This document summarizes a company that produces baby blankets with built-in thermometers. The blankets warm or cool the baby accordingly to keep them comfortable. The company's mission is to provide peace of mind for parents and babies. Its objectives are to increase sales by 30% in 3 years and expand domestic distribution and international reach. The document outlines the company's product, marketing strategy including its website and social media presence, competition analysis, SWOT analysis, marketing mix, expenses, and contingency plan to sell basic blankets if needed to cut costs.
2. Our product
• Our product is a baby blanket with
thermometer built in which measures the
room temperature and changes accordingly. If
baby feels cold the blanket will warm baby up
and vice versa.
3. Our Mission & Objectives
Mission
Our mission is to provide peace for mommy and
baby!
Objectives
• To increase sales by 30% in the next 3 years.
• To increase domestic sales by distributing our
product to 30 stores by end of December 2023.
• To have an international reach in South America
by June 2028.
6. Situation analysis
• Competition- We have blanket and thermometer manufacturing companies but
we stand little ahead of them .
• Social factors- Family, friends, neighbours, and the media can affect our attitudes,
opinions, and interests.
• Demographic-average-high income, age-20-45(parents) and 45-70(grandparents).
• Political and legal factors-could add risk factor and lead to a major loss such as
increase in tax or acceptance of new technology.
• Economic conditions-. If inflation occurs the price of the goods will go up and the
demand will decrease as a result the market will dropdown.
• Technological changes -improve communication and collaboration, increase
productivity, and reduce cost from our promoting campaign.
7. SWOT Analysis
Strengths
• Safety
• Innovation
• Strong market position
• High quality
Opportunities
• International expansion
• More innovation
• Tie ups with famous brands
• New technology
Weakness
• Over heating risk
• Difficult personal selling
• Product only for kids
• Only online store
Threats
• Less profit
• Competitors product
• Economy threat
• Product wear and tear
9. Contd.
Price
Pricing objective- profit oriented goal
Factors influencing pricing- demand and distribution
Pricing strategy- status quo
Pricing tactics- quantity discounts, single price strategies & odd even pricing
Promotion
• Advertising- Website, social media, flyers and email marketing.
• Sales promotion- free shipping, new arrival discounts, holiday discounts(soon)
• Publics relations- social media
• Personal selling- Currently not using- difficult to reach audience
Place
• Channel structure- Direct channel
• Level of distribution strategy- Selective distribution intensity
10. Expense budget summary
Cost type Cost
Cost of goods 35.99
Marketing budget 10% on revenue
Shipping cost 5$ EA
Packaging cost 50 Cents EA
1 Professional 18 per hour
Total cost of product 59.99 $
Profit margin 15$ EA
11. Contingency plan
Our contingency plan is to sell blankets devoid of thermometers in order to
cut costs while maintaining excellent quality and a low price that is
accessible to all.
As we have to create a can-do, we love customers culture in our business
and as Bill Gates said (quoted in Smart Business Trends’,2013):
“Your most unhappy customers are your greatest source of learning and
that concludes everything our company stands for.”
