Marketing Plan Phase Essay

Marketing increases aw atomic number 18ness of an organizations products and run. In the current engineering driven market, organizations must constantly dilate and promote saucily products and services to meet client necessarily. The following figure outlines a proposed shavers Area for beat out bargain. Company Overview crush sully is a bristleth company focused on develop solving the unmet quests of our customers, and we rely on our employees to solve those puzzles ( stovepipe Buy, 2009-2015). In 1966 Robert Schulze and his business enterprise partner crowd Wheeler opened Sound of Music Inc. in an effort to put up a share of the home and car stereo retail market. In 1970 Schulze decided to buy out his partner and continued to develop his retail chain. Schulze began to realize that he submited to alter the direction that his company was dismissal in, so he attended a seminar that brought him to turn the possibilities into a reality.The first-class honours degree change was to expand the offerings of the organization that would include VCRs, and appliances, which would ultimately ferment in to a greater extent revenue for the company, about 9.3 million for the year to be exact. In 1983 Sound of Music changed their name to scoop out Buy, and aimed toward a broader much comfortable customer base. As of today outdo Buy has more than than a dozen filth names, operates on four continents, in oer 3000 stores ( surmount Buy, 2009-2012). Best Buys mission is to continue to profit and grow as a team by providing their customers with exceptional value and a great shopping experience (Best Buy, 2009-2012).Service ProposalKids corner willing give parents a valuable service who have the desire to unhorse in and out of Best Buy without acquiring the hassle of deviation from place to place to find items for their children. Kids corner mystifys as a benefit to parents and their children who want to buy the hottest games and opposite little gad gets for their children. This particular area is a place where parents and children can find the electronics and accessories that kids want in one hole instead of running all over the store to find what they need. other bringed perk of Kids watershed is the online features and service that will give children the opportunity to shirk online games, parents can evaluate different products and modify their online writes. Kids Corner will be separated according to hop on groups ranging from 3-17 year grey-headeds. Grouping according to age is how Best Buy will decide what products go where.The three to five dollar bill year old sections will consist of mostly educational and whatever electronic games, kids movies and moviediscs. This area will add an extra touch with decorated pictures of Disney, marvel, and educational characters. For the six to ten10 year old area it will feature educational games, software, video games, music and videodiscs. The 11-14 year olds (pre-teens) will have music, dvds, gaming accessories, educational games and software, jail cell phones, and cameras. The 15-17 year olds (teens) area will consist of music, music accessories, video games and accessories, dvds computers, cell phones, and other gadgets.Marketing ApproachApproaching selling research for the idea of a Kids Corner for Best Buy would need to include different fundamentals, much(prenominal) as consumer analysis for demographics, psychographics, behavioral patterns, including buy habits, and geographical scenarios. The goal of trade a Kids Corner for Best Buy is to contain Best Buy widely kn aver and recognized for promoting a kid friendly surround. Another weighty aspect for research is the rival of competing with other electronics stores that offer the same service. Researchers perform psychographic research by good-natured the consumers to say yes or no to activities, personal interests, and personal opinions about the market research conducted. When rese arch has been completed the results are shared in run across to geographic and demographics, according to characteristics of the target area (Business Dictionary, 2013). Psychographics will generate an in-depth profile of the consumers who participate in the research. The research will present an opportunity to learn entropy on activities, interest, and opinions that will be advantageous to twain the consumers and Best Buys sales power.The success of Kids Corner will wager on a solid marketing political program that must be focused on the consumers more rather than the power of the service offered. The jut will cover advertising, promotions, public relations, and sales. Strategically, although quality service is in any case crucial, the get public still has their personal preferences Clancy, 2008). If Kids Corner targets more of the consumers call for, they will come back again and bring along potential customers. The research plan will include research on other competing electronics stores to allow Best Buy to identify if the needs for a Kids Corner would be expert to the organizations needs. If the data collected shows the service is already offered by the contentions than Best Buy can shift is marketing strategies to accommodate consumers, by marketing a scenario that the other electronics stores does not offer.The marketing strategies will also need to focus on the contri simplyions of consumers who in turn will convey to the success of Best Buy Kids Corner and their needs. set is another important aspect of the marketing strategy, and it will need to be affordable. The results of the surveys conducted as healthy as the needs of services will help baffle Best Buy Kids Corner geographical areas depending on Best Buy stores locations. spirit the markets needs, consumer contributions, developing, and building upon the strategy proposed, and implementation of the plan, to include monitoring the plan are the marketing steps used to understand t he strengths and weaknesses of the marketing approach (Clancy, 2008).SWOTT synopsisA SWOTT (strengths, weaknesses, opportunities, threats, and trends) analysis on the bleak Kids Corner service offered at all Best Buy store locations Strengths Best Buys infixed strengths include their available resources and capabilities that can be used in the development of a competitive advantage. * The innovative development of a sweet service called Kids Corner * Best Buy is a $50 jillion Fortune 100 company (Best Buy, 2009 2015). * Best Buy has an average of 1.6 one thousand thousand visitors per year via in-store, on-line, and mobile device (Best Buy, 2009 2015). * Best Buy continues to experience appendage via acquisitions and mergers, i.e. Magnolia Hi-Fi, Inc. and Geek Squad (Best Buy, 2009 2015). * Best Buy leads the way in Consumer Electronics compared to other discount stores such as Walmart and Target. Best Buys largest competitor is RadioShack Corporation. * Reorganization of the actual space in the already large Best Buy stores to make room for Kids Corner.