Strategic Marketing Entrepreneurship Assignment Sample

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Introduction - Strategic Marketing Entrepreneurship

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The following report is a short plan for the strategic marketing launch of a new product from Harley and Adamson, which is a small-medium enterprise (SME) in Hertfordshire. The company, with 124 employees at the Welwyn location, operates in the UK and Europe and desires to expand the market. Before that, the company needs to add a new product range alongside their existing products that are usually purchased by consumers as a “one-off” of occasional purpose.

Product/Service Recommendation

The new product that has been suggested for the business expansion of Harley and Adamson is a cooking product made of cast iron. This product, when availed in the market, would help them reach a wider consumer base than their existing products since cooking products are regularly needed items. The new product range being offered to their business-to-business and online retail customers can contain frying pans, deep fryers and wok. These products of regular use will be popular among consumers since cast iron is a healthier option for food preparation compared to other vessels because the mineral transfer to the food happens at a very small scale.

Design and Features

Innovation in products being manufactured by a business is crucial for the organisation since it assists in creating new spaces in a seemingly crowded market (McDonnell, 2018). The new cast iron cooking products suggested for Harley and Adamson would have an innovative design and feature as well. The products mentioned above would be made with the consideration that the reason people buy cast iron is because of their thermal efficiency of retaining much heat needed in cooking food. Besides, the company is offering a glass-made lid for the products, with a plastic handle for protection from heat. These lids will be made of tempered glass and would be a great addition to both the utility and beauty of the products.

Business Model

As stated in the case study, Harley and Adamson are a manufacturing company that falls under small and medium-sized enterprise (SME), which distributes its goods to its distributor customers and the end consumer through online retail service. Hence, the company operates with both business-to-business and business-to-consumer business models (Alt and Zimmermann, 2001). This dual business model will be applied in terms of the new product as well.

Form of Ownership

Harley and Adamson is a business that trades with its customers directly and solely. Established and run by two entrepreneurs, it falls under the Partnership form of ownership. This form of ownership would be beneficial for the business since the partnership makes it easier to build a new set-up (Pride et al., 2020).

Stakeholders

External Stakeholders

Harley and Adamson serve both B2B through distributorship and end customers through online retail channels Hence, based on the opinion of Lee et al. (2021), the main external stakeholders are the target customers consisting of businesses who sell the cooking equipment directly to customers, and the people who prefer to use healthy options for food preparation. B2B stakeholders in this regard are the garden centres and DIY (do-it-yourself) chains. Alongside them, the company should include the business that sells kitchen utensils to end consumers in their external stakeholder group. Besides, the company uses high quality cast iron, which is why it has to depend on the suppliers as a significant segment of external stakeholders.

Internal Stakeholders

In terms of internal stakeholders, employees and investors are two of the most important group of people for the company, as per the opinion of Lee et al. (2021). Being in a manufacturing business, Harley and Adamson must concentrate on the recruitment and retention of skilled and professional staff in their workforce, who will understand the need for the innovative product for the customers and develop the equipment exactly the way they meet the demands and necessity of target consumers. The development, marketing and operation of a new product segment requires a lot of financial back-ups, and investors are the one that has to be satisfied with the business plan so that they can provide the necessary finance.

Launch Plan

Date and Form of Announcement

The launch of the product will be announced within three months from the initiation of the business plan. The expected date is 5th July 2022. The announcement for launch would be performed through both offline and online media, such as TV, newspaper, leaflets and social media platforms.

Brand and Positioning

The goal of brand positioning is to establish a distinct identity in the minds of potential customers. Put another way, it is an expression of what the business wants the brand to stand for to the target consumer segment’s mind (Thompson, 2003). Harley and Adamson already have a b brand reputation, positioned as one of the most trusted SMEs in the cast iron cook equipment market.

Marketing Mix with Time-scaled Plan, Budget, Measures and Controls

Product

The manufacturing of the cast iron cookware that has a glass lid with a plastic handle will be completed within 15th August of 2022. The budget has been set for this new venture within Harley and Adamson at £12,000 and initially, 35% of the product range would be availed in the market.

Price

Harley and Adamson will follow a medium pricing strategy and will control the price by stable availability of the product in the market.

Place

Place refers to the channels used by businesses to avail products to their consumers (Išorait?, 2016). The company will offer this product range to B2B customers through their existing stores and develop a different segment in their online channel. The budget for the development of the new online segment would require approximately £3,000.

Promotion

Promotion of the cast iron cookware would be done through social media platforms and offline mediums like TV and newspaper, which will be budgeted at £5,000. The promotional activities will be measured based on their reach to the target consumer and controlled according to the result.

Business Investment Pitch

Harley and Adamson is an esteemed business in the cast iron cook equipment manufacturing sector and it operates throughout the UK and Europe. The expansion of the product range into the new product designed innovatively, and the unique selling proposition (USP) is the glass lid with a plastic handle. The company will reach a wider consumer base using both offline and online channels, and focus on promoting the business through social media marketing.

Conclusion

Harley and Adamson will launch their new product range with three cast iron cookware of regular use through their offline B2B and online retail market. The company will follow the SMART objectives and marketing mix principles to successfully launch the products with a medium pricing strategy.