Marketing Plan

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Marketing_Plan_.docx

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904 Surf Shop

Student #1 Matthew Visalli

Student #2: Madison Pellicer

Student #3Alyssa Jackson

Student #4 Gabriella Humphrey

Student #5: Brandi Manning

Student #6: Kyle Bengtson

October 11, 2020

Table of Contents

Executive Summary

Company Profile

Market Segmentation & Targeting

Situation and Company Analysis

Ethics and Social Responsibility

Marketing Information and Research

Customer Decision-Making Profile

Positioning and Differentiation

Branding

Marketing Mix (4Ps)

Product Strategy

Pricing Strategy

Place: Distribution Strategy

Promotion: Integrated Marketing Communications Strategy

Budget

Action Plan

Risk Factors

Attributions

Executive Summary

Do this section last. This short summary should provide a holistic overview of your marketing plan. All this information is covered in more detail in the rest of the marketing plan. For the Executive Summary, provide a clear, concise overview of the following points:

Company Description

Briefly describe the organization and offerings (products and/or services) your marketing plan focuses on, and the problem(s) they solve. Founded in August of 2020, 904SurfShop is the new go-to surf shop in Jax Beach. Conveniently located straight off of 3rd street in Jax Beach next to SALT, 904SurfShop provides only the best surf apparel, equipment, rentals, and lessons there are on the east coast. We are committed to providing only the best quality products and most genuine customer service there is to offer. Our customers say we are the “Publix of all surf shops”.

Target Segment

Identify and briefly describe your target segment. Our target market includes surf enthusiasts of all ages, young adults interested in surf apparel, and tourists looking to get the full Jax beach experience. Whether you are visiting from another state or a current Florida resident, we strive to become a household name that is talked about long after you have left our shop.

Competitive Advantage

Explain your organization’s competitive advantage. Unlike the majority of our competition, we are not a one-and-done surf shop. We want to be the start of your day and the t-shirt you take home to sleep in, while providing world-renowned customer service that you can only find in the 904. Not only do we sell the most current surfing trends, we provide fun, thrilling surfboard and paddle board lessons to guests of all ages. So whether you are looking to own a surfboard, or you’re just in town wanting to take one for a spin, we have the board for you!

Positioning Statement

Provide the positioning statement your marketing plan will apply.

Whether you enjoy going to the beach or going out to ride the waves, 904 Surf Shop is the place to start. We pride ourselves on the best quality surfing gear and surfboards around. If you’re new to surfing or you’re new to our area come in and ask about our amazing surf lessons.

Marketing Plan Objectives

List the objectives of the marketing plan: What will it accomplish? Be as specific as possible: anticipated increase in sales, profits, market share, etc.

Our objective here at 904 Surf Shop is to continue being the number-one surf shop for all our surfing customers needs and putting Jacksonville, Florida on the map again.

Company Profile

· Company Name: 904 Surf Shop

· Industry: Surf Board

· Headquarters (city, state, country):Jacksonville, Florida, USA

· Year founded: 2020

· The number of employees: 40 employees

· Annual revenue (estimated): $10 million

· Major products and/or services: Surfboards, paddle boards, surf apparel, along with surfing and paddle boarding lessons and rentals.

· Target customers: Young adults, families, and experienced surfers.

· Distribution channel(s):Wholesale Marketers, Billabong Distribution, and Daniel Surf LTD

· Key competitors: Sunrise Surf Shop, Aqua East Surf Shop, & Austin’s Surf Shop

· Link to website: www.904surfshop.com

· Link to Yahoo! Finance information page (for public companies):www.904surfshop.com/finance

Market Segmentation & Targeting

· What problem does your product or service solve? 904 Surf Shop will be the very first surf shop in Jax Beach located directly on the beach to provide products to all customers along with surf and paddle board lessons and rentals.

· Describe the total market for your solution: Who are potential customers? The target market for 904 Surf Shop includes teenagers, young adults, and members of the surf community. Although we strive to serve our target market, our products and especially our services do not discriminate age. Direct mailing ads and coupons will be sent to the surrounding communities and given out at the local bars and restaurants surrounding the 904 Surf Shop.

· What are the key segments within this market? The 2019 Sporting Goods Manufacturer Corporation survey indicates that surfing, paddle boarding, and skimboarding now have more participation in the 32250 community than football, softball, and baseball combined. With a world surfboarding market over 2 million and steadily growing, our vision is to penetrate this market by promoting our products, services, and clothing line in the Jacksonville Outdoor Expo and be viewed as one of Jax Beach’s biggest assets.

