Fluent Essays

Please use the file I uploaded, it is the most important. You may not need net working and finish the part:【Market Analysis】 Details are in the PPT, please accod to that carefully! And write a 【first part】: The first part to write is the overview and goals of the marketing plan. It is a summary of the marketing strategy and the goals of the marketing plan. Identify your marketing goals (loyal customer base, recognized brand, increased sales, coverage in the media, web exposure, improved reputation, etc.) and describe how they will be achieved.craft Guitars Established 2015 Company History: Craft Guitars (CG) manufacturers musical instruments and was founded in 2015 by Mary Garcia. Ms. Garcia has an extensive background in music, her father and mother are both performers in local bands, and she has been a guitar player since age 4. She graduated from California State University San Bernardino with a BA in marketing in 2004 and was hired by Gibson Brands in Nashville, Tennessee to work in their marketing department. Gibson manufactures guitars and other instruments including the iconic Gibson Les Paul guitar. In 2009 she moved to Guild Guitars (owned by Fender Electric Instrument Manufacturing Company) in Scottsdale Arizona as the VP of marketing and promotions. In 2014 Fender sold Guild Guitars to Cordoba Music Group in Santa Monica, California and Ms. Garcia remained with Cordoba during the transition but left at the end of 2014 and launched CG the following year. In 2019 Ms. Garcia received a Master of Science in Entrepreneurship & Innovation degree from CSUSB. CG manufacturers guitars including custom orders, acoustic, and electric models. Custom models are designed for and by the customer with prices from $2,500 to $10,000 depending on material, with the average being $5,400. Standard models are priced from $800 to $2,000, with an average of $1,300. The company currently leases a 15,030 square foot production facility in San Bernardino, California and employs 78 workers. CG was started with an investment of $200,000 from Ms. Garcia and a $300,000 private stock sale to family and senior management. Sales increased rapidly in the first six-years of operations, but growth has begun to trend slower. The company has successfully been able to maintain margins despite the rapid growth. Management meets weekly to discuss production, suppliers, labor issues, and review financial results. A few weeks ago, the owner of the building CG is leasing offered to sell the property. After negotiating a sale price of $3,450,000 the company began working on a business plan to request a loan of $2,760,000 (80\% LTV) from their bank. Products: CG began as a custom design shop and has built a reputation for innovative and unique creations. The company’s big break came when noted guitarist and Black Keys front-man Dan Auerbach was photographed with his custom CG guitar for the cover of Guitar World Magazine. In 2018 influential guitarist Nita Strauss ordered a custom acoustic model from CG. Strauss, who had previously never owned an acoustic guitar, has a signature Ibanez electric guitar. The CG brand quickly became a sensation in the music industry after Strauss used the guitar for a video and song on her solo album “Controlled Chaos”. The custom shop continues to produce creative models using exotic woods and the highest quality workmanship. At least six unique designs are introduced each year and production is strictly limited to no more than 25Marketing Plan The marketing plan defines all the components of your marketing strategy. This section will detail the market analysis, sales, advertising, and public relations campaign for your company. This should include both traditional and online strategies. The plan can include all or some of the following components. Marketing Plan The first part to write is the overview and goals of the marketing plan. It is a summary of the marketing strategy and the goals of the marketing plan. Identify your marketing goals (loyal customer base, recognized brand, increased sales, coverage in the media, web exposure, improved reputation, etc.) and describe how they will be achieved. Marketing Plan The textbook provides four marketing musts: Sell selectively Know your niche Create your pitch Price for profits Marketing Plan The textbook provides four marketing musts: Sell selectively Think who will you sell to, what will you offer different (unique) Know your niche Know your customer Create your pitch Price for profits Don’t be the low-cost provider Show a ROI and ROA as well as a “profit” Marketing Plan Market Analysis Marketing Strategy Advertising Public Relations Networking Customer Service The rest of the plan has the following sections: Market Analysis Identify target markets Research your competition Assess market trends Conduct market research Market Analysis Identify target markets Demographics Statistically define your population Age, income, education, employment, etc. Psychographics Further describe the population by attitudes, preferences, lifestyle, affiliations, spending habits Tailor this section to your business Niche markets Smaller populations that share an affinity Describes the specific people/markets that your business will target and why Research your competition Assess market trends Conduct market research Market Analysis Identify target markets Research your competition Now that your market is defined describe your competition List major and minor competitors and what they offer, contrast this with your uniqueness Explain what your competition does well Describe the competitions social media, websites, prices, additional products and services, etc. Describe your competitive advantages Assess market trends Conduct market research Market Analysis Identify target markets Research your competition Assess market trends. Drill down starting with: General direction of the market and how this helps your business Specific industry trends Target market trends Conduct market research Market Analysis Identify target markets Research your competition Assess market trends Conduct market research Can be expensive but valuable if done well Focus groups are less expensive and can provide better data Surveys and questionnaires are traditional methods Marketing Plan The rest of the plan has the following sections: ✔️ Market Analysis Marketing Strategy Advertising Public Relations Networking Customer Servi