A marketing plan is essentially a comprehensive blueprint that provides details of an organization’s overall marketing efforts. The marketing process is critical to business strategies and is realizable through the marketing mix that enables the control of an organization’s marketing efforts (Dibb & Simkin, 2008). The function of the marketing plan is essentially two-fold; tactics and strategy. Trendy Jewelry is a modern organization that performs its strategic planning on an annual basis thereby typically covering an entire year. This paper will provide a succinct portrayal of Trendy Jewelry’s marketing plan, providing details of the company’s marketing mix strategy. The company’s primary focus is the manufacture and sale of affordable jewelry to a large market around its base at Tysons Corner in the state of Virginia. The ideal customers for Trendy Jewelry include tweens, teens and people with low spending budgets, particularly people in the lower socioeconomic class within the state of Virginia. This woman is the ideal customer for Trendy Jewelry since she has the taste and desire for a little sparkle in her wardrobe and jewelry box. Such a woman prides herself primarily on her accessories, particularly in the event that other people notice her jewelry. The target market has no problem wearing a show-piece, which begins a conversation and draws attention from others. Ideally, the target customer will become a cheerleader for Trendy Jewelry’s designs, which enhances sales through word of mouth.
The company, which has four co-owners appreciates that the target market shops in boutique shops and artist studios, searching from unique pieces of jewelry either for themselves or as gifts for other women close to them. These women also seek something different from what other women have, although they do not have the fiscal capability to shop at expensive jewelry stores (Kerin, 2001). The ideal customers love art, as well as sharing emotional connections with the jewelry artists who develop the unique pieces offered by Trendy Jewelry.
Product
Trendy Jewelry primarily focuses on the creation, marketing and sale of trendy and relatively cheap pieces of jewelry (Baker, 2008). Every piece of jewelry is unique as no piece is made in the same way twice. The organization’s jewelry artists use different patterns and colors to create unique pieces. All jewelry collections consist of approximately 20 pieces that stand out and ultimately make the ideal customer stand out, as well. All the company’s products are also handmade, and all pieces reflect genuine originality, as well as craftsmanship.
Price
The price of Trendy Jewelry’s products will be determined primarily by prevailing market prices and conditions. The pricing scheme will center on the cost of raw materials used, as well as the quantity of time needed to create the piece of jewelry.
Promotion
Although the company does not presently have specific offerings to prospects, prospects could become part of the organization’s blog allowing the Web community to receive email updates whenever surpluses are available (Kerin, 2001). In order to enhance sales, clients will receive a handmade gift box after making a purchase. In addition, those who purchase at least five pieces will receive an extra pair of earnings for free. Trendy Jewelry will also send appreciation cards for all referrals with a 20% discount card on the next purchase. The company will focus primarily on word-of-mouth referrals rather than advertisements.
Place
The company will initially focus on the region surrounding Tysons Corner in Virginia. Product distribution will be through the company’s website, at the booth in Tysons Center, as well as through a network of jewelry galleries. Tysons Center is quite busy in terms of human traffic and easily accessible through road and railway transport (Baker, 2008).
References
Baker, M. (2008). The strategic marketing plan audit. Cambridge: Cambridge Strategy
Publications.
Dibb, S., & Simkin, L. (2008). Marketing planning. New Jersey: Cengage Learning.
Kerin, H. (2001). Marketing, the core (4th ed.). New York: McGraw Hill Publishing.
