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Market Day Plan

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Submitted By ellysesainty
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STALL # 17

MARKET DAY IMPLEMENTATION:
MARKETING PLAN SUMMARY

AMB240 Marketing Planning and Management

Tutorial 5: Dominic Kauter Wednesday 2pm

Composed by Shelley Lee | n8606081 | Keegan Sutherland | n8827419 | Taylor Willmott | n8620199 | Gina Theron | n8002266 | Ellyse Sainty | n8879800 |

PRODUCT
Berried offers Byron Bay Chocolate Factory’s gourmet chocolate coated fruit and nut and fresh, high quality strawberries packaged in a small take-away Chinese container.

The product has altered slightly in that Berried does not offer the strawberries pre-dipped. This is a conscious decision made by the marketing team to make the product a tangible item and an attractive gift option for Mother’s Day on the following day (May 11th). The product maintains its luxury branding throughout its product, price, promotion and distribution strategies.
MISSION STATEMENT
“At Berried, we are committed to supplying our customers with both gourmet chocolate and fresh, high quality strawberries in a unique manner”
MARKETING TEAM
Shelley Lee (Marketing Manager)
Keegan Sutherland (Product Manager)
Taylor Willmott (Pricing Manager)
Gina Theron (Distribution Manager)
Ellyse Sainty (Promotion Manager)
KEY COMPETITORS 1. Silver Spoon (Stall no. 49)
Located on the other side of the market space, potentially attracting customers that do not see Berried’s stall first.

Fudge brownies often contain chocolate, being one of Berried’s major ingredient, therefore directly competing with Berried’s products.

2. C’est Bon Bon (Stall no. 11)
Situated right next to Berried’s stall, increasing competition for passing customers

Could show potential of being a market leader as macarons are becoming a bit of a fashion statement in the sweets industry. Nicole Rupersberg (2014), describes the macaron as the biggest contender for food trends after the cup cake.

3. Accessories Me (Stall no. 23)
Located right next to Berried’s stall, increasing competition for passing customer

Although not in the same industry or selling a similar product, Accessories ME are situated right next to Berried and depending on their stall design, atmosphere and unique set up they could distract customers from Berried’s products.
TARGET MARKET and POSITIONING SUMMARY SEGMENT | DESCRIPTION | Roy Morgan Segment | Young Optimist | Demographic | Average Age: 20Population: 78Gender: Male (19.2%)Female (80.8%)Average Income: $277 |

‘Berried’ hopes to achieve high customer need satisfaction within the segment by providing unique, consistent, interactive branding, a well-designed stall, and packaging that is both easy to carry and recyclable whilst maintaining a label associated with luxury.

“Berried will position itself as a premium-prestige sweet treat, with a fresh, healthy twist”

Berried seeks to fulfil a gap in the QUTopia market for specialised chocolate products, satisfying those who associate a sense of comfort and pleasure with chocolate; as well as offering a fresh and unique twist with strawberries.

MARKETING OBJECTIVES SPECIFIC OBJECTIVE | Achieve 70% total sales projection for Market day 1. Achieve 90% of total sales projection for Market day 2. Achieve 66.7% market share by the final market day 2. | Implement price leadership to yield a 20% profit increase of the initial net profit projection of $2985 from market day 1 to 2. Achieve over 57% profitability for both market days. | Obtain 5% more market share than closest competitor C’est Bon Bon by close of QUTopia | Achieve 68% customer satisfaction. | Achieve 20% brand awareness by market day 1. Achieve 40% brand awareness by market day 2. |
*Projections have been altered slightly in accordance with low marketing activities prior to Market Day 1.

