Principles of Marketing final project (combo shoe) PDF

Preview

Summary

Download Principles of Marketing final project (combo shoe) PDF

Description

Principles of Marketing PROJECT SUBMITTED TO: MS.IZZAH PAL SUBMITTED BY: JAWERIA ASLAM MAHEERA ALI

F2019105127 F2019105109

TEHREEM ASHFAQ

F2019105123

SHEEZA SHABIR

F2019105108

Stay connected stay save

1

Table of Contents Executive Summary

2

Market Analysis 3 A. Company Analysis…………………………………………………………………………………………………………………………3 B. Customer Analysis………………………………………………………………………………………………………………………….5 C. Conditions Analysis……………………………………………………………………………………………………………………….5 D. Competitor Analysis Target Marketing Selection Market Mix Decisions

5

6

6

A. Price………………………………………………………………………………………………………………………………………………6 B. Promotion……………………………………………………………………………………………………………………………………..7 C. Product………………………………………………………………………………………………………………………………………….8 D. Distribution………………………………………………………………………………………………………………………………….8 E. Service………………………………………………………………………………………………………………………………………….8 Financial Projections

9

Marketing Plan Assessment……………………………………………………………………………………………………………………………….9 A. Controls………………………………………………………………………………………………………………………………9 B. Competitor Responses……………………………………………………………………………………………………… 10 C. Anticipated Results …………………………………………………………………………………………………………….10

2

Executive Summary We have introduce a product that will play an important role for child safety and the mothers will not be afraid to lose his child outside the home. Name with combo (smart shoe). This product will track the location of the children who will wear these shoes. It will be one chip that will connect with our mobile through GPS. Any one download the app (combo shoe tracker) and activate it by giving specific shoe code. Once you connected with the app you don’t need to connect it again it will aromatically connected with app once you wear it. When the child comes out of our selected range, an alarm will be shown on the mobile. And where the child is, the position of the child will be shown in the map on you smart phone. Smart shoe (combo) actually is like a normal shoes that comes with intelligent tracker that will keep track the steps taken and will show the position on the map through GPS. Smart shoe (combo) is a location tracker and with this it is completely water proof. The battery time will last for 3 days. Smart Soles also give you alert when they’re low on battery. When the charge goes below 20%, it will send out alert so you can get them charged before they go dead. But our product battery cannot be charged automatically. Smart shoe for route tracking comes from already proposed system in which they were using different technology. Most of them are used for Exercise and Gaming purpose. But route tracker of the child not yet come to the market. The specialty of our product is that mothers can check the history of moments of their child where he /she gone. We projective our image as a trending or fashionable shoes with safety measurements of our children. Our position is totally based on safety of children because it make possible to connect with your children and the technology we use in our product is latest advance. And most parents will buy this product who are at risk of having their child lost and kidnap. This will be for 3 to 17 year old children. Smart shoes (combo) are easily offered able by very person. These days everyone uses smartphone and they are familiar with GPS system so, they can use it easily. The raw material use in the manufacturing of our product are easily available. People can easily get any information related to our product from our website www.comboshoetracker.com or Facebook page. There is a section in our app where customer can register their complaints. Take a feedback of our product in which customer tells us our mistakes, issues which they are facing and also suggest things if they want any service or anything regarding our product. We do our best to provide more and more services to our customers so we built a very strong and loyal relationships with our customers. Smart shoes is a need of semi urban and urban areas because it is for 3 to 17 year child whose parents are working and could not able to look up their child on their own. The quality of the shoes is great, comfortable. The out sole quality is also pretty good, tough, light weight and slip resistance .If the child is sitting then also the chip shows the correct position. We use high quality material for packaging for smart shoes. We will use cardboard to make the shoes box. And the color of this box is white. Our price is the mixture of fix and variable cost. We are making only one product smart shoes (combo) our price range in form 8500 to 10500 .As the size of shoe increase the price of shoes will be increase and is less as compare to our competitor. Every product have competitors in the market our product is a new invention but it will also have different competitors and the product are not entirely different from smart shoes product. Our expected competitor in future is Adidas because it is very popular in many countries and Pakistan too and one

3

more thing it focus on technology development and performance development so it can be easily our competitor in future. The goal of our promotional campaign is that our product information easily accessible to the public. Marketing communication through advertising will integrate various mediums. These include television, radio, print media such as newspapers and magazines and also billboards. We will also make use of the emerging social networking tools in creating market awareness. These tools include You Tube and Face book. You tube will be an effective market awareness tool since we will post the videos of combo shoe on You Tube. This will ensure that potential customers see what is combo. And also will also post picture on Facebook. We will also post the new shoe picture on our website www.comboshoetracker.com. The website will enable potential customers to access information regarding the firm’s products and services Our product distribution will not include any intermediaries or retailers. In starting we will open one or two outlets on main locations and sale through our own website www.comboshoetracker.com so that customers will approach us easily and we advertise it through brochure, social media and advertisements. There will be an outlet for the sale of the product from where customers can directly buy the product of their choice.

