Marketing Plan Assignment : Jumbo
Added on 2021-04-22
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Running Head: MARKETING PLAN 1Marketing Plan for Jumbo Accounting SoftwareNameInstitution
MARKETING PLAN 2Marketing Plan for SoftwareIntroductionJumbo software limited is a small enterprise operating in its first year. The company sellscustom made software’s such as accounting, book –keeping, calendar programs and other relatedproducts to over 50 businesses in the country. Recently, the company launched an accountingsoftware. Currently, Jumbo software’s biggest challenge pertains to how it will raise itsprofitability and make better use of its resources. For this reason, the company seeks to develop asound marketing plan and strategy that would ensure a significant increase in sales of thecompany’s products. Analysis of the Environment Since its inception, the company has strived to evolve into a provider of high qualitycustom-made book-keeping and accounting software as well as other related business-to-business specialty items. Competitive forces The company faces stiff competition from other software companies that offer accountingand book-keeping software. At the moment, the main competitors of Jumbo include FreshBooks,Xero, Zoho Books, Netsuite, among others. Given that Jumbo is a new startup in the market, it isdifficult for it to obtain a significant market share of the intended target market since itscompetitors are significantly developed. However, the firm has great prospects to compete withrival firms due to the fact that its software is unique and user friendly unlike the others.Economic forces
MARKETING PLAN 3It is worth pointing out that most accounting software companies throughout the countryhave been forced to cut their overall marketing budgets on factors such as mass mediaadvertising. Instead, they have shifted towards sales promotion and specialty advertising.Therefore, this trend provides a significant platform for the company to market its productsthrough specialty advertising.Political forces At the moment, there are no expected political factors that will influence or significantlyaffect the operations and purchase of the company’s software. Socio-cultural factorsToday, most target firms for the company’s product prefer convenience and ease of use.Therefore, if the commodity is time consuming and difficult to use, consumers simply dispenseit. In this regard, Jumbo software fits this consumer trend and would successfully meet theaccounting and bookkeeping needs of the client firm. In addition, the shift to a paperless societymakes the software more desirable to firms, thereby creating the need to automate someaccounting and book keeping tasks. Indeed, these factors are highly beneficial to JumboSoftware Limited. Primary and Secondary data on the marketBy focusing on commitment to service and quality, Jumbo software will be able toeffectively develop and implement a niche differentiation strategy in the market. At the moment,Jumbo’s main target market consists of manufacturing companies and large corporations .Particularly, the firm’s ability to differentiate its products and customize them to fit the specific
MARKETING PLAN 4needs of its clients will contribute to high annual returns. So far, the most profitable product isthe bookkeeping software that has been tailored to meet clients’ needs on record keeping.Analysis of consumer behavior and market segmentationAs noted earlier, the main target groups comprise of large corporations andmanufacturing companies. Such firms often have a significant proportion of book keepingrecords, and a user friendly and easy to use accounting software is preferred. Jumbo softwarehas capitalized on this need , and has created a simple procedure for implementation.Predominantly, the process begins when Jumbo’s sales representative call on potential clientsand using the company’s standard template, develop a sample accounting or book keepingsoftware for the client. Once the sale has been finalized, the software developers complete theconcept which includes the design, copywriting, and customization according to thespecifications made by the client. Specifications are then sent to the supplier for approval. Inturn, this high level of service by Jumbo’s personnel sets the company’s products from that ofour competitors. Discussion of the ProductProduct classification and brandingJumbo software can largely be classified as a specialty product. As such, it tends topromote and develop a strong brand identity for the company in order to create customer loyalty.Potential clients often spend a lot of time searching for the perfect software to meet their firm’saccounting and book keeping needs. For this reason, Jumbo has developed a strong marketingteam to promote the awareness of its software to potential clients. Over the past few months, the
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