Posted at 10.14.2018
Keywords: watch marketing plan, resident marketing plan
The objective of writing a marketing plan is to provide a detailed report in our new product in the market. I select the company CITIZEN Designer watches JAPAN, because the deal of the company falls continuously from previous 2 yrs. Keeping because I am going to launch a new product through its local subsidiary company, Resident Watches (Pakistan) Pvt. Ltd.
With the goals and mission affirmation that are already set by the company, and discussed a proposed marketing plan for that product of the business.
Starting from product attributes finding our appropriate target markets, the huge benefits that our focus on customers will get, selecting appropriate circulation channels to make our product easy to get at, studying the existing situation analysis of your target markets, research of our competition, and the proportion of market that they have captured. Creating a marketing blend rates strategies, Marketing objectives and appropriately making marketing strategies.
As a result of the conditions summarized above, the Citizen Group's full-year consolidated results included net sales of 252. 502 billion yen (down 14. 9% year-on-year), working income of 7. 229 billion yen (up 416. 9%), standard income of 7. 976 billion yen (up 965. 3%), and net income of 3. 527 billion yen (net lack of 25. 806 billion yen for the prior fiscal calendar year).
For almost eight decades, Resident has been ahead of its time. Our brand has always stood for inventions and high detail that make life better for people and now we have been raising our sights to meet up with the needs of the new Millennium.
Our beginnings get back to 1924, when Citizen's forerunner, the Shokosha Watch Research Watch Institute produced its first pocket watch the "Resident". The then Mayor of Tokyo, Mr. Shimpei Goto, named the watch "Resident" with the hope that the watch, a luxury item of these times, would become widely available to ordinary citizens and become sold across the world.
Our first pocket watch, the CITIZEN
1924 - Our first pocket watch, the 'CITIZEN'
One of the first Citizen wrist watches, the Caliber F
1931 - Among the first Citizen designer watches, the 'Caliber F'
The manufacturing plant building
1940 - The factory building
First Japanese wristwatch with shock-absorptionInside of first shock-absorption watch
1956 - First Japanese wristwatch with shock-absorption
World's thinnest light powered watch, the Stiletto
2003 - World's thinnest light driven watch, the 'Stiletto'
As the titles "Citizen Watch" or "Citizen Group" state, our coverage is to provide the best products and services to all or any "citizens" on earth.
Within this brief span of time we've gained a good word of mouth for our quality products which we have been producing based on the market likings.
Keeping sight on the current position of the Resident watches sale (shown in graphCitizen Sales so wanting to improve the sales the company about to start a new impressive, cutting edge, new unique product on the market which happens to be not available.
As the basic phenomena of Resident company is to supply the best product and services to all "Citizen" of the world, so company perceives the whole world as their citizen. But at this stage the company mainly centering in Pakistan's market, our products are being found in Pakistan. The goodwill of our own products is high in the market. As a result of market survey we have a large level of devoted customer as well as customers. There is ongoing communication with the client (campaign) to increase the quality and performance of existing products. On the basis of previous experience there are good goals with the new product "Supremacy Drive Watch".
Micro factors will be the factors that directly impact our company. The primary micro factors are:
1 Intermediaries (Suppliers / Vendors)
3 Rivals (direct / indirect)
Demography is the analysis of population in terms of age, gender, household size, family life cycle, education and human population age mixture.
Pakistan is one of the 3rd world countries with a human population of Apx. 17. 50 billion out which 48% are men and 52% are females. And 55% of the populace consists of in agriculture. The literacy rate in suprisingly low i. e. 39% and people rate is 2. 3% each year. Most of the populace lives in rural areas but migration rate is high. The per capital income is Apx. $520 per person annually. Lahore is one of the largest locations of Pakistan. The mark in our watch is young era increasing age from 20-35 but still watch has been used by men as well.
In under-developed countries, a huge area of the income of individuals is spent on the essential needs, so it is the most sensitive environment where the income level is low, middle class is shrinking, riches syndication is unequal and cutting down rate is low. People are either very wealthy or inadequate. And their use behavior varies appropriately.
