BIG Ps Marketing Plan - 2200 Words

BIG Ps Marketing Plan (Research Paper Sample) Content: Marketing Plan for the Big P’s Catering Company Name of Student Tutor’s Name Course Title Date Table of Contents  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc358020269"
Marketing Plan for the Big P’s Catering Company  PAGEREF _Toc358020269 \h
3  HYPERLINK \l "_Toc358020270"
Executive Summary  PAGEREF _Toc358020270 \h
3  HYPERLINK \l "_Toc358020271"
Situation Analysis  PAGEREF _Toc358020271 \h
3  HYPERLINK \l "_Toc358020273"
Mission Statement  PAGEREF _Toc358020273 \h
4  HYPERLINK \l "_Toc358020274"
SWOT Analysis  PAGEREF _Toc358020274 \h
4  HYPERLINK \l "_Toc358020275"
Competitor Analysis  PAGEREF _Toc358020275 \h
4  HYPERLINK \l "_Toc358020276"
An Idea for a New Product or Service for the Company  PAGEREF _Toc358020276 \h
5  HYPERLINK \l "_Toc358020277"
The Marketing Strategy  PAGEREF _Toc358020277 \h
5  HYPERLINK \l "_Toc358020282"
Marketing Objectives:  PAGERE F _Toc358020282 \h
6  HYPERLINK \l "_Toc358020283"
Financial Objectives  PAGEREF _Toc358020283 \h
7  HYPERLINK \l "_Toc358020284"
Target Marketing  PAGEREF _Toc358020284 \h
7  HYPERLINK \l "_Toc358020285"
Market Positioning  PAGEREF _Toc358020285 \h
7  HYPERLINK \l "_Toc358020286"
The Marketing Mix  PAGEREF _Toc358020286 \h
8  HYPERLINK \l "_Toc358020287"
Price  PAGEREF _Toc358020287 \h
8  HYPERLINK \l "_Toc358020288"
Place  PAGEREF _Toc358020288 \h
8  HYPERLINK \l "_Toc358020289"
Promotion  PAGEREF _Toc358020289 \h
8  HYPERLINK \l "_Toc358020290"
Product  PAGEREF _Toc358020290 \h
9  HYPERLINK \l "_Toc358020291"
The Marketing Research  PAGEREF _Toc358020291 \h
9  HYPERLINK \l "_Toc358020292"
1st Year Forecast and Budgets  PAGEREF _Toc358020292 \h
10  HYPERLINK \l "_Toc358020293"
Sales Forecast  PAGEREF _Toc358020293 \h
10  HYPERLINK \l "_Toc358020294"
Sales Forecast for the First 6 months  PAGEREF _Toc358020294 \h
10  HYPERLINK \l "_Toc358020295"
Expense Forecast  PAGEREF _Toc358020295 \h
11  HYPERLINK \l "_Toc358020296"
Marketing Expense budget (annual figures)  PAGEREF _Toc358020296 \h
11  HYPERLINK \l "_Toc358020297"
Break-even Analysis  PAGEREF _Toc358020297 \h
11  HYPERLINK \l "_Toc358020298"
Appendices  PAGEREF _Toc358020298 \h
13  HYPERLINK \l "_Toc358020299"
Reference List  PAGEREF _Toc358020299 \h
14  Marketing Plan for the Big P’s Catering Company Executive Summary Big P’s Catering is a London-based catering company incorporated in 2012 and specializes in wedding catering, corporate catering, as well as catering for special events, like children parties. Because of increased competition in this industry and the recent slump in the economic activities across the globe, there has been a need to reengineer the product offerings to continue being competitive. To achieve this, the compa ny will be introducing new products and appeal to existing customers to purchase more of its existing products. To achieve its objective, the company will introduce personalized wedding cakes, and cupcakes, custom designed and bespoke handmade cakes, in the coming season, which will present a paradigm shift compared to the existing products, both within the company and from the competition. As a result, the company’s resolve is to bring into the market a new approach by leveraging existing culinary skills in order to provide innovative catering options in this market segment. Indeed, with the current level of expertise and the large market in the London area, it is expected the company will break-even in less than five months. Situation Analysis The Company has been in operation for less than a year. The management understands that the company’s marketing approach is critical to its survival in the turbulent market arena (). To remain competitive, the company will hav e to cover more wedding and corporate events with its new personalized products as well as the existing ones. The demand for new products is driven by high-quality product offerings and the company expects to meet the demand by providing innovative range of personalized cakes. Indeed this is essential to beat competition and survive in the competitive market