Marketing Plan Term Paper
the following term paper we are going to develop a Marketing Plan that will create business opportunity for Eden Creations.
Product: wedding and casual jewelry.
Suggested market: Canada, the USA with prospects of serving global clients in an online mode.
Target market: Young brides and young females for wedding and casual wear jewelry.
Reason for picking this market:
Canada and the USA are the world’s largest markets which provide the greatest opportunity for any product or service. These are the countries with richest people in the world who spend huge sums on weddings let alone casual jewelry.
Relying solely on the wedding collection would be ok, yet certainly would keep Eden Creations dependent on seasonal demand and trends for the wedding accessories. Producing casual wear jewelry would allow Eden Creations to serve several markets and enjoy diversification.
Here we speak about online sales which could prove much more profitable than traditional retail sales of jewelry. Online sales will allow Eden Creations to sell jewelry around the world.
Means of market entry: exports, with a potential for a joint venture if Eden Creations decides to hire other people to produce jewelry. This mean provides the least risky business opportunity that requires minimum costs and is the advisable mean of entry in the region which still is considered ‘unstable’ by the major rating agencies (Turnock, 41).
The Marketing goals of Eden Creations in 2000 are the following:
- Increase the population awareness of the existing product lines as represented by various types of jewelry for weddings and casual wear.
- Increase the number of clients of Eden Creations.
- Create the market for special jewelry and get the most market share possible.
Get as much revenue as possible, the thing that any business would want.
Product adaptation or modification. Here we need to understand that the eastern Europeans are different from Americans, Asians or western Europeans in their buying habits, preferences, health concerns, etc., thus making Eden Creations to take into account several market-specific adaptations for jewelry sold in different countries that Eden Creations will choose.
1 core component is the most important thing in the product that deals with quality or style. Just like in the USA, Europe or Asia, the customers are particularly conscious about the quality of the jewelry and its constituent parts. Eden Creations uses different precious materials, jewels, pearls, or Swarovski crystals in its collections. Eden Creations’ products come in different shapes and customers oftentimes have an ability to freely pick color and other attributes.
2 packaging component is less important that the core component of the product. Good packaging would certainly make the product more attractive for the customers. One should remember that most countries do not care much about the packaging as long as there is quality jewelry in there. The packaging of our jewelry, therefore, should not be the primary thing Eden Creations should invest in. Rather it should be protective and feature the corporate logo of Eden Creations to further promote the corporate name (Wolf, 125).
Needless to say it, the product should use the native language of the region on the packaging in order for the clients to be able to read it and understand what the product is for (Jeffries, 28).
I should note that because of the globalization of economy the majority of first world countries was flooded with the low quality, cheap goods from Turkey, China, Pakistan or Thailand, thus making the buying decision a true investigation. Eden Creations’ products with the label “made in the USA or Canada” will be more demanded by the market. Thus, it might be wise to use as much of country of origin specifics as possible, meaning that the product should:
- Have the “made in the USA” label.
- Have English/French/whatever terminology or words to add credibility to the product (Nelson, 78).
Another thing worth noting about the packaging is the issue of piracy. Currently, brand piracy is popular in most countries. Therefore, it might be advisable to use some packaging distinctive protection like a hologram, special scratch code, or perhaps some material that would make it hard for counterfeiters to recreate our jewelry. We need to understand that should the pirated and fake products that claim to be our jewelry get on the market, the bad reputation about Eden Creations will spread like wildfire, thus leaving our company without any clients (Cook, 126).
3 support services component. The absence of proper laws, usually make the buying process a thing “at your own risk”, meaning that the clients who purchase jewelry for the wedding or casual wear cannot return the jewelry, and thus, they prefer to think twice or even thrice before buying anything. Usually, that means that the word of mouth in the promotion mix (that we will discuss later) is the dominant buyer pushing force for any product including jewelry (Smith, 33). I still suggest to at least open a wedding jewelry hotline, where one would be able to receive a free consultation about how to pick wedding jewelry, where to buy them, and how to look great at a wedding ceremony.
Promotion Mix is certainly one of the most important things that our company should undertake to successfully market our jewelry in North America and around the world.
Advertising, as we know, is any paid form of promotion of goods/services in the region and we need not underestimate its usefulness when marketing jewelry (Wolf, 128).
Objectives of advertisement of jewelry. Our objectives should be the following, as based on the attempt to develop the customer loyalty to the product:
- Brand awareness. We should make the market aware of things like Eden Creations jewelry as an alternative to more expensive and un-trendy jewelry.
- Brand recognition. By that the clients should understand that Eden Creations sells superb jewelry for weddings and for casual wear (Nelson, 82).
- Brand preference/insistence is strong desire of men and women to wear only Eden Creations’ jewelry at their wedding or on a daily basis. We need to strive to develop brand preference and loyalty early, before our competitors understand the depth of the given market for jewelry and start marketing their jewelry (Spencer Hull, 150).
