Market plan

The company has planned to start Its business In the urban areas In and around Tamil Nadia and has its own retail outlets in few major cities like Achaean, Benedictory, Cuddlier, Upstream, Salem, Bangor and in other similar cities. We believe that the growing need of the market for quality and safe herbal products will help the company to succeed. Intelligent decision, sincere efforts and skilful execution will propel the company to reach greater heights People have once again started practicing our traditional method of using deadline herbs to treat Injuries, health and personal care problems.These products are very effective, don't cause side effects, and are a cheaper when compared to the costly chemical products available in the market. These herbal products used in India are broadly classified into herbal health products and herbal beauty products. Before starting the business Tony Herbs conducted a research about the market condition for natural and herbal products in India. It collected useful information that will help the company to reach the target market in a better and a faster way.Customer Information Tony Herbs targets both the Individual customer market and the commercial market Industries). Individual customers: We are concentrating mainly on the urban population of Tamil Nadia constituting 46 the state The urban population is about 31. 74 million. Conscious about their health and are very particular about the products they use Commercial market: It includes the following industries: 1 . Arrived drug industry 2. Homeopathic drug industry 3. Cosmetic and hair industry 4. Food supplements industry 5. Soap industry Market NeedThe basic market need is high quality and safe herbal products. People are looking for products that are 100% chemical free even without added preservatives and emulsifying agents. They also look for products with long shelf life. Market forecast In India the market for herbal products is growing every year. The market for her bal products is not crowded as there are only few players in this business. So there is an ample chance for succeeding in this business right now. SOOT ANALYSIS Strengths: The products are of high quality 100% pure- chemical free Offers competitive price Excellent packagingGood distribution channel Weaknesses: It's a start up business and so a huge amount must be spent for creating awareness Also the budget for marketing is limited Opportunities: The market is not crowded with herbal products Not many competitors in this business As few herbs can be grown only in India there is large scope for exporting the products to the nearby countries Threats: Erratic weather conditions can lower the field yields There a few competitors for this business: The products from the super markets: The problem with these products is that the packaging is not very good and so the reduces will not have a long shelf life.Products from Private companies: It includes companies like Forest Essentials, Bouti que, Himalaya, Dabber and Lotus. They are big players but the disadvantage is that the products are not 100% pure (they use preservatives and emulsifying agents) and are quite expensive. Products from local shops: The products of the local shops are of poor quality. Our mission is to delight the customers with our high quality and safe herbal products and build a long term customer loyalty.Our initial objective is to create customer awareness about the range of products offered by us To develop a customer base To build long term customer loyalty Thereby achieving greater profitability Segmentation, Targeting & Positioning Since the company is based in Tamil Nadia, it plans to concentrate on the market in and around Tamil Nadia. It segments the market into rural and urban. It focuses only on the urban market under which it targets both the individual customers and other commercial businesses (industries).It plans to position the product as High quality 100% chemical free Safe to use Long shelf life Competitive price Tony herbs offers variety of products in the form of powder, capsules, essential oils and extracts without any added preservatives and emulsifying agents. The products are in their purest form and are of high quality. Tony herbs takes all measures to ensure that packing & sealing processes are never compromised which in turn ensure long shelf life.To offer consistent customer satisfaction with high quality products Tony Herbs follows strict quality control measures, right from procurement, till packing and dispatching of the entire consignment. PRICE It will offer competitive price for individual customers. This is done in order to create awareness and to stay ahead of the competitors. Offering low price will eventually For other industries it will initially offer products for lower prices and when once it has established a position in the market it will offer its products at reasonable price to them.Tony Herbs plans to promote its products through the following methods: Advertisements through television channels Advertisements through newspapers and radio Sample packets with magazines and newspapers Selling the products in local exhibition and fair Gifting the products to celebrities in reality shows Networking through managers and owners of other businesses For the individual customers, along with the products the company provides instruction manual on how to use the products for different purposes.This will, in a way help the individual customers to get rid of their fear of using the products. Also the company offers certain accessories like bowl and applying brush for free. FEED BACK Tony Herbs plans to get feedback from its customers periodically. This will help it to improve its products according to the suggestions given by the customers. By doing so, Tony Herbs can prove that it can do anything for the customer satisfaction even at the expense of short term profits as this investment would pay off with long term custom er loyalty. Market plan The company should start exploring. Ideas about the product are sought through consumer requests, competitive products in the market which may make the product not to be sold in the market due to competition, conducting market research which helps managers to collect and interpret facts that help in putting the product more efficiently into the hands of customers. It also evaluates distribution channels best suited for the product to the market and consumers acceptance of the product in the market. Diversification which effects growth through development of new areas that are clearly distinct from the current business. It may be through   conglomerate diversification which takes place when an organization diversify into areas they are not currently operating or concentric diversification which occurs when organization diversify to areas related to but distinct from current operations e.g. the company may diversify to women or men’s clothing depending which field they were currently operating. The company should also do screening