· Identify and briefly describe 1-3 segments that this company serves. With our marketing efforts in surrounding bars and restaurants, 904 Surf Shop plans to serve the young adult crowd primarily with the young and fresh clothing line at our shop. With coupons and ads being sent to nearby neighborhoods, we also plan to serve families looking to be active outdoors. 904 Surf Shop has a very prominent military presence and a large part of our clothing line will also be sold on base at NAS Jax, as well as the base located in Mayport.

· Which segment does this marketing plan focus on, and why? Why do you believe this segment will offer growth and profit opportunities? The 904 Surf Shop marketing plan focuses on those looking to wear the most modern swim and surf wear because there is a high demand year round in Jax Beach. The shop will be profitable because it will be known as the go-to surf shop in Jax Beach by the locals and the seasonal tourists. 904 Surf Shop will continue to grow and expand with the help of the popular bars and restaurants that surround it. Not to mention the fact that it is right on the beach and is easily accessible to anyone needing a towel, sunscreen, water, or a surf lesson on the beach. With the lessons provided to guests, it will continue to grow the purchases of surfboards and paddleboards.

Situation and Company Analysis

Economic Environment

Discuss factors that affect your consumers’ purchasing power and spending patterns. What is the economic environment that you are operating in? Is it growth, recovery or recession? Will it be easy to find staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like? Factors that affect our consumer’s purchasing power and spending patterns start with the season. In the winter and early spring seasons, consumers will not be spending time in the water and on the beach like they are in the spring, summer, and beginning of fall. The economic environment ranges from individuals that make $30,000 to over $200,000. With the prestigious Ponte Vedra and Neptune Beach located within 8 miles of the 904 Surf Shop, there is a large range of what the economic environment consists of. Currently with the new businesses and renovations to Jax Beach the community is in a state of constant growth and development. Staff will be easy to find as the location is a hot commodity for young adults. Customer confidence is high and the current interest rate is 8%.

Technical Environment

The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence your consumers and competitors. With surrounding businesses being technologically up to date, it leaves no room for 904 Surf Shop to fall below the standard for technology. At 904, we will be using a prototype known as the “Oasis”. The Oasis offers guests the opportunity to shop on brand new i-pads, check for sizes, styles, and brands with the touch of a finger. It allows for guests to browse store inventory, shop for upcoming sales, and design their own boards and equipment. It is interactive and allows for guests to shop online by essentially “opening a tab” electronically and will be stored while they continue to shop the physical store as well. That “electronic tab” can then be accessed by the cashier at the register. This means a family can come in and book a paddleboarding lesson, but continue to shop for gear and supplies like sunscreen, water bottles, and towels. With Oasis in our shop, we will instantly become the most sought out surf shop in Jax Beach.

Industry Environment

What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?

Competitive Environment

How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one? What is your advantage over competitors? Is the market large enough to support you and competitors? In Jax Beach, the main competitors are Sunrise Surf Shop, Surf and Skate Surf Shop, and Austin Surf Shop. Up until now, Surf and Skate Surf Shop has been the closest shop to the beach

Kyle Working this section

Political Environment

In terms of political engagement,there aren’t large barriers to our business operating freely. Outside of the normal business tax license, we do not require any special permits or authorization for the successful operation of 904 Surf Shop and therefore should not need to politic too much with the local government.

SWOT Analysis

Instruction: Complete the table below with descriptive responses and explanation as you answer the questions below, remembering that Strengths and Weakness are INTERNAL to the organization and Opportunities and Threats are EXTERNAL (i.e., C-PEST <competitive, political, economic, social, technological> that are not in their direct control).

HELPFUL Ideas

HARMFUL Concerns

Internal

Strengths

· Social media strategies

· Representation

· Lovers of the sport

Many of today's locally owned surf shops have been operating for a while and are owned by older individuals. These individuals generally struggle to use social media effectively and are sometimes reluctant to outsource for that type of thing. At 904 Surf Shop we have a team far more comfortable at running successful social media strategies and would use this benefit to our advantage.

With a large military presence in Jacksonville and several veterans on our team, we can more easily engage with this community than other stores.

Members of our team have been surfing at the beach here in Jacksonville their whole lives are very passionate about participating and passing their wealth of knowledge on to the next generation. Surfin isn’t just a business to them it’s a lifestyle!

