MKT 243 Marketing Plan Report PDF

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FACULTY OF BUSINESS MANAGEMENTDIPLOMA IN INVESTMENT ANALYSIS (BA1142D)FUNDAMENTALS OF MARKETING (MKT 243)MARKETING PLAN FOR ANTI-FOG MICROFIBER CLOTHPREPARED BY:NUR AISYAH ALYA BINTI RAMZAN (2019244716)PREPARED FOR:AZIZUL AZHAN HUSSAINMARKETING LECTURERFACULTY OF BUSINESS MANAGEMENTUITM CAWANGAN TER...

Description

FACULTY OF BUSINESS MANAGEMENT DIPLOMA IN INVESTMENT ANALYSIS (BA1142D)

FUNDAMENTALS OF MARKETING (MKT 243) MARKETING PLAN FOR ANTI-FOG MICROFIBER CLOTH

PREPARED BY: NUR AISYAH ALYA BINTI RAMZAN (2019244716)

PREPARED FOR: AZIZUL AZHAN HUSSAIN MARKETING LECTURER FACULTY OF BUSINESS MANAGEMENT UITM CAWANGAN TERENGGANU KAMPUS DUNGUN

DATE OF SUBMISSION 3RD OF JULY 2020

TABLE OF CONTENT

NO.

CONTENT

PAGES

1.0

ACKNOWLEDGEMENT

1

2.0

EXECUTIVE SUMMARY

2

3.0

INTRODUCTION

3-4

4.0

PRODUCT

5-7

5.0

PLACE

8-9

6.0

PROMOTION

10-11

7.0

PRICE

12-13

8.0

SWOT ANALYSIS

14-15

9.0

CONCLUSION

16

10.0

REFERENCES

17

11.0

APPENDICES

18-21

ACKNOWLEDGEMENT

In the name of Allah, the Most Gracious, the Most Merciful. I am grateful enough for the blessings and great courage that the Lord has given me to complete this project for marketing individual assignment. I would like to take this opportunity to thank my beloved lecturer of Fundamentals of Marketing, Azizul Azhan Hussain who is also known as Sir Joe for his guidance and his advices in accomplishing this assignment. I appreciate every single effort that Sir Joe has made including the explanation and guidelines. This individual assignment has drained my oneself mentally and physically. Without his continuous encouragement, I would not have been able to finish this task.

Next, I would like to express my deepest appreciation to my beloved friends that have been helping me in completing this individual assignment. Jaz, Hanie, Qis, Cha and Nia who have helped me by answering some of my questions regarding this task. Without them, completing this individual assignment would be an impossible thing to do.

Lastly, I would like to extend my deepest gratitude to my family for the endless support. They have been providing me a shelter alongside with love and affection that a child need. During this pandemic, they have blessed me with a good and stable internet connection whilst making this project. Without their aid, this project would not happen.

EXECUTIVE SUMMARY

iWear is a Malaysian based optical store that just recently launched earlier this year. Our store is located in a well-known shopping complex, NU Sentral Kuala Lumpur. In view of our store is located in the capital city, it is a strategic place to sell eyewear products to groups of people who have vision impairments such as myopia (near sightedness) and hyperopia (farsightedness). Furthermore, the store is located near to KL Sentral which connects with a lot of public transports. Hence, the place is constantly filled with a lot of people coming from all across Malaysia.

We focus mainly on retailing and selling eyewear products such as anti-fog microfiber cloth, glasses and contact lenses. Out of all the product that we have, it is certain that our thriving product is the anti-fog microfiber cloth. It comes with a cute, small and environmentally friendly packaging that can instantly uplift customer’s smiles.

What makes us different than any other typical optical store is that every 10% of your purchases will be donated to Rumah Kebajikan in Kelang. Worry not, your donations will be handed by us to their manager and we perform this to prevent the embezzlement that might happen if we use 3rd party. We are also trying our best to reduce plastic usage in our packaging. Hence, most of our product comes in a recyclable material. We aim towards a greener and healthier lifestyle since most of the market in Kuala Lumpur emphasises on conserving the nature.

