BSBSLS501 Develop A Sales Plan Please Create A Table Of Co ✓ Solved

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BSBSLS501 Develop a Sales Plan Pease create a table of co

Please create a table of contents with all below criteria. This task requires you to develop a sales plan and marketing plan for a product or service. Please do not choose a product already created for other companies. Make it specific for your own business, be creative. Otherwise choose a product or service with a personal twist.

Start intro of your business. Sales Plan: Sales plans detail the strategies the business will use to sell products and services and increase revenue. The sales plan therefore often forms part of the larger marketing strategy. Marketing plans are all about identifying your business' target market and creating strategies for reaching those customers.

Table of Contents

  1. Introduction
  2. Executive Summary
  3. Highlights of the Product
  4. Business Strategy: Mission
  5. Analysis Detail: PESTLEE and SWOT
  6. Goals and Objectives (SMART)
  7. Establish Performance Targets (KPI’s)
  8. Identify and Describe Your Target Market or Audience
  9. Analysis of Competitors
  10. Risk Management
  11. Marketing Strategy
  12. Marketing Plan
  13. Financial Projections

Paper For Above Instructions

Introduction

The sales and marketing landscape is an ever-evolving domain, requiring innovative approaches to not just create products but to successfully market them as well. This plan presents a comprehensive sales and marketing strategy for a new product: EcoSpoon, an environmentally friendly reusable spoon designed for everyday use. EcoSpoon aims to provide an alternative to single-use plastic cutlery and promote sustainability.

Executive Summary

This document outlines the sales plan and marketing strategy for EcoSpoon. Through extensive market research and analysis, including PESTLEE and SWOT assessments, clear goals and objectives have been established. Performance indicators will monitor the sales targets, and a comprehensive understanding of the target market will be developed to drive effective marketing strategies. Risks will be meticulously assessed, and strategies for mitigation will be identified. The financial projections highlight the anticipated costs and revenue streams associated with launching the EcoSpoon.

Highlights of the Product

EcoSpoon features a biodegradable material that breaks down naturally over time, ensuring a minimal environmental footprint. The design is ergonomic, making it comfortable for users. Additionally, it is available in a variety of colors and sizes to appeal to diverse consumer preferences. Pictures of the EcoSpoon can be found in the attached appendices.

Business Strategy: Mission

The mission of EcoSpoon is to reduce plastic waste by providing consumers with a sustainable and stylish alternative to single-use utensils. We aim to create a community of environmentally conscious individuals committed to making a difference, one spoon at a time.

Analysis Detail: PESTLEE and SWOT

Utilizing the PESTLEE analysis framework, we will assess Political, Economic, Social, Technological, Legal, Environmental, and Ethical factors impacting EcoSpoon's market. The SWOT analysis will enable us to identify strengths, weaknesses, opportunities, and threats pertinent to our product.

Goals and Objectives (SMART)

SMART objectives for EcoSpoon include: 1) Achieve first-year sales of 10,000 units; 2) Establish partnerships with at least five retail outlets within the first 12 months; and 3) Increase brand visibility by reaching 100,000 social media impressions monthly by the end of year one.

Establish Performance Targets (KPI’s)

Key performance indicators (KPIs) will include metrics such as monthly sales volume, customer acquisition rates, website traffic, and social media engagement levels to ensure the business stays on track to meet its goals.

Identify and Describe Your Target Market or Audience

Our target market consists of environmentally conscious consumers aged 18-45, primarily within urban settings. They are often college-educated individuals who prioritize sustainability and are willing to pay a premium for products that align with their values.

Analysis of Competitors

1. Competitor 1: EcoCutlery - Offers a range of biodegradable cutlery, priced slightly higher than EcoSpoon but lacks variety.

2. Competitor 2: GreenFork - Marketed as a premium option, with a focus on design quality and brand reputation.

3. Competitor 3: PlasticWare - A budget-friendly alternative, predominantly focused on price with no sustainable attributes.

Risk Management

Potential risks include supply chain disruptions and changes in consumer preferences. Mitigation strategies involve developing reliable supplier relationships and continuously monitoring market trends to adapt our product offerings accordingly.

Marketing Strategy

Our marketing strategy will focus on online campaigns, utilizing platforms such as Instagram and Facebook to reach and engage our target audience. We will also explore partnerships with eco-friendly influencers to enhance brand credibility and visibility in the sustainable product market.

Marketing Plan

The marketing plan transitions our strategies into actionable steps, such as running promotional campaigns during Earth Month and organizing community clean-up events, which can foster brand loyalty and consumer engagement.

Financial Projections

Projected expenses for marketing initiatives are estimated at $20,000 for the first year, targeting an anticipated revenue of $150,000, derived from retail sales and online orders. Comprehensive financial planning will also include detailed forecasts of monthly sales, customer acquisition costs, and inventory management.

References

  • Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
  • Armstrong, G., & Cunningham, M. H. (2018). Principles of Marketing. Pearson.
  • Porter, M. E. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
  • Jain, S. C. (2016). Marketing Planning and Strategy. Cengage Learning.
  • Clow, K. E., & Baack, D. (2018). Marketing Essentials. Pearson.
  • Burns, A. C., & Bush, R. F. (2010). Marketing Research. Pearson.
  • McDonald, M. (2016). Marketing Plans: How to Prepare Them, How to Use Them. Wiley.
  • Kotler, P., & Armstrong, G. (2017). Principles of Marketing. Pearson.
  • Keller, K. L. (2013). Strategic Brand Management. Pearson.
  • Mintzberg, H. (2007). Tracking Strategies: Toward a General Theory of Strategy Formation. Oxford University Press.

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