In Pakistan, there are less opportunities of advancement are available because of the insufficient research. However it also is determined by the firms that how much they choose the research and customer feedback. Keeping because the mark market, our company must look for opportunities rather then await them.
The population level is high & crossing 170 million. The expansion rate of the client is likely to have a growing trend.
5)-Social social Environment
Traditionally youngsters have more affinity for music and making snaps and videos. This means more consumption of wristwatches then from more aged ones.
6)-Legal and Political Environment
There are no constraints for the new entrants. Govt. is assisting us by providing exemption of sales tax for 24 months showing their determination towards welcoming new investment.
Factors influencing consumer buying behavior
There are many factors that affect the consumer buying behavior directly. These factors are:
1. Cultural factors
2. Sociable factors
3. Personal factors
4. Economic factors
As far even as we are worried we will focus on Lahore market at first. The people surviving in Lahore are beautiful and they spent major part of their income in shopping. Whenever we talk about watch many customers are not really satisfied with their existing wrist watches. That's where we could focusing at:
Some people get inspiration from reference organizations and they use the same products as their reference groups are using.
Age factor affects the consumer buying behavior. Generally young generation use watches to boost their outlook.
Economic conditions have also a bit effect on consumer buying tendencies. People who have high income never wait to spend the amount of money on taking care of their away look.
There are three types of competition
1. Brand competition
2. Form competition
3. Universal competition
By brand competition we indicate competition between different manufacturers who satisfy or tend to meet similar need by providing Similar product. Inside our case our immediate brand competition are
4. Raymond's well
By form rivals we mean the competition between manufacturers that will satisfy the same need but the products that they provide are different.
Our form opponents are
Competition among products that will vary, but solve the same problem or supply the same benefit or power.
There are two types of marketing aims which are given below
1. Short term objectives
2. Permanent objectives
Short term objectives:
The fundamental goal of Citizen Designer watches Pakistan to raise the sales volume of Supremacy disk wristwatches. Create a good image of our product in your brain of customers. Our priority is success.
Long term Goals:
CITIZEN WATCHES (PAKISTAN) permanent objectives are:
Our marketplace geographical region account is as follows.
Defense, Cantonment, Cavalry Floor, Gulberg, Model town
This watch is made for students, executives, pros with different profession, diplomas and education levels. We have designed and personalized matching to different user needs.
For students we have designed a model called G-SHOCK as mentioned earlier our wrist watches are for expressive people who wish to express themselves, so G-SHOCK has been designed corresponding to latest styles, fashion make it an unique and an expressive watch aside from its features.
This feature is actually beneficial one because students can bring their assignments, demonstration, work, software, related products onto it and can get access to it form anytime no need to open your email bill and download your required stuff. Instead of spending so enough time just replicate it in your watch and carry it anytime you want.
This is a portable device which is actually on your hand in the proper execution of watch; it's easy to carry since it weighs almost add up to watch. So at one space one carry four additional accessories.
Students mostly have walk mans, Disc man with them that they often use while traveling mostly. Now you don't have to have any walk man because you can store almost about 500 tracks in your watch and can hear them when ever you want. You are touring, sitting together and sensing bore, or want to pay attention song at night time but can not put your deck on, our watch has solution for each and every problem
It is very help full through the lecture because you can record your lecture any moment and can pay attention to it after wards and even can store it in your Pc.
Our product will be providing personal privacy by keeping the non-public private things with you in your watch and can hold them with you all the time.
The watch which we have designed for specialists isEst eem. it differs in design matching to varying age groups. we've given some new designs to the product which is a lttle bit not the same as others.
The benefits we are giving to your customers are the following.
Our product makes it easier that you should carry your computer data in a portable device requiring no new space
Our watches along with technical aspects have stylish features matching to current fashion. The Supremacy disk watch for professionals has, getting, exclusive, designs our targeted customers which give them an expressive look.
