Mkt 571 - Week 4 - Ez Laundry Marketing Plan

EZ Laundry Marketing Plan, Part II

Learning Team C

Gregory Barnette, Victoria Cabaleiro-Malara, Edith Compean, Ivette Marcano, Lolita Moore and Lisa Still

MKT 571

June 22, 2015

Colleen M. McGrath

Marketing Plan for EZ Laundry

The marketing plan will consist of the market segmentation that we are targeting, the expected life cycle of our product, and the marketing mix we plan to use to market the product. This marketing plan will also state the new positioning statement that will be used for EZ Laundry. EZ Laundry is a revolutionary new product that will allow resorts and hotels to offer guests a never seen before feature.

Segmentation

Target Market Profile

        The target audience would be resorts and hotels in the United States and Dominican Republic.  The company will focus on the income levels of the guests traveling to the resorts and hotels. The top-tier locations will be targeted since there is a higher rate of return on occupancy, which will help offset the price for the purchase of EZ Laundry.  A meeting will be held with resort and hotel operating managers and chief executive officer’s (CEO) to evaluate and determine the needs of potential customers.  The company will focus on the competitiveness of the resorts within the surrounding areas, furnishing details to the CEO’s that providing EZ Laundry to their guests will provide a competitive advantage.  It is clearly a beneficial amenity giving the guests an opportunity to wash their swimming attire and daily clothing while on vacation, allowing them to pack less and enjoy more.  Our company will focus on the hotel’s overall performance and will provide the executives with data on how EZ Laundry will add to their high standards.

Decision Motivators for the Consumer        

Marketing EZ Laundry, understanding the buyers, and motivating them are key factors when launching this product.  Questions that will need to be answered include why would the consumer want EZ Laundry in their facility and what features would encourage the hotels and resorts to purchase the EZ Laundry system.  Our company will provide details to prove the EZ Laundry is an affordable, convenient investment and not only for the hotels and resorts, but also for their guests.  The pricing will be structured in a way that will encourage the resorts to purchase EZ Laundry in bulk. In turn, EZ Laundry will save guests money on over-sized baggage fees.  

Product Lifecycle 

Stages of Product Lifecycle

        The EZ Laundry product life cycle will have “four different stages: introduction, growth, maturity, and decline” (Stages of Product Life Cycle, 2015). The introduction stage will occur after all the research and development is completed and the company is ready to launch the product into the market for the first time. During the growth stage, the company will perceive a sales increase and there will be attempts to increase market share by expanding the target audience, increasing product awareness, and entering additional markets (Stages of Product Life Cycle, 2015). During the maturity stage, competitors’ products enter the market. This is the time in which our company has to come up with alternative strategies such as lowering the price, developing new products, or adding features to the existing product (Suttle, 2015). Lastly, during the decline stage, there will be a decrease in sales because there will be higher competition.