Weaknesses

· Limited business ownership experience

· Brand reputation

· Limited line of credit

There is a lack of experience in business ownership at 904 Surf Shop. We have several levels of managerial experience but only one member has owned and operated their own business and it is largely service based.

Some surf shops in Jacksonville have been around for as long as 30 years and they have a very established reputation within the community. As newcomers to the scene we face the critical challenge of distinguishing ourselves from our competition and in a close knit community.

As a new company and with no members having used any banks for business loans before our borrowing power is rather low. There is large overhead involved and we may not be able to rely heavily on loans early on.

External

Opportunities

· Promote to new segment

· Utilize digital ad campaigns to more people at home.

· Above average growth rate

Most military installations have outdoor and recreation programs that are mostly unknown to the public. With military background on our team that opens a smooth avenue to working with these programs and getting our products/representatives in the base retail store.

With more people at home spending more time on the internet because of the pandemic, it’s a great time to hone in on digital ad campaigns and put our brand in front of new eyes!

According to the 2018 census Jacksonville was the 6th fastest growing city in the nation. This means no shortage of potential customers.

Threats

· COVID-19

· Saturated market

· Manufacturing uncertainty

The ongoing pandemic has had an enormous impact on local businesses. Many people aren’t going out much and are shopping online. A lot of people are also out of work and only spending on necessity. With a surf shop being a leisure business and focused on outdoor activity, we would likely be impacted adversely by this pandemic.

There are already large competitors in the surf shop market and some of the smaller ones have been in business for decades and have rapport with the community.

On top of the pandemics impact, strained foreign relationships also present changes to manufacturing in the future both with availability and cost; leaving some level of uncertainty with projections.

Mission, Objectives & Goals

Mission: We strive to provide a welcoming environment, a memorable experience, and improve our community.

Objectives: To be the go to surf shop for Jacksonville, give back to our community, and provide a high quality product.

Goals: Garner 20% of market share for surfing lessons and group activities. Raise $25,000 specifically for local causes/charities in our first year. Develop contractual agreement with local surfboard makers to offer high quality, limited quantity, hand crafted boards in our store.

Ethics and Social Responsibility

Here at 904 Surf Shop we believe that it is

Current Status

904 Surf Shop is committed to keeping our beaches and clean. We often sponsor local cleanup events, offer rewards for bags of trash picked up from the beach, and include educational pamphlets on the impacts of on sea life from pollution. We are also committed to fostering a positive work environment and rewarding our employees for their hard work in ways that matter; like competitive wages, bonus programs, and tuition assistance.

Recommendations

Based on your understanding of the organization’s goals, what recommendations do you have for how to create a more ethical, socially responsible and/or sustainable business? What practices do you recommend the organization pursue?

Marketing Information and Research

Research Question

Describe an important question you need to answer or a problem you are trying to solve in order to help the organization meet its goals and objectives.

Information Needed

Describe the information your organization needs to make effective decisions about how to answer this question or solve this problem.

Research Recommendations

What research do you recommend in order to provide the information you need? What research method(s) would you use to get the information you need? Will it involve secondary data and research? Primary research such as interviews, focus groups and surveys? Why do you recommend this research approach?

Customer Decision-Making Profile

Identifying the Customer and Problem

Describe a primary decision maker in your target segment: who they are, what they like, how they make buying decisions. Describe the primary problem(s) your organization, product or service will help them solve.

Factors Influencing Customer Decisions

Provide a detailed profile of your target segment using at least three (3) of the following categories:

· Geographic characteristics: e.g., location, region, population size or climate.

· Personal and demographic characteristics: e.g., age, gender, family size, family life stage, income, personality.

· Social and Psychological characteristics: e.g., culture, social class, lifestyle, motivation, attitudes, reference groups, beliefs.

· Situational characteristics: e.g., buying situation, level of involvement, market offerings, the frequency of use, brand loyalty.

· B2B/organizational buying considerations: e.g., individual factors, organizational factors, business environment factors, types of complexity

Reaching the Customer

Based on this profile, identify 2-3 marketing strategies or tactics you believe would be effective at reaching this target segment, and briefly explain why they are a good fit.

Alyssa is working on this section

Positioning and Differentiation

Positioning and differentiation explain what you want to be known for in the market, and how you are different from competitors. Respond to the following questions.

