Components of an Effective Marketing Plan

EFFECTIVE MARKETING
EMR INNOVATION

EFFECTIVE MARKETING 1
1. Executive Summary
This report is being presented to review the case study of EMR Innovations that are involved
in the production of a device for Recreational Vehicle awnings. The business idea is good but
is not just the only aspect that has been discussed in the case. The report has highlighted that
the owner of the business does not hold any type of business training or knowledge due to
which the business lacked in market research, vague sales forecast and missing pricing
strategy.
Based on the case analysis, there were several issues in the case. Some of them are lack
market research, the use of technology that was being done is easily reproducible, the absence
of pricing strategy, and lack of business knowledge. It is known that market research is one of
the most important aspects before starting a business because it helps in providing an
effective pricing strategy and positioning strategy.
Moreover, in the end, it has been recommended that the owners of the business need to focus
on market research to identify the possible substitute products and competitors in the market.
Besides this, they also have to focus on the marketing of their product to increase product
recognition among the target audience.

EFFECTIVE MARKETING 2
Table of Contents
1. Executive Summary...............................................................................................................1
2. Appropriate Analysis.............................................................................................................3
PEST Analysis....................................................................................................................3
Industry Analysis....................................................................................................................4
SWOT Analysis..................................................................................................................4
3. Conclusion and Recommendations........................................................................................6
4. Industry and Target Market Analysis.....................................................................................6
Porter Five force analysis.......................................................................................................6
Competitor Analysis...........................................................................................................6
The threat of New Entrant..................................................................................................6
Threat of substitute product................................................................................................7
Bargaining power of customers..........................................................................................7
The target market for Lock-Awn-Billowing Device..............................................................8
The decision related to Marketing Strategy............................................................................9
Target market and Positioning Strategy.................................................................................9
Marketing Mix........................................................................................................................9
Funding.................................................................................................................................10
References................................................................................................................................11

EFFECTIVE MARKETING 3
2. Appropriate Analysis
PEST Analysis
Political and Legal – As per the case study, on September 11th there were some
political and legal issues that were impacting the business. One example of the issue was
RIVA standards that were imposed to be strictly followed. RIVA is considered to be the
national trade association that represents around 300 manufacturers and suppliers producing
around 98% of all the RVs that are produced in the US (Palan, 2020).
Economic – In the year 2002, there were a number of things that were changing in the
US economic environment and one example is that the country’s economy was improving
from the small recession that took place after September 11th. The rate of unemployment was
declining but the wage amount was very low that was being paid to the employees (Palan,
2020). But, the spending of the customer was considered healthy and the market for RV was
anticipated to increase.
Social and cultural – As per the analysis of the case, it has been identified that
during this time the number of RV lovers was increasing. This was the time when the baby
boomer generation was getting retire which revealed that there was an increased number of
older adults in the market who were purchasing and traveling in RVs. At that time, people
were also taking interest in the domestic ground travel, this is major because the air industry
was negatively impacted after September 11 and people were worried about traveling through
planes. In addition to this, a new trend arrived in the market that was of movies like About
Schmidt. This movie picturized adult purchasing or renting RVs to travel and live.
Technology – It is known that with time there is a change in technology to make life
better for the human. Considering the case study, RV is a new technology that was gaining
the attention of most of the older adults in the market.