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Students are to prepare a marketing plan according to the structural guidelines within this document. The Marketing Plan MUST follow the structure in this document. Peer evaluation of performance is a component of this assessment item
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The primary aim of this assignment was to provide a brief idea of the product launch of Candle Mania during the Qutopia market day. The Candle Mania is intended to sell attractive handmade candles during festive sessions long with home decor candles. The Candle Mania was founded in the year 2007 and gradually came to the zenith position in the market. The main objective of the company is to hold its topmost position in the market and maintain its competitive advantage over its potential competitors.
The marketing strategy of the company was to identify its strength and opportunities within the company and try to explore them in order to get a competitive advantage and figure out its potential threats and weakness in business operations and try to eradicate them so that they do not become an obstacle in their way to success. With the implementation of new product strategy, the company was planning to launch attractive handmade candles in order to have differentiation competitive advantage over its competitors.
The product strategy of the company was to explore the attractiveness of the product and enhance its innovativeness to the customers. The target market of the company was every individual who is interested in decorating the house with attractive candles and therefore, the main target of the company would be women and children.
Almost all the target objectives of the company were achieved with its net profit of around 30 % as compared to that of its potential competitors. The company recommends its competitors to follow customer-oriented products in order to achieve goods sales profits.
The Candle Mania is delighted to offer attractive handmade candles that comprise distinctive features along with excellent quality, a variety of scents, and unique designs, which binds the customer to purchase these particular products (Thiele, 2008).
The demand and need of the customers are filled by providing diversified attractive products and maintaining the quality that satisfies the customer expectation.
The Candle Mania is determined to implement Kotler's Competitive Strategy Model in its business operations in order to get a competitive advantage over its competitors (Wesselbaum, 2014). The company would try to follow the four elements of competitive advantage that are cost leadership, cost focus, differentiation, and differentiation focus.