In order to uncover the marketing strategies of Eden Creations , we have to analyze the 4Ps+1 of marketing as shown below:
Product. Eden Creations provides different types of jewelry required by the market. The jewelry is noted to be of high quality and of high demand on the market. Eden Creations might want to create different type of jewelry.
- Price. Eden Creations should price its jewelry on par with the major products available on the market. The price should be somewhat lower.
a) Eden Creations offers various payment methods: cash, checks, credit cards.
b) Eden Creations does not provide interest free financing. This is where Eden Creations might want to make a change in order to attract more customers who already enjoy interest free financing from Eden Creations ’s competitors.
c) Eden Creations needs to weigh all the costs and benefit associated with the interest free financing and come up with the optimal solution. Most likely Eden Creations will need to provide the payment method most convenient for the customers.
- Place. The place is a show room, or the actual Eden Creations shop. Oftentimes it takes the Eden Creations ’s representatives to visit the customer’s apartment/house to find the best jewelry option.
- Promotion. Eden Creations should use heavy promotion in order to create the industry and to attract potential customers to buy Eden Creations . The following promotion activities were used.
Thank-you cards for clients to create brand loyalty.
Yell.com online advertising.
Mass media (see media mix).
Flying of a blimp to attract customers from the streets. The blimp is a wonderful type of advertisement, despite certain frictions with the local government.
Promotional material, booklets, flyers etc.
Buyer cards, offered to people on the streets.
- People. Eden Creations provides a 24/7 customer support team that would be willing to answer the questions in an online mode and recommend the new users what jewelry to buy.
- TV commercials. Eden Creations needs to present the aura of exclusivity, affordability and value in its TV commercials featuring brides wearing Eden Creations jewelry and then common women wearing Eden Creations jewelry to work or parties (Wolf, 132).
- Radio commercials should also be used to remind people of our jewelry and of the qualities and effects it has.
- Billboards with huge photographs of Eden Creations jewelry would be extremely noticeable.
- Newspapers/magazines/print is probably one of the most important media channels for our jewelry, simply because people in North America are obsessed with the printed paper. Unlike short TV/radio commercials, newspapers and magazines would deliver the message for a much longer time to the potential clients simply because, they are not thrown away as easily (Jeffries, 39).
Message. The message should not be complicated or corny. It should basically say “Eden Creations jewelry, women wear it at their wedding….women wear it daily” (Nelson, 85).
Costs. The advertisement costs are high in Canada and the USA on major television channels. Eden Creations should start with advertising on local channels which serve the customers in the area where Eden Creations sells its jewelry.
Sales promotion is also extremely important for the region where we plan to market our jewelry just because people do not trust commercials as much as the word-of-mouth (Wolf, 135).
Objectives of sale promotion: to entice people to try to buy and use the product they never used before. It can take the following forms:
Coupons: for quantity purchases. As we remember Eden Creations plans to sell jewelry for weddings and casual wear. Thus, a woman which purchases Eden Creations jewelry for the wedding should be given a coupon to purchase jewelry for casual wear (Weiss, 38). By the same token females who purchase Eden Creations jewelry on a regular basis should be given discount for Eden Creations jewelry for wedding occasions..
Personal selling is probably the most important component of promotion of the product. We should follow the similar multi-level marketing scheme as does Avon, Mary Key cosmetics, Oriflame, which successfully work on the market. We need to remember that people trust each other more than they trust the media, thus personal selling should be encouraged (Wolf, 136).
Distribution: here we need to assess the ways of how to deliver the product to the final customers in the region if the product is sold via the internet/website developed for Eden Creations.
- Port selection
a) original port. This can be our country where the actual jewelry are produced.
b) destination port should certainly be area closes to target countries.
- Mode selection
We should use Federal Express or DHL postal services to ship Eden Creations jewelry.
The only thing that we should remember is that the packaging should indeed protect the product from the elements, as well as feature the Eden Creations emblem (Wolf, 41).
Costs of packaging will be based on the cost of manufacturer in the USA
Insurance Claims. Taking into account the unreliable transportation in the world, one is advised to insure the cargo.
Jeffries, Ian, Socialist Economies and the Transition of the Market : A Guide, Prentice Hall, 2002.
Wolf, Thomas, Foreign Trade in the Centrally Planned Economy (Fundamentals of Pure and Applied Economics, Vol 27. Economic Systems section), Penguin books, 2001.
Nelson, Carl, Import/Export: How to Get Started in International Trade, McGraw Hill, 2000.
Weiss, Kenneth, Building an Import/Export Business, 3rd Edition, Oxford university Press, 2001.
Spencer Hull, Galen, Small Businesses Trickling Up in Central and Eastern Europe (Transnational Business and Corporate Culture : Problems and Opportunities), Prentice Hall, 2000.
Turnock, David, The Eastern European Economy in Context: Communism and Transition, Penguin books, 2002.
Cook, Gary, The Economics and Politics of International Trade : Freedom and Trade, Volume 2 (Routledge Studies in the Modern World Economy), Oxford University Press, 2001
Smith, Allan, The Return to Europe: The Reintegration of Eastern Europe into the European Economy, NY Random House, 2002.
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