Making Memories Marketing Plan

Making Memories

Marketing Plan

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Table of Contents

1.0 Executive Summary i

2.0 Situation Analysis 1

2.1 Market Summary 1

2.1.1 Market Demographics 1

2.1.2 Market Needs 4

2.1.3 Market Trends 4

2.1.4 Market Growth 5

2.2 SWOT Analysis 7

2.2.1 Strengths 7

2.2.2 Weaknesses 7

2.2.3 Opportunities 7

2.2.4 Threats 7

2.3 Competitor Analysis 7

3.0 Marketing Strategy 9

3.1 Mission Statement 9

3.2 Marketing Goals 9

3.2.1 Product Objectives 9

3.2.2 Place Objectives 10

3.2.3 Price Objectives 10

3.2.4 Promotion Objectives 10

3.2.4.1 Personal Selling Objectives 10

3.2.4.2 Mass Selling Objectives 10

3.2.4.3 Sales Promotion Objectives 11

3.3 Marketing Mix 11

3.3.1 Product/Services Offered 11

3.3.2 Price Strategy 12

3.3.3 Promotion Strategy 12

3.3.4 Distribution Strategy 12

4.0 Financials 14

4.1 Budget 14

4.1.1 Operating Budget 14

4.1.2 Marketing Budget 15

4.2 Sales Forecast 16

4.3 Budget Summary 16

5.0 Controls 17

5.1 Implementation 17

5.2 Contingency Planning 17

6.0 Summary 18

1.0 Executive Summary

Making Memories is dedicated to helping people preserve their past through scrapbooking. We sell a wide variety of high quality scrapbooks and scrapbooking materials. In addition, we offer free classes every other Saturday to help our customers learn how to design their scrapbooks. Every employee will receive special training to assist customers in selecting the right materials for their scrapbooking needs. The owner is in charge of implementation of this marketing plan, but every employee must do their job to ensure the success of the store. Our marketing strategy will focus on maximizing customer service, sales, and awareness of our store to potential customers. We will begin operations January 1st. We expect to make a profit of $2,220 in our first month due to the growing market of scrapbooking and our dedication to customer satisfaction.

2.0 Situation Analysis

Making Memories is a new small business devoted to its customers. We provide the widest variety of scrapbooking supplies and a well-trained staff to assist customers in selecting the right supplies for their needs. In addition, to serve our customers better, we offer specialized classes designed to help customers learn and share new ideas to enhance their scrapbooks.

2.1 Market Summary

People of all ages and backgrounds enjoy scrapbooking. Making Memories will focus on selling to teenage girls and moms in area. Our customers want a wide variety of supplies to make their scrapbooks unique and to reflect their lives. They enjoy scrapbooking in their spare time. For our customers, scrapbooking is a way of preserving the past and documenting the milestones in life.

2.1.1 Market Demographics

Generic Market: Hobbies

Broad Product Market: Scrapbooking

Homogeneous Market Segments:

1) Artsy Teens: This segment consists of teenage girls who want to preserve their high school memories. These girls are sentimental and creative. They spend some of their free time documenting school functions, time with friends and other activities. They are mostly between the age of 14 and 18. Their family's social class is middle to upper class.

2) Sentimental Moms: This segment includes young married mothers who want to document their child's life. These mothers are active yet have some free time to sit down and create a scrapbook. They range from stay at home moms to moms who do not have demanding careers. They normally have one or two kids because scrapbooking does require some time, and the amount free time a mom has decreases as the number of children increases. The income level of this segment is $40,000 and up.

3) Vacation Goers: This segment includes retired couples who love to travel. They want to look back on their great memories of traveling around the world. They have more free time than the other segments, so they can devote more time to putting together their scrapbooks. This segment's age is between 50 and 70. Their income range is $50,000 and over.

4) Creative Entrepreneurs: This segment consists of the artsy type. Scrapbooking is their source of income. They are very creative and spend most of their time scrapbooking. This segment is predominantly