arena. Mission Statement The Big P’s Company strives to provide friendly and affordable custom catering to the customers within the London area. The company exists to provide services that exceed customer expectations (). SWOT Analysis SWOT analysis is an analytical tool for gauging a company’s strengths weakness, opportunities, as well as threats in the market. The following analysis captures the company’s strengths and weakness in the London market. Strengths Highly skilled workers Superior products Customer loyaltyWeaknesses Struggle to build brand equity Limited budget Limited culinary skills Oppo rtunities There is a high market potential Steep learning curve Ability to have a long-term customers Threats Stiff competition High cost of production The threats of the global financial crisis Competitor Analysis Competition in the catering industry is stiff since there are other companies within London that provide the same service as Big P’s. Competitors in this market, to some degree, use price wars as a strategy in their marketing effort (Cant, Strydom, To realize a positive and continuous growth every month To continuously attract and convert customers into long term clients To realize a decrease in operational expenses as sales continue to increase over the years. Financial Objectives To achieve a double-digit growth in the succeeding years To reduce the variable operating costs significantly in the year To maximize the profit margin in every event Target Marketing The Big P’s will target two classes of customers. However, to reach the two groups will no t necessarily require different marketing strategies (Schenck, 2011). Differentiation between the two classes will require offering the same products, but with a discriminatory pricing approach (Ferrel & Hartline, 2010). The middle class clients have less disposable income. Although they believe it is prudent to have a nice wedding or birthday party, they prefer to minimize the cost of such events. This group will enjoy some discounts. On the other hand, the upper class is the opposite of ... BIG Ps Marketing Plan - 2200 Words BIG Ps Marketing Plan (Essay Sample) Content: Marketing Plan for the Big P’s Catering Company Name of Student Tutor’s Name Course Title Date Table of Contents  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc358020269"
Marketing Plan for the Big P’s Catering Company  PAGEREF _Toc358020269 \h
3  HYPERLINK \l "_Toc358020270"
Executive Summary  PAGEREF _Toc358020270 \h
3  HYPERLINK \l "_Toc358020271"
Situation Analysis  PAGEREF _Toc358020271 \h
3  HYPERLINK \l "_Toc358020273"
Mission Statement  PAGEREF _Toc358020273 \h
4  HYPERLINK \l "_Toc358020274"
SWOT Analysis  PAGEREF _Toc358020274 \h
4  HYPERLINK \l "_Toc358020275"
Competitor Analysis  PAGEREF _Toc358020275 \h
4  HYPERLINK \l "_Toc358020276"
An Idea for a New Product or Service for the Company  PAGEREF _Toc358020276 \h
5  HYPERLINK \l "_Toc358020277"
The Marketing Strategy  PAGEREF _Toc358020277 \h
5  HYPERLINK \l "_Toc358020282"
Marketing Objectives:  PAGERE F _Toc358020282 \h
6  HYPERLINK \l "_Toc358020283"
Financial Objectives  PAGEREF _Toc358020283 \h
7  HYPERLINK \l "_Toc358020284"
Target Marketing  PAGEREF _Toc358020284 \h
7  HYPERLINK \l "_Toc358020285"
Market Positioning  PAGEREF _Toc358020285 \h
7  HYPERLINK \l "_Toc358020286"
The Marketing Mix  PAGEREF _Toc358020286 \h
8  HYPERLINK \l "_Toc358020287"
Price  PAGEREF _Toc358020287 \h
8  HYPERLINK \l "_Toc358020288"
Place  PAGEREF _Toc358020288 \h
8  HYPERLINK \l "_Toc358020289"
Promotion  PAGEREF _Toc358020289 \h
8  HYPERLINK \l "_Toc358020290"
Product  PAGEREF _Toc358020290 \h
9  HYPERLINK \l "_Toc358020291"
The Marketing Research  PAGEREF _Toc358020291 \h
9  HYPERLINK \l "_Toc358020292"
1st Year Forecast and Budgets  PAGEREF _Toc358020292 \h
10  HYPERLINK \l "_Toc358020293"
Sales Forecast  PAGEREF _Toc358020293 \h
10  HYPERLINK \l "_Toc358020294"
Sales Forecast for the First 6 months  PAGEREF _Toc358020294 \h
10  HYPERLINK \l "_Toc358020295"
Expense Forecast  PAGEREF _Toc358020295 \h
11  HYPERLINK \l "_Toc358020296"
Marketing Expense budget (annual figures)  PAGEREF _Toc358020296 \h
