- Develop strategies to assess performance and achieve marketing goals.
- Develop pricing strategies and distribution channels for products.
- Analyze integrated marketing communications and its relationship to advertising strategy.
- Evaluate marketing research tools involved in the marketing process.
- Use technology and information resources to research issues in marketing management.
- Write clearly and concisely about marketing management using proper writing mechanics.
- Assignment 3: Part C: Your Marketing Plan
Due Week 8 and worth 280 points
To conclude your marketing plan, in Assignment 3, you will describe the company’s, marketing strategy, implementation strategy, expansion plan, social media strategy, monitoring methods, and integrated marketing communication strategy.
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
Write a six to seven (6-7) page paper in which you:
- Develop the company’s branding, pricing, and distribution strategy.
- Classify the company’s major competitors as inter- or intra-competitors. Categorize the competitors’ major strengths and weaknesses.
- Develop the differentiation strategy in relation to the closest competitor.
- Establish whether the company’s intention is to be a leader or follower within the industry.
- Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
- Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy.
- Use at least five (5)academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note:Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Running head: KIDS COMMUNITY DAY CARE MARKETING PLAN 0
Kids Community Day Care Marketing Plan
Kids Community Day Care Marketing Plan
Kids Community Day Care will be headquartered in Riverview, Hillsborough County. The institution will focus on six fundamental areas in its quest to offer quality baby day care services. These include: premier care services, activity based learners structured collegiate curriculum, advanced technology programs and learning services. Others are community advancement plus involvement and trademarked general education mentoring as well as tutoring. The Riverview based institution is a newly built, 4,000 square foot facility and will be developed to meet strict Kids Community Day Care design standards, under the supervision of the Hillsborough County baby care licensing.
The campus will comprise of various halls for theatre and dance, library, arts and crafts as well as information technology. Others are the infant care, the cafeteria and the tutoring halls. Moreover, there will be a securely fenced as well as furnished play area located next to the campus. Kids Community Day Care will offer upscale day care services and advanced collegiate curriculum for children between 4 months and 5 years. Also, it will offer education services from grade 1 to grade 5. In addition, the institution will provide drop off services. Upon its completion, Kids Community Day Care will provide four basic services in Riverview: full time baby day care, part time or after school care, after school tutoring and drop in care.
Generally, the childcare industry is saturated and Riverview, Hillsborough County is not an exception. There are several child day care providers including the rising star family daycare, the Bright beginnings child care, the little giants academy, the Mary Go Round child care and Antoinette’s childcare. Others are Kid County child care, Staci’s Learning child care, Big Bend United Methodist preschool and Bloomingdale academy. Also, located in Riverview are It’s Kidz Time, Krestview academy and Riverview Montessori school.
PESTEL Analysis of Child Day Care Services
A PESTEL (political, economic, sociocultural, technological, environmental and legal) analysis is a framework used to analyze as well as monitor the external environmental factors affecting an organization (Iacobucci, 2014). This environmental analysis provides the required framework for strategic planning as it identifies the context apart from providing an understanding of the market before establishing the organizational goals.
The political factors refer to government interventions in economic performance. These include government policy, political stability, trade policies, labor laws, trade restrictions and environmental laws among others (Iacobucci, 2014). With this in mind, the ministry of education may introduce new regulations and rules that require increased responsibility for new licensing. Also, changes in provincial government may change priories affecting the education sector. Moreover, the municipal council’s policy implications and involvement with discretionary issues may affect day care service provision in the county.
The economic environment revolves around issues like gross domestic product, economic growth, interest rates, inflation, recession, consumers disposable income and employment (Peter & Donnelly, 2013). The United States Census data indicates that the number of households between 2012 and 2016 stood at 495,841 and 60.4 percent of female, from 16 years and above, were working in the civil labor force. The median household income from 2012 to 2016 was 51,681 dollars with 15 percent of the total population living below the poverty line (U.S. Census, 2016). This shows that many working class mothers can afford the cost of child day care services. Nonetheless, like any other business, child care industry is negatively impacted by recession as well as unemployment. Apart from recession, the federal, state and local governments may impact the child day care industry through taxation policies.
The socio-cultural factors include the population growth rate, age distribution, career attitudes, and education as well as health consciousness (Peter & Donnelly, 2013). A review of United States Census data for 2016 indicates that Hillsborough County’s population increased by 12 percent- from 1.22 million to 1.37 million between 2010 and 2016. The population per square mile in 2010 and 2016 was 1204.9 persons and 1,349.5 persons respectively. Among these people, 6.5 percent and 6.4 percent were aged 5 years and below for the years 2010 and 2016 respectively (U.S. Census, 2016). This change in population, especially of those aged 5 years and below, may affect the enrolment in day care facilities.
Technological innovations affect three important areas of business operations: production process, distribution and communication (Kotler & Armstrong, 2013). Technology has, undoubtedly improved efficiency: invoicing, email correspondence, electronic funds transfer and online childcare registration. Daycare facilities need in accessing and learning how to use technology. Also, they need to embrace technology in teaching children.
Environmental factors have gained popularity due to the scarcity of raw materials, increasing pollution and need for ethical business practices plus sustainability. Businesses, including day care facilities must strive at engaging in ethical practices. Also, they must source their raw materials from environmentally conscious organizations. This is because consumers are increasingly demanding goods and services produced by ethical organizations.
