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Our company can develop in the market as gently and cautiously as possible, taking into consideration its own peculiarities because it is its own brand. It is planned to make $2.19 million in the first year with six workshops and the same number of field sales agents promoting this product in their service retailers. According to the SMART targets, by the conclusion of the first year, this product will be offered in 50% of Amazons stores of this sort and 30% of small retailers in New York County. This test market will allow us to observe the stores shopping habits, time, and quantity requirements. Sales estimates may be more accurate in the second year. Furthermore, the product will be distributed more broadly after the first year.
Our brand has a specific development strategy that moves it forward. This report will analyze the marketing aspects of the company, its plans, and its preparation. Prices and organization of work will also be discussed. Based on the preceding, it can be understood that the companys position will have some success based on a comprehensive and high-quality selection of the audience and region. Also critical is the approach to the choice of advertising methods and the choice of retailers.
Sales staff may save time by selling at Target and Best Buy retailers. Reps do not have to travel to every store to sell our products because big merchants like these frequently have local clientele. The product can be readily included in average shipments because our organization currently delivers to all of the stated destinations. Reps will spend the most time visiting sites to ensure that product shelves are well-presented and displays are set up.
According to WebpageFX, the national average cost of a magazine ad is $250,000, while the national average price of a newspaper ad is $113,000 per ad (The New York Times). Because no publicly available data on ad expenditure in the Walmart or Target catalogs is available, each regional ad in New York City is estimated to cost $40,000 (The New York Times). The entire print ad budget will be $190,000 because the advertisements will appear on both Black Friday and Christmas at each of our key stores like Target, Walmart and Best Buy.
Targeting customers using Facebook, Amazon, and Google advertisements is a practical approach to introducing a product to them. This marketing strategy is a simple and efficient technique to reach out to thousands of potential customers. These three sources will be used regularly by our organization to showcase the product and brand. Companies may set their own unique audience, budget, and end time on Facebook and Amazon advertising, which can be changed at any moment ( Amazon Advertising | Increase Your Ecommerce Channel Visibility and Sales ). The first step in designing these sorts of advertisements is to determine who will see them. They can pick Male, Female, or Both, as well as ages ranging from 13 to 65 years old. The business may suggest the location anywhere in the world after assessing the gender and age.
The company wants its advertisements to be noticed. The firm may design its own personal budget and set a time frame for it after the target audience has been determined. The number of clicks determines the daily budget. Every time someone clicks on an advertisement, a part of the budget will be taken. This means the corporation only wants to spend $50 on their ad in 2022 and have it air within three days. The corporation will pay $16 every day until the advertisement finishes. Pictures of the brands Facebook and Amazon adverts for a new product are already available. The Meta advertising system allows you to display ads across the Facebook family of apps and services using automated placements. This will give our systems more opportunities to serve ads and therefore help improve results. Moreover, thanks to reporting tools, the company will always be able to see if advertising is delivering the results we want. By tracking advertising performance trends, it will be easy to understand what needs to be changed in the strategy. For example, it helps to optimize the image budget or audience to improve the campaigns effectiveness. The Facebook advertisements are aimed at men and women in New York County who are between the ages of 25 and 55. By the end of the year, the firm plans to spend just over $10,000 on each of these two types of marketing (Facebook). Every week, Facebook will pay $200 to the firm. These advertisements will cost $28.57 per day. Running these commercials weekly for the entire year ensures that 2,300 to 7,2OO customers will see them every day. Promotions on Facebook and Amazon can help us target customers and increase sales.
The brands newest product, OtterBox 2020, will be promoted through a Google ad. Ottetbox plans to spend $10,000 for a year of search network advertisements, which cost between $1 and $2 per click on average. This implies that when someone searches a phrase relevant to one of the brands set keywords in the campaign, adverts for our brand will display at the top of Googles search engine.
The company supposes to hold a demonstration center at select local stores in the New York area during the first year. To begin, we looked for trial stations that were outsourced and operated by organizations like Club Demonstration Services (CDS). Food and non-food demonstration centers are likewise handled by CDS. Outsourcing these demos has the advantage of lowering the cost of obtaining supplies and setting up the booth. CDS now costs $179 for 6.5 hours, plus $8.50 for supplies, as of June 2018. For one weekend, this would bring the cost to $375, so we intend to set up trial stations for one weekend periods at different store locations throughout the selffitod months of January; April, May, August, November, and December.
Thus, the company has all the prospects for further development of its advertising and marketing strategy in the future. A scaling approach after the first year of the company will be used to do this. Based on the companys current value, further scaling will be costlier but will bring much more profit. All this indicates good prospects for the development of our brand marketing in the market and the development of the company as a whole. With proper and precise planning, one can trace qualitative correlations between brand advertising and the target audience that buys and trusts it.
Resources Consulted
Amazon Advertising | Increase Your Ecommerce Channel Visibility and Sales. Amazon.
Facebook. Facebook business. Facebook Ads.
The New York Times. The New York Times Business | 2019. The New York Times, 2019.
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