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LEEβS WATCH MARKETING PLAN SUMMARY EXECUTIVE SUMMARY Lee's Watches Company creates and designs watches that are in line with current market trends. This marketing strategy shows the marketing division as well as the company's strategies. Furthermore, it demonstrates the techniques in place that the company uses to attract clients and provide a consistent revenue stream. It is crucial to note that the company is not just a watch manufacturer; it is special in that it focuses on the creation of watches that are fashionable, giving it an edge over competitors. Furthermore, the organization provides clients with a fresh perspective on their desired Watches, ensuring client retention. The business is expected to fund the development of the watches by providing consultancy services for the creation of comparable devices that clients may use to receive calls and messages, also known as smart watches. In addition, the consulting assignments would be derived from the advertising sponsorship agreements that the firm is expected to create with its partners. Overall, the business expects consultancy to account for a large amount of the required income stream during the first three years of operation. SITUATION ANALYSIS Half of the people who buy branded fashion watches are between the ages of 18 and 34. Our core market category is this age bracket, which buys more watches per capita than those who are older. Consumers in Ghana are more inclined to buy watches. Many transactions are likely to be made on the spur of the moment, necessitating robust point-of-purchase assistance. Swatch, Fossil, Guess, Casio, and Anne Kline compete for 70% of the market, with heavy competition from Swatch, Fossil, Guess, Casio, and Anne Kline. We have a lot of expertise making creative, high-quality precision plastics and timing components, so we can give the consumer a good deal on a branded fashion watch. Furthermore, we have expertise selling items to 75% of the retailers that sell branded fashion watches. OBJECTIVES To build a three percent market share in the first year by combining a distinctive, cost-effective design. In 2023, the Leeβs watch project will break even.
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MARKETING STRATEGIES In order to enhance our revenues and growth rate, Lee's Watches Company will release a new product, the revolutionary Lee's Watch, employing penetration pricing, intensive promotion, and extended distribution. ACTION PLAN When compared to current market offers, the Lee's Watch has a lot of advantages. To meet our goals, we'll sell our one-of-a-kind watch in a variety of styles for β΅45 at recommended retail. 75 percent of the market is covered by our present distribution. We will not broaden our distribution to include the jewelry shop retail channel at this time. To complement our market goal, we will grow our sales personnel by 5% and hire a sales trainer. A million Ghana Cedis advertisement will emphasize the watch's unusual design, with a focus on print and point-of-purchase displays. This, as well as television advertising, will be scheduled for two-thirds of the campaign's first six months. Our advertising voice share will be significantly greater than the four industry leaders in order to gain consumer awareness in the first year. FINANCIAL ANALYSIS AND EXPECTED RESULTS We anticipate a forecast break-even in the first year.
INTRODUCTION Leeβs Watch was born out of the owner's passion, love, and commitment for watches in order to meet the market's growing demand and styles, as the name suggests. The company's goals and objectives are to provide the best and most reliable services to watch enthusiasts in Ghana. The company'sfirstinvestmentisβ΅30million,withyearlygoalearningsofβ΅50,000,000. Furthermore, the company will continue to develop and adapt to the changing needs of its clients in the area. Apart from serving the local community, Leeβs Watches plans to expand its operations to neighboring cities and towns in order to broaden its client base before expanding into other nations. For the time being, the firm will focus on Leeβs Watches shops as a platform where locals can obtain the high-quality services that customers need. Furthermore, the outlet will give the most cost-effective ways to market the company's products by allowing clients to check out these services while still paying for them. The Leeβs Watches Company will tailor its services to satisfy all of the region's clients' interests and needs. The company's target market is mostly made up of passionate internet users who use the internet to contact with friends and family on a regular basis. SITUATION ANALYSIS Internal Analysis General's principal business is manufacturing high-quality timing movements and plastic casings for industrial timing devices and consumer clocks. The goal of this market strategy is to provide consumers with a high-quality, innovative watch. For both men and women, it will be available in a number of styles. Other uses for the casing and movement are not included in this plan. Our 30 million Ghana cedis profit in 2023 is 7.5 percent of total sales. Sales growth has slowed to a 5-percentage-point yearly rate. Current market growth is predicted to remain moderate. The LEE'S watch is one of a number of projects that might boost General's growth pace. Organizational Audit The data shows that the firm has grown tremendously over the years, particularly in terms of the services supplied by the LEE'S Watches Company in the region. Furthermore, as clients become more aware of the company's unique items, demand for such products has grown. According to a