Our product is based on a smart technology and provide a lot of advantages that’s why in start we have to make a shoe factory and set up for all machinery required for factory, set up machinery, labor and transportation cost and cost for starting up this business is 90,00000. After including all the expenses cost Rs7215 per shoes after adding profit margin of Rs 1285 the price of shoes will be Rs 8500 per shoes so in . We will make 1000 shoes per month. Combo can ensure its correct marketing plan through controlling procedures of management and with proper guidance. The objectives of smart shoe (combo) can be correctly achieved by proper check and balance of products market share, profit, sales, budget and continues analysis of the product after 3 month so, that marketing plan could implemented and could meet with targets. Competitors will respond who are actions critically. Firms are in constant need of improving their competitive position. To do so, they employ a variety of marketing strategies such as we are working on new technology because technology change reptile so introducing new products with new feature , price cutting of existing products and increasing marketing budgets. During the next five years the market is expected to grow and our cost are expected to decline with experience increasing unit contribution. Our greatest challenge will be tracking the market’s tastes in smart shoes design and leading these with creative and innovative designs.

MARKET ANALYSIS Market Analysis (Company): Our goal/objective The present invention relates generally to location detection Systems and, more Specifically, to provide Safety Systems for our children which include a device that can be imbedded in the hell of shoes that are able to determine and transmit data related to the location of the children to the smart or android

4

phone of the family member. The objective of the smart shoes is to free the parents from the tension related to the fear of lost of their child to keep connecting with their location. Basically we design this product for the safety or children our goal is to become the world largest brand in the smart shoes industry. We will achieved this goal by setting sale target we will increase our sale 60% while growing our net income by 15% over the next five years. Feature of product         

The ergonomic GPS Smart Shoes. Family or caregivers can track movement of their child. Create geo zones around addresses to receive notifications when the GPS Smart Shoes approach or leave specified areas. Completely waterproof. Smart Soles also give you alert when they’re low on battery. When the charge goes below 20%, it will send out alert so you can get them charged before they go dead. Login to the online portal using a computer, tablet or smartphone and view the location history on a map. Includes the free Smart Locator mobile app (I O s & Android) for access to the location of loved ones at the touch of a button. 3 day battery life with normal use ensures you are connected when you need it most. To charge the shoes, kids just have to drop them on a wireless charging pad. The GPS chip records the shoe's movements, and beams them to an app on your phone.

Uniqueness / differentiation concept Basically idea of developing combo shoe tracker for route tracking comes from already proposed system in which they were using different technology. They come up with many advance features but also with some drawbacks. There are many smart shoes in market now a days. Most of them are used for Exercise and Gaming purpose. In this system pressure sensors and accelerometer are used. In combination of accelerometer, gyroscope pressure sensors are used. But this system is totally based upon the motions or movements of legs or arm. Strength Easy to locate our love ones, check the history of moments of your child where he /she gone and it look like your ordinary shoes. Here will be a small GPS tracker in every shoe. Therefore, parents can find out their children’s position anytime. Parents can even set the activities area in virtual; they will receive alarms by SMS when their children walk outside the area. This function may be good for the parents, they can make further action if their children get out the range secretly. It can protect children from missing or kidnapping. Weakness No automatic battery charging system is place in it. It will take a little bit time to charge is a weakness of our product but we are working on it to remove this. Opportunities

5

Increase in the number of customers who prefer safety and fashion products. Threats The firm is faced by intense competition from other larger corporation such as adidas that Focus on technology development and performance development. The firm is faced by an increment in price of raw materials and also change in technology. Positioning We projective our image as a trending or fashionable shoes with safety measurements of our children. Our position is totally based on safety of children because it make possible to connect with your children and the technology we use in our product is latest advance. Market share We are come up with a new innovated idea base on technology .everyone know future is based on technology.so every business man want to invest in a technology base projects. And our product is all about the safety of children and in current environment in which the children safety in first priority of parents that increase the demand of our product so this will increase our market share.

MARKET ANALYSIS (CUSTOMER) We are offering smart shoes to the parents to track the location of their child our target market are all the parents who want the safety of their child. It also is available online so any one from anywhere anytime can be order this. People can get any information related to our product from our website our or Facebook page or soon we will launch a commercial add on TV so people are aware about our product. Once they experience our product with the fast tracking device in the shoes they will become our loyal customer and they recommend other parents to buy our shoes for their children.

MARKET ANALYSIS (CONDITIONS) Smart shoes are easily offered able by very person. These days everyone uses smartphone and e familiar with Gaps system so they can use it easy. The raw material use in the manufacturing of our product are easily available. Supplier cannot force us to change price based on higher the cost of material because the material used in our product are easily available in the market. Our product is based on technology and technology change with time so there is a high risk of entry of a new competitor because everyone want to adopt new a latest’s technology. There are many possibilities that our competitors come with new technology and by adding new features The economic condition of Pakistan is now improving in providing easy of doing business. With improvement in ease of doing business ranking and giving an investment friendly road map from government.