Finally, legal environment include: equal opportunities, consumer rights, product safety, advertising standards as well as product labeling (Hollensen, 2010). It is clear that day care facilities must understand the applicable rules and regulations in order to operate successfully. This is a tricky area for organizations operating in different jurisdictions because of the different set of regulations.
Kids Community Day Care is primarily targeting the middle class consumer group. These families comprise of working class couples who has less time available to take care of their young ones during day time. They have the money to pay for child care services and are more than willing to pay additional costs for quality care. Most importantly, this consumer group usually teaches their children advanced concepts such as reading, socialization and singing. Kids Community Day Care will continue to enhance a child’s skills. Apart from working couples, Kids Community will target working class single parents. These families can also afford day care services and are more than willing to pay extra fee for quality services.
Kids Community Day Care’s marketing mix elements will be assembled from different approaches to product, pricing, promotion and place. In as far as product is concerned, the company will offer upscale day care services and advanced collegiate curriculum for children between 4 months and 5 years as well as educational services from grade 1 to grade 5. Also, it will provide four basic services: full time baby day care, part time or after school care, after school tutoring and drop in care. From the pricing perspective, the pricing structure will be based on hourly rate. For promotion, the company will utilize two different approaches-advertising campaigns plus strategic partnerships with various organizations that are value effective child upbringing. Finally, for the place, the day care services will be provided at the Riverview facility.
The 5 C’s of Marketing Strategy
These stand for the customer, the company, the context, the collaborators as well as the competitors (Hollensen, 2010). As a company, Kids Community Day Care will provide a safe environment where parents can comfortable send their children, who are the costumers. The company has quality tools to take care of the children and free their parents to look for daily bread. There is no denying that many families comprise of working parents, who are interested in providing their children with quality education. Even though there are many providers of child day care services, Kids Community Day Care will aspire to provide quality care in the region to become and remain the company of choice for many parents.
The Market Segmentation
The company will focus on meeting the community’s demand for provision of child day care services within a 10 mile radius of the local area. The company will admit both full time and part time children. As a result, there will be three market segments: the full time working couples for whom the company the company will provide high quality service delivery to establish a healthy and consistent revenue base. The second segment is the after school care for whom the company will offer tutoring as well as advanced studies in theatre, arts, sciences as well as technology. This segment will provide higher revenue base for higher profitability. The final segment will be the part time workers. Even though it is not a primary target, the company will serve this market to help in promotional strategy.
The Target Marketing Strategy
Kids Community Day Care targets the full time working parents. It will utilize referral marketing, community day activities as well as direct mail campaigns to reach this market. Also, it will maintain and enhance its reputation in the community to maintain as well as increase its market share.
For parents who value the significance of quality child day care services as well as higher education, Kids Community Day Care provides a better alternative to the traditional day care services and interest based programs. In particular, Kids Community Day Care combines child day care services with a standardized collegiate level curriculum for children.
Short Term Goal
Goal 1: To ensure that Kids Community Day Care remains viable by providing clients with innovative as well as high quality child day care programs. The key indicators include: an increase in enrolment and an increase in parent satisfaction.
Goal 2: To be the leader in providing and supporting high quality child day care services that meet the customers’ needs. The key indicators are: an increase in the number of children enrolled in the day care program and high retention rates of customers.
Long Term Goal: To build Kids Community Day Care’s brand name to an extent where it becomes synonymous with quality and superior child day care services in Riverview. The key indicators will be: higher growth rate compared to the industry’s performance and higher profit margins.
Kids Community Day Care SWOT Analysis
This SWOT analysis captures Kids Community Day Care’s key strengths plus weaknesses from within the company as well as the opportunities and threats from outside the organization
- Quality as well as effective learning system
- Excellent training program for all employees
- Educated market segment who embrace the benefits offered by Kids Community Day Care
- Effective leadership and management
- A growing market due to growing population
- Increasing demand for day care services
- Increased housed income as many couples are working
- Decreasing fixed costs during increasing consumer base
- Lack of visibility because of it is a new business
- Inability to attract as well as retain trained workforce
- Inability to accurately forecast demand
- Only allows a given number of pupils
- Competition from established organizations
- Unfounded perceptions about day care
- Government regulations which may affect the company or the entire industry
- Epidemic outbreak if one child becomes sick
Hollensen, S. (2010). Marketing management: A relationship approach. (2nd ed.). Upper Saddle River, NJ: Financial Times Management
Iacobucci, D. (2014). Marketing management. (4th Ed.). Boston, MA: Cenage Learning
Kotler, P. T., & Armstrong, G. (2013). Principles of marketing. (15th ed.). Upper Saddle River, NJ: Prentice Hall.
Peter, J. P., & Donnelly, J. H. (2013). Marketing management: Knowledge and skills: text, analysis, cases, plans. (11th ed.). New York, NY: McGraw-Hill Education
United States Census Bureau. (2016). Quick facts: Hillsborough County, Florida. Retrieved from. https://www.census.gov/quickfacts/fact/table/hillsboroughcountyflorida/PST120216
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