Marketing Plan MK150: Marketing, Terrianne Tacheny

Fun in the Sun Inc.

Introduction Fun in the Sun, Inc. will be offer unique products that can be personalized for each customer. Product examples are personalized coolers, tents, can coolers, and camp chairs. The customer’s will be able to create their own design, add their name, and design the product how they want.

Marketing Plan Outline: SWOT Analysis Marketing Objectives Market Segmentation Target Market Strategy Marketing Mix Strategy: Product Marketing Mix Strategy: Distribution Marketing Mix Strategy: Promotion Marketing Mix Strategy: Price Implementation, Evaluation and Control References

SWOT Analysis Strengths Inexpensive operating and leasing fees Competitive advantage of products being unique Create strong relationships with customers Products will be inexpensive, highly marketable and high in quality Small is small-sized and creative Room for advancement

SWOT Analysis Weaknesses Reputation has not been established May take time to start making profit Not a lot of face-to-face interaction Shipping may become expensive Online purchases may make people hesitant

SWOT Analysis Opportunities Can get customers all around the world because we are online Can have a monthly catalog to /mail Can create a wedding line Can have booths set up at beaches and fairs in the summer Can use social networking to advertise

SWOT Analysis Threats Product may get lost or damaged when being shipped Websites like personalcreations.com are similar to our company Business relies on weather Shipping costs could rise We could start off with a bad reputation

Marketing Objectives Have 50% of target audience recognize company’s name and logo within one year Inform target audience about product uniqueness and options for sale, leading to a 25% percent increase in sales in two years Have Fun in the Sun, Inc. Products in 30% of wedding shops in the Minneapolis/St. Paul area by the end of one year Achieve an annual growth rate of at least 15% Achieve 10% of sales through the internet in 6 months Have 10% of our competitors customers switch from their company to Fun in the Sun, Inc.

Market Segmentation Information obtained from s2010data.com/27- minnesota-census data

Target Market Strategy Target Customer: Young adults in MN Females aged People that are getting married Personality type: Active, enjoy nice weather, want to stand out Marketing Techniques Social networking sits Website TheKnot.com Booths

Marketing Mix: Strategy: Product Tangible Benefits: Can help keep food and beverages cold, can serve as a storage device, can display name and ownership, small enough to bring on a boat or to the beach, weighs less than 40 lbs. Intangible Benefits: The customer will not experience confusion when trying to determine which cooler is theirs, the customer will feel special with the product, it can create a fun mood in the air, easy to find owner if gets lost, easy to haul.

Marketing Mix: Strategy: Product 1. Introductory Stage: Cooler will be tested, developed, awareness raised 2. Growth Stage: Profits will be sale, awareness of competitors will raise, website will be heavily used 3. Maturity Stage: Longest phase; Competition gets aggressive, features will be added 4. Decline Stage: Costs continue to rise, profits decline, may need to introduce new version or discontinue Life Cycle:

Marketing Mix Strategy: Distribution Distribution that will be used: Direct Distribution- Manufacturer to Customer Exclusive Distribution- Customer will seek to find our products Just-in-time manufacturing will be used- Products will be manufactured based on customer’s demands Shipping methods: FedEx, UPS, USPS

Marketing Mix Strategy: Promotion Flyers, business cards, catalogs will be distributed Advertisements will appear on popular social networking sites Personal selling at beaches and fairs Pull Strategy will be used Fun and pleasure will be the focus. Slogan: “Have fun and stand out. You only live once.”

Marketing Mix Strategy: Price Price per cooler will be set at $25.00 plus shipping costs. We will use penetration pricing at first to get people “hooked” to our product. Seasonal discounts will occur during winter and cold months. Our products will be offered at 10% discount. We will use FOB origin pricing as well. So, if a customer lives farther away from our warehouse, the more they will pay in shipping.

Implementation, Evaluation and Control Goals that will be reached in the first year: 1. Hire staff. This includes graphic designers, manufacturers, marketing experts, and accountants 2. Create employee handbook 3. Achieve marketing objectives 4. If marketing objectives are not met, reevaluate what went wrong 5. Make sure staff is happy and on-task by having monthly meetings 6. Talk about expansion 7. Follow the marketing plan by reviewing each month 8. Analyze sales and accounting records

References W., C, F., J, & McDaniel, C. (2010). Mktg 4 (with marketing coursemate with ebook printed access card). Mason, OH: South- Western Pub.