Comprehensive Marketing Plan Summary for Lee's Watch Company

This report provides a detailed marketing plan summary for Lee's Watch, a company focused on fashionable timepieces. The plan includes an executive summary, situation analysis, and outlines the company's objectives to achieve a 3% market share within the first year and break-even by 2023. The report analyzes the target market (ages 18-34), competitor analysis, and internal and external environmental factors using PEST and SWOT analyses. Marketing strategies involve penetration pricing, intensive promotion, and extended distribution. The action plan emphasizes a unique watch design, distribution through existing channels, sales force expansion, and print/television advertising. The financial analysis anticipates break-even in the first year. The report also includes an introduction, internal analysis, organizational and resource audits, and customer analysis, providing a comprehensive overview of the marketing strategies and the Ghanaian market.

LEE’S 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 Lee’s watch project will break even.

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 ₵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
Lee’s 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's first investment is ₵30 million, with yearly goal earnings of ₵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, Lee’s 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 Lee’s 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 Lee’s 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
demand for high-quality smart watches is increasing, making LEE'S Watches Company
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
on the provision of specialized watches, which explains why LEE'S Watches Company
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 ₵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.

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 ₵30 million in retail Ghana, rising to
₵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
 New designs are possible because to innovative manufacturing technologies.
 Extensive knowledge of watch distribution networks
Weaknesses
 No prior experience with jewelry shop distribution
 There is no prior expertise in the marketing of fashion items.

Opportunities
 A significant market
 Market growth is outpacing our present sales.
 Need for creative items is created by consumer demand for fashion goods.
Threats
 Competition is fierce, and market shares are tightly held.
 New market entrants are a possibility.
MARKETING OBJECTIVES
 In the first year, the company had a 3% market share in the branded fashion watch market
[sales of about 8 million Ghana Cedis].
 Breakeven is expected in 2023.
MARKETING STRATEGIES
In order to enhance our sales and growth rate, Lee’s 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

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 ₵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 ₵100,000 for each worker, this will be within our ₵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 ₵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 ₵8.5 million. In the first
year, the LEE'S watch initiative will break even. During this time, we do not foresee any
significant advancements in watch technology. Design, pricing, and attaining extensive
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). Organizational Audit Researchomatic. Retrieved 8, 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
MBA Skool Team, Last Updated: October 12, 2019. Rolex PESTLE Analysis.
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/