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  1. 1. Marketing Plan for 2025 Marcus Parks, Oleksandr Surkov, Igor Ivanenko, Roman Margulis, Olena Vidaiko
  2. 2. Report Plan Action and Budget Plan for 2025 Tactics – Implementing Marketing Strategy Implementing Marketing Mix Contingency Plan Marketing Strategy Gap Analysis Business Goals and Objectives STP Analysis and Strategy Portfolio Analysis Growth Strategy Situation Analysis and Marketing Summary Marketing Environment Market Share and Product Life Cycle Historic Growth Rate and Sales Critical Success Factors
  3. 3. Company Overview and Product Definition “We exist to competently supply world-class MP3 players to our valued customers” Requiem is a Consumer Electronics Corporation Since 2016 Leader on the Canadian market of MP3 players Product portfolio: Sonic2, Sonic7, Runner, Energy
  4. 4. SWOT Analysis Internal Strengths Weaknesses  Largest product portfolio on the market (4 items)  Technological development of products  Professional management  Effective use of advertising and promotional budget  The largest total market share  Late launch of the sport product “Runner” (one period later than main competitors)  Technological 1-year development gap of “Runner”  High retail margin (in the past)  Limited budget for advertising and promotion Opportunities Threats External C Music is a part of cultural behavior of Canadians Canada is a multicultural dynamic environment – subject to quick transformation and change Our competitors use the same segmentation as we do. Therefore, there is not a lot of room for differentiation. D Target markets for all 3 types of products are available: a lot of students for “Energy”, many people who enjoy sports for “Runner” S Lifestyle of Canadians is favorable for mp3 player manufacturers – large market T Canada is well developed technologically – provides high quality human resources and technologies Cell phones as the main substitute products E High incomes of Canadian population National currency devaluation affects the costs for the parts supplied from abroad P No major restrictions or regulations are posed regarding mp3 players Lowering duties for cheep Chinese players
  5. 5. Sales and Market Share 0 100000000 200000000 300000000 400000000 500000000 600000000 700000000 2016 2017 2018 2019 2020 2021 2022 2023 2024 Historic Growth Rate and Sales Sonic7 Sonic2 Energy Runner Overall 6% 20% 8% 8% 23% 3% 28% 4% Market Structure Overall Firm1 Music Happy Ultra Music Inc Firm4 Inc Reptar International Life Enjoy Requiem Firm8
  6. 6. Total Marketing Contribution
  7. 7. Product Portfolio and Targeting Both “Sonics” are designed for mass consumer Target markets for “Energy” are Generation X, Y and millennials. Differentiated targeting strategy is used for this product. The best strategy for “Runner” is Concentrated, as the target audience is not so broad.
  8. 8. Marketing Goals and Objectives Increase market share to 30% in sales by the end of 2025: Increase product awareness rating by the end of 2025 to: •“Sonic 7” – 0.65 •“Sonic 2” – 0.30 •“Energy” – 0.90 •“Runner” – 0.60 Increase distribution rating by the end of 2025 to: •“Sonic 7” – 0.50 •“Sonic 2” – 0.10 •“Energy” – 0.20 •“Runner” – 0.50 Increase product specs rating by the end of 2025 to: •“Sonic 7” – 0.90 •“Sonic 2” – 0.70 •“Energy” – 0.95 •“Runner” – 0.90
  9. 9. Marketing Mix Product  For Standard segment, Requiem will aim to achieve the best price/benefit balance for the best quality it can offer.  Requiem’s “Runner” product team will strive for developing the product’s specs and characteristics.  Youth category will revolve around improving “Energy” design and style Place Segment Price sensitivity Sports Low Standard High Youth Med Promotion  The main advertising and promotional channels used for achieving awareness and promoting the company’s values will include TV, magazines, digital media, POP displays, rebates, salesforce training etc. Price Actual Recommended Sonic2 78 95 Sonic7 95 95 Runner 136 130 Energy 67 60
  10. 10. Action and Budget Plan for 2025 4P Activity Decisions/Budget Responsible Review Product Product Development (R&D) “Sonic 7” 2025 Cost Reduction Project/$1,000,000 “Sonic 2” 2025 Cost Reduction Project/$1,000,000 “Energy” 2025 Spec and Cost Reduction Project/$2,000,000 “Energy” 2025 Spec and Cost Reduction Project/$2,000,000 Product management and R&D departments Annually Price Product Pricing Planning “Sonic 7” – retail $78/ wholesale $50.7 “Sonic 2” – retail $95/ wholesale $61.75 “Energy” – retail $67/ wholesale $45.56 “Runner” – retail $136/ wholesale $91.12 Product management department Annually Promotion Advertising and Communications Campaign “Sonic 7” – TV/$4,500,480; Digital media/$2,531,520 “Sonic 2” – Magazines/$2,000,000 “Energy” – TV/$5,500,000; Digital media/$4,500,000 “Runner” – TV/$4,500,000 Department of Advertising and Communications Annually Promotional Campaign Trade shows Salesforce training Gifts Social Media POP displays Rebates “Sonic 7” $275,000 $275,000 $1,100,000 $825,000 $1,375,000 $1,650,000 “Sonic 2” $110,640 $92,200 $645,400 $184,400 $368,800 $442,560 “Energy” $225,000 $225,000 $900,000 $675,000 $1,125,000 $1,350,000 “Runner” $400,000 $1,000,000 $1,500,000 $500,000 $1,000,000 $600,000 Advertising and Communications Annually Place Distribution and Wholesale “Sonic 7” – retail margin 35% “Sonic 2” – retail margin 35% “Energy” – retail margin 32% “Runner” – retail margin 33% Sales Department Annually
  11. 11. Conclusion Requiem is the market leader and the main goal for the future periods is to maintain its leading position on the market of music players Clear Marketing strategy and tactics are set to allow Requiem to be successful in the future and achieve its goals and objectives Key learning outcomes of this report comprise conducting marketing audit and analysis of the environment, establishing and implementing marketing strategy and tactics as well as presenting findings to the stakeholders To achieve learning objectives the tools and frameworks studied during the course have been utilized
  12. 12. Thank you