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Marketing Plan

Marketing Plan

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Published by zackwayne

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Published by: zackwayne on Nov 11, 2009
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03/17/2013

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Philippine College of Northwestern LuzonBachelor of Science in Business AdministrationSubmitted by:Joanna Marie A. LopezSubmitted to:Dr. Alfredo Durante
 
MARKETING PLANEXECUTIVE SUMMARY:JM
Bookstore is a retail store specializing in workbooks, educationalgames, teaching aids, school supplies and many others. It primary costumersare teachers who wants additional resources for the classroom and teachingaids for their students. And also parents seeking educational resources tosupplement their children learning in school and during the month of May toJune they start buying school supplies for their children. Also students whowant to buy materials for their project in school. It’s best selling productsincludes includes workbooks, science experiment, classroom, decorationssuch as bulletin board art and posters. The store has been in operation since2005. For the first three years of its operation, the store has exceeded itsrevenue projections. The business is expected to post its first profit for theyear 2008. to achieve its sales, the store has relied primarily onrecommendations among teachers and weekly advertisements in the localnewspapers. Because the store has little direct competition, it has been able tomaintain an average 48% gross margin avoiding price reduction except toclear out seasonal items. The retail space adjacent to JM bookstore becamevacant in February 2010, when the jewelry store occupying the spacerelocated this vacancy presents an attractive opportunity, given the strongsales. JM bookstore has experience within minimal advertising. Theremainder of this marketing plan details how the owners intend to takeadvantage of this feasible expansion opportunity. In response to theopportunity presented by a vacancy in the retail space next door. The storeseeks to expand in year 2010. Technical Aspect Expanding into the existingspace will increase square footage by approximately 80%. The space from theexpansion would be used to provide a much broader selection of educationaltoys and games. This product selection of mix is designed to generate moresales among “active parents”. In addition to draw more active parents into thestore, JM bookstore plans to increase its budget foe marketingcommunications. The additional funds would be used to double the frequencyof advertising and to sponsor public relations activities such as speakers at the public library. The owner will be responsible for implementing this planswhich calls for opening the new space by July 15, 2010. Success will bemeasure in items of meeting the schedule and achieving the sales and profitobjectives.
 
CURRENT MARKETING SITUATION AND DEMAND ANALYSIS
The target market for the store has been teachers working with in 20mile radius of the store and active parents living with in a 10 mile radius. Byactive parents, we mean parents who devote a relatively great amount of timeand money to their children’s growth and development. Active parents are thetarget market for the stores planned expansion, not only they are interested inthe kinds of products sold by JM Bookstore, they are willing to spend heavilyon such products. They tend to be less budget conscious than the teacherswho shop at the store.Baguio is middle to upper class community of mostly professionals.With Saint Louis University and other Universities and many researchoriented employers nearby, the people of this community place high value onlearning and education. A major environmental opportunity is that this area isa strong supporter of educational resources for parents and teachers. We believe that we have only begun to tap the demand for the types of productswe sell. Our sales have so far been limited by small budget for advertising and public relations, as well as space constraints that prevent us from stocking as broad a selection as would interest most costumers. The focus will be on top-quality, high-margin items that are hard to find.We do not expect major competition from new stores over the near term. Because Educational Resources has operated for ten years withoutexpanding or even, to all appearances, updating its interior. We believe thataggressive expansion is not in its owner’s plan. Thus, the major sources of competition for JM bookstore are other types of retailers and big companiesof educational products. Despite this environmental threats, we believe thatour major strengths the year- round availability of the store and theexpertise of the owners and sales staff.

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