New Product Marketing Plan Counpon Scanner
Essay Preview: New Product Marketing Plan Counpon Scanner
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ScanZ Technologies
Coupon eCompanion®
Marketing Plan
Table of Contents
Executive Summary
Product Description
Customer
Value Proposition:
Product Features:
SWOT Analysis
Strengths:
Weaknesses:
Opportunities:
Threats:
Target Market
Competitive Analysis
Pricing
Channels
Sales Channel
Delivery Channel
Warehousing Channel
Marketing Communications
Budget
Executive Summary
Of the 300 Million citizens in the United States it is estimated that there are approximately 150 million (50%) people that consistently shop using coupons. , Our product, the Coupon eCompanion© is targeted at these shoppers by providing and easy to use, convenient, solution to enhance their coupon buying experience and improve their discount purchasing power through the use of an integrated barcode scanner and expandable filing system for coupons. The primary source of revenue is not from the sale of the eCompanion unit itself, but from the monthly recurring service fees that will be charged to update the unit. Two service offerings have been developed that address two levels of value add, that carry two different price points. The services are: Basic Savings service at $4 per month and Extended Savings services at $7 per month.
With the completion of our product development initiative, we at ScanZ Technologies are preparing to execute the second phase of our project with product launch and strategic market initiatives presented in this marketing plan for your review. We seek approval for funding to support the 2007 initiatives and operations.
The key targeted consumer has been identified as the adult female shopper ages 35 to 44, with an average annual household income of $50 – $75k. This accounts for the largest segment of coupon users based on data from Promotion Marketing Association Coupon Councils coupon statistics for year 2000.
Our Marketing communications strategy developed to penetrate this market includes a structured program of Print (web and tradition ad), Public Relations, and Word of Mouth initiatives. While the first years investment funding the proposed marketing strategies is an estimated 19% of sales, we believe the investment is required to aggressively fund the product launch and support the product awareness initiatives outlined above. After the first fiscal year you will see marking investments pull back over the next two years, where it is forecasted to settle around 6% – 7% of sales in 2008 and beyond.
As a result of our marketing programs, we have estimated a conservative 30,000 customers in the first users. This represents less than 1% (.0002) of the estimated 150 million customers that consistently use coupons. This will fall short of funding operations for the 2007 fiscal calendar, but with the requested funds to cover the shortfall ($2M), our operations and management will be empowered to execute on our marketing initiatives that will produce positive results in 2008 and 2009.
Forecasted Results (3 year):
In conclusion, through the approved funding to support our structured marketing program of print, Public Relations and Word of mouth initiatives, we believe we can capture a profitable percentage of estimated 150 million consumers that regularly shop with coupons. By providing a combination product and service offering, ScanZ Technologies will produce sustainable annual revenues of an estimated $1.6M by EOY 2009.
Product Description
Customer: Of the 231 million people estimated to use coupons, it is estimated that fifty percent or 150 million people consistently use paper coupons each year. Consumers spends hours cutting, organizing, and retrieving paper coupons each year. Significant time is spent within grocery and retail outlets while the consumer sorts through their stack of coupons in hopes they do have the coupon, and at the same time are not maximizing their buying potential. The ability to cut, organize, and retrieve coupons, to date, has been greatly limited to a simple expanding file folder. While this provides an organized way to file coupons, it provides no advantage to the user, by letting them know if the consumer has the coupon within their inventory of coupons.
Value Proposition: Utilizing the Coupon eCompanion© provides the consumer two valuable features that empowers the smart coupon buyer to improve the coupon buying experience and improve the discount potential. First, the eCompanion has the ability to scan the barcodes available on every coupon and checks the coupon into “inventory” and assists by stating where to file the coupon. More importantly, when in the retail outlet, the consumer can scan the barcode of the product on the shelf the eCompanion instantly confirms if the consumer has a coupon in their possession or not.
The second feature which delivers additional value to the consumer is provided, through the same interface, the original and the locally advertised discounted price to help ensure the consumer is purchasing the product at its optimal discounted price. In addition, the unit will identify the coupon within the inventory the best discount available.
Product Features: The Coupon eCompanion© is an integration of technology and coupon management for the average consumer. The USB attachable scanner downloads all the latest coupon and market information from the internet and provides a user friendly interface to manage their coupon inventory. The small handheld computer or personal digital assistant (PDA) with integrated barcode scanner allows the user to scan the coupon to accept into the inventory. Once scanned, the coupon can be filed in the accordion