* Use existing sample/interactive products, i.e. hand held video games, toys, etc. as tax write-offs. * Knowl racinessable customer service and super trained/tech savvy ply to serve the customers. * Competitive edge over other electronic department stores with the existing branded view and childrens focused department. * Best Buys Trade-in program compensates consumers in a variety of ways for used electronics products. Weaknesses Best Buys internal weaknesses are items not as transparent to consumers and may be viewed as weaknesses. * Lack of knowledge particularized to childrens electronics/toys. * Undifferentiated products or services in relation to Best Buy competitors. * Interactive displays may eliminate quickly with overuse in the Kids Corner. * If RadioShack Corporation were to offer a interchangeable service this could lead to confusion of consumers and possibly damage the brands. * Tr aining staff particular propositionally to childrens electronics and toys may lead to additional funds for re-training the Kids Corner if the strategy is reconsidered.* Success of the Kids Corner is dependent upon consumers seeking child peculiar(prenominal) products. Opportunities Best Buy has many external opportunities with the addition of the childcare center. * Best Buy could expand Kids Corner to online and mobile service with childrens electronics/toys customer service readily available via online chat or by telephone. * increase sales by customers simply spending more time on their personal shopping by having the readiness to have a extremely visual Kids Corner in-store where knowledgeable staff is available to assist with products specific to the Kids Corner. * The implementation of the Kids Corner opens doors to other growth opportunities, such as mergers or acquisitions pertaining to childrens products. Threats Best Buys potential threats from the external environment * Competitors could develop a similar service and cause consumer confusion of the brand and possibly damage the brand.* Increase in labor costs specific to hiring and training for childrens electronics/toys offered in Kids Corner * Online competitors ability to sell consumer electronics at lower prices. * Online gaming sites are reducing the consumers need to purchase games. Many websites offer free games for children, i.e. Disney.com and Nickelodeon.com. Trends Best Buys management team has various avenues of marketing research available to determine the success of the Kids Corner service. * Demographically, Best Buy stores are generally determined in city suburbs that encompass large amounts of families. The large amount of families in a close radius to Best Buy locations encourages the implementation of the newfound Kids Corner service. Changes in demographics could lead to Best Buy restructuring or reconsidering the Kids Corner service. * Economic environments of city suburbs include both large corporations and small business with low amounts of unemployment. Best Buys management can look back the markets economic status by assessing various publicly available reports both finance and employment rates. Management can make decisions to develop new strategies to encompass the changing economic environment.* Best Buy practices sustainability in their swop program available to customers who want to trade used electronics to receive in-store acknowledgment or check on site to refurbish or cycle used electronics. *Childrens electronic products are included in the trade program. * Best Buys primary focus is on technology and offering the most advanced consumer electronics to consumers. Best Buy learns about consumers needs and wants by performing extensive research by in-store customer fundamental interaction and consumer purchases, online research of publicly available survey results, reviewing the success of their primary competitors products, and by con ducting online surveys available on the Best Buy website. This data allows Best Buy to determine what products and services to offer next such as the Kids Corner.Marketing Strategy8- to 12-year-olds spend $30 one thousand million of their own money each year and influence another $150 billion of their parents spending (Lagorio, 2009). Best Buy is making their kids products easier to find and to purchase. With the marketing strategy, Best Buy notices a high conversion rate of childrens products, but doesnt want to dilute their other client segments by twist the culture of Best Buy into a kids store. Best Buy has found a way to grow their child customer base, while making it easy and commodious for the parents, children and other customer segments. fixture of the Kids Corner will be a major part of execute this strategy. By consolidating the childrens products into a specific part of the stores globally, called the Kids Corner, it offers a better general culture to the client seg ments Best Buy has identified.The parents who are spirit for their children can get all their childrens needs at one, convenient place, while Best Buy continues to cross sell and up sell. Pricing causes challenges and in many cases, Best Buy and other stores have embarrassing times cutting prices in the latest and greatest electronics and toys. Offering a specifically targeted shopping convenience is proven to increase revenue with new and loyal customers. Promoting with both in store and online ads will drive awareness. Online marketing will make it easier to market toward those you know have kids. Emails and banner ads showcasing the Kids Corner will be sure to keep parents coming for more.ConclusionThe Kids Area seeks to enhance the shopping experience for Best Buys customers. By conveniently gathering products for children, Best Buy targets products more accurately. This accuracy increases the likelihood of success for Best Buys overall market strategy.ReferenceAbout Best Buy. (2009 2015). Retrieved from http//pr.bby.com/about-best-buy/ http//www.cbsnews.com/8301-500823_162-2798401.htmlLagorio, C. (2009). Resources Marketing To Kids. Retrieved from http//www.cbsnews.com/8301-500823_162-2798401.html