INTRODUCTION • COMPANY’S BACKGROUND iWear is a newly launched optical store in a well-known shopping complex in Kuala Lumpur. Our company focus mainly on eyewear products and have a wide range of glasses, contact lenses and anti-fog microfiber cloth. Our latest product that we have from our store is anti-fog microfiber cloth. Our store opens daily even on the weekends from 10 am to 10 pm. Anyone who is interested in our products and have any enquiries regarding our product can reach us via email; [email protected] and also ring us up at 03-422102001. • VISION iWear will be recognized by the Malaysian as the best eyewear company that provide a high-quality product with a reasonable price. • MISSION We at iWear aim to protect the eyes and enhance the look of Malaysian people and offer affordable eye care solutions to all of the customers from different parts of Malaysia. We are partly responsible to create the best eyewear and satisfy our customers taste and demand.

• VALUES ▪ Corporate Social Responsibility (CSR) We will donate every 10% of your purchases to the Rumah Kebajikan Anak Yatim Alkhairiyah in Kelang. ▪ Quality We provide the most outstanding quality products with reasonable price to our lovely customer. ▪ Teamwork We work together day and night with full integrity to create better results for your satisfactions.

• COMPANY’S LOGO

• Green Colour We have chosen green colour on the alphabet ‘I’ to represent our product which is eco-friendly and recyclable as we all know that green have a very deep connection to the nature. Green can help in enhancing human vision, stability and endurance.

• Black colour The black colour was chosen to be used in our logo to associate our products with protection and comfort.

• White Colour The white colour often perceived as purity, cleanliness and clarity. It is also the colour of our eyeball---sclera. This is to show that our eyewear product is able to give a clearer vision towards the future. It also gives off aesthetic view to our company logo. These are the reason why we choose our background colour in white.

PRODUCT

According to Schwartz, “A product is something a firm market that will satisfy a personal want or fill a business or commercial need and includes all the peripheral factors that may contribute to consumer’s satisfaction.” People who wear glasses tend to experience foggy glasses and some people find it a nuisance because it prevents you to see everything surround you clearly. We have the best product to solve this on-going matter that people with glasses faced. With our antifog microfiber cloth, anyone can see clear vision without foggy occurrence anymore. This microfiber cloth is made from organic polymer and active titanium dioxide (made of green and environmentally friendly materials, harmless to human body, glass, and resin). The concept of this product is the fiberglass fibre filament contains special molecules that can prevent condensation on the lens moisture, no longer troubled by fog.

1. Branding Branding is the key point of marketers use to distinguish one product from another. Product identification is the most important purpose in branding. We have decided to set our brand name ‘iWear’ because we want to let our customers to differentiate between our product and other big brand. For now, we only have one product under our own brand which is anti-fog microfiber cloth.

2. Trademark A trademark is the exclusive right to use the brand name and its prohibited to use it without permission from the firm. We at iWear have our own slogan which is ‘Eye see clear like the blue sea’. Blue sea indicates clear crystal water and we want the customer to experience life with clear vision without foggy glasses. The purpose of our slogan is we want to make the customer remember our product when they hear this slogan. If the customers able to recall our brand name by remembering our trademark, they are most likely to purchase this product.

3. Packaging As stated in Cambridge Dictionary, packaging means the materials in which objects are wrapped before being sold. Packages have several practical functions which is to hold contents together, to protect products, to promote and to facilitate recycling. Since our product is sensitive to water and high humidity, we are highly responsible to protect the anti-fog microfiber cloth with packaging that is waterproof, and the best option is zip lock paper bag. Those who are environmentally concern with plastic usage can be rest assured that our product comes with eco-friendly packaging. Thus, our consumers can have the benefit not only from our product but also from our reusable packaging.

