Recommendation and Implementation plan Essay Example | Topics and Well Written Essays - 500 words - 1

Recommendation and Implementation plan - Essay Example tablished by Market Research that the Customer buying is influenced by Quality of the Diamond, Retailers Goodwill in the market, knowledge and honesty of the Salesperson and recommendation of family and friends, in that order. Perception of Brands is curiously absent from the customer’s perspective and a strategy needs to be devised as a unique selling point (USP) of Canadian ArcticTM. Diamonds are expensive products and it is recommended that Market Segmentation is done for the US market where the company wishes to market it product. It has been observed that there are four kinds of potential buyers in the market viz., Baby Boomers (37-55 years/78 million), Generation X (25-36 years/45 million), Generation Y (18-24/71 million) Gifters, Self Gifters, and Retailers. Of these the Baby Boomers are wealthy and lovers of luxuries but demand value for money. As opposed to this the Gen X and Y spend less on luxuries but are impulsive spenders. The Gifters are casual buyers and the Retailers buy for mostly promoting their own private brands. Next emphasis should be placed on the areas where marketing efforts should be concentrated. It has been observed that maximum sales take place in California and New York with Texas a distant third. The number of outlets also follows the same pattern. It is therefore desirable to concentrate more on these areas as they will provide the maximum turnover. In these territories, particularly in the high exposure retail showrooms, the company should participate in Trade shows and offer retailer and salesperson promotion kits. They should also get celebrity sponsors to endorse the product for value effect. Similarly advertisements should be carried in glossy and glamour magazines which have high percentage of circulation among the wealthier population. Strategic Marketing Plans will not be of much use unless there is a solid implementation process in place. It is imperative that the amount of $ 300,000 is well spent. It has been seen