The marketing plan and strategies made for King of Shaves’s relaunch product have to be very gently noticed and occasionally regulated to provide maximum productivity and if there are any deflections immediately to be correct. The current situation on this market, where the relaunch is located is very complicated. King of Shaves has their competitors and with this new view of the products it has to improve the sales, to rise the customer satisfaction and take the first place. The main task for the company is with using new marketing plan and relevant steps to strengthen the product’s position on the market.
2. Plan Goals and Major Milestones
The major goal is to increase the market share of the company by using new vision for the product King of Shaves 5 Blades Razor.
The company has financial objectives which are long-term oriented. The financial objective is that 2.5 % of the target group during the new campaign buys the new product. Other financial objective is reaching the wanted turnover of approximately 2.25 million pounds.
Marketing goals are available, too. The company have to achieve a 20 percent level of privity after the campaign in the UK. Another marketing goal is for the customers which will realize that the new product has great quality and the company expect the maximum customer satisfaction for this product.
3. Measurement Devices
Measurement devices may be mandatory to identify if forecasted implementations are being achieved and to estimate the success or downfall of the whole process. This could be reached by using some measurement tools:
Marketing research methods, for example, questionnaries, could be used to collect information about the customer expectations and preferences. A prediction could be made for the specific target group’s needs, product acceptance and future productivities. Anyway, to prove the marketing activities, could be used other tools, such as surveys, campaigns and sells promotions.
Financial accounting tools:
Each of the accounting tools gives profitable information as the best way to figure the profit and the sales value for the product.
Multivariate Regression analysis:
‘’ Regression analysis is a statistical tool which enables the measurement of how much dependent variables such as revenue are affected by other independent factors such as price of the product, population or other marketing elements. This could allow for description, prediction and control of such dependent variables by altering the independent variables (Bowerman, 2011). ‘’
For example, a regression model could be used for define if the customers using Azor 5-Blades are exactly this target group which is researched.
The target group should be the customers using the internet as market place. The on-line shops give the best opportunity to find something from your home and to order it without any effort. The new campaign for the new re-launch product apply most of the suggestions on internet and company website. From Facebook or other blogs, for example, could be collected customer’s opinion.
‘’ Pricing is the process of identifying what a company will obtain in exchange for its products. Pricing is the manual or automatic process of fitting prices to bargain and sales orders, based on factors such as a fixed number, quantity break, promotion or sales campaign and many others. Pricing is one of the four elements of the marketing mix, along with product place and promotion. Pricing strategy is major for companies who wish to perform success by finding the price point where they can maximize sales and profits. Different companies can apply a diversity of pricing strategies, relying on their own marketing goals and purposes (Slideshare). ‘’
For every product could be applied different pricing strategies. In this case, company doesn’t introduce a new product, it is just an improvement of the…