Strategic Marketing Entrepreneurship Assignment Sample
Product Recommendations
From the procedure of product ideation, on behalf of Harley and Adamson SMEs, rice cookers have been recommended to customers. This product is mainly essential for most housewives and women, who want to avoid hassled cooking processes with more convenience. From the ideation, three (3) key stages including generation, selection, and implementation have been highly justified (Hansen et. al. 2020). Throughout this process, advanced innovative features and benefits have also been included in this product. As per latest features and technology, this newly launched rice cooker, automated thermostat feature, big winner and external pot for cooking, touch-enabled pedal, and others have been included to attract customers with enhanced levels of loyalty.
Model of newly proposed Business
Figure 1: B2B Business Strategy
In Harley and Adamson SMEs, the B2B business model has been highlighted the most. That is why, along with other cast iron cooking equipment, this newly launched rice cooker has also been sold and promoted at the same time. This business model has also helped this SME to diversify its product portfolio ranges with high rates of differentiation and benefits altogether. As stated by Chatterjee et. al. (2022), as the SME has been planning to launch new products, this business model must enable them to purchase other products and services from other businesses for launching at the same time. Successful operation of the B2B business model must help to grow a business entity with development. Apart from that, the SMEs ‘ most B2B suppliers have included office space, assets, computers, hardware and software, and others.
Involved Stakeholders
In this case, the SME should have to induce a high level of stakeholder satisfaction with the help of the best managerial practices and benefits. Key stakeholders in this product launch have included customers, competitors, suppliers, workers, and the most important one, mass media. Amongst them, both suppliers and customers have played major roles to promote and sell the new product in the market successfully (Mourtzis et. al. 2021).
Ownership
In this field, Harley and Adamson SMEs have been suggested to adopt Limited Liability Partnership (LLP) as the key form in business, which also helps it to launch products like rice cookers in the market (Dwivedi and Wijewardena, 2018). This form of business has also helped to build a legal business entity with a range of benefits including limited liability, stable ownership and control over business, and a range of tax options with benefits.
Product Launch Plan
Form and Date of Announcement
In this case, for the SME, it has been suggested to announce the new product launch news just one (1) week before the final campaign. At this time, the product’s or brand’s names with key messages for customers have also been needed to publish (Drewel and Gausemeier, 2018). How the new product will become a vital part of people’s lives has also been announced in this situation.
Marketing and Business Objectives
Objective 1: To boost the level of company sales by £1260,000 or 9% annually for the next 3 years
| Specific (S) | This goal is specific because; it must help to boost the levels of organizational productivity and profitability with a range of benefits |
| Measurable (M) | It can be measured to increase company sales by £1260,000 for the next few years with market advantages |
| Attainable (A) | The SME has acquired effective business differentiation and market potential to increase sales in forms of revenue and net income |
| Realistic (R) | Just like other companies, this SME must need to increase sales to gain competitive edge in the market |
| Timely (T) | 3 years |
Table 1: SMART Goal 1
(Source: Created by Author)
Objective 2: To expand business operations across multiple market segments with diversification and core capabilities of the SME
| Specific (S) | This goal for the SME must induce bright future for the company to become global in the international market segment with benefits |
| Measurable (M) | It can be measured through the rates of business diversification in the market as per key business potentials or capabilities |
| Attainable (A) | The SME should have to adopt enhanced decision-making and problem-solving skills to expand key business operations across overseas market segments with benefits |
| Realistic (R) | This goal is really for maintaining the level of business consistency and growth in the market |
| Timely (T) | 1 year(s) |
Table 2: SMART Goal 2
(Source: Created by Author)
Brand with Positioning
The concept of Brand Positioning has been referred to as a statement or description of the target market. It has also involved a holistic image of the brand that should be perceived by customers and values. In simple words, this statement for a new product launch in an SME must attract customers with benefits and advantages in the market.