recent study performed in Ghana, there has been a 50 percent rise in the number of individuals using smart watches to receive calls and texts in crowded situations. As a consequence, the demandforhigh-qualitysmartwatchesisincreasing,makingLEE'SWatchesCompany important in the market. Swatch, Fossil, Guess, Casio, and Anne Kline are LEE'S Watches Company's closest competitors, with a combined growth rate of 3% since 2021. The disparity between the firms in the industry, on the other hand, indicates that there is a lot of potential in the market. The present trend in Ghana suggests that the largest opportunity within the business is dependent ontheprovisionofspecializedwatches,whichexplainswhyLEE'SWatchesCompany concentrates mostly on these items. Within the neighborhood, 22 percent of the clientele at the outlet are between the ages of 18 and 34, which is the peak fashion age, and 65 percent of these people have an average salary of β΅3,000, making LEE'S Watches Company services affordable. Furthermore, the great demand for LEE'S Watches Company's services and goods keeps it relevant and competitive in the market. Resource Audit The Resource Audit is another method for analyzing a company's internal environment. The concept that completeness derives from the ability to produce new and creative goods or services from a set of core skills underpins internal strategy development. However, in order for this method to be effective, it is vital to determine which capabilities exist inside an organization and to identify any possible weak areas that might impede the implementation of a successful plan. Both tangible and intangible resources are included in a resource audit. Marketing Audit Swatch has revolutionized the watch industry by promoting the purchase of several low-cost, well-designed branded fashion watches. Consumers may easily swap brands and experiment with low-cost timepieces, if they are available. When it comes to purchasing branded fashion watches, customers are quite design conscious. The watch and band design, packaging, affordability, and durability are the most essential watch qualities to us. In this sector, distribution and presentation are critical, since they can drive impulse purchases for personal use and as presents.
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Consumers can be addressed through five different channels. We presently have access to four of these channels, which account for around 75% of all watch sales. To reach the whole watch market, channel development is required. Department shops today sell the bulk of branded fashion timepieces. To ensure extensive availability of LEE'S watches, we will use our excellent distribution through department, discount, and pharmacy shops. The expansion of jewelry shop channels will be postponed until we have established ourselves in our regular retail channels. EXTERNAL ENVIRONMENTAL ANALYSIS Market Analysis Several other branded fashion watches will compete directly with the LEE'S watch. In 2023, the market for branded fashion watches is expected to be worth β΅30 million in retail Ghana, rising to β΅40 million by 2024. Through 2023, yearly market growth is predicted to surpass 5%, outpacing our current annual sales growth. Competitor Analysis Despite the fact that there are fourteen rivals in this industry, it is highly concentrated. With 70% of the market, Swatch, Fossil, Guess, Casio, and Anne Kline are prominent rivals. Swatch and Fossil excel at production and distribution, whereas Guess? and Anne Kline have smaller distribution networks but great brand awareness in the fashion world. In the lower price ranges, Fossil and Swatch are strong. Fashion timepieces with a logo are a relatively new product category. Swatch may have started it all, but Fossil and Guess have shown that there is plenty of room for newcomers. Customer Analysis Under the age of 35, significantly more than half of all branded fashion watches are purchased by those under the age of 35. Those aged 25 to 34 had the largest purchasing prevalence, with 74 percent more watches purchased per capita than the typical consumer. The buying habits of different age groups and genders are predicted to differ. Females between the ages of 18 and 24 are predicted to be aggressive buyers. This group is more likely to be fashion-conscious. Women between the ages of 25 and 34 will be our second most important category, with more watches
predicted to be purchased than any other age group. The buying of branded fashion watches by consumers varies by location as well. In the Ghanaian market, product launch is more likely to be successful. Macro Environmental Analysis The PEST Analysis is being considered by Lee's Watch Company as a business strategy for entering the international market. Lee's Watch conducts a PEST Analysis to look at the different external elements that affect its company, such as political, economic, social, and technical (PEST), as well as legal and environmental considerations (MBA Skool Team, 2019). SWOT ANALYSIS 75 percent of watch sales are being distributed through channels, according to General. Sales of branded fashion watches are increasing at a higher rate than sales of our current product lines. Our creative product, good product design talents, strong manufacturing skills, and experience in selling consumer clocks give us a leg up on the competition. SWOT Analysis Strengths ο·New designs are possible because to innovative manufacturing technologies. ο·Extensive knowledge of watch distribution networks Weaknesses ο·No prior experience with jewelry shop distribution ο·There is no prior expertise in the marketing of fashion items.
