Marketing Plan for Product

This presentation discusses the development of a marketing plan for a new product, including SWOT analysis, 5 forces model, BCG matrix, and marketing strategies. It also provides recommendations for successful product launch.

INTRODUCTION
The present study is made on entrepreneurship creativity and marketing in
context of small scale business organisations like Gemini People and
Burberry. The report discusses about launch of an innovative service in the
clothing company Burberry. It elaborates a marketing plan for the service
which is launched and then different types of analysis has been done. These
includes SWOT analysis, 5 forces model, BCG matrix etc. Along with these
models, marketing strategies to successfully launch the service has been
described in the study such as allowing the customer interact, experimenting
with new channels and platforms, collaboration with influencers of same
industry etc.

MARKETING PLAN FOR PRODUCT
Firms which are successful in marketing always begin with a
marketing plan. The development of marketing plan needs to
finish the below four specific tasks:
Develop a clear and focused insight as to why potential
customer would use product
Identify target customers

CONTINUED...
Identify competitors
Write brand-positioning statement for target customers

SWOT ANALYSIS
Introducing a new product needs to address four marketing pillars i.e. price,
product, promotion and place. To assess these pillars, Burberry company has
to examine its strengths, weaknesses, opportunities and threats to minimise
risks and maximise resource.
Strengths: The strength of the firm is its prices of products, customer trust,
unique features of the products etc.
Weaknesses: Weakness can be in the form of delay in the acceptance of the new
product by the consumers.

CONTINUED...
Opportunities: With a new product it is natural that it has some inbuilt
opportunities.
Threats: The most important threat for the firm is its close rivals.

PESTEL ANALYSIS
Cited clothing company can do a PESTEL analysis for understanding market
growth or decline. This includes following factors:
Political factors
Economic factors
Social factors

CONTINUED...
Technological factors
Legal factors
Environmental factors

Click to ad

5 FORCES MODEL
Five forces analysis has five assumptions which determine competitive power
for Burberry. These assumptions are:
Supplier power
Buyer power
Competitive rivalry

CONTINUED...
Threat of substitution
Threat of new entry

BCG MATRIX
The BCG growth share matrix is a portfolio planning model propounded by Bruce
Henderson of Boston Consulting Group. It is based on observations that cited
company's business units can be categorised in four units on the basis of combinations
of market growth and market share related to the biggest rival. These categories are
explained here:
Dogs
Question marks

CONTINUED...
Stars
Cash cows

STP MODEL
The STP model includes three steps which will help Burberry to analyse its
offerings and the way to communicate its advantages and value to specific
groups. It has to follow the below elaborated steps to apply this model:
Segment the market
Target customers
Position offerings

MARKETING STRATEGIES
It consumes a lot of time and efforts to design and maintain a marketing campaign which reaches to
the intended customers. Cited firm can use the following strategies which will surely spark its
creative energy.
Help customers to solve problem
Let customers interact
Experiment with new channels and platforms

CONTINUED...
Collaborate with influencers
Neglect components of launch which does not drives business

RECOMMENDATIONS
The cited company is recommended to make sure that the new product works
before the company offers it to use. But is should not worry if it is not going
perfectly well. With this company can also add new innovation in the same
service. Also firm should pay attention on the customers and not on the
innovative service. Further, it is suggested that company should do
something which is not yet done by its rivals, then take a position which is
powerful and imaginative, paint a picture for future which firm wants its
customers want to live in, and then put the entire organisation into action for
creating that vision.

REFERENCES
Books and journals
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Crumpton, M.A., 2012. Innovation and entrepreneurship. The Bottom Line, 25(3), pp.98-101.
Fillis, I., 2011. The evolution and development of arts marketing research. Arts Marketing: An
International Journal, 1(1), pp.11-25.
Haase, H. and Lautenschläger, A., 2011. The ‘teachability dilemma’of entrepreneurship.
International Entrepreneurship and Management Journal, 7(2), pp.145-162.
Hansen, D.J. and Eggers, F., 2010. The marketing/entrepreneurship interface: a report on the
“Charleston Summit”. Journal of Research in Marketing and Entrepreneurship, 12(1), pp.42-
53.
Hills, G.E. and Hultman, C., 2011. Research in marketing and entrepreneurship: a retrospective
viewpoint. Journal of Research in Marketing and Entrepreneurship, 13(1), pp.8-17.

CONTINUED...
Kurgun, H., Bagiran, D., Ozeren, E. and Maral, B., 2011. Entrepreneurial marketing-The interface
between marketing and entrepreneurship: A qualitative research on boutique hotels.
European Journal of Social Sciences, 26(3), pp.340-357.
Parkman, I.D., Holloway, S.S. and Sebastiao, H., 2012. Creative industries: aligning
entrepreneurial orientation and innovation capacity. Journal of research in marketing and
entrepreneurship, 14(1), pp.95-114.
Ragusa, G., 2011. Engineering creativity and propensity for innovative thinking in undergraduate
and graduate students. In American Society for Engineering Education. American Society for
Engineering Education.
Riviezzo, A., De Nisco, A. and Napolitano, M.R., 2012. Attractiveness of European higher
education in entrepreneurship: A strategic marketing framework. Entrepreneurship–Creativity
and Innovative Business Models, p.139.
Online
Ashe- Edmunds, S 2017 Example of SWOT of New Products Available
through:<http://smallbusiness.chron.com/example-swot-new-products-73574.html>.
[Accessed on 31st January, 2017]

THANK YOU