OutletPontoons.com, To Be or Not To Be
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Short version of an extensive plan to position Cayman Bay, OutletPontoon's own brand, into the pontoon market.
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OutletPontoons.com, To Be or Not To Be
- 1. OutletPontoons.com To Be, or Not to Be... That is the question Presented by: Leah Bothamley, Brenna Williamson, Christopher Day, Amber Forshee and Caleb Stanley
- 2. Creating a Brand is Not Easy Create a Marketing Plan For OutletPontoons.com ďą Increase Competitive Intelligence ďą Find the Issues in Marketing Mix ďą Expose Competitive Advantage Opportunities ďą Recommend a Strategic Plan of Action But then the situation changed⌠Initial Objective:
- 3. Gather Competitive Intelligence Everything starts with a Systematic and Objective Analysis What does OutletPontoons.com Internal and External Environment look like? Marketing Research provides the path to the answer
- 4. The Boating Industryâs âBibleâ as well as: Journals Websites Interviews Surveyâs Observations Where did we get our data from?
- 5. With all of that researchâŚâŚ What did we find?
- 6. Contributed $32.3 Billion to the U.S. Economy in 2011 All Boats All Motors Aftermarket Accessories Owner Expenses State of the Industry Fuel, Insurance, Maintenance, Docking, Finance ďĄ 6% In Overall Industry Revenue ďĄ 62.9% in Aftermarket Accessories ďĄ Fuel, Finance, Insurance, Docking, and Maintenance Expenditures ď˘ 1.4% in New Engineâs ď˘ 0.7% in All Boats 18,940 Boating Businesses in US Source: National Marine Manufacturerâs Association, 2011 Recreational Boating Statistical Abstract
- 7. Trends and Outlook Pontoons and Fishing Boats lead the industrys recovery after a decade long decline 36 million Americanâs plan to buy a boat in the next 1-5 years Outboard Boats have 49% of the Boat Segment New OB Boat segment outperforms OB Engine 77,150 Aluminum Power Boats sold in 2011, up 4% Aluminum Prices are decreasing Pontoon boats have a positive 15 year sales trend Sources: The National Marine Manufacturers Association, and Forbes.com
- 8. Consumers want Aluminum Outboard Boats that are Competitively Priced, easy to shop for Online, with multiple Shipping Choices, and come from a reputable or Branded Business. Where are they? 9 states in the Great Lakes Region 6 states in South and East US Plus California, Washington, Alaska Who are they? Mainly males, ages 25-50, with an income of between $25,000 and $75,000, have participated in boating, but are most likely first time boat owners Target Market
- 9. The Competition What Are They Doing For Consumers? + Pricing at an average of $30,000 + Providing a Click-and-Mortar One-Stop-Shop + Operating in geographically significant areas + Selling the Lifestyle using powerful promotional strategies Who Are They? Direct Product Competitors Pre-Owned New Build Your Own Direct Brand Competitors Name Brand Own Brand Non-Brand
- 10. Core Competencies Offering a customizable and branded product line Utilizing the consumers preference for eCommerce Focusing on cost leadership and distribution differentiations âOur philosophy is brand new to the marine industry; it eliminates excess costs and delivers a high quality product straight to the end user.â
- 11. OutletPontoons.com OutletOutboards.com Is it REALLY the right decision? Outboard Marine Engines?
- 12. ďIndustry movement favors boats ďCompanyâs channel members will increase ďConsumer preferences in motors are rapidly changing ďLess than 5,000 engines sold without a boat in 2011 ďOutboard sellers market is saturated, many have exited The real marketing issues of the company will remain Argument against OutletOutboards.com
- 13. ďźProduct is demanded ďźTiming couldnât be any better ďźIndustry supports Product Branding ďźIndustry is ripe for growth, but not saturated ďźBusiness Model has built-in Competitive Advantage So What, Exactly, is Going Wrong? Argument for OutletPontoons.com
- 14. No Manufacturer Marketing Issues Product Promotion The Target Market Doesnât Know About OutletPontoons.com Yet Wrong Mix of Traditional Practices Absence of Social Media Strategy Poor SEO rating Efforts not concentrated in the right geographical regions
- 15. Marketing Issues Pricing Current Price Points Are Competitive BUT Mark-up may limit price competitiveness in the future Distribution Current shipping method detours sales from target market areas Current Web Site does not incorporate a Point-Click-Buy-Ship method
- 16. BENNINGTON Massive Conflicts of Interest have caused Marketing Myopia to set into the decision making regarding OutletPontoons.com Recreation Station currently absorbs the resources needed to position OutletPontoons in the market correctly Company is too focused on company needs, not consumer needs Internal Issues Cayman Bay
- 17. Using Competitive Intelligence to Formulate a Plan
- 18. Weaknesses Only 2 years old Lost manufacturer Conflicts of Interest No social media integration Mass Distribution strategy Low margins Strengths Own Brand Knowledge and Experience Pontoons on the water Cost Leadership Unique business model Mass Distribution Strategy Threats Many Competitors Few Non-brand Manufacturers Sudden Economic Turndown Rising Fuel Costs Regulations on Industry Huge âPre-ownedâ market Opportunities Decreasing Aluminum Prices Increasing Consumer Confidence Avg. Pontoon Price is $30K Industry Expected to Grow Pontoon sales up Cost of Substitutes are Rising OS Strategies Use S to Gain Competitive Advantage OW Strategies Improve W to Gain Competitive Advantage TW Strategies Improve W to Avoid Threats TS Strategies Use S to Avoid Threats The SWOT Matrix
- 19. Materials: $3,500 Direct Labor: 16 hours at $25/hour Mark-up: 25% Total Price Tag: $4,875 2013 Cayman Bay 1.1 Lagoon, $4,899 If you make the boat, whoâd make your Logs? Start with Northern States Metals! They do Pontoon Logs to specification! Getting Cayman Bay Manufactured Find a Manufacturer or Make your own?