Supremacy disk has presented this feature for the very first time in current market; this feature is of great use we have made a small product which carries multiple functions in it this feature allows anyone to: Record all dialog while in reaching.
While interviewing some one can record the interview rather than writing it down and keeping time.
It helps to keep your privacy with you. one can take a few of its important data, documents
Save in his/her watch.
As we have already talked about about the merchandise, its features and its qualities above.
So now we are considering the other three P's.
The pricing strategy part of the marketing plan includes determining how exactly we will price our product or service; the purchase price we charge should be competitive but nonetheless allow us to make a reasonable earnings.
The keyword here's "reasonable"; we may charge any price you want to, but for each service or product there's a limit to how much the consumer is inclined to pay. Our charges strategy needs to take this consumer threshold into account.
We placed our prices by analyzing how much it costs us to produce the product or service and adding a good price for the huge benefits that the client will enjoy. We might find it useful to perform a Breakeven Evaluation. In chance even analysis the price is defined to break even on the expenses of earning and marketing a product or in other words setting a price to produce a target revenue.
These are some charges strategies:
1. Cost structured pricing
2. Value centered pricing
3. Competition centered pricing
Cost based costs requires adding a markup to the expense of the product. But Supremacy disk is not coping in price very sensitive market. So we move to the next prices method.
In value founded pricing price is based on the buyer's perception of value somewhat than on the retailers cost.
An increasing range of companies are basing their prices on the merchandise recognized value. And we can make use of it here as well as the consumers already don't possess an image of this new product in mind so there's a need to base its new price on its value. All of the company must do is to improve the view point of the customers by Powerful and attractive advertising.
Setting prices based on the costs the competitors demand for similar products is called competition based costs. Consumers will starting their judgments of the products value on the costs that competitors bill for similar products. One form of competition founded pricing is certainly going rate pricing in which a organization bases its prices typically on rivals prices, with less attention paid to its own costs or to demand. The company might charge exactly like, more than or less than its major rivals.
But as we know that Supremacy drive is not facing any competition so this strategy is not be used by the company.
We are starting a fresh unique product for a special class of people our marketplace is not price delicate so we will be using Value Centered Rates because we steps a good person to person and this type we live launching an ground breaking product which already does not can be found in market
It includes marketing stations and route levels as referred to below:-
Few producers sell their goods directly to final users. Instead most use intermediaries to bring their products to market. They try to neglect a marketing route or distribution channel, a couple of interdependent organizations mixed up in process of making a product or service designed for use or utilization by the consumer or business consumer.
There are in essence two marketing channels:-
A marketing route that does not have any intermediary levels
Channel containing a number of intermediary levels.
The products will be accessible on our company store at MM ALAM Street and Defence Y-Block.
It would be difficult to cover our marketplace by just using direct channel so to make it common we will use the utmost no of useful indirect channels, that happen to be as follows:
1. H karim bukhsh outlets
2. pot puri outlets
3. Al Fetah outlets
4. sketchers outlets
5. Nike outlets
6. Rate shopping mall
7. Fortress market
Promotion means customer communication that how we can reach to our customer to read and capture his mind.
Marketers can choose from two basic campaign mix strategies:-
1). Force strategy
2). Move strategy
A promotion strategy that demands using the sales force and trade promotion to push the product through channels is named push strategy. The manufacturer promotes the merchandise to wholesalers the wholesalers promotes to retailers, and the merchant stimulates to consumers.
A motivate strategy will involve "pushing" the merchandise through distribution stations to final consumers. The maker directs its marketing activities (generally personal selling and trade campaign) toward channel members to generate them to transport the product and also to promote it to final consumer.
A promotion strategy that demands spending a great deal on advertising and consumer promotion to develop consumer demand is called pull strategy. In the event the strategy is successful, consumers will ask their sellers for the merchandise, the vendors will ask the wholesalers, and the wholesalers will ask the providers.