Opportunities ο·A significant market ο·Market growth is outpacing our present sales. ο·Need for creative items is created by consumer demand for fashion goods. Threats ο·Competition is fierce, and market shares are tightly held. ο·New market entrants are a possibility. MARKETING OBJECTIVES ο·In the first year, the company had a 3% market share in the branded fashion watch market [sales of about 8 million Ghana Cedis]. ο·Breakeven is expected in 2023. MARKETING STRATEGIES In order to enhance our sales and growth rate, Leeβs Watch Company will release a new product, the revolutionary LEE'S watch, employing penetration pricing, significant promotion, and extended distribution. TACTICS/ACTION/ IMPLEMENTATION PLAN Product In the first year, we want to present 30 to 40 new designs. One-quarter of them will feature a "metal" casing, which will mimic a variety of historic and contemporary metal styles. These are aimed towards those aged 18 and up. For the market group under 34 years of age, we will create
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a series with licensed characters and odd forms. Disney and Warner Brothers characters, as well as Coke, do not have exclusive license with Swatch. We will have a diversity of product and character designs in our line if we use them and others. Our line's most remarkable feature will be some pretty strange forms. Hexagon, trapezoid, oval, and diamond are just a few of the geometric shapes that will be used. Our technology allows us to make timepieces in the shape of cartoon character faces for children. Price The LEE'S watch has a suggested retail price of β΅45. We feel we have product quality and feature advantages, allowing us to utilize a somewhat higher pricing than Swatch. This price approach, along with our efficient manufacturing procedures, has helped us achieve a pretty high market share for a new product. Distribution We'll launch Lee's in the northeast, but we'll expand to the national market within the first year. If we confine our distribution to certain geographical markets, we would limit our potential. Our present robust distribution networks encompass 75 percent of watch sales countrywide. Despite the fact that we do not yet have jewelry stores, our distribution will position watches in at least 75% of US locations. We'll employ the standard distributor markups. Promotion Five more sales reps will be hired to help with the expansion of new distribution channels. The sales force will be trained in the new product by a sales trainer. Based on an average salary and benefits cost of β΅100,000 for each worker, this will be within our β΅500,000-sales support budget. The four top enterprises' advertising levels may be compared by dividing the voice share (% of
total advertising Ghana Cedis of β΅20 million) by the market share. Because consumers would be unfamiliar with our brand, we will need to market more actively to raise brand recognition. Despite the fact that our market share objective for 2022 is 3%, we will spend one million Ghana Cedis on advertising. This will result in a significantly higher advertising voice/market index than our competitors. MARKETING BUDGET & FINANCIAL PROJECTIONS In the first year, we plan to reach a market share of 3% and revenues of β΅8.5 million. In the first year, the LEE'S watch initiative will break even. During this time, we do not foresee any significantadvancementsinwatchtechnology.Design,pricing,andattainingextensive distribution are likely to be areas in which we intend to be extremely competitive. Finally, we will fund the LEE'S watch project with one million Ghana Cedis. We'll be able to gain enough market share to meet our financial and marketing goals. The market is predicted to grow over the next five years, while our expenses are likely to decrease as our unit contribution increases. Our biggest difficulty will be keeping abreast of the market's watch design preferences and responding to them with fresh and unique designs. MONITORING, EVALUATION AND CONTROL Customer input is monitored through polls and surveys, which is one of the controls put in place. Surveys, on the other hand, can be conducted with marketing groups or through individual phone or in-person interviews. The marketing strategy is then tweaked in light of the study findings. Root, George N. III (2019)
REFERENCE (2012,8).OrganizationalAuditResearchomatic.Retrieved8,2012,from https://www.researchomatic.com/Organizational-Audit-143193.html George N. Root III. February 05, 2019. Examples of Controls in a Marketing Plan;Marketing Plans Kaleigh Moore. Nov. 5, 2021. 7 Inspiring Marketing Plan Examples (and How You Can Implement Them);Marketing MBASkoolTeam,LastUpdated:October12,2019.RolexPESTLEAnalysis. https://www.mbaskool.com/pestle-analysis/companies/17951-rolex.html Paul Merchant. 2020. Simple Small Organization Audit Procedures;Audit Procedures Sky Ariella- Nov. 16, 2020. INTERNAL ANALYSIS: WHAT IS IT? (WITH EXAMPLES). https://www.zippia.com/advice/internal-analysis/