Strategic Marketing Plan for the 42-M Solar Dream: A Detailed Analysis

This report presents a detailed marketing plan for the 42-M Solar Dream yacht project, developed by Dennis Ingemansson and Ned Ship Group. The plan begins with an introduction to the yacht's features, including its solar-powered design and luxurious interior. It then outlines the steps required to create a successful marketing strategy, emphasizing the importance of defining the target customer, analyzing competitors, and developing a strong brand positioning. The report incorporates SWOT and competitor analyses, identifying the yacht's strengths, weaknesses, opportunities, and threats, as well as its competitive advantages in the market. It also covers marketing and financial objectives, the marketing mix strategy (including product, price, place, and promotion), and digital marketing communication plans. Finally, the report details action programs for achieving marketing and financial objectives, emphasizing the importance of effective implementation, control, and resource allocation. The report concludes by highlighting key factors in the implementation and control of the marketing plan, including management skills, behaviors, and attitudes.

42-M SOLAR DREAM BY DENNIS INGEMANSSON
Introduction
A project solar dream was collaboratively invented by a Swedish studio Dennis
Ingemansson and the Turkish shipyard Ned Ship Group. Following an ecological ethos and
making efficiency a priority their design was proposed to have a capacity of 360 square meter
solar cell area together with a solution for hybrid propulsion (Groom, 2017). The hull is
constructed from composites of carbon fiber and it weighs close to 1000 tons. The yacht is
estimated to gain a speed of 22 knots with very minimal output. Ingemansson states that the 580
square meters interior space offers an experience which is luxurious. The interior has three
spacious guest rooms with an ability to host 10 people with suites that are double owned. This
beautiful yacht is said to be a green icon once it gets into the water. There is also accommodation
for up to five crew members on board (Buzzard et al., 2011).
Steps in writing marketing plan for 42-M solar dream
This project is a big venture which requires a good marketing plan to thrive well in its business.
There are a number of steps to be followed in writing a marketing plan and they include;
Determination of why a customer would come to you
This is more than the restating of their mission statement. They need to define the purpose as to
why a customer should choose them over their competitors (Raab, 2011).
Identifying the target customer-in this case they should know the customers they want to attract
and in most cases it could be tourists and other people working in the seas. They need to
differentiate between target customers and target market. To determine their customers it
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
requires a combination of psychographics and demographics (Akar & Topcu, 2011). The
psychographic behavior will measure the customer behavior.
Identifying the competitors that target their customers- these competitors are good for the growth
of the business and the company needs to identify what their competitors are offering that they
don’t. Make an analysis of their reaction on this business.
Drafting of the brand positioning statement-they need to have clarity on whatever sets them apart
since this is what brings customers to their part. The information uncovered in identifying
competitors can be used to achieve this (Buzzard et al., 2011).
The key features of formulating a marketing plan include situation analysis, target audience,
marketing goals, strategies and tactics and coming up with a marketing budget.
SWOT and competitor analysis
SWOT is a tool for strategic planning which is used to evaluate the strengths, weaknesses,
opportunities and threats to any business in operation. This is therefore not an exception with the
42M solar dream project (Akar & Topcu, 2011).
SWOT analysis
Strengths
Presence a coastline that is excellent, a lot of natural attractions, historical and archeological sites
that are unique
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
Workforce that is well trained, strong support from the government, invest by the government
and private sector in the project to promote Yacht tourism and the long attraction to the fixed or
haltered tours by tourists (Levy & Birkner, 2011).
There is a lot of attraction both in the water and outside and not just confinement to the boats.
A huge capacity to accommodate many customers compared to other yachts.
There are minimal environmental pollutions unlike other existing yachts.
The inbound tourism demand is high and increasing faster.
The tourists that are inbound are trying to find different forms of tourism like yachting which is
different from the usual mass production (Digital Hub, 2008).