In recent context, to promote the rice cooker in the market on behalf of the SME, Convenience-Based Positioning Strategy has been highly justified. As per maintaining the B2B business model, this brand positioning approach must highlight customers’ or users’ convenience as the first and foremost priority (Lüdeke‐Freund et. al. 2019). This approach has also helped the SME to launch the product at an affordable price range for customers with huge loyalty and benefits. However, in some cases, this positioning strategy might allow multiple operating systems for products, which has also induced a strong and consistent product development strategy.
4Ps’ of Marketing Mix elements with Timeline and Budget
Here have been stated Marketing Mix elements (4Ps) to promote, sell, and launch new products of the SME below:
- Product: In this case, for the SME, it has been proposed to induce a correct product diversification strategy. That specifically means, the new product of the SME including rice cooker must be sold across multiple market segments to earn more profits and market advantages. As mentioned by Spearpoint and Hopkin, (2021), for the company, an enhanced level of product differentiation strategy has also been needed for improving the SME’s existing product portfolio and ranges at the same time.
- Place: In this sense, for the SME, it has been proposed to establish some distribution networks or channels, which has helped to promote and sell the new product easily available to customers. Besides, it has also been identified that such distribution channels must help to improve the company’s existing supply chain management (SCM) mechanism or framework accordingly.
- Price: Penetration price strategy should be chosen by the SME. This is because; rather than the premium pricing strategy of the company, this strategy must attract customers to buy the new product at an affordable price range with more benefits and advantages in the market (Zhao al. 2019).
- Promotion: In this final case, the SME should have to adopt a social media marketing or digital marketing strategy to follow. In this case, a range of social media channels must be used (Pepels, 2021). Apart from that, the traditional mass media including TV, newspaper, and others have also been highlighted at the same time.
Here has been demonstrated an in-detailed budget with timeline for this new product launch campaign of the SME below:
| Items | Costs | Time needed |
| Website Development | £2,564.78 | 3 months |
| Social Media Marketing | £3,897.54 | 6 months |
| Advertising and Promotions | £5,478.32 | 6 months |
| Celebrity Endorsements | £8,965.54 | 2 months |
| Transport and Venue | £2,541.36 | 1 month(s) |
| Miscellaneous | £1,778.23 | N/A |
| TOTAL | £25,225.77 | |
Table 3: Timeframe and Costing
(Source: Created by the Author)
Investment Pitch
During the success of the SME in FY20/21, it has been planning to diversify and differentiate its existing product ranges in the field of cast iron-based cooking appliances. That is why, with the help of advanced innovation and technology, this company has targeted to ensure a high level of convenience for housewives in terms of cooking rice (Lahtinen et. al. 2020).
References
Chatterjee, S., Chaudhuri, R., Vrontis, D. and Thrassou, A., (2022). SME entrepreneurship and digitalization–the potentialities and moderating role of demographic factors. Technological Forecasting and Social Change, 179, p.121648.
Drewel, M. and Gausemeier, J., (2018), September. Digital B2B-platforms and how to find the right one. In European Conference on Innovation and Entrepreneurship (pp. 926-XIV). Academic Conferences International Limited.
Hansen, D.J., Deacon, J.H., Pascal, V. and Sethna, Z., (2020). The future is in the past: A framework for the Marketing-Entrepreneurship Interface (MEI). Journal of Business Research, 113, pp.198-208.
Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.
Lüdeke‐Freund, F., Gold, S. and Bocken, N.M., (2019). A review and typology of circular economy business model patterns. Journal of Industrial Ecology, 23(1), pp.36-61.
Mourtzis, D., Angelopoulos, J. and Panopoulos, N., (2021). A survey of digital B2B platforms and marketplaces for purchasing industrial product service systems: A conceptual framework. Procedia CIRP, 97, pp.331-336.
Pepels, W., (2021). The 4Ps in Marketing-Mix. Research and development, 35, p.38.
Spearpoint, M. and Hopkin, C., (2021). Household cooking oil use and its bearing on fire safety. Journal of fire sciences, 39(4), pp.265-284.
Zhao, Y., McDonell, V. and Samuelsen, S., (2019). Influence of hydrogen addition to pipeline natural gas on the combustion performance of a cooktop burner. International Journal of Hydrogen Energy, 44(23), pp.12239-12253.
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