Company Information
G Spot Corporations is a company that is designed to create insole inserts for shoes. Although still small, this company is designed to eventually be a competitor for Dr. Scholl’s, the current leader in the business of insoles for shoes. The marketing plan employed by G Spot Corporations deals in selling these shoe inserts; the product name for these particular shoes are Beana’s, and they are designed for a variety of different shoe types. Shoe inserts-- sometimes referred to as orthotics-- are used for a wide array of purposes. The G Spot Corporation is focused on creating orthotics that increase the comfort for the wearer of the shoes by reducing foot and joint pain. This foot and joint pain may be caused by overuse, injuries or arthritis-- marketing strategies for the G Spot Corporations will focus on all of these issues in an attempt to target a wide audience.
G Spot Corporation uses its name (G Spot) as the brand for its products where each of the shoe inserts are labeled. This name is specific for the company and having been patented, the company has the sole rights of ownership to use the name for business. G Spot Corporation intends to sell its products for various target customers starting from the athletics to the normal comfort of users who use it elsewhere. The G Spot Corporations shoe inserts are sold at a price of between 10 to 50 US dollars depending on the quality and type-- higher-quality inserts are, obviously, sold at a higher price than the low-quality inserts. The company focuses on developing different shoe inserts to match the various market niches that are customized based on the specific needs of customers.
Distribution
The distribution strategy for G Spot Corporations involves creating custom-made products for the different customers and have them distributed through all the shoe selling outlets and vendors. Supermarkets and other big-box retailers (such as Walmart and Target) will also have these products on display so that customers can get them any time they want and have ample time to choose their products of choice. Similarly, the use of online services to buy the products with a guaranteed delivery increases the chances of success for the company.
Competition
There are, of course, competitors for the company; Dr. Scholl’s was mentioned already, but there are a number of products already available in this niche, and a number of companies targeting this particular good. The competitors for Beana’s inserts can be classified as either intra- or inter-competitors. The intra-competitors for G Spot include the various brands of shoe inserts that target different market niches. For example, inserts made for official use are very different both in structure and design from those meant for use in the sporting and gaming activities. Every type of insert has a different target niche, and should be carefully marketed. Shoe inserts used for games and sports are a prime example-- they have a better platform for marketing during sporting events, because the target audience is likely to participate in athletics. This means larger profits can be generated as it is capable of impacting a large number of customers in a very short time compared to the official ones which are simply put on display in shops.
The inter-competitors include other companies that also produce and sell these products but using their own branding and modifications. The main strength that makes these competitors very formidable is that they also produce a variety of this shoe inserts that are almost similar and have various shop outlets they also use just like G Spot does. Thus, the competition is very stiff. However, according to the strategies employed by the marketing team, customizing the products will help gain an advantage over the strengths of marketing this other company’s use. This also makes it possible to cover for the weaknesses the company has by compensation and support of the strengths the companies have. Customization simply involves creating products according to how the customer wants them to be and providing them with a service that will help them make the best choice hence get satisfied which is a concept that has not been embraced by most of the companies yet.
The objective of this company is to be a leading producer and seller of shoe inserts. This necessitates outsmarting all the other companies with effective strategies for marketing of the products. The fact that G Spot Corporation uses customization of products as one of its major marketing strategies makes it clear it aims to be a leading company in selling and marketting of shoe inserts. Even then, with the rapid changing markets, these companies are affected by the impact of the salient macro-environmental issues which include the legal, technological and economic factors. As an example, it has to adhere with the legal framework that assures quality of their products which limits the flexibility of their products.G Spot has to adapt to new technology in the textile industry that change with time. Similarly, the markets have an influence on their returns as they determine their selling and buying prices hence depending on the supply and demand, there is a risk of getting very low profits during certain periods.
SWOT Analysis
Strengths:
- Branding: The Beana branding is strong and unique, and covers a wide range of niches
- Strong online marketing presence: G Spot has a strong online following, and connects well with customers via social media
Weaknesses
- There is already heavy competition in the market, especially from well-known brands
- Weak connections with retail outlets: other companies that are more well-established have a better connection with retail outlets
Opportunities
- Online marketing: the growth of online marketing is reducing the threat of well-established brands
- Excellent control over branding and customer perception of the brand
Threats
- The main threat is well-established companies who have established brand name recognition in the market.
Implementation of Marketing Plan
The marketing plan is to be implemented over a period of one month and maintained thereafter the results are positive. The first two weeks would be used for intensive field research to obtain the data needed for implementation of the program. The next two weeks would ensure that first all the products are branded, distributed over all the various platforms. Once this stage is complete, the remaining part of the month would be used as a period for interaction with the potential customers and modifying the products to suit their needs.
Social Media and Other Marketing Tools
Properly utilizing social media tools like Instagram and Facebook is important for the success of any marketing campaign in today’s world. Instagram can be used to easily spread out the brand using the photos while Facebook can be used to create the relationship between the company and the customers necessary for customization to take effect. Through one on one interaction with the customer base, various ideas and models can be made to be bought by the specific customers. Using specific branding, wide distribution and customization strategy, G Spot intends to create a stronger impact in the market and aim at being a leading company in shoe inserts. This marketing plan serves to meet the goals and objectives of the G Spot Corporation.
Works Cited
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Ferrell, O C, and Michael D. Hartline. Marketing Strategy. Mason, Ohio: Thomson/South-Western, 2004. Print.
Bartels, G C, and Wil Nielsen. Marketing for Sustainability: Towards Transactional Policy-Making. Amsterdam: IOS, 2002. Internet resource.
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