MARKETING MIX STRATEGIES and TACTICS STRATEGIES | Tactics | PRODUCT | Berried is offering a specialty product which is non-durable. To increase its leverage in the market and to meet its sales objectives, Berried offers two product lines, marketed as ‘naughty or nice.’1. Naughty: Byron Bay Dark Chocolate served with Fresh Strawberries. 2. Nice: Byron bay Milk Chocolate/Mixed fruit Chocolate served with fresh strawberries.4.1.1 Branding- Berried chose the more rustic yet energetic specialized approach as this created a more premium brand feel and would give the product a sense of specialty. This approach was chosen to highlight the ‘premium’ product berried has to offer. While their product could be placed in the less premium and exclusive position, Berried would lose the connection between the brand and the product. By Incorporating a Current trend (The rustic yet energetic specialized approach) and a unique product line (Naughty and nice) to the brand strategy, Berried will be able to catch consumer’s attention much easier as people will already have an attached emotion.4.1.2 Product packaging- The product will be presented to the consumer in sleek white box with black tissue tucked inside. To set the product apart from the competitors and provide extra marketing, custom vinyl stickers have been made to stick on the front of the box, which will tie in with the raw rustic yet sleek feel Berried are incorporating in their image. This product packaging will also allow for a tangible, take home product and capitilises on the Mothers’ Day opportunities identified in the SWOT analysis. | PRICING | Berried will implement a premium pricing strategy. This strategy will be executed through price leadership tactics on market day 1. The product pricing will range between 50-70 QUTopian dollars. This pricing strategy aims to align Berried’s product with a premium-prestige image to attract status conscious consumers and those consumers with a price-quality perception. Berried has outlined pricing contingency plans in the initial marketing plan to enable the business to adapt its strategies to the competitive and dynamic market day environment. If consumers on market day 1 appear to be more price sensitive than initially predicted and competitors have set lower per unit price points Berried will alter the pricing strategy to compete on price through value pricing. This strategy will be achieved through quantity discounts, charging lower price for larger quantities. Following Berried’s performance on market day 1 the business’s pricing may be altered for market day 2 in order to achieve business objectives by the completion of both market days. | DISTRIBUTION | Location – situated near one of the main entrances so promotion will be targeted at this area however efforts will be made to attract customers on the other end of the market place to increase sales. Layout – in order to the 1.5mX1.5m space efficiently the stall must be organized at all time, with an effective storage system. Signage, decoration and music will be incorporated to create a positive atmosphere. Service delivery and distribution – through the use of B2C channels berried will aim to provide various distribution channels for the convenience of potential customers (on the spot delivery, free samples, opportunities for workers to order from stalls) Branding – the stall will compliment the simplistic yet luxurious image displayed in Berried’s logo. | PROMOTIONAL | ‘Berried’ seeks to increase customer reach and in turn sales through a combination of advertising and sales promotion. Due to limitations of the simulation the most fitting location to advertise will be at the market day’s as the entire population of consumers will be present. In order to make the branding familiar to the public, give it a sense of personality and ultimately stimulate purchase T-shirts have been created with both the slogan and stall number for staff members to wear whilst handing out samples and business cards. The branding is further enforced and publicised by appearing on packaging and the stall display. Furthermore, ‘Berried’ has offered a number of short-term incentive consumer promotions including sampling, a loyalty program and by providing a discount voucher for completing market research distributed around the market place. Additionally ‘Berried’ offers a raffle that is automatically entered when consumers make a purchase at ‘Berried’. The success/effectiveness of the promotional strategies will then be assessed through post purchase surveys regarding customer satisfaction and how they heard about the stall to be distributed via social media between market days. |
MARKETING METRICS OBJECTIVES | METRIC | HOW THE DATA WILL BE COLLECTED | HOW IT WILL BE MEASURED | Achieve 70% total sales projection for Market day 1 | Sales | Monitored using excel spreadsheet based on unit sales | Measured in the sales production sheet | Achieve 90% of total sales projection for Market day 2. | Sales | Monitored using excel spreadsheet based on unit sales | Measured in the sales production sheet | Achieve 66.7% market share by the final market day 2. | Marketshare | Monitored using excel spreadsheet based on unit sales | Monitored using excel spreadsheet based on unit salesDay 2 revenue/QUTopia total market sales | Obtain 5% more market share than closest competitor C’est Bon Bon by close of QUTopia | Market share | Monitored using excel spreadsheet based on unit sales | Monitored using excel spreadsheet based on unit sales and final calculations of C’est Bon Bon’s profitBerried total revenue/QUTopia total market sales = Market share BerriedC’est Bon Bon total revenue/QUTopia total market sales = Market share C’est Bon Bon | Yield a 20% profit increase of the initial net profit projection of $2985 from market day 1 to 2 | Profit | Monitored in the profit and loss spreadsheet | Profit day 1 – Profit day 2 = DifferenceDifference/total sales = percentage increase/decrease | Achieve over 57% profitability for both market days. | Profit | Monitored using excel spreadsheet based on unit sales | Total revenue – expenses = profitabily | Achieve 68% customer satisfaction. | Customer satisfaction | Survey questionnaire to be completed on both market days | Scale of 1 – 5(Extremely dissatisfied to Extremely satisfied | Achieve 20% brand awareness by market day 1. | Brand Awareness | Survey questionnaire to be completed on market day 1. | “Have you previously heard of Berried?”Have 30 likes on Facebook by Market day 1. | Achieve 40% brand awareness by market day 2. | Brand Awareness | Survey questionnaire to be completed on market day 2. | “Have you previously heard of Berried?”Increase by 20 likes on FacebookIncrease/decrease in unit sales |