Weaknesses
The sail powered yachts pay more tax than the engine powered yachts and therefore the company
is set to spend a lot of finances on taxes
There are no technical standards for the processing of solid waste and bilge water disposal
Fairs are not funded and the yacht clubs are not yet in place which could be more lucrative
(Granitz & Pitt, 2011).
Many authorities are in charge of entry procedures for foreign flagged yachts leading to
loopholes for corruption
Investment procedures are complicated, with inactive capacities in marinas.
The international pressure group activities are lacking.
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
The costs for inputs in yachts are high (Jarvinen et al., 2012).
Opportunities
There exist unutilized potentials in yachting
Young and knowledgeable workers are readily available
There is a lot of willingness to invest new marinas of both private and government sectors
Increase in the number of tourists that want to use yachts (Weiss, 2011).
There is a growing interest in the water sporting and life in the water environments
There has been a decrease on the barriers of international travels
Threats
Increasing number of competitors in the yacht tourism
Increase in the tax fees on new yachts. Obstacles that are beauracratic and increase in the fuel
prices (Bovee, Thill & Mescon, 2007).
A lot of pollution at the coastal areas as well as the degradation of marine eco-systems
Competitor analysis
This is part of marketing plan that the solar dream team cannot evade. In writing a competitor
analysis section one needs to outline the competitive environment, by informing the world who
their key competitors are, how they control the market and all the relevant details about the
competition (Scottish Enterprise, 2012). This is followed by detailed information on their
competitive advantage by the explanation of why and how their company is better placed to out-
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
compete the main competitors. It’s in this section that the customer is persuaded to read their
business plan and how knowledgeable they are in this business they are venturing into.
One simple way of achieving competitor analysis is to use the competitive matrix analysis below
42 M solar
dream company
Company A Company B Company C
Fare average high high low
Quality high average Low High
Hours 5-5pm mon-sun 9-5pm mon-sat 8-5 mon-fri 8-5 pm mon-fri
Service excellent good fair Fair
Customer loyalty fair nil fair Fair
Advertising nil fair fair nil
Website yes yes no No
Tweeter yes no no Yes
Mission-to be an excellent partner in service delivery in the yacht industry
Marketing and financial objectives
For the project to be successful it had to lay down objectives that are achievable in the long run
both in the marketing aspect and finances (Bovee et al., 2007).
Marketing objectives
Building of brand awareness
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
Growing of market share
Enhance customer relationships
Financial objectives
To ensure growth in revenues
To ensure higher returns on invested capital
To achieve attractive and sustainable increases in the market value added
Marketing mix strategy
This is a set of marketing tools that are controllable and tactical where the company uses
so as to give a response that is desirable from its market of target. This is a composition of all
things that the company needs to do to increase the demand for its transport means i.e. the yacht.
This tool also assists in marketing, planning and execution (Wymbs, 2011). The marketing mix
is made up of four sections referred to as the four p’s which include product, price, place and
promotion.
Product: goods and services offered to the customers by the company
Price: money paid by customers for the services (Preston, Kerr and Cawley, 2009).
Place: these are activities used to make the services available to the customers
Promotion: all activities aimed at communicating the services offered by the company as well as
the benefits so as to persuade customers into trying out their new means of transport
Therefore each of the said four p’s has its own tools that contribute to the achievement of the
marketing mix (Jarvinen et al., 2012).