4. Labelling Labelling is vital on the packaging of a product. There are two forms of labelling which is persuasive labelling and informational labelling but the one that we have on our packaging is informational labelling. This type of labelling will help the customer to make the right choice in product selection. We have stated all types of important information in our packaging such as instructions, cautions, website information, CE Marking and others. By providing these elements in our packaging, we are making sure to combat cognitive dissonance that the customers may have after purchasing our product.

i)

Front Labelling

ii)

Back Labelling

5. Warranty Warranty is a written guarantee from a firm to repair a product that turns a fault within a particular period of time. We have provided warranty for all of our product that we sell in our store whether it be online nor the physical store itself. If the product doesn’t work or the customer is not satisfied with the purchases, the buyer can return the product to us within 7 days and they will get their money back. This return policy can be applied if the buyer managed to show the original receipt and the product is in good condition.

PLACE A distribution channel is a chain of intermediaries through which a product flows until it reaches its final destination which is the end consumers. Distribution channel should include wholesalers, retailers, producers, distributors and as well as the internet. At iWear, we are using direct channel to sell directly to our customers in order to keep purchase prices low. By using this channel, we are actually doing some tasks including catalogue shopping and all forms of electronic retailing such as online shopping. This channel does not involve any intermediaries.

1. Digital Channels In line with 21st century fast-paced living society, we are more accessible to the internet as its crucial in our daily lives. In this case, we can analyse that more people are actually enjoying the hassle-free online shopping has offered as the product is way cheaper and more convenient to get. Our company have realized that operating a website may have a huge growth potential. Hence why we chose to set up an official website of our store. It is www.iwear.com and we offer the most exclusive product that we have which is our infamous anti-fog microfiber cloth. Other eyewear products are being sold as well and the customers can view our product catalogue. We also ship worldwide, and free shipping is available for delivery within Malaysia only for purchases above RM50 for West Malaysia and RM60 for East Malaysia. Along with the technologies that we have, our company started to look into other digital channels that we can personally connect with the customers. Social shopping allows us to sell products to potential buyer at social media apps like Facebook and Instagram. We have established Instagram account to display our product virtually to the interested buyer. Not only showing the benefits of our product, we also collect our customer’s data and lifestyle to know them well.

2. Retailing Retailing can be defined as the activities directly related to the sale of goods and services to the end consumers for personal and non-business use. iWear is an independent retailer with a singular store in Kuala Lumpur which is owned by an individual and is not part of a bigger network. Our store is located at Nu Sentral Shopping Centre, CC-02, Concourse, 201, Jalan Tun Sambanthan, Brickfields, 50470 Kuala Lumpur. Since we mainly focus on eyewear product, we have fall into specialty store category. Our shop assistants who are specialized in eye health knowledge will aid the customer to choose the right product for their issues.

3. Non-Store Retailing Non-store retailing has outgrown more than the traditional physical store retailing. This has encouraged the customer to shop without visiting the physical retail store. We are proudly to say that we have our own website to ease the process of buyer buying our products online. Apart from that, our store also managed an online shop on E-commerce website such as Shopee and not to forget our social media on Instagram that goes with handle @iwear where we used this platform to connect with our customer. We use social media because this enable users to immediately purchase the items that have been recommended by their friends and mutual.

PROMOTION Promotion is communication by a company in which persuades, inform and connect with interested buyer of a product in order to answer a response. The main purpose of our company’s promotional strategy is to convince the targeted customer that our product offered provide a competitive advantage over the competition. We want to make our product presentable to the customer in a high-quality image. We use promotional mix that consists of advertising, personal selling, public relation, sales promotion and social media to reach our target. 1. Advertising Advertising is any form of impersonal, one-way mass communication about a product that is paid by seller. Advertising is the most effective way to attract more potential buyer to know the existence of our new product. We are adopting numbers of traditional media such as television shopping channel, pay-per-click online advertising and direct mail. The cost for these advertising media is quite expensive for us. Hence why we are also using digital media which is less pricey but able to reach large number of people who are interested with our product. This include e-commerce, social media and website. 2. Social Network These days, a large number of people are signing up for an account on social media such as Instagram and Facebook to connect with people all around the world. Social media has undoubtedly changed the way we live our life as it makes our life easier and businesses have seen this as an opportunity to engage with customers. Not to be an oldfashion company, we at iWear have establish an Instagram account to connect freely and effectively with the customers as well as spawn interest for our product. Furthermore, we are able to tell and show them the benefits that a person can get from our product by pictures and videos. Social media has made it easy for us to collect feedbacks, comment and suggestion from our customer to make an improvement in our product quality. We accept all kinds of feedback whether it be negative or positive. Our founder believe that negative feedbacks are the critics that motivate us to be a better business in the eyewear industry. Other than that, promotion using social media has a lower fare than the traditional media.

