MKT 321 Principles of Marketing

MKT 321 Principles of Marketing

Project

Table of Contents

TOC o “1-3” h z u 1. Introduction PAGEREF _Toc96389390 h 22. Executive Summary PAGEREF _Toc96389391 h 23. Mission Statement, Vision, and Objectives PAGEREF _Toc96389392 h 24. Product review PAGEREF _Toc96389393 h 35. Competitor review PAGEREF _Toc96389394 h 36. Analysis of Marketing environment PAGEREF _Toc96389395 h 3Company’s Micro-environment PAGEREF _Toc96389396 h 3Company’s Macro-environment PAGEREF _Toc96389397 h 47. SWOT Analysis PAGEREF _Toc96389398 h 48. Marketing Strategy PAGEREF _Toc96389399 h 5A. Market Segmentation PAGEREF _Toc96389400 h 5B. Target Market PAGEREF _Toc96389401 h 5C. Marketing Mix (4p’s) PAGEREF _Toc96389402 h 59. Market Differentiation and Positioning (Competitive Advantage) PAGEREF _Toc96389403 h 610. Action Programs PAGEREF _Toc96389404 h 611. Budgets and Controls PAGEREF _Toc96389405 h 6References PAGEREF _Toc96389406 h 7

1. IntroductionThe world is changing tremendously owing to the proliferation of technology and other variables. At LytWorld, we are keeping up with the advancements through developing smart LED candles that are electronic and remotely controlled via smartphones and other gadgets. The smart candles will be available in a wide range of sizes, colors, and scents. They also fit a variety of functionalities to suit the different requirements of our clientele. LytWorld is developing state of the art smart candles designed to be aligned to the present needs of the consumer using timer features, multiple light variations, run time, and brightness settings.

2. Executive SummaryLytWorld will be a market leader in a new segment, smart candles, that has shown promising of creating a large consumer base. The signature line of creative and innovative smart candles including timer features, multiple light variations, run time, and brightness settings, a wide range of sizes, colors, and scents, and various connection settings to provide a superior experience to our customers. All candles will use real wax, sold separately in a refill package. LytWorld will reinvent candle experiences for people for all occasions from candle-lit dinners to quite study time, room freshening, therapy sessions, and any other occasion/event that warrants a beautiful candle.

3. Mission Statement, Vision, and Objectives•Our vision is to be the most recognized smart candle brand in the country and to be among the top five most recognized smart candle makers in the world.

•Our mission is to establish a smart candle manufacturing company that will not only suit the demands of our current clients but also pique the interest of new consumers.

•Ultimately, our objective is to take our brand beyond the borders of the country and have a global presence.

4. Product review

LytWorld’s product is a smart candle designed to be remotely controlled via a smartphone and other smart gadgets. The app-enabled smart candle will have different features on various product lines. It will feature smart applications, real fire, variant scents, different sizes, battery-operations, charge functions, and long standby time. Every smart candle will burn up to 72 hours. It will contain a rechargeable battery. One smartphone will be able to control a maximum of 15 candles designed for a single household at a given time. The product also features security and safety details such as passwords and reminders to extinguish the candles in regular intervals.

5. Competitor reviewThe main competition for the product includes leading LED candle companies, smart gadgets like Alexa and other Bluetooth and light-enabled gadgets, and the traditional candle. Top manufacturers of scented candles such as Newell Brands, SC Johnson & Sons, and the Yankee Candle Co Inc, Gold Canyon, and Bridgewater Candles are more versatile in terms f financial and resource power. These companies will start production of smart candles as soon as they hit the market.

6. Analysis of Marketing environmentCompany’s Micro-environmentLytWorld faces intense competition from already established brands. Newell Brands, SC Johnson & Sons, and the Yankee Candle Co Inc, Gold Canyon, and Bridgewater Candles are all organizations doing well in the candle making business. Other players include smart Bluetooth speakers makers who have incorporated LED lights and candle functions.

