Marketing Conference - Marketing Strategy - Essay Example

Marketing Conference - Marketing Strategy Marketing conference: Mission ment and Marketing ObjectivesMission StatementKick covers inc. is a company devoted to developing the ultimate anti-skid covers to attach or slip up onto shoes. Our mission is to develop and provide ultimate protection and dry feet solutions to people. We view ourselves as partners with our customers, community and our environment. We aim to become an internationally recognized brand name, capitalizing on the uniqueness of our product.

Our goal is moderate growth, annual profitability and maintains quality.Our MissionOur road map begins with our mission, which is enduring. It declares our purpose as accompany and measures the standard against which we weigh our actions and decision.To create value and make a differenceTo make products enhance health and comfort ability.Respect environment and support local communities.Our visionOur vision serves as the framework for our mission and directs every step of our business by describing what we need to accomplish in order to achieve sustainable quality growth (Stuart, 2007)Productivity: Be a highly effective and fast moving company.

Profit: Maximize returns while being mindful of responsibilities.People: Create a conducive people friendly environment that aspires to bring out the best in everyone.Planet: Be responsible citizens making a difference by helping to build and support communities.Partners: Nurture a robust network of customers and suppliers, together we create mutual and enduring values (Abrahams, 2013).Marketing ObjectivesProductivity: To provide all of the resources our employees need to remain as productive as possible.

This includes employee training, equipment maintenance and purchases that go into productivity.Customer service: Good customer service helps to retain customers and clients and generates revenue. Keeping customers happy is the primary goal of our company.Profitability: Our main focus is in both production and operations while maintaining sustainable profit margin on our products sold. Revenue should always stay ahead of costs of doing business.Core values: Our mission statement is a description of our core values in the company.

It summarizes the beliefs that our company holds in regard to our customer (Keillor, 2007). Interaction, responsibility to the community and employee satisfactionMarketing: To be effective, our company undertakes to understand consumer buying trends, anticipate product distribution needs and developing partnerships that help in improving market share.Competition analysis: Understanding where our products rank in the market place is important to better determine how to improve our market share among consumers thus improve our revenue.

A comprehensive analysis of the activities of our potential competitors is an ever going business objective.Growth: The growth of our company is planned based on data and future projections, while factoring in the careful use of company resources such as finance and personnel. Maintaining financing: Our ability to finance operations of the business means that we can prepare for long-term projects and still address short-term needs such as employee’s salaries.Available Funding for Business (Government Grants or other Sources)Government grants are funded by tall money.

They therefore require very strict compliance and reporting measures to ensure that the money given is well spent. Unfortunately grants are never given away indiscriminately. However, other sources of funding are available. Nonetheless, it is still important that to research the target market, in order to ensure that customers will pay for the product. The cost of starting up of a business can be mitigated through:Government Schemes: These are government –backed support schemes that give initial funding to start and develop the business idea.

Bank Loan: This is another option for funding once target market is ascertained. The bank will need a realistic cash flow forecast, and proof that the loan will be paid back with interest. The bank may require provision of securities against the loan such as a house or car in case you don’t pay. This requires stringent risk analysis.Selling Shares: More investment may necessitate the selling of business shares to raise more money to fund growth.The targeted market is often defined in terms of demographics and psychographics.

In demographics, the target market is considered using variables such as gender, age, education, house-hold income, marital status, employment status, residence and the number of children in the house-hold. For example, Kick Covers could target consumers aged between 26-to-50 years old with yearly house-hold income of $50000 or more, or house-holds with children aged six years or younger.Psychographic: This is a general term for consumer’s personality traits, beliefs and attitudes about social issues (opinions) personal interests (sports, music or movies),and shopping orientations(price sensitive shoppers, recreational shoppers, convenience shoppers).

For example Kick Covers could target consumers with a need for self-expression, fun-loving, young at heart or love sports.Target market is the State of Colorado in the U.S., with a total population of Men and Women aged between 30 to 45 years and with an annual income of $40,000: 5,000,000 (Demographic Trends).Price for kick covers slip-ups:$6.99 each. Kick cover attachable $9.99 each. And kick spray$12.99 each. Assuming that we will sell each type of product but to only 1% of the total population for the first year: 1/100*5,000,000*6.

99 for kick cover slip-ups=$ 349500 1/100*5,000,000*9.99 for kick cover attachable=$ 499,500 1/100*5,000,000*12.99 for kick sprays= $ 649,500Total projected sales forecast =$ 1,498,500Information for calculating sales forecast includes sales numbers for each product broken down by month of the year. The number of sales that are returned. External factors impacting sales, such as economic forecasts, price changes in raw materials, employee contract renegotiations, and increased competition, among others.

The simplest sales forecasting is an annual sales forecast. Assuming that sales are relatively stable—no major changes in your competition, your employees or customer base from year to year—such that you only have to account for inflation:Last year’s annual sales+ (last year’s annual sales Multiplied by rate of inflation) =next year’s sales forecast. Assuming that sales forecast is $1498500. The rate of inflation this year at 0.6, then this year’s sales forecast would be:1,498,500*0.

6 =$ 899,100 Year one sales forecast.Will go to charity 10/100* 899100=$ 89910.Net margin(899,100-89910)= $809190*30/100= $242757Net Margin first year is $ 242,757.Year two sales forecast: 899,100 + (899100*0.6) =$1438560. Year two sales forecast.Will go to charity 1438560*10/100=$ 143856. Net margin(1438560-143856) = 1294704*30/100Net margin year two is $388,411.21438560+ (1438560*0.6) = $ 2,301,696.Year three sales forecast.Will go to charity 2,301,696 *10/100=$230169.6Net margin(2301696-230169.6)= $ 2071526.

4*30/100= $621457.92Net margin year three is $621,458Costs we expect to encounter include price changes in raw materials. Employee contract renegotiations. Increased competition.Contingency plans: Source for raw materials oversees where they are cheaper. Have exemplary employees work on a permanent basis. Curve out a niche through our competitive advantage over our competitors. ReferencesAbrahams, J. (1999). The mission statement book: 301 corporate mission statements from Americas top companies.

Berkeley, Calif: Ten Speed Press.Abrahams, J. (2013). 101 mission statements from top companies: Plus guidelines for writing your own mission statement. New York: Ten Speed PressFiore, F. (2005). Write a business plan . in no time. Indianapolis, IN: QueKeillor, B. D. (2007). Marketing in the 21st century. Westport, Conn: PraegerNijssen, E. J., & Frambach, R. T. (2000). Creating customer value through strategic marketing planning: A management approach. Boston, MA: Kluwer AcademicStuart, B. E.

, Sarow, M. S., & Stuart, L. P. (2007). Integrated business communication in a global marketplace. Hoboken, N.J: WileyDemographic Trends: Understanding the impact of a changing population on Colorado. (n.d.). Department of logical affairs. Retrieved April 19, 2014, from http://www.colordo.gov/demography.