Alyssa is working on this section

Competitive Advantages

List the competitive advantages of the product, service or organization you’re focusing on: the things that make it different from competitors in positive ways.

Alyssa is working on this section

Market Niche and Positioning Strategy

Describe the market niche you want to fill, along with the positioning strategy you recommend using. Why do you think this is the right approach?

Positioning Statement

Develop a positioning statement using this formula: “To [target audience], [product/service/organization name] is the only [category or frame of reference] that [points of differentiation/benefits delivered] because [reasons to believe].[footnoteRef:1] [1: Source: Equibrand: http://equibrandconsulting.com/templates/positioning-templates]

Repositioning Considerations

Do you recommend a repositioning that improves on what the organization has been using up to this point? Why or why not?

Branding

Brand Description

What is the “brand” you are trying to build? What do people think about this brand today, and how do they experience it?

Brand Promise

What is the brand promise for this brand? If one hasn’t been defined yet, create one. If you believe the brand promise needs improvement, please suggest how you would refine it. Why is your recommended brand promise a good fit? Whether you are trying on swimwear in the shop or try to catch a wave at the beach, 904SurfShop promises to always provide the best customer service experience on the east coast.

Brand Voice and Personality

Describe your brand voice and personality using the is/is never template:

· [Brand] is:

· [Brand] is never:

Brand Positioning and Strategy

Make a recommendation about brand positioning and/or branding strategy to help build the brand and contribute to align it with what your target segment wants. How will this contribute to the success of your product, service or organization?

Marketing Mix (4Ps)

Product Strategy

Briefly describe your product or service. Where is it in the product life cycle? What recommendations do you have for improving the offering to fit your target market’s needs? Be sure to consider:

· What level of quality and consistency does the offering have?

· How many features does it have and can they be removed or added?

· How well does your product or service deliver what the customer values? How can it improve?

· What improvements would help your offering compete more effectively?

Pricing Strategy

How is your product or service priced today? How does this compare to competitors, assuming competitors are at or near break-even point with their pricing? Analyze pricing alternatives and make recommendations about pricing going forward based on the following:

· How sensitive are your customers to changes in price?

· What revenue do you need to break even and achieve profitability?

· What does the price say about your product in terms of value, quality, prestige, etc.?

Place: Distribution Strategy

What is your current distribution strategy? What missed opportunities or disconnects are you seeing in this distribution approach? Make recommendations about your future distribution strategy based on the following:

· What are the best distribution channels and methods for you to use, and why?

· Will you have a retail outlet and if so, where will it be located?

· In what geographic area(s) will your product/service be available?

Promotion: Integrated Marketing Communications Strategy

Use the template below to lay out your design for a marketing campaign aimed at your target segment.

Approach

How will you achieve your goal? What promotional or engagement strategies will you use? Think creatively about campaigns you’ve seen for companies or brands that have caught your attention, and how your campaign will make an impact on your target audience. Will your campaign influence? Engage? Educate? Nurture? Build awareness? Etc.

Example: Use email marketing, social media and a sales promotion (prize drawing at a conference) to encourage veteran attendees to post online about their experiences and plans for attending the user conference using the event hashtag. Use these testimonials to amplify dialogue about the conference (via social media), build awareness (via email marketing, website and targeted digital advertising) and convince peers they should attend.

Goal

In consideration of the of your previous analysis, you need to identify at least one goal for the campaign.

· Describe the target segment for your campaign.

· What is the goal you want to achieve with the campaign?

· What is your call to action?

· Make sure your goal is S.M.A.R.T. (specific, measurable, attainable, realistic, and time-based.)

Example:

Audience: HR professionals who are casual and power-users of Chamber systems

Increase event registration by 20% by the start date of the annual user conference.

Call to action: Register online today.

Messages

Identify the primary message for your campaign, 2-3 message pillars, and proof points for each. Be sure to include a call to action that helps to achieve your goal. Remember that messages should align reinforce your positioning statement. Be sure to include a call to action that helps to achieve your goal.

Example:

1) Primary Message: The annual user conference provides phenomenal value for training, professional development, peer networking and learning how to get the most out of your investment.

2) Message Pillar: This conference welcomes you into a dynamic, well-connected and highly competent professional community.

3) Proof Point: Veteran attendees return year after year because it recharges their skills, knowledge and professional networks.

4) Call to Action: Register online today.

