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Strategic Planning Process: Oil For Facial Hair

1106 Words5 Pages

Midterm
Navdeep Randhawa
6/3/2018
MKTG201
American Military University

The Product
The product that I will be creating is a one of kind of oil for facial hair. My product will be specifically for men who have facial hair, and need a product that will keep their beard looking nice. I will market my product in a way that it will successfully grab the attention of potential customers, and ultimately become a top selling product.
Tools and Concepts
Strategic Planning Process I will develop my plan to market my product, using the Strategic Planning Process. The Process will help me determine which environment will be best to market my product. During this process, my actions will include to develop a mission statement, analyze …show more content…

The SWOT Analysis allows a company to “analyze their strength, weaknesses, opportunities, and threats or conduct “(Tanner, 2012). When I perform a SWOT Analysis, It will help me identify what strength the company should play to, and what weaknesses they should address or even spin in order to make their weakness a strength. For my product I will determine, the strengths and weakness before, I market my product.
Market Segmenting & Target Market Marketing segmenting is an important step that every company would need to analyze before making decisions. When I market my product, I will need to properly identify the amount customers that would have interest in purchasing my product, by segmenting all customers into groups that would have similar interest that my product has. Consumers are segmented by behavior, demographic aspect, geographical regions, and psychographics. (Tanner, 2012). Once my customers that I think will be interested in my product is identified, I will move on with focusing on that particular market.
Product …show more content…

I decided that I will name my product ‘Miracle Worker”, and will be available for purchase at a reasonable price of $80. The price is reasonable, as it is cheaper product than my competitors that will not only deliver faster, and better result, it will be much affordable. I will include a full refund policy, if customers are not satisfied with my product, as well include testimonials from celebrities that I beforehand let use my product for marketing. The product will come in a one size bottles, depending on the success of the product in the market it will be available in large bottles. The product will be an easy to use daily product that will applied to a person’s facial hair first thing in the morning after showering. Within weeks of using my product customers will see results or a full refund. My product will be focused on results, and happy

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