Answer To: ASSESSMENT 2 BRIEF Subject Code and TitleMKTG6002/MKT600 MarketingAssessmentAssessment 2: Marketing...
Soumi answered on Apr 19 2021
Running Head: MARKETING PLAN FOR BOUNTY BAGS 1
MARKETING PLAN FOR BOUNTY BAGS 12
MARKETING PLAN FOR BOUNTY BAGS
Table of Contents
Introduction 3
a. 3
Value Proposition 3
Background of Bounty Bags Australia 4
Overview of the New Product to be launched 4
b. 5
Summary of the Business Situation (SWOT) 5
PESTLE Analysis of Bounty Bags 6
Marketing Mix Strategies 7
Market Segmentation 9
Target Audience 10
Market Positioning 11
c. 11
Action Programmes 11
Recommendations 12
Conclusion 13
References 14
Introduction
Market planning is a very important step for launching different kinds of new products and services in the market. Without proper planning, it is impossible to execute a new product or service launch for a company. This project deals with the proper marketing plan for the new service launch by the Bounty Bags, which is located in Australia. The marketing mix will be discussed along with the external and internal market research. This will shed lights on the scopes and opportunities of the market. Thus, the marketing plan will get a new depth and definition, which will be beneficial for the service launch of the Bounty Bagsin the Australian Market.
a.
Value Proposition
The values that are delivered by the different organisations are named as the value proposition. This value proposition consists of the acknowledgement of the given services along with a firm communication with the customers. The value propositions given by the Bounty Bags Australia is very firm and it is very useful for both mothers and the newborn babies across the country itself. In today's era, it is very important to recognise the value proposition of a company before investing in it.
This report discusses the different kinds of new elements that will be launched by the company in the near future for the betterment of their customers. In this way, the company can gain a lot of customer loyalty and customer dependency on their products (Sheehan & Bowcher, 2017). The good value of the products can also attract the customers, which are very beneficial for the company itself.
Bounty Bagsusually communicate with its customers and also records all the given information about the customers who are either the mothers or the mothers to be in the future. Thus, their value proposition is estimated as a very high proportionate. This value proposition is very important for preparing the market and the customers for the new launch in the market. In this age of globalisation, this kind of value proposition of a company can really help to develop a proper and effective marketing plan. Further information about the company and the new products are given below to understand the depth needed for the new marketing plan.
Background of Bounty Bags Australia
Bounty Bags is a service-providing organisation, which reaches out to all the mothers and the mothers to be. This organisation provides them with new services and goodies that will help them to take the proper care of themselves and their children. This organisation names their products as the different kinds of bags filled with new and effective services and goodies, which will help both the mothers and their children, in a go. In the busy lifestyle of today's generation, this type of bag saves a lot of money and time, which is very useful for the family having a child in their lives. A child needs a good amount of attention, care and healthproducts, which are served by this organisation.
Since the year of its establishment, the company has gained a lot of fame and renunciation, which has lent this company a huge platform of its own. Thus, the company has been able to achieve a huge platform in the local business platform, which is very important to survive the market competition in this age of globalisation. In order to expand more and achieve more recognition, they are planning to come up with new facilities, which will be very beneficial for both the customers and the organisation (Hao et al., 2018). The idea of the planning of new products is given below in order to confer an in-depth understanding of the new products and services of the Bounty Bags.
Overview of the New Product to be launched
People already have their hands on the different ranges of products and services designed by the Bounty Bags. With time, the world is upgrading and the number of competitors is increasing in the global market. For that, it is important for any organisation to be constantly modified in order to retain customer attention. In order to balance the demands and the new trends, the organisation needs to come up with new ideas and planning of the new products that can help them to achieve stability in the global market. The Bounty Bags has also come up with a new plan of services that they want to implement in the near future. With time, the value of money is rising as well.
That is the reason why the Bounty Bagshave come up with the new maternity insurance policy that will cover up some of the medicine and hospital costs during the time of labour.Thus, this insurance will help the customers to save their money at the time of the emergency situations. The new insurance policies will be both for the mother and the baby, as it will cover more costs in the upbringing of the baby.
The insurance policy will deduct money from the accounts of the customers at a very affordable price range, which is also beneficial for the customers (DesRivieres, 2019). The people can only do the insurance after the pregnancy is confirmed so that the money cannot be wasted in dishonest ways. This is a unique service criterion developed by the organisation for the sake of the customers and the development of the organisation as well.
b.
Summary of the Business Situation (SWOT)
In order to develop a proper marketing plan, it is very important to know the strengths, weaknesses, opportunity and threats associated with the company. Thus through the internal market analysis, the company can have the idea about their true potential and the market scopes to launch the new services in the market. In order to provide a brief understanding on these variables, the in-depth summary of the SWOT analysis of Bounty Bags has been presented in this part of the discussion (Talmage, Meyer & Rath, 2020). The major strength of this company is the consistent quality of the products and services given by the organisation.
On the other hand, there are some proper market opportunities as well, which can lend the proper path of growth towards the organisation itself. The market demands of the services offered by the Bounty Bags are growing gradually.
This serves as a big opportunity towards the company. Along with that, it also deals with the different kinds of customer loyalty due to their high-quality products, which also acts as the proper market opportunity for the company (Harwood & Murray, 2019). The threat of the new entrants and the presence of similar-sized firms are contributing to the potential threats to the organisation. The organisation needs to develop proper strategies first to cope up with the threat and the weaknesses using their strengths and the market opportunity. This will establish the field for the new service launch.
Marketing Plan
In today’s market, a perfectly planned out marketing plan is a necessity as to fulfil the target. In this article the detailed marketing plan will be prepared based on different elements as to analyse the effectiveness of the product being launched and further providing services. Marketing can be done through various ways possible such as social media marketing, content marketing, email marketing and SEO.
Any business needs to take some initiatives that will help them to successfully understand their marketing options available to them. Wood and Jobber (2016), have discussed that a proper plan and initiative will outline the goals that company is planning to target and the way through it the goals can be achieved. Therefore at first it is essential to break the entire market into small segments. Then after segmentation the target customers need to be identified. Then the target customers have to make them understand regarding the benefits of new product and why should they use it. Therefore the customers need to be breakdown in to segments.
Geographical
Bounty Bags insurance policy is available to all the tie-ups hospitals where the insurance facility will be provided to the maternity patients with some medicines and labour cost incurred.
Demographic
The main customers are the couples who are planning their baby. During the pregnancy many cost incurs, hence to reduce the burden insurance is provided at the time of labour by covering the labour cost and some medicines. The premium amount will be deducted from the persons provided account details.
Psychographic
The...