PowerPoint Presentation

[Audio] Transcript: Greetings and welcome to marketing plan presentation of Inspire spirit. The presentation will explain and elaborate on the consumer market of Inspire spirit compared with other competitor in the same field of product/ service. The presentation has been designed for recommending a marketing plan and actions to be undertaken that will help reach the company, its objective of becoming top three companies in UK and to introduce new range of products and services in 2022..

[Audio] Transcript: The company was founded by Patrick Huber and Alexandra Frohlichova where in 2018 it was incorporated as a limited company and 2020 it started trading. They produce quality lifestyle planners made of eco-friendly papers and vegan leather covers and planned to start packaging in cotton bags. The planner is created with five pillars of well-being that is self-development, spiritual development, time management, goal setting and nature. Their main mission is to give people power to accomplish dreams and find their true-selves. The company's goal for 2022 is to introduce more products and service..

[Audio] Transcript: The slides examines the external environment currently. The political stability will increase governments support for SME's and brexit law becomes a threat due to high tax and labour charges. Covid as a economic factor is both an opportunity and threat because it has changed people to have better standard of living, organising and planning work, focusing on self-development and the company's planner fits right in the motives mentioned above. On the other hand the covid has reduced the purchasing power of consumers which affects the company sales..

[Audio] Transcript: In terms of social factors, year diary impacts the sales of Inspire's planner because most people prefer diary with dates to track down work and activities. The company has to devise a mechanism which can include months but still maintain its old style. In terms of technology, around 80% people use internet and that provides them ease of using digital planner. The company can use social media platforms to increase their brand awareness and product benefits. Majority of the population uses social media and that is a platform for wide brand reach. The awareness and concern over environmental factor benefits the company because of its eco-friendly products made from recycled paper and vegan leather. More knowledge on this will increase brand value of Inspire spirit..

[Audio] Transcript: The company has good product image because of the aesthetic feeling from the planner and its packing. The website is user friendly and they have customers all over the world. The productive cost is less compared to others because their manufacturing is in China. Weakness of the company is that their product follows premium pricing with one product range and is absent in major e-commerce like Amazon and eBay. The employment in the company is less than five with supply chain restrictions. The company can use the opportunity of diversifying and customising their product range with market expansion. Small and medium enterprise can get good benefits from the government. The main threat to the company is digital planners and apps since everyone today uses internet to satisfy basic needs. The company faces strong market competition since its a saturated market, that in turn increases the input cost to outstand the competition..

[Audio] Transcript: In this slide inspire spirit is compared with 5 other company in terms of the product and service offered, attributes of the company, price range, market presence and finally the grade based on reviews. From the analysis we can see that CGD London is the market leader. Inspire spirit has the least grade as it has only one product range compared to others..

Segmentation. Division of larger market into smaller groups with shared or common characteristics. Segmentation variables are used to divide market based on need and preference into groups..

[Audio] Segmentation is the process of dividing the market into small group with similar customers. The groups tend to have certain difference between each other. It aggregates consumers with same kind of need or want. This helps the company to focus on the particular segment meeting the consumer's expectation with their product. Transcript: The objective of the company for the year 2022 is to introduce new product range, so we have selected new target segments where the company can significantly sell the product. The population segment in which Inspire operates is from 15 to 35, but form around only 30% of the total market. Taking into consideration the profession of UK population, current target market is around 60% which includes students, business owners, working professionals but with new product range there is untapped potential with home-makers, retired people and pre-teens around 10 to 15. The segment variables used here will be 1.age and 2. role or occupation. Behavioural segmentation can be considered but it is very difficult to segment people on emotions and is long, expensive process. We can consider segment variables based on travellers, fitness and health advisors. They also come under demographic segment and are not part of the current market target of Inspire. So our segments will be, People of age 10 to 14 and above 35 People who are home-makers and retired, health related professionals.

[Audio] The attractiveness of a target segment will help the company decide how to invest on it. Targeting helps to identify what kind of strategy can be used to attract the selected segment. They can be of four types, Undifferentiated marketing is markets to large population. Differentiated marketing is developing product for consumers with different needs but use the same product. Concentrated is selling product to a very particular segment only. Customised marketing is selling products that are made for that segment group. Transcript: The decision process comes to the next step which is targeting the selected segment. The best recommended targeting is, Differentiated marketing for segment variables which includes home-makers, retired and age group above 35. Concentrated marketing for health and fitness professionals Customised marketing for children/ pre-teens..

[Audio] Transcript: The company can position itself from other competitors by; Product positioning: inspire spirit can introduce more products like well, fitness planner, children journals, travel journals for frequent travellers. This will help them differentiate from other brands. It can introduce pens and notepads to attract customers to buy along with the planners. Price positioning: inspire can start with competitive pricing for the new products to avoid heavy competition from brands and to enter a new product in a market. They can also consider cost plus pricing to cover up manufacturing cost of different products. Quality wise there can be improvements in the vegan leather to increase its durability compared to real leather. The utility of planners can be customised for certain kind of professions, for example fitness planners can be used to track work-outs, routines, diets etc. Wellness planner Can be used for tracking health and mental well-being..

[Audio] Transcript: The slide clearly allows us to know about the company's objective for the next five years as laid down by the co-founders and other objectives have also been suggested to increase brand awareness and customer retention. The objective align with the SMART criteria..

Marketing Mix -7P’s. 01. Product : lifestyle planners that are unbiased on gender basis. Available in 3 colours Size – 198mm x 129mm Vegan covers Cotton packaging Recommendation: diversify products based on profession for example, wellness and fitness planner, children journal.

Marketing Mix -7P’s. 0 3. Price : The pricing is same for all products -£24.99. They follow premium pricing currently. The quality of planner exceeds the pricing criteria. Recommendations: they can implement competitive pricing after introducing new products and can also consider cost plus pricing to consider manufacturing cost of each product..

Marketing Mix -7P’s. 0 5. Process : China printing export are the manufacturer of the product. Inspire spirit’s main marketing channel is all online. Recommendations: they can expand their marketing channel with after sale services. Research and development department can be implemented for developing new product..

[Audio] TRANSCRIPT: The first objective includes customisation of products for different people, this can also include children journals, planners for home-makers to track their daily activities. Wellness professionals can recommend to consumers for mental and physical well-being..

[Audio] Transcript: The fourth objective can be achieved by ad-on products, for example if a consumer purchases a planner for £ 24.99 then they can get a pen or notepad by adding to the cart at an value of £ 4.99 but the actual price of the pen or notepad would be around £ 7.99 when bought separately. Supplementary products can be given for free along with other products or when cart value reaches a certain amount. For example, free pen/pads are gives when the cart value is above £ 50. The fifth recommendation is reliable because when an ad is colourful and innovative, people click to at least to checkout what the ad actually is about. This can improve the brands awareness. Social media influence can create a major impact because most of the products are now directing towards them for promotion..

Conclusion:. Inspire spirit has a lot of opportunities to improve despite the saturated market, to improve its brand personality based on the marketing plan presented. The market research, STP (segmentation, targeting, positioning) strategy, marketing mix has all lead to new recommendations and plans for the company to achieve its objectives. To avoid tough competition, it is essential for the company to develop innovative products and engage well with its consumers..

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