Marketing Objectives Analysis Essay Example

of our business in New Zealand. We will work closely with local advertising and distribution agencies and utilize their technical staff to promote our products directly to end-users, leading to increased sales. Additionally, partnering with local distributors will minimize resource allocation requirements and reduce the sales cycle since the cooperation with them will leverage existing customer relationships. Also, we will incentivize our partners and agencies to resell our non-motorized traditional bicycles by allowing them to earn a high margin on the product while earning from sales of their consulting and implementation services. Presently, we have appointed seven agents and distributors, and we aim to add seven more by the year-end.

Our goal is to reach 25 agents and distributors by year 5, and we're collaborating with our current partners to cultivate potential sales. To ensure affordability for a broad customer base, we'll maintain low production costs by outsourcing the manufacturing of certain bicycle parts and spares.

We aim to achieve competitive production costs through economies of scale. To this end, we have partnered with New Zealand Rubber Company Limited for rubber tire production. This will reduce resource requirements and minimize manufacturing risks. Our long-term sales target is around $250 per item. However, we will initiate pilot sales at lower price points to establish market presence. Before, during, and after the launch of our traditional non-motorized bicycles in New Zealand, we will conduct comprehensive advertising and sales promotions activities.

We will utilize a comprehensive and straightforward advertising strategy to ensure maximum exposure to potential purchasers. Given that our conventional non-motorized bikes are suitable for people of varying ages, genders, and economic backgrounds, we will advertise via electronic and print

media. Direct mail advertising, the yellow pages, newspapers, magazines, radio, posters, business cards and the internet will all be utilized to promote our innovative product. The initial advertising budget will equal 5% of gross sales in the first year and expand to 7% as the target market grows.

Sales promotions will utilize the company's collateral material such as brochures, press releases, videos, and recordings of past activities and events. Our business project includes risk analysis which is crucial. Operational risks may arise during the start-up phase including a competitor releasing a similar product before we enter the market. To mitigate these risks, our expansion project's business plan outlines various responses to different scenarios for ensuring success.

The SWOT analysis is considered the best approach for dealing with risks and challenges faced by our company. We have conducted a SWOT analysis to identify our strengths, weaknesses, opportunities, and threats. Our management views SWOT analysis as an effective tool for auditing both the company and its surroundings. This analysis serves as the initial step in planning, allowing managers to concentrate on critical issues. The key issues are then converted into quantifiable objectives. Strengths and weaknesses reflect internal factors, while opportunities and threats reflect external factors that affect our business.

Our organization follows a systematic approach in evaluating risks. First, we identify potential risks by analyzing the project. Then, we assess these risks based on their severity, likelihood, and controllability. Next, we develop a response strategy to minimize damage and create contingency plans. This process involves four key steps: Risk Identification, Risk Assessment, Risk Response Development, and Contingency Plan Development.

Risk response Control – This involves executing the risk strategy,

monitoring and adapting plans for any new risks. Critical success factors have been identified that need to be achieved to progress our strategy. Obtaining sufficient capital is currently the most crucial factor for our company. Despite this, two limiting factors could affect our sales in the first year. The first being the constraint on funding availability until we have established ourselves in the market.

Although it may take some time for our target markets to fully embrace the business opportunities available, the sales volume limitations are more than reasonable for our goals.