11  HYPERLINK \l "_Toc358020297"
Break-even Analysis  PAGEREF _Toc358020297 \h
11  HYPERLINK \l "_Toc358020298"
Appendices  PAGEREF _Toc358020298 \h
13  HYPERLINK \l "_Toc358020299"
Reference List  PAGEREF _Toc358020299 \h
14  Marketing Plan for the Big P’s Catering Company Executive Summary Big P’s Catering is a London-based catering company incorporated in 2012 and specializes in wedding catering, corporate catering, as well as catering for special events, like children parties. Because of increased competition in this industry and the recent slump in the economic activities across the globe, there has been a need to reengineer the product offerings to continue being competitive. To achieve this, the compa ny will be introducing new products and appeal to existing customers to purchase more of its existing products. To achieve its objective, the company will introduce personalized wedding cakes, and cupcakes, custom designed and bespoke handmade cakes, in the coming season, which will present a paradigm shift compared to the existing products, both within the company and from the competition. As a result, the company’s resolve is to bring into the market a new approach by leveraging existing culinary skills in order to provide innovative catering options in this market segment. Indeed, with the current level of expertise and the large market in the London area, it is expected the company will break-even in less than five months. Situation Analysis The Company has been in operation for less than a year. The management understands that the company’s marketing approach is critical to its survival in the turbulent market arena (). To remain competitive, the company will hav e to cover more wedding and corporate events with its new personalized products as well as the existing ones. The demand for new products is driven by high-quality product offerings and the company expects to meet the demand by providing innovative range of personalized cakes. Indeed this is essential to beat competition and survive in the competitive market arena. Mission Statement The Big P’s Company strives to provide friendly and affordable custom catering to the customers within the London area. The company exists to provide services that exceed customer expectations (). SWOT Analysis SWOT analysis is an analytical tool for gauging a company’s strengths weakness, opportunities, as well as threats in the market. The following analysis captures the company’s strengths and weakness in the London market. Strengths Highly skilled workers Superior products Customer loyaltyWeaknesses Struggle to build brand equity Limited budget Limited culinary skills Oppo rtunities There is a high market potential Steep learning curve Ability to have a long-term customers Threats Stiff competition High cost of production The threats of the global financial crisis Competitor Analysis Competition in the catering industry is stiff since there are other companies within London that provide the same service as Big P’s. Competitors in this market, to some degree, use price wars as a strategy in their marketing effort (Cant, Strydom, To realize a positive and continuous growth every month To continuously attract and convert customers into long term clients To realize a decrease in operational expenses as sales continue to increase over the years. Financial Objectives To achieve a double-digit growth in the succeeding years To reduce the variable operating costs significantly in the year To maximize the profit margin in every event Target Marketing The Big P’s will target two classes of customers. However, to reach the two groups will no t necessarily require different marketing strategies (Schenck, 2011). Differentiation between the two classes will require offering the same products, but with a discriminatory pricing approach (Ferrel & Hartline, 2010). The middle class clients have less disposable income. Although they believe it is prudent to have a nice wedding or birthday party, they prefer to minimize the cost of such events. This group will enjoy some discounts. On the other hand, the upper class is the opposite of ...