of ideas. This is a preliminary evaluation which is carried out to determine whether the ideas has possibilities and whether shall be further developed or dropped. The bad ideas should be discarded and good ideas taken into consideration. It should also contain situation analysis which includes information on costs, sales the market competitors and various processes in the macro-environment. Market segmentation by subdividing the market of consumers of a product in order to capture more sales effectively and efficiently. It may lead to increase in marketing opportunities because when markets come close to group of customers, they respond to changes in the markets and can develop or modify the products. t also contains a SWOT analysis of the firm. This is a method of assessing organization and environmental factors which contribute to an organization’s competitiveness. It also enables managers to develop a strategic profile of the organization based on the information they have collected It also assumes an   organization will achieve strategic success by maximizing strengths and opportunities while minimizing weaknesses and threats. Strengths are internal conditions that provide the organization with an advantage relative to competitor’s e.g. good financial resources, better manufacturing capability, changes with new technology. Weaknesses are negative internal conditions that can lead to a lowering of organization performance e.g. absence of necessary resources, poor product image, managers with inadequate strategy skills. Opportunities are current or future conditions in the environment that is favorable to an organization’s current or potential outputs e.g. growing number of customers, introduction of new technologies that an organization can easily exploit diversification of the clothing. Threats are current or future conditions in the environment that is unfavorable to an organization’s current and potential outputs e.g. entry into the market of low cost competitor, rising sales of substitute products. Specification: The ideas are expanded to a realistic recommendation where a further research is conducted or carried out on features and competitors probable actions. This is where the idea is examined and it helps to know how the competitors react to that idea in this case the clothing brand juicy couture. Marketing mix which is a combination of different marketing decision variables being used by affirm to market its goods and services e.g. product mix which includes the shape, design etc and promotion mix which includes methods of communicating to customers and sales promotion. Development of idea is the next step. This involves building of prototypes to be shown and inseminated or distributed. The prototypes are models of the real thing or a sample of how the final product will look like. When it has been developed, it is taken to customers for them to see any products they may involve or their goodness. Based on the results from customers the product is then restructured so as to take into consideration the customers desires. The process continues until good quality products are produced as per customer’s specifications. Then, judgment about feasibility of the products are proved or disapproved. Samples are tested in the market and analyzed. From there the exact specification is then chosen which will attract the majority of customers. After all that, then there is commercialization step whereby it involves full-scale production of the product and extensive advertising and selling in the market. Branding is the use of a name, term, symbol, or design or a combination of these to identify a product. It includes the use of brand names, trademarks, and practically all other means of product identification. A brand name is a word, letter, or a group of words or letters. According to Adcock, marketing principles and practices (2001), â€Å"A brand is not a product that just happens to have high awareness, nor is it just a recognizable name or logo, although both these are often present. It is so much more; it is a powerful stimulus that conjures up a complex impasse and level of expectation about itself and what it can do for a consumer†. In branding, the company should analyze the situation and come up with a list of problems facing the brand as well as opportunities for new and improved products. The results of analysis of situation should picture the current position of the business and likely environmental changes. It should also highlight a number of problems and opportunities. It should be done for the product the firm is considering to enter. An important of the way customers perceive an offering is the recognition of that offering as a brand. A brand can either be an asset or a liability depending on the attitude of the customer towards it. Brand names are adopted by customers as a short-hand identification of the product, and taken as an assurance of the general quality and characteristics of the product. The following strategies and techniques might be used by the company to successfully brand itself. They should employ concentration strategy whereby it focuses on effecting the growth of the product. Can be done through market development. This is gaining a larger share in the current market or expanding to new markets. It may also focus on product development which is improving the existing product. Individual brand names: This is a technique used when a company wishes to separate its products and does not think there are any benefits from joint associations. Multiple product brands: Juicy Couture Company may use one standard name, often the company name for all its products it’s producing. This can offer marketing economies where a strong favorable brand name carries across the whole assortment, to the benefit of otherwise weaker products, and assisting the acceptance of new products by consumers and intermediaries alike. Multi-branding: This is where a manufacturer for this case Juicy Couture Company may use umbrella brand together with a different sub-brand name for various product offering. It may design their products in a way which is unique from other products in the market. This makes customers to be aware of unique products in the market and they will start asking for that product in order to purchase it. Therefore branding of products contributes to the acceptance of the product in the market. If products have bad brands, they will end up not being recognized by customers in the market and if brand names are good which attracts the attention of customers it will end up being purchased in large quantities in the market hence good sales. REFERENCE: 1. Product planning management by William L. Moore and Edgar A. Pessemier (1993) 2. Brand positioning: Strategies for competitive advantage by Sengupta, Subroto (1990) 3. Brand strategy by Murphy, John M. (1990) 4. Marketing management: B2B by Michael D. Hutt and Thomas W. Speh (2007) 5. Marketing principles and practices by Denis Adcock, Al Halborg and Caroline Ross (2001)