IMPLEMENTATION PLAN
Pre-Market Day Action | Team member responsible | Deadline | Decide on business idea | Everyone | 12th March, 2014 | Determine roles team members will play | Everyone | 12th March, 2014 | Decide on business name | Everyone | 17th March, 2014 | Silent auction – stall space | Gina | 19th March, 2014 | Analyze Other Specialized Food Retailing data and competition | Everyone | 20th March, 2014 | Design Berried logo | Shelley | 26th March, 2014 | Organise product | Keegan | 28th March, 2014 | Organise social media promotion (Facebook page) | Ellyse | 31th March, 2014 | Organise aprons | Gina | 1st April, 2014 | Go to the markets | Gina | 6th April, 2014 | Complete marketing plan | Everyone | 10st April, 2014 | Organise stamp for packaging | Shelley | 17th April, 2014 | Organise design of stall | Gina | 24th April, 2014 | Organise what members can bring to create designed stall | Everyone | 24th April, 2014 | Organise equipment for stall | Everyone | 1st May, 2014 | Prepare packaging | Everyone | 6th May, 2014 | Pick up chocolate and strawberries | Keegan | 8th May, 2014 | Make chocolate dipped strawberries | Everyone | 9th May, 2014 | Organise ice for esky | Shelley | 10th May, 2014 |

At Market Day 1 Action | Team member responsible | Deadline | Set up stall | Everyone | 8:00am | Fill esky with ice, ensure strawberries as cold | Shelley | 8:30am | Have package products ready for sale | Keegan | 8:35am | Staff walking around and promoting | Everyone | 9:00 → 11:30am | Monitor product sales | Shelley | 10:00am | Analyse competing stalls | Ellyse | 10:15am | Monitor cash float | Taylor | 10:25am | Monitor music | Gina | 10:30am | Monitor pricing strategies | Taylor | 10:40am | Count the till | Taylor | 11:15 | Pack down stall | Everyone | 11:30 | Analyse sales for the day | Taylor | 11:35 |

Post-Market day 1/Pre-Market Day 2 Action | Team member responsible | Deadline | Asses effectiveness of stall design | Gina | 12th May, 2014 | Stamp more packaging | Keegan | 12th May, 2014 | Asses marketing strategies | Ellyse | 12th May, 2014 | Asses pricing of products and how effective it was | Taylor | 12th May, 2014 | Evaluate promotions | Ellyse | 12th May, 2014 | Ask for feedback on Facebook | Ellyse | 12th May, 2014 | Implement any necessary changes | Shelley | 13th May, 2014 | Stock count | Keegan | 13th May 2014 | Contact supplier and reorder stock | Keegan | 14th May, 2014 | Pick up chocolate and strawberries | Keegan | 15th May, 2014 | Make chocolate dipped strawberries | Everyone | 16th May, 2014 |
Market Day 2 Action | Team member responsible | Deadline | Set up stall | Everyone | 8:00am | Fill esky with ice, ensure strawberries as cold | Shelley | 8:30am | Have package products ready for sale | Keegan | 8:35am | Staff walking around and promoting | Everyone | 9:00 → 11:30am | Monitor product sales | Shelley | 10:00am | Analyse competing stalls | Ellyse | 10:15am | Monitor cash float | Taylor | 10:25am | Monitor music | Gina | 10:30am | Monitor pricing strategies | Taylor | 10:40am | Count the till | Taylor | 11:15 | Pack down stall | Everyone | 11:30 | Analyse sales for the day | Taylor | 11:35 |

Post-Market Day 2 Action | Team member responsible | Deadline | Stock Count | Keegan | 19th May, 2014 | Calculate market share | Shelley | 19th May, 2014 | Calculate total revenue | Taylor | 19th May, 2014 | Calculate profitability | Taylor | 21th May, 2014 | Evaluate promotional strategies | Ellyse | 21th May, 2014 | Asses distribution strategies | Gina | 21th May, 2014 | Evaluate product strategies | Keegan | 21th May, 2014 |

MARKET DAY CHECKLIST | Team implementation plan | | Marketing plan summary | | QUTopian currency for float and shopping | | QUTopian student manual | | Rubbish bags | | Team uniform |

Product: | Strawberries | | Chocolate | | Esky to keep strawberries cold? | | Chinese containers | | If we are doing testers? A platter for testers? | | |

Distribution: | Pallets | | Free standing screen | | Chalk board | | Signage | | Stall decorations (plants, water jar, watering can etc) | | Ice | | Bench top | | Music |

Promotion | T-shirts | | Signage for backdrop | | Business cards | | Vouchers | | Raffle tickets |

Price | Set up profit and loss excel spread sheet | | Laptop | | Money collection tin/tray |

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...The Library of Congress are also good sources when analyzing population growth, ethnicity mix, labor and economic conditions; however, organizations such as the NRA and restaurant-based publications provide more relevant information about our particular industry. Given the projected growth of the restaurant industry, this aspect of your plan paints an optimistic future of your chances for success in a very competitive business. Target market. Location analysis. Some business plans, probably most, are created before a site has been selected. Therefore, the location analysis may be limited to the general area or city for the proposed concept. As suggested earlier, site selection is often considered the most crucial aspect of the business planning cycle. The location analysis should describe market conditions that exist in the location (or general area) you have selected. Information gathered and displayed here should include demographic statistics, description of local industry and economic outlook, location traffic counts, traffic generators, residential and business population and proximity. You should also draw comparisons between market conditions for the selected...

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