Strategic Marketing Plan (Research Paper Sample)

STRATEGIC MARKETING
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Abstract
Strategic marketing plan shows how a firm intends to reach customers through some well laid down procedures. The plan has a detailed description of the organisation’s vision, mission, and short-term objectives. The goals enable the firm to achieve its mission. The vision provides the overall picture of what the entity would like to look like in the long run. The plan also shows an analysis of the internal and external factors that influence the realisation of goals.
Introduction
Our firm, based in the United Kingdom, sells high-quality 3D printed carbon fibre bicycles. We pride ourselves in manufacturing genuine products made using the latest technology in the market. The firm operates as a subsidiary branch for the main company. Generally, our entity runs as a well-established bicycle selling company. We also sell spare parts and other decorations for customisation. Our primary customers comprise individuals such as students and sportspeople. This target market always gives us a sales turnover of about 30%. The annual individual customer growth rate is 8% with estimated 200,000 potential buyers. Our secondary market is made of clients such workers in local institutions, including banks and hospitals. We also lease bicycles to both domestic and international tourists. Most of these customers go for picnics and sight-seeing around the town and nearby tourist destinations. Therefore, they prefer bicycles for convenience and as a way of boosting their experience. However, we are also considering to start selling our products to retailers. This will act as the means of expanding our market niche.
Key to Success
1 Dedicated customer service which ensures that clients are satisfied in all aspects of our service provision.
2 Convenient location of our points of sale that ensure customers can conveniently find and access us.
3 Good storage of our items to guarantee that long shelf life and the value of the product is preserved.
Vision
To become the leading brand and bicycle seller of choice at local and international scenes.
Mission
It is our mission to sell to our esteemed customers high-quality bicycles, which are very light in weight, convenient, and highly responsive to riders’ requirements.
Objectives
1 To make customers our first priority to increase product loyalty.
2 To expand our market base locally but also internationally.
3 To promote our brand by continually improving our product’s quality to stay ahead of our competitors.
Marketing Situational Analysis
Market Growth
Customers that represent the largest market growth comprise scholars in various learning institutions and individuals in the nearby residential areas. The general market numbers change a little and increment is approximated at less than 12%. The bicycle market experiences a turnover of about 20-24 % annually. In the long run, the number of employees and students may grow or fall due to dynamic population characteristics and economic conditions. In four years to come, we foresee a gradual increase in the population of bicycle consumers. Besides, we intend to expand the business beyond our current market coverage.
Market Needs
Our firm deals with a variety of bicycle products and other related commodities. These include covers or clothing and similar components that are greatly discounted at prevailing market prices. Our company is willing to fulfil several needs considered essential to our clients. The market requirements that our organisation is committed towards meeting include the following:
* A range of customisation parts and accessories like locks and protective gears for both elbows and knees.
* Availing various customised styles that meet the requirements of the young college and high school students.
* A readily large stock of available spare parts for the maintenance of bicycles and opening special repair service shops for the new models of our products.
* High-quality bikes at differentiated prices to meet the demand of our customers with diverse economic backgrounds.
* A need to open up other branches in other urban centres to minimise the cost of operation. This will also include establishing of a central inventory store for quick delivery, leading to reduced lead time.
* Supportive staff who are friendly to bicycle customers.
* Massive advertisement on the health benefits of cycling and economic advantages of using bicycles as a preferred mode of transport.
SWOT Analysis
The analysis below describes the crucial strengths and weaknesses within our company and also captures the opportunities and threats that our firm faces.