Marketing plan helps in achieving the marketing objectives of a firm. It is a well written document that provides necessary details regarding how to go about the accomplishing the marketing objective. Marketing Plan can be written for a product or service, a brand or a product line. In this paper, a marketing plan would be developed for New Ireland Wools. New Ireland Wools is into the business of selling of wool and wool based products. The organization was formed by Seamus and Fiona Joyce who came from Ireland. They have their origins from long line of shepherds and weavers.
They possess brilliant skills and knowledge about creating yarn for knitting and producing wool products like woolen scarves, shawls and blankets with the use of natural organic dyes. Their products have been very successful in the local as well as regional markets. Up till now, they haven’t used any concrete advertisement for the marketing of their products. They are only dependant on the word-of-mouth publicity and going to crafts fairs. This marketing plan seeks to launch their products in the broader markets in the United States as well as global markets.
Competition in the Market Place The woolen industry has declined over the
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These companies are well established and have a proper marketing and distribution channels. The big retailers and wholesalers have the price advantage in their hands. Since the products of the New Ireland Wools would be priced higher, they can lose out in the broader market place. The big retailers have a number of advantages like brand name and identity, loyalty etc. New Ireland Wools is relatively a new player in this field. It is not a well known face in this industry. Therefore, it would have a lot of problems in establishing itself.
Other competitors of the company can be the indirect competitors who are offering the same benefits to the target customers. These include products which can substitute the natural wool products. They include the manufacturers of synthetic wool or artificial wool products. Researching the competition The company faces two kinds of competitions.
One is from the direct competitors and other one is from the indirect competitors. In order to research the competition, the company should conduct a SWOT and PESTEL analysis to know more about the Industry. The company should find out the major players in this industry. They must find about the number of competing firm in the industry. They should also find about the methods of advertising they have adopted, the market share, their target markets or segments etc. This information can be found out with the help of marketing research reports or conducting a marketing research (Hague, 2002).
The industry reports also help to know a great deal about the competition. The business directories also provide a large amount of help to know better about the key players in the industry. The local advertising media also provides a lot of assistance in finding about the competition. The yellow page also provides help in the researching of competition. The company can search for companies which are listed in their industry segment. Various reports of Industry trade shows also tell a great deal about the competitors operating in the industry. Competitors Strategy
After researching the competitors, the company should select an appropriate strategy for them. The New Ireland Wools should go in for differentiation strategy. They should differentiate their products from the competitor’s products. They should focus on the use of organic dyes as well as natural wool. This can focus on their unique designs to differentiate. This would help them to develop a different brand image. In the differentiation strategy a firm influences the mindset of the customers in a way that they can separate it from rest of the competition.