Marketing Plan for Product

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

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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.

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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.