Mighty Recyclable Wallets

4627 words 19 pages

Marketing Plan:
Mighty Recyclable Wallets

Team Name: Extraparadigm
Hailey Chang
Hyoju Bae
Tien Tran
Minting B Chan

Marketing Plan: Mighty Recyclable Wallets
1. Executive Summary
Wallets accounts for 8% of the total personal apparel and accessories market. The US market for the items is currently served by about 470 businesses with operations across the country but with concentration in Florida, New York, Loss Angeles and Texas. The market was faced economic challenges that resulted to its decline in 2008 to 2009 during the great recession. However, the market is currently recovering and has registered a 1.2% growth from the year 2009 to 2013. Further,
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In addition, application of technology in designing the wallets as well as develop suitable distribution means will place the business as effectively competitive relative to existing market competitors. (Keller, 2012)
Product differentiation: Mighty wallet will seek to introduce a new and differentiated mighty recyclable wallet to the pocket wallet market. Thus, the business will experience less competition as it will be serving the market with a different concept that addresses unique customer needs and preferences. In that respect, the brand will have a niche market whose needs are less served by the other existing wallet designs. (Sengupta, 2005)

3. Objectives/Goals
In introducing the new Mighty recyclable wallet concept to the US market, Mighty wallet will have a number of goals and objectives ranging from Business, finance and marketing objectives that are summarized as follows.
Marketing objectives
Enhance customer reach through promotion strategies that will achieve at least 50% of the US population.
Develop a suitable distribution channel by developing two stores across the US states on annual basis for the next five years.
Business goals
Attain an 8% market share in the first year of operation.
Achieve annual sales growth of 25% after the first year of operations.
Financial goals
Attain an annual revenue growth of 20% after the first year of operation