Profiling -marketing plan Essay Example | Topics and Well Written Essays - 750 words

Profiling -marketing plan - Essay Example As part of market plan, this paper analyses the segmented markets of this business and addresses its marketing opportunities in relation to its marketing mix elements. Mission Statement and marketing objectives of the GGI ‘To deliver quality home decor and gift items to the customers, by importing from quality suppliers abroad’ is the main mission that GGI would like to communicate to its customers. in order to achieve this mission and goal, the GGI plans to conduct its business based on following key marketing strategies: provide quality home decor and gifts to the customers, value their perceptions, make regular quality assurance and checks, take care of employees and respect the customers. This mission will be communicated to all of its stakeholders, because, as Ferrell and Hartline (2008) noted, a mission statement is an important portion of strategic marketing plan which mustn’t be kept confidential (p. 33). Market Profiling of GGI Market profiling is a metho d of plotting market action by organizing and collecting market-generated time, price and volume information in relation to specific product or service marketing. A market profiling helps a firm identify where from its majority of buyers come towards selecting its products (Person, 2004, p. 40). GGI has been successfully operating its business by selling home decors and gift items and based on the information it collected, the company plans to conducts its future marketing operation. Most customers are very likely to appeal to Asian decors and the company therefore plans to continue importing from Asian countries. It has been observed that the company gained more number of customer when the home decors and gift items have been priced between $20 to $80 per item. A high price, as observed, yields relatively less appeal from customers and therefore relatively less margins to the company. Targeted Markets The major segments that GGI targets consist of the following groups. 1) Generatio n A, mainly comprising of baby boomers who are married with kids, average educated and home owners who all are likely to stay in their own home. Their income is more than $20,000 and less than $50,000. 2) Generation B, mainly comprising of Affluent, who are married, average educated and their income is more that $50,000. 3) Generation C, who are well educated, married and are experiencing tremendous growth. They are sophisticated achievers and 30 + savvy business and other people. Out of 30+ million population in those three regions, the target market of GGI is between 5- 6 million, comprising of 2 million from Generation A, 1.5 million from Generation B, 1.3 million from Generation C and .2 million from other un-targeted groups. Marketing Mix strategies Product Element: The GGI plans to deliver quality home decors and gift items to the above detailed three segments and find quality goods according to varying needs and requirements of its customers. in order to ensure customer satis faction in relation to product quality, GGI plans to assign quality departments duties of regular check ups and make necessary actions to improve the quality of imported items. Company will focus on its brand GGI in a way that can be positioned better in customers’ mind so that it will create long term profitability as well as make them loyal customers (Wreden, 2007, p. 13) Price: GGI never plans to charge any higher amount than the reasonable price, being fixed on margin plus pricing policy. The