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
Product-features, quality, variety, brand name and other services
Price-discounts, list price, credit terms and allowances
Place- assortments, channels, coverage, inventory, transportation, logistics and locations
Promotion-public relations, advertisements, personal selling and sales promotion
Therefore for any marketing strategy to be effective the four p’s of the mix have to be
combined (Michaelidou, Siamagka & Christodoulides, 2011). This ensures the company’s
marketing objectives are met so as to provide the customers with the value needed from the
services. However the marketing mix has its own weaknesses and some of these include the
under emphasis on important activities of marketing. For instance the services are not mentioned
explicitly instead they are categorized as products. Other important activities of marketing such
as packaging are not addressed specifically instead they are just placed in the one of the four
groups (Scottish Enterprise, 2012). These four p’s also leaves out the focus on the buyer’s or
customers views regarding the market place and focuses more on the seller’s concerns in this
case the company dealing with 42M solar dream
It should also be understood that the four p’s can as well be interpreted as the four C’s where the
customers’ interests are put ahead of the interests of the marketer (Weiss, 2011). These include
Customers solutions, and not products-it’s obvious that the customer is interested in the value of
the services offered
Customer’s cost and not price-the customer are usually interested in the total cost of the services
offered.
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
Convenience and not place-the customers are interested in the convenience of getting the
services (Raab, 2011).
Communication and not promotion-the customers often a communication that is two way and
easily achieved between the company and them
Digital marketing communication plan
These are the next down level to the marketing plan. This is because they build on the
marketing plan and corporate and not just duplicating them (Levy & Birkner, 2011). The subject
matter in this plan is always meant to communicate with the relevant stakeholders in the business
and mostly customers. The marketing communication plan is broken down to
Context; this is based on research so as to ensure atone is set and also a platform is put in place
to ensure the message reaches the customers.
Objectives; they should be smart and focused around service awareness, the attitudes of
customers and their perceptions (Digital Hub, 2008).
Strategy; the communication strategy to be used should be of push, pull and profiling.
Tactics; their strategy has to be broken down into a view that is more granular which includes
communication via social media.
Actions; the actions should be well stipulated in the plan and be clear they should be overall or
broken down depending on the set objectives (Hisrich, Peters & Shepherd, 2008).
Control-this helps them to measure the success of their communication strategies.
Action programs designed to achieve the marketing and financial objectives
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
An action program involves the collection of relevant information, carrying out pruning exercise
so as to remain with the necessary items then finally organizing and prioritizing the action
program in an action plan as described in the table below according to importance with A being
most important and C the least important (Granitz & Pitt, 2011).
Category task priority
Launch the project Research their target market to
ensure advertising department
hits the right tone with the role
out of the yacht
C
Finishing of cost comparison
report
A
Contraction of major service
suppliers
B
Recruiting of staff Contact of recruitment
agencies on the rates for
advertisement for various
positions
A
Ordering of equipment for
different sections
B
Write the help needed advert C
Implementation and control of marketing plan
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
During this process it’s the role of managers to ensure capital, human and marketing
resources are used efficiently the strategy has to be selected well so as to have impacts on the
functioning of the yacht (Crush, 2011).The effectiveness of strategic marketing is dependent on
how the leadership is involved in the activities in the yacht. The important factors in the
implementation of marketing plan include skills, behaviors and attitudes. The quality of
management is then dependent on human resources, coordination, leadership, motivation,
organizational culture and resources as well as communication (Akar & Topcu, 2011).
The marketing plan control process is achieved in various phases such as determination
of tolerance ranges, setting of indicators for values, measuring of the values of indicators,
comparing of actual values and planned values so as to be able to determine any deviations and
also to formulate any proposals that can be used to eliminate the deviations that may be detected.
The most essential marketing control types include control of efficiency, profitability and annual
plan as well as the strategic control (Brady, Fellenz and Brookes, 2008). Any problems in this
process include strict controls which may lead to reduction in motivation and decrease in the
innovation and creativity ideas. There may also be high costs of implementation.
Conclusion
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42-M SOLAR DREAM BY DENNIS INGEMANSSON
From the discussion above, it’s evident that a lot of efforts have to be put in place in the
writing and implementation of a marketing plan for any business to succeed. With a detailed and
good marketing plan 42 M solar dream project can definitely thrive well in the competitive yacht
business and make good returns in their business. Therefore the important and necessary steps
have to be taken with the seriousness they deserve to ensure their marketing plan is effective and
objective s achieved on time.
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