Marketing Plan – Balcony Bar Essay Example

are actively looking to buy a Balcony Bar are more open to marketing efforts. To capture their attention, promotional materials should include strong message arguments. However, marketing strategies should be personalized for consumers who are not actively seeking to purchase a Balcony Bar. The purchase situation refers to the factors that can influence product selection. Buying a Balcony Bar is not a spontaneous decision.

Potential buyers will likely spend time searching for various furniture options to use on their balconies. The purchases will depend on factors such as the amount of time consumers have to research, available options, budget constraints, and external influences. As a result, it is important for Balcony Bars to ensure their product appeals to consumers.

Usage Situation
The Balcony Bar can be utilized in various ways depending on the intended purpose. Consumers may choose to use it as an outdoor office or as a bar for entertaining purposes.

The SWOT analysis is crucial for the marketing plan as it evaluates the Balcony Bar's internal strengths and weaknesses, as well as external opportunities and threats. It also takes into account uncontrollable factors within the business environment.

The Balcony Bar is versatile and compatible with different types of balconies. Additionally, it has the ability to move along with the sun by sliding on top of the balcony rail. Despite being lightweight at only 8 kilograms, it is sturdy and compliant with Strata By-Laws.

Matching bar stools are offered as a lucrative additional purchase option in both clear Perspex and aluminum designs. This contemporary design specifically appeals to urban professionals with considerable disposable income. The transparent version does not obstruct the view and remains unseen from below. Further

knowledge about the product can be obtained through Balcony Bars' website5, which provides comprehensive product information. Online ordering ensures secure and convenient purchasing.

The balcony bar lacks originality, as there is already a similar design in the small and competitive market. Potential buyers may be discouraged by its maximum cost of $6757. The bar does not fold to provide access to the balcony edge. It may be incompatible with certain balcony types and could pose difficulties during assembly.

Balcony Bars have the choice to utilize environmentally friendly materials such as biodegradable packaging, recycled aluminum, and Perspex in order to distinguish themselves from competitors and enhance their brand image. There are multiple possibilities for Balcony Bars to expand in terms of size, variety, and accessories. For instance, they can offer larger bar dimensions and provide stools and bar tops in various styles. It is also important to take into account complementary products like ice buckets, bottle openers, and outdoor lighting. However, the current global recession and decline in household disposable income could potentially lead to a decrease in demand for luxury items like the Balcony Bar.

Despite the economic downturn, Balcony Bar is targeting wealthier customers and experiencing less impact. The marketing objectives for Balcony Bars include increasing brand recognition and sales, as well as expanding market presence and distribution of outdoor furniture. It is also essential to emphasize the Balcony Bar's capacity to address safety concerns and establish itself as a reliable solution.

Marketing Strategy5. The most viable market segment for the Balcony Bars is young professionals8. This segment consists of well-educated individuals, typically aged twenty-three to thirty-five, who express themselves through identifiable social symbols and experiences.9 The

primary reason for purchasing a Balcony Bar is for outdoor entertaining. The following discusses various aspects of this market segment, including their lifestyles, activities, interests, attitudes, and opinions. These individuals are referred to as "Young Optimism"10 and are described as young professionals who lead active lives and seek fulfillment, often residing in inner city and urban areas.

They are into image and style as well as being innovative. The potential Balcony Bar customers are described as young professionals who reflect the need to seek new experiences and adventure. This group tends to have disposable income as "about half of people in their early 20s are also living at home, whereas two decades ago this proportion was two in five." And once they have moved out of home they are found living in inner city apartments that offer a 'cosmopolitan lifestyle'. This group is highly involved in sport and social activities.

They have a strong enthusiasm for the activities in which they participate and believe they can achieve success in all aspects. Their attitudes and opinions place them in the group of opinion leaders12 and those who strive to appear fashionable13. They are individuals who are motivated by self-expression, known as "experiencers".