3. Sales Promotion Other than the media advertising that we have used to promote our product, we also implement sales promotion to stimulate quick increases in demand for our product. Sales promotions include giveaway, coupons and contests that we have managed a few times for our customer. This sales promotion eventually resulted in more engagement with our brand and the upsurge in sales of our product.

3.1 Giveaway We have decided to do our first giveaway on our social media since we have achieved 10,000 followers on our Instagram. There are terms and conditions that the participant must follow before entering the giveaway. We have had received an overwhelming support when a large number of participants join the giveaway that we held along with obtaining new followers. By doing this giveaway, a lot of new people know the existence of our company and the product we sell.

3.2 Coupons Coupon is a ticket or document that can be redeemed for a rebate or discount when purchasing a product. We have issued coupons for every customer who purchase our product and have spend more than RM100 in one transaction. The coupon has a certain requirement for the buyer to actually meet in order to use it in our store. The longevity of our coupon is within a period of 3 months from the date of the purchases. This is to ensure previous buyer who are price conscious of a product price satisfied with the discounted price on the next purchase.

PRICE Price is the amount of money charged for a product or service. Price paid is based on the customer’s perceived satisfaction to receive from the service or product that they initially expect. Price isn’t necessarily related to money as it can associate to anything with perceived value. It is very important for a firm to set the right price for a product because the price is the main key to revenue of a company.

1. Pricing Objective Our pricing objective that we used in our company is profit oriented. We mainly focus on profit maximization where we set our price as high as possible but not higher than the product’s perceived value. Profit maximization is not the only pricing objective that our company look up to. In order to maximize profits, we are trying to upsurge the revenue by increasing customer satisfaction through customer’s feedback and efficient customer service. We at iWear believe that we should make an effort to collect feedbacks from our customers and make a change if necessary.

2. Markup Pricing Markup pricing is the most popular method used by retailers to set a selling price. It is the difference between a product’s selling price and cost as a percentage of the cost. We use markeup pricing for our product because it is relatively simple to calculate. The cost for anti-fog microfiber cloth is RM 20 and the selling price is RM 35 carries a markup of RM15, which has a markup of 75 percent of the cost. (RM15/RM20). The gross margin is the difference between cost and the selling price which is RM15. The gross margin calculated have ultimately provide sufficient funds to cover up the selling expenses and profit.

3. Price Strategy Since our product is categorised as unsought product, we have carefully decided to choose price skimming as our price strategy. Price skimming is a pricing strategy where a marketer set a high introductory price of a product to cover the costs of production, distribution and promotion. Sometimes, it is called a ‘ market-plus ’ because it is often higher than the relative competing products . We chose this strategy because our product is new to the market, so we rely heavily on promotion. This is because promotional budget is relatively high, so it is compulsory for us to sustain price skimming approach.

4. Method of payment We accept certain types of payment to ensure our business is secured with full protection. Some types of payment lead us to fraud, and we are not going to let that happen. We have faced an attempt of an individual trying to commit a fraud by pretending to be our customer. It happens when we first start our business on social media via Instagram and the only type of payment, we accept at that time is online banking. They sent us an edited receipt and we almost believe that the payment slip is genuine. Now we have an official website of our company where we only accept online banking, online payment via FPX and debit card. By using website, it is more secured to receive the payment rather than a screenshot of the slip. Our brick and mortar also accept different types of payment than our online store. In our store, we only accept cash, debit card and credit card. However, credit c...