- 20. Countless studies show that the use of Social Media: Generates Exposure Escalates Traffic to Web Site Increases Search Engine Rankings Produces Qualified Leads Reduces Marketing Expenses Improves sales Strengthen Promotional Activity The Shopping Experience starts online 1 Billion Active Social Media Users 94% of marketers utilize social media sites
- 21. Strengthen Promotional Activity Manage and Track your Efforts OutletPontoons.com Dashboard ExposeShare Connect
- 22. Get More out of your eStore Spend Money on a Web Service Provider General eCommerce Best in Performance Marine eCommerce Best in Show Intellix Media SiteDoneRite.com
- 23. Get More out of your eStore Lower Costs by Changing Merchant Services Set up a Merchant Account with either: Merchant Services, Inc. Feeâs: 1.99% and $0.15 per transaction plus $5.00 a month Must sell $15,000 a year and 3 boats to achieve >2.5% National Bank Card Feeâs: 0-2.5% Donât discount PayPal Tools, some services are designed to work with any Merchant Account and are free or cheap!
- 24. ďąMake OutletPontoons.com a Priority ďąIncrease mark-up to at least 20-25% ďąBecome a member of NMMA Other Solutions in Our Plan
- 25. Cayman Bay boats are a part of the U.S. fleet! Keep it going! Questions?
Editor's Notes
- Everyone introduces themselves (Amber Last): Amber: âŚ.and we are presenting a summary of our research, findings, and plan.
- Amber: Why are we here? Purpose? And what is the problem? In the first interview we learned OutletPontoons was struggling to increase revenue and units sold. These are issues that a marketing plan addresses, among many others; but, these are the most important aspects to a business owner. It leads to the question: Why? Setting about to answering that question is why weâre here.
- Amber: Market Research is defined as the process of gathering data on goods and services to determine whether the product or service will satisfy customers' needs. Market research can identify market trends, demographics, economic shifts, customer's buying habits, and important information on competition.
- Amber: To find a solution, we needed to know everything about the boating industry from consumer lifestyle choices to the final sale.
- Amber To Leah
- Leah Part of our job is to provide necessary competitive intelligence. The purpose of a Situational Analysis is to give an in depth write-up of all the factors that effect the business from product to economic trends. I will now present a summary of the SA in order to start the argument for our findings and recommendations (Brenna).
- Leah Part of our job is to provide necessary business intelligence. The purpose of a Situational Analysis is to give an in depth write-up of all the factors that effect the business from product to economic trends. I will now present a summary of the SA in order to start the argument for our findings and recommendations (Brenna).
- Leah:
- Leah
- Utilizing this philosophy, OutletPontoons has developed the foundations of a strong competitive advantage strategy by:
- Leahhand off to Chris: We understand their want to change product focus, but as marketers, it is our job to analyze that decision and recommend accordingly. The decision struck us as sudden, and possibly unsearched. Our first question was whether or not it would be feasible to enter the Outboard Motor Market. That question led us to design our research methods, or the way we were going to gather business intelligence information.
- Chris:
- Chris present, then hand off to Caleb
- Caleb
- Caleb
- Caleb
- Caleb to Brenna
- In the Situational Analysis, we uncovered many Strengths and Weaknesses of OutletPontoons, and many Opportunities and Threats within the external environment in which the company operates. A SWOT Analysis was conducted, and strategies were formed to take advantage of opportunities and illuminate threats using company strengths, as well as to identify areas of improvement given the opportunities and threats of the industry. This matrix gives a brief summary of our findings and is an incredible organizational tool for building strategic recommendations and control measures.
- Captures more profit from supply chain Supports current Business Model Increases competitive advantage Lessens threat of losing manufacturer