The customers will include various segments such as home owners, newly married couples, families, single women, organizations such as churches, therapy groups, and event management companies.

The owners, employees, and management will also have a critical role in the success of the business (Olmedo-Cifuentes, Martínez-León, & Davies, 2014). Shareholders are individuals who own a significant portion of the business and have a vested interest in its success. Individuals that work for the firm make a substantial contribution to its overall success. It is critical that all workers understand and support the company’s mission and goals.

Company’s Macro-environmentThe performance of a firm or sector is influenced by the macro-environment. The Gross Domestic Product (GDP) is a macroeconomic indicator. A high GDP signifies a strong economy, which is something that most businesses want (Žvirblis & Zinkevičiūte, 2008). Taxes are necessary. The size of taxes can help understand a country’s monetary policy and how it affects the economy. The importance of consumer spending cannot be overstated. The annual number of things purchased by customers is known as consumer spending. Consumer spending has both an economic and a socio-cultural impact on the macro environment (Yüksel, 2012). Politics might have an impact on the macro environment, especially when it comes to global trade policy. A country’s political status may disclose a great deal about its cultural views. Finally, in today’s macroeconomic environment, technology is critical. The technological infrastructure of a country may be included in the macro environment (Charan, 2017). This might be due to the country’s technological preferences or the widespread use of different technologies.

7. SWOT AnalysisStrengths

Strong relationships with customers, distributors, vendors and financial institutions

Excellent staff trained to be customer attentive

Online retail space that bypasses the barriers of a traditional physical store

High customer loyalty and increased rate of repeat customers Weaknesses

A weaker brand name compared to the competitors

Limited resources in marketing budgets

Opportunities

Growing market for smart candles

Increased sales opportunities

Attractiveness of the product

Technological inventions Threats

Competition from local producers

LED candles that have had a head start in the candle market

Recession and slump of the economy that has reduced disposable incomes.

8. Marketing StrategyA. Market SegmentationThe candle industry has a high demand, although it is contingent on the accessibility of discretionary per capita income among customers, which is dependent on the economy’s health. Because of the high demand for scented candles, producers are always researching new fragrances to keep customers interested. The market will be divided into demographic, psychographic, and behavioral segments. Age, family size, income, religion, occupation, gender, are some of the demographic factors that will be used. Behavioral aspects including benefits sought, loyalty, and online shopping habits will be considered.

B. Target MarketThe target groups and markets include:

Households

Single men and women

Churches and other religious gatherings

Spa, therapy, and beauty salons

Religious houses

C. Marketing Mix (4p’s)The product mix will include smart candles, scented candles, LED candles, traditional candles, and wax-less candles. LytWorld will employ premium pricing in order to create a premium or luxurious feel to the brand. It will also include a loyalty program to keep customers returning. In terms of place, the product will be marketed online on social media and the company’s website. Lastly, the company will focus on search engine marketing, targeted ads, and influencer marketing.

9. Market Differentiation and Positioning (Competitive Advantage)Our competitive edge over other firms is in providing unmatched customer service; this may be accomplished by employing the necessary personnel. We understand that providing exceptional customer service is among the most efficient strategies to retain clients.

10. Action Programs(a) to meet the demands of the marketplace

(b) to gain a competitive edge

(c) to make a profit

11. Budgets and ControlsThe following is the sales forecast for the next few months

ReferencesCharan, R. (2017). How high‐potential leaders can master the macro environment. Leader to Leader, 2017(85), 31-36.

Olmedo-Cifuentes, I., Martínez-León, I. M., & Davies, G. (2014). Managing internal stakeholders’ views of corporate reputation. Service Business, 8(1), 83-111.

Yüksel, I. (2012). Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, 7(24), 52.

Žvirblis, A., & Zinkevičiūte, V. (2008). The integrated evaluation of the macro environment of companies providing transport services. Transport, 23(3), 266-272.