Marketing Plan Phase Essay

Marketing increases aw beness of an governings products and gos. In the current technology driven market, giving medications must constantly develop and promote impudent products and helps to meet customer needs. The following plan outlines a proposed Kids Area for take up secure. Company Overview outstrip misdirect is a growth company focused on better solving the unmet needs of our customers, and we swan on our employees to solve those puzzles ( outperform debase, 2009-2015). In 1966 Robert Schulze and his business partner James Wheeler opened Sound of medicine Inc. in an effort to produce a share of the home and car stereo retail market. In 1970 Schulze decided to grease ones palms out his partner and continued to develop his retail chain. Schulze began to realize that he inevitable to alter the direction that his company was going in, so he attended a seminar that brought him to turn the possibilities into a reality.The first change was to expand the whirls of the or ganization that would include VCRs, and appliances, which would ultimately bring 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 beaver steal, and aimed toward a broader to a greater extent comfortable customer base. As of today scoop out Buy has more than a dozen brand names, ope computes on four continents, in over 3000 lines ( silk hat Buy, 2009-2012). Best Buys missionary work is to continue to profit and grow as a team by providing their customers with exceptional value and a great obtain experience (Best Buy, 2009-2012).Service ProposalKids niche pull up stakes give parents a priceless service who have the desire to get in and out of Best Buy without acquiring the problem of going from place to place to find items for their children. Kids turning point comes as a benefit to parents and their children who want to buy the hottest games and separate little gadgets for their child ren. This particular area is a place where parents and children can find the electronics and accessories that kids want in one location instead of running all over the retentivity to find what they need. Another added brace of Kids shoetree is the online features and service that ordain give children the opportunity to play online games, parents can evaluate different products and substitute their online profiles. Kids nook volition be separated according to bestride groups ranging from 3-17 year olds. Grouping according to age is how Best Buy will decide what products go where.The three to five year old sections will consist of mostly educational and some electronic games, kids movies and dvds. 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 dvds. The 11-14 year olds (pre-teens) will have music, dvds, dramatic play accessories, educational games and software, 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 marketing search for the idea of a Kids recess for Best Buy would need to include different fundamentals, such as consumer analysis for demographics, psychographics, behavioral patterns, including get habits, and geographical scenarios. The goal of marketing a Kids recess for Best Buy is to make Best Buy widely known and recognized for promoting a kid friendly environment. Another important aspect for research is the competition of competing with other electronics stores that offer the same service. Researchers perform psychographic research by engaging the consumers to say yes or no to activities, personal interests, and personal opinions about the marketing research conducted. When research has been completed the results are shar ed in regard 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 enrol in the research. The research will present an opportunity to collect data on activities, interest, and opinions that will be advantageous to both the consumers and Best Buys sales power.The success of Kids Corner will depend on a solid marketing plan that must be focused on the consumers more rather than the power of the service offered. The plan will cover advertising, promotions, public relations, and sales. Strategically, although quality service is too crucial, the buying public still has their personal preferences Clancy, 2008). If Kids Corner targets more of the consumers needs, they will come back over 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 Cor ner would be beneficial to the organizations needs. If the data collected shows the service is already offered by the rivals than Best Buy can interchange is marketing strategies to accommodate consumers, by marketing a scenario that the other electronics stores does not offer.The marketing strategies will in like manner need to focus on the contributions of consumers who in turn will contribute to the success of Best Buy Kids Corner and their needs. Pricing is another important aspect of the marketing strategy, and it will need to be affordable. The results of the surveys conducted as well as the needs of services will help check Best Buy Kids Corner geographical areas depending on Best Buy stores locations. Understanding the markets needs, consumer contributions, developing, and building upon the strategy proposed, and implementation of the plan, to include observe the plan are the marketing steps used to understand the strengths and weaknesses of the marketing approach (Clanc y, 2008).SWOTT AnalysisA SWOTT (strengths, weaknesses, opportunities, threats, and trends) analysis on the new Kids Corner service offered at all Best Buy store locations Strengths Best Buys internal strengths include their gettable resources and capabilities that can be used in the development of a competitive advantage. * The innovative development of a new service called Kids Corner * Best Buy is a $50 billion Fortune 100 company (Best Buy, 2009 2015). * Best Buy has an middling of 1.6 billion visitors per year via in-store, on-line, and mobile device (Best Buy, 2009 2015). * Best Buy continues to experience growth via acquisitions and mergers, i.e. Magnolia Hi-Fi, Inc. and Geek police squad (Best Buy, 2009 2015). * Best Buy campaigns the expressive style in Consumer Electronics compared to other discount stores such as Walmart and Target. Best Buys whoppingst foe is RadioShack Corporation. * Reorganization of the existing space in the already large Best Buy stores to make way of life for Kids Corner.* Use existing sample/interactive products, i.e. hand held video games, toys, etc. as tax write-offs. * intentional customer service and highly trained/tech savvy staff to serve the customers. * Competitive march on over other electronic department stores with the existing branded image 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 specialized to childrens electronics/toys. * Undifferentiated products or services in relation to Best Buy competitors. * synergetic displays may expire quickly with overuse in the Kids Corner. * If RadioShack Corporation were to offer a similar service this could lead to confusion of consumers and possibly damage the brands. * Training staff particular(prenominal)ally 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 specific 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. * Increased sales by customers simply spending more time on their personal shopping by having the ability to have a highly 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 br and 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 overthrow 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 located 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 new 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 tab key into the markets economic status by assessing various publicly available reports both finance and employment rates. worry can make decisions to develop new strategies to encompass the changing economic environment.* Best Buy practices sustainability in their Trade-In program available to customers who want to trade used electronics to receive in-store credit or check on site to refurbish or recycle used electronics. *Childrens electronic products are include in the Trade-In 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 interaction and consumer purchases, online research of publicly available survey results, reviewing the success of their primary competitors products, and by conducting online surveys available on the Best Buy website. This data allows Best Buy to determine what pro ducts and services to offer next such as the Kids Corner.Marketing Strategy8- to 12-year-olds spend $30 billion 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 turning the enculturation of Best Buy into a kids store. Best Buy has found a way to grow their child customer base, while making it easy and convenient for the parents, children and other customer segments. reparation of the Kids Corner will be a major part of executing this strategy. By consolidating the childrens products into a specific part of the stores globally, called the Kids Corner, it offers a better overall culture to the client segments Best Buy has identified.The parents who are looking for their children can get all their childrens nee ds 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 hard 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 call down 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. seedAbout Best Buy. (2009 2015). Retrieved from http//pr.bby.com/about-best-buy/ http//www.cbsnews.com/8301-500823_162-2798401.htmlLagor io, C. (2009). Resources Marketing To Kids. Retrieved from http//www.cbsnews.com/8301-500823_162-2798401.html