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Marketing Plan Phase One

In: Business and Management

Submitted By branlad
Words 1273
Pages 6
FORGETPAYMENTS.COM MARKETING PLAN

Marketing Management

2.0 Situation Analysis
Forgetpayments.com is a start-up concept developed by two individuals, one with more than ten years in the wholesale purchasing, refurbishing, and selling of automobiles and the other with more than 15 years of sales and marketing experience. Marketing will play a vital role in starting and growing the business in the Phoenix, Arizona market. Drivewithotpayments.com offers an innovative way of buying car the old fashioned way, with cash not credit. The idea is to educate and train consumers to make car buying a winning investment rather than living with ever increasing monthly payments on depreciating assets. The current economic climate has increased attention on all aspects of consumer debt; Forgetpayments.com provides an answer to many consumer debt concerns.

2.1 Market Summary
The used car market has multiple segments from large franchised dealerships, to large independent dealers, to local buy here, pay here lots. 35.5 million used vehicles were sold in by independent and franchise dealerships in 2009 (NIADA p. 17). Additionally, “while the number of independent dealers decreased again in 2009, independent dealer market share increased (NIADA p. 17). The average advertising expense for 2009 hit $267 per vehicle sold (NIADA p. 18). On average, Independent dealerships sold 25.74 vehicles a month, with less than 18% of which advertised on the World Wide Web were sold via the Internet (NIADA p. 20). The buy here pay here segment dealerships averaged just over 60 vehicles sold per month with average weekly payments of $84 and average cash down payment of $1,272 (NIADA p. 28). “Used cars are selling for more than they have in 16 years” (Current, 2011). There has been a substantial run up in prices since the...

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