   Print Media (Magazine / Newspaper) 0.5 Million (Monthly)     o   Outdoor Media (Hoardings) 1.5 Million (Monthly)     Total     5 Million (Monthly)
  • 25. THANK YOU FOR YOUR KIND ATTENTION