Thursday, May 10, 2012

My Marketing plan

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The information that was needed to complete my marketing plan was important information on my sports wear store. The first aspect I had to think about was the purpose of my business. I wanted to sell sports products to people that were interested in buying jerseys, hat, and equipment of their favorite sports team. The second factor I needed to complete this marketing plan was the markets and strategies I used to run my business. I had to think about my current customers and the important characteristics they were looking for in my products, distribution, prices, and promotion. Another important factor I needed when doing my marketing plan was to think about my business environment. When I first opened my sports store, my economy was stable. I worked very hard and my main focus was getting a strong environment for my business. I also needed to analyze my business to complete my marketing plan. The operations I ran my business with, the marketing mix I used, and my competition, and my strengths and weaknesses were all components that were needed to analyze my business. A great deal of information that was needed to complete my marketing plan came from the marketing mix. When I opened my sports wear store, I concentrated a lot in the marketing mix. I wanted to make sure my products were good quality, my distribution method worked smoothly and fast, my prices were low, and my promotion attracted lots of customers. My marketing mix was a way to satisfy and make my customers very happy. The last information I needed to complete my marketing plan was the goals and objectives. My goals and objectives were to make my economy and business a stronger place. I wanted to make sure my Business was successful. The activity that must be completed in developing each of the mix elements is a great amount of information. You have to identify the different possible ways that will make your marketing mix successful. When I first started researching on the products, distribution, price, and promotion I first went to Sports Authority and Champs to gather information on the skills they use in their marketing mix since they have lots of experience. I thought the first thing I would start with is Products. When visiting Sports Authority and Champs I noticed they had much of the same products. They had most of the same hats, jerseys, and equipment. I made sure that when I opened my sports store that I had unique products that any other sports store didn’t have. This attracted customers to my store to buy a product that was different and they didn’t have. They really liked it because they hadn’t seen my products out there in any sports store in the Miami area. The second activity I worked on is finding a way to distribute my products. I gathered information on how Sports Authority and Champs distributed their products and I was amazed. Both sports store distributed their products only by their store. I wanted to have a unique method of distribution. I distributed my products not only by my store but also by orders I received online, by catalog purchasing, and people that were interested and called the 1-800 phone number. My third activity that was needed in developing the mix elements was the prices I would use to sell my sports products. Something very important I discovered when researching in Sports Authority and Champs, was that they had very high prices. When you have high prices that customers can’t afford, your economy goes down. That’s why when I opened my sports Business, my prices were low. My prices were something that my customers were satisfied with and can afford. I gained customers due to the fact of my low prices. My customers were happy because they were getting better quality for a lower price. Sports Authority and Champs actually lost customers that are coming to my store now. The last activity that I completed in order to develop each of the mix elements is the promotion I needed to attract customers to my store. Sports Authority and Champs do a good job when it comes to promoting their store. They have commercials and billboards in the Highway promoting their store. I had to find a unique and a less expensive way to promote my store. I came up to the conclusion to promote my store in flyers, sports magazines, online sports websites, and in the newspaper. The Activities that were needed to implement each of the mix elements was a lot of time and dedication. I hired a good team of employees that were willing to put their all to making these mix elements the best and successful elements to our business. It took a lot of researching, dedication, time, and effort to make these mix elements as good as possible. Each of my employees is responsible for an activity identified above. I hired 4 employees to help me get these activities accomplished. I took care of the Products Activity. Jose took care of the Pricing activity. Jason took care of the distribution activity. Jerry took care of the promotion activity. And I put Alex to run the operations of the stores, so our economy and environment wouldn’t drop. It took us about a month to get these activities done and get our mix elements perfectly running with our business. Everyone worked very hard and got their activity done right. With the help of my team, I was able to have successful mix Elements. Each activity was initiated when me and my team felt comfortable about adding these new mix elements to my business. Until we didn’t get the best research and results we wanted, we didn’t initiate this activity to my business. When we felt comfortable about initiating these new activities, my business went smoothly and had a big positive affect and change to my business economy and environment. Each activity will be completed when it is successful to our business. Im not willing to risk my business for rushing the activity to be completed. The activity will be completed when me and my employees are comfortable with the new activity being applied to my business. The activities will be coordinated with each other so that each runs smoothly. My product, distribution, price, and promotion will each be coordinated in a successful way. Money will be needed for the activities that will be coordinated to my business. Money is needed to buy the products we plan to have in my sports store. Having high quality products will cost to buy the merchandise. My distribution method also consists of money. We need money to be able to maintain and run our catalog, our website online, and our 1-800 telephone number. Another factor we need money for is our promotion method. To be able to advertise in the sports magazines, newspapers and on websites online, we need to pay the company that’s running these promotions, a certain fee. Research is also a resource that will be needed for the activities. Before applying these activities to my company, research is needed so there wouldn’t be any failures in my business. The necessary money will be obtained from the sales we have earned from my sports wear store. I will also have a small loan from the bank, which I will pay back little by little. This will help me get the activities accomplished without having to waste too much money earned from sales of my business. I am the person that is going to be preparing and managing the budget. It is my responsibility, as the owner of the sports wear store to be responsible for the budget of theses activities. I know that the budget that I will use will be the right amount. Preparing and managing the budget will be safe and successful in my hands.

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