Promotional Mix and IMC Tools

Identify the key marketing communication methods and specific IMC tools you will use in your marketing campaign. How will you use each of these tools? Look for ways different methods and tools can build on each other: advertising, direct marketing, public relations, digital marketing, guerrilla marketing, personal selling, sales promotion.

Example:

Digital Marketing

· Website: Add testimonials from prior attendees, event hashtag, rolling hashtag Tweets box, social media buttons to make registration easy to share via social media

Direct Marketing

· Email marketing: Reach out to prior year’s attendees who are already registered. Ask them to post about plans to attend the upcoming conference. Conduct email campaign with target audience list to generate awareness, interest, desire to attend the conference.

Sales Promotion + Digital Marketing

· Contest/giveaway: Offer giveaway where Facebook, Twitter and LinkedIn posts trigger entries in a “conference evangelist” contest/giveaway to take place at conference opening session, one entry per social media tool per day

Sales Alignment

At what point(s) in the sales process (or sales funnel) does this campaign operate? Sales process stages are: 1) generate leads; 2) build relationships/discover needs; 3) present solution/resolve concerns; 4) close the sale; 5) monitor and follow up. How does your campaign support sales activity?

Measurement (KPIs - Key Performance Indicators)

How will you measure the success of the campaign? Select 3-6 KPIs (key performance indicators) that you will measure. Briefly explain why each KPI you select will be a good indicator of whether your campaign is successful.

Examples of KPIs:

· Total sales/revenue

· New/incremental sales

· Number of qualified leads generated

· Net Promoter Score

· Website unique visitors

· Number of registrations/sign-ups

· Impressions - views of content

· CTR - click-through rate

· Engagement - comments, likes, shares, page views, video views

· Followers - social media (Facebook, Twitter, LinkedIn, YouTube)

· Awareness

· Etc.

Budget

Budget: List marketing budget and resources required to execute your marketing campaign, and estimate what it will cost. Include items such as labor, materials and other expenses such as: print materials, online media tools or development, public relations services, design services, content development services, space or equipment rental, etc. Also, estimate the increased sales or revenue the campaign will generate for the company.

Item

Purpose

Cost Estimate

Example: White paper authored by technical writer

Layout the business case why recruiting managers need an easier tool for vetting resumes and reference checking in the technology industry

$500.00

Item #1

TV advertising

$300,000

Item #2

Product discounts (based off of $1 million in total sales)

$100,000

Item #3

Website & support

$100,000

Item #4

Partnerships

$100,000

Add additional rows as needed.

Estimated campaign impact: [insert]

Action Plan

Outline the specific activities you must complete in order to execute your marketing campaign. Each element of your integrated marketing communications plan should be listed as a separate activity. List actions in the order they need to take place for the plan to be successful: first things first, later steps last. Follow-up activities and evaluation of campaign effectiveness also should be captured in this action plan. For the purposes of setting due dates in this action plan, you should assume you must complete the marketing campaign within 3-12 months.

Timing

Activity Type

Brief Description

Audience

Owner

Today’s Date

Example:

Website Update

Add new key messages that fit repositioning strategy and audience focus

Tech company hiring managers

Jim Hill

Date

Date

Date

Date

Date

Launch Date

Add additional rows as needed.

Risk Factors

Contingency plans and risk management: You should consider the possible risks to your business and make contingency plans to address them. You note some possible risks under the “weakness” and “threats” sections of your SWOT analysis. Identify steps you can take to either reduce risks or work around them if they occur.

Reminder to Student:

Remember to complete your Executive Summary at the beginning of this document. Also, be sure and remove all instructions, which are in italic typeface. When completing each section, do not use all italic typeface.

Attributions

CC LICENSED CONTENT, SHARED PREVIOUSLY

Flinders Business School Marketing Plan Template. Authored by David Medlow-Smith. Located at: https://archive.org/details/FlindersBusinessSchoolMarketingPlan2. License: CC BY-SA .

ORIGINAL CONTENT

SWOT and Integrated Marketing Communications Templates. Authored by Melissa Barker. License: CC BY: Attribution .

Revision and adaptation. Authored by Lumen Learning. License: CC BY-SA .

Revision and adaptation. Authored by Waymon D. “Wade” Hyde, faculty, El Centro College/Dallas County Community College District. License: CC BY-SA .

Disclaimer: This Marketing Plan Template is a learning tool. The provider of this template, the instructors and educational institutions using it are not responsible for any business outcomes that may result from applying this template or student work associated with it.

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