MARKET ANALYSIS (COMPETITOR) Our expected competitor in future is adidas. Adidas has its roots in Germany. In Pakistan adidas has its outlets in big city like Lahore, Karachi, Multan, Islamabad etc. In globally adidas is working in well know areas of the world. People buy adidas product because they are high performance designer sportswear, innovation in product.

6

Strength Strong and Positive brand image. Adidas is a well-known sports shoe and apparel brand with a strong image. All in all, Adidas’ powerful brand is a key part of how it manages to capture such a large fraction of the luxury sportswear sales. Focus on technology development and performance development. Weaknesses: The major weaknesses of adidas is its high costs. Market share: The Market share of the adidas brand worldwide from 2017 to 2019 is increasing.

TARGET MARKET SELECTION: Our product is based on the safety of children lives. In which our target consumer age is 3 to 17 years both boys and girls. In the current situation of the country, the lives of children are not preserved. In view of these circumstances, we have to introduce our product smart shoes. There are innumerable cases of children abduction in Pakistan. Therefore, Smart shoes are authentic valuable product for this problem. People will appraisal it, because smart shoes can help to rescue children lives, and they also save the future of our country. Smart shoes are suitable for the lifestyle description, because they based on technology. We login to the online portal using smart phone, tablet, or desktop. They give them a notification when the GPS Smart shoes approach or leave specified areas. Smart shoes can also cooperation for those parents who working and they do not have time to take care of their children. GEOGRAPHICS SEGMENTATION: On the basis of geography we divide smart shoes market in urban and semi urban areas. Because the causes of children abduction rate are very high in both areas. DEMOGRAPHIC SEGMENTATION: Age for 3 to 17 years and our product is in the range of both upper and middle class. PSYCHOGRAPHIC SEGMENTATION: Emotional values, office goers

MARKETING MIX DECISION: PRICE: Our price is the mixture of fix and variable cost. We are making only one product smart shoes (combo) our price range in form Rs 8500 to 10500Rs .As the size of shoe increase the price of shoes will be increase. We are not offering any discount to our customer. We have fixed prices for our shoes.no bargaining. Our prices are low as compare to our competitor

PROMOTION Promotion as part of marketing means spreading information about a product, product line or company, selling advertising, sales promotion and publicity. We will not higher any advertising agency. We will

7

do our own advertisement. We will also design our ads. We will do our own promotion. And we sustain our own public relations activities. We use sales force marketing for our specific needs because; it provides us with a plat form on customer relationship management. They help us to advertise our product on ATL (above the line) or BTL (below the line) marketing, we can set up different campaign and carry out public relation activities. The goal of our promotional campaign is that our product information easily accessible to the public. Marketing communication through advertising will integrate various mediums. These include television, radio, print media such as newspapers and magazines and also billboards. We will also make use of the emerging social networking tools in creating market awareness. These tools include You Tube and Face book. You tube will be an effective market awareness tool since we will post the videos of combo shoe on You Tube. This will ensure that potential customers see what is combo. And also will also post picture on Facebook. We will also post the new shoe picture on our website www.comboshoetracker.com. The website will enable potential customers to access information regarding the firm’s products and services. We promote our product directly or in-directly. We will send our employees to different societies and towns to show samples of smart shoes and demonstrate people that if they are interested they will try it. We will be holding presses conference in which we will be introduce our company and its product. We will let people about the purpose for which we launched our product in market. We will set up smart shoes (combo) experimental campaign in different shopping malls, markets and visiting places. So that people are attracted to our product smart shoes and we will tell them about our product features and qualities. We will tell that they need this product and if they use it they will not worry about their child’s safety. They will always feel that their child is safe and secure.

Packaging We use high quality material for packaging of our product smart shoes. We will use cardboard to make the shoes box. And the color of this box is white. We chose the white color because they use to convey a feeling of safety, purity, freshness and cleanness as well as to create contrast. Similarly, when mother purchase smart shoes for their children, they will fell that her child safe and secure. She will not worry about the safety of children. Therefore, they always feel fresh. They will know where their child is at the moment, and where he is going

PRODUCT

8

Smart shoe (combo) is a smart footwear technology as the name says they have unique features and a lot of benefits for their customers. It’s an ergonomic GPS Smart shoe. Smart shoe has a tracker in their sole which can track location and can be connect with a mobile via smart app. Customers can access through login to online portal using a computer, tablet or smartphone and view location history on a map. It’s a completely waterproof shoe. It can give many benefits that one thing as a shoes are water roof so there is no chance of shoes to get damaged when it starts raining or in case you pass through muddy water. Feature of product Family or caregivers can track movement of their child if he/she will have lost. It’s a very good thing for the parents that in case if the child is wearing smart shoe and lost or kidnapped parents can easily bring them back through this tracker. 

  



Its battery life is 3 days. Battery life with normal use that ensures you are connected when you need the most. As battery timings is 3 days so there is no need of charge again and again and there are less cha...