Using a move strategy, the developer directs its marketing activities (mainly advertising and consumer advertising) toward final consumers to cause them to buy the product. If the pull strategy works well, consumers will demand the product from channel participants, who will subsequently demand from manufacturers. Thus, under a draw strategy, consumer demand "pulls" the product through the programs.
As I am launching our product (wristwatches) so we will use the mix strategies to increase the customer demand to have more sales and better source in all sorts of markets and stores. And because of this we must analyze trends or actions of the consumers so the company's ability to do business can be better. So in this section we'll also give the tools we will be using for this introduction. We will also discuss the promotion strategy that people will be using in this introduction.
Advertisement is the tool to make the product known to the client, the advertisements should maintain such a manner such that it can attract the client initially then their should be image retention in your brain of customer. Constant advertisement stimulates the client for the purchasing of the product. Ad tools used are
1. Libas Magazine
3. Times Magazine
4. Visag Magzine
5. Fashion Magzine
Advertisement through signboards in posh regions of Lahore. For the analysis of the merchandise performance pursuing methods will be utilized so that if the client is facing any problems according of quality, supply and other things can be removed. Feed again form
Forms having different question about the product performance, its weaknesses (if any), Dependence on quality improvement and other questions regarding service approachability, affordability etc will be available. Forms will be given to the customers at time of purchase.
Sales Promotion and retention of loyal customers
For sales promotion at different events like EID, Independence day, greeting cards will be sent in order in which to stay contact with our loyally and potential prospects.
The fifth factor of the 7 p's is the presentation. Develop the habit of standing again and considering every visual factor in the presentation of the product or service through the eye of a important prospect. Remember, people form their first impression about you within the first 30 seconds of witnessing you or some factor of the business. Small advancements in the packaging or exterior appearance of the product or service could lead to totally different reactions from the customers. so the packing of the new product makes very attractive and like a gift pack, but keeping because that packaging doesn't effect the price of watches. Supremacy Drive Watch's packing design to get the folks.
The next P is placing. Our new product builds up the behavior of pondering frequently about how exactly we sit in the hearts and intellects of the customers. How can our customer think and speak about you when you're not present? Just how do people think and discuss the business? What positioning do company have on the market, in terms of the precise words people use whenever we express my company and its own offerings to others? A very sensitive and close eyes are on the setting of the merchandise and also on the position of the company, by doing the standard surveys' and organise a little gatherings like in RAMZAN in terms of Aftari Function. By this the image of the company is grow up religiously in customer's mind and we've chance to get reviews by small 2 or 3 3 question of satisfaction from the site visitors.
The physiology of the people of Pakistan after the image of a firm or a brand is defined in their head they become loyal to that company or the merchandise, you can say that the 75% percent of population practices the other peoples to decide those things which they heading to decide for themselves.
and activities. In Citizen Wristwatches Pakistan business people and businesspeople will continue to work very hard to think through every aspect of the online marketing strategy and the marketing combination, and then pay little attention to the fact that every solitary decision and insurance policy must be completed by our specific person, in a specific way. Company's potential to choose, recruit, seek the services of and wthhold the proper people, with the skills and abilities to do the job you need to have done, is more important than everything else put together. And it defiantly works for the good thing about the company
It is the most crucial step of the marketing plan. In this task we actually execute what we have considered In above steps. Because there is a saying that it's useless to create a story if you are not going to produce a movie.
Here It is suggested for the business that company should choose Product approach to marketing mixture for the development of the new product just due to marketplace of the new product is students and in these day the mobile phones reduced the motives of the clients as a result of vast range of functions offered in mobile collections, so the pattern of customer thinking can be evolved by offer them a vide range of services according to their demand. The reason to design this product is get attention of this segment of the market by offering this interesting functions in a watch.
So keeping each one of these facts in view I would recommend that the business must have a look at the merchandise features' that they offer to obtain additional customer and which help full in the down heading sales of the watches not in Pakistan however in the earth.