Showing posts with label Final Project. Show all posts
Showing posts with label Final Project. Show all posts

Tuesday, November 25, 2014

Implementation Evaluation Control

"Planning good strategies is only a start toward successful marketing. A brilliant marketing strategy counts for little if the company fails to implement it properly." (Armstrong & Kotler pg. 57) Phileas Fogg's Perfect Polish Perogies has a goal of 10,000 units sold within the first fiscal quater of being on the market. The merchandising goal is 1,000 units for the first fiscal quarter it is available. If the goals are not made then revaluation of the price will be taken into consideration. Other factors that will be addressed will be, changing the target consumers, modifying recipes to decrease production costs and modifying the packaging that Phileas Fogg's Perfect Polish Perogies comes in.  "Because many surprises occur during the implementation of marketing plans, marketers must practice constant marketing control—evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained." (Armstrong & Kotler pg. 58) Strict analysis will be practiced throughout the first few fiscal quarters to ensure steady growth and development as a brand.

Price

 Price is one of the key factors of which can truly make or break an up and coming product. A product is only worth what the consumer is willing to pay for it. "In the narrowest sense, price is the amount of money charged for a product or service. More broadly, price is the sum of all the values that customers give up in order to gain the benefits of having or using a product or service." (Armstrong & Kotler pg. 275) Phileas Fogg's Perfect Polish Perogies are made with the highest quality of ingredients which happen to be organic and gluten free. This quality, of course, comes with a price. The retail price of the product will be a strict $3.00. The perogies themselves cost $.10 a unit to produce. The packaging the product comes in is $.15 a unit. This amounts to $.25 per unit, manufacturing cost. Distribution and handling cost an additional $.10 in the process. The total cost to produce and ship to retailers is $.35 per unit. The retailers and restaurants that sell the product then purchase the product wholesale at $1.00 per unit. The merchandise also involved with the brand costs $2.00 a unit to produce and distribute. The shirt will then be sold at wholesale to the retailers at $7.00. The suggested retail price for the shirt is between $15.00-$20.00 with a strict minimum and maximum to preserve the brand's promise of an affordable snack food. "The many possibilities can be collected into four groups of variables known as “the four Ps”: product, price, place, and promotion." (Armstrong & Kotler pg. 54)

Distribution



 “Finally, distribution (location) is important—wholesalers must choose their locations, facilities, and Web locations carefully. There was a time when wholesalers could locate in low-rent, low-tax areas and invest little money in their buildings, equipment, and systems. Today, however, as technology zooms forward, such behavior results in outdated materials-handling, order-processing, and delivery systems.” (Armstrong & Kotler pg. 369) Phileas Fogg’s Perfect Polish Perogies have a very specific target market, therefore the distribution is also limited to very specific locations. The product will be distributed to bars and liquor retailers. These specific locations are a perfect outlet to reach the target consumers. Due to the product being specifically made to pair with alcohol, the target consumers are adults who drink. These consumers can be best reached at these specific locations. “Place includes company activities that make the product available to target consumers.” (Armstrong & Kotler pg. 54)  

Promotion



A brand is only as big as they make themselves. There are many different ways a company can get recognition. One of the main ways is through promotion of the brand and the product itself is through promotion. “Promotion means activities that communicate the merits of the product and persuade target customers to buy it." (Armstrong & Kotler pg. 54) Advertising is a great and popular example of promotion that a company can do for itself to gain a larger consumer base. Phileas Fogg’s Perfect Polish Perogies uses advertising such as posters and menu-insert advertisements in bars and retailers to promote the brand and product. Another way that the brand promotes is through merchandising. Merchandising is a great form of promotion because the company makes money on the merchandise itself and the brand gets the desired exposure from the consumer’s use of the merchandise. Phileas Fogg’s Perfect Polish Perogies uses merchandising in the form of clothing. This specific merchandising choice is beneficial because clothing is a product the consumer exposes to other potential consumers in an obvious, easy to comprehend way. This form of promotion is also successful due to the average mobility of the consumer, it’s a walking billboard for the brand. "The marketing mix is the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.” (Armstrong & Kotler pg. 54)