The Marketing Plan for Pop-a-Lock
Fiscal Year 2012
Background
Purpose
The purpose of this marketing plan is to provide the employees of Master Lock an
outline for the successful marketing of our new product, Pop-a-Lock. The plan will outline the
goals and the paths used to reach these goals in the next year.
Product
We are introducing a new product to the Master Lock line called Pop-a-Lock. This
product is a key that breaks off in the key hole of the door when turned with the normal
amount of pressure used to lock a door. This product will be marketed to land lords to keep
evicted tenants from reentering the house from the time of eviction until the land lord has time
in their schedule to replace the locks. Pop-a-Lock is the first product of its type and will soon
become a standard tool in the hands of a land lord. Pop-a-Lock works by having two separate
parts which detach from each other when the key portion receives any resistance. The other
end will be a rod with magnetic frequency which is unique to the key to reattach the key to
open the lock once it has been “popped.” We will have 50 different magnetic frequencies
which we will use that can be matched up by a code on the box, similar to the way locks are
matched up so the same rod will be able to open multiple locks after they have been “popped.”
This allows a landlord for a large apartment complex or a house with several doors to “pop” all
the doors using the same rod to prevent additional expenses. Pop-a-Lock will be available for
purchase at all major hardware stores including Lowes, Home depot, and Ace Hardware as well
as online at Master Lock retailers.
Master Lock’s History
Master Lock was founded in 1921 by Harry Soref. In 1924 Master Lock set the path for
the new generation of locks by inventing the first laminated padlock. This lock was made out of
Laminated Steel, the same materials used to build bank vault doors and military ships. In 1935
master lock introduced the first combination lock which no longer needed a key to be opened.
Since then Master Lock has continued to expand and carry the most innovative locks around at
the time. Master Lock is now one of the lead producers in almost all types of locks and is
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carried at almost all major retailers. Pop-a-Lock was invented by a land lord who managed
several properties within a 2 hour drive from his residence. He wanted a product that would
allow him to prevent a renter from reentering the residence after being evicted between the
time he evicted them and checked the property for damages and the locks being changed. He
approached Master Lock with his problem and this is the product that we have come up with to
match his and many others needs.
- http://www.masterlock.com/about_us/history.jsp
Mission Statement
A mission statement should explain the target market, the market’s needs, and the way that
the company plans to meet those needs. This provides a foundation in a set of goals that a
company can use to make the base of most of their big decisions. If a company is fulfilling their
mission statement then they are in alliance with their basic goals.
Master Lock’s Current Mission Statement
After contacting Master Lock we learned that Master Lock does not have a current mission
statement.
This is an example of a mission statement that could be used to represent Master Lock.
“Our mission is to conveniently provide security for our consumer’s valuables and a piece of
mind.”
Situation Analysis
This analysis will provide a look at the factors that affect Master Lock. These factors can
both help or hinder the company if not handled correctly. The analysis will illustrate these
factors and provide our mission to effectively work with or around these factors in the next
year.
Internal
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Master Lock is and has been for past 91 years, a leader in locks. Master Lock has always
been on top of the innovation curve in the lock industry thus giving it a solid reputation and
becoming a common used and heard of brand. This gives us and advantage when introducing
our new product Pop-a-Lock to the market. Master Lock will have their name engraved into
every Pop-a-Lock and will have their logo on every package containing the product. Advertising
for this product will provide the largest challenge financially for the company since a product of
this nature has never been introduced to the public.
External
Consumer
Our target market for this product is landlords both residential and commercial who
have a need for a quick and easy solution to keep an evicted tenant from reentering their
property. The product will be sold with one rod portion and 2 key portions in each package and
additional keys will be available which match that specific rod. The product will be carried at all
major retailers which carry Master Lock products already.
Competition
This product is the first of its nature to enter the market. We have formed a patent on
this product to keep our competition from using the magnetic frequency technology that we
have incorporated into our product. This gives us no competition for Pop-a-Lock until one of
our competitors finds a way to produce the same product using a different technology.
Context
Though we are a leader in our industry and have provided a patent on this lock to keep
it solely in the Master Lock line only, this is a new product and our projected outcome from this
line is not guaranteed. Pop-a-Lock is expected to take off quickly due to the economic situation
in the current year. More people are being evicted from their residence and more land lords
have to secure their properties after the tenants leave. This gives Pop-a-Lock a large window to
enter the market at a prime time for the product to strive.
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SWOT Analysis
Internal Factors
Strengths
Weaknesses
Management
Master Lock’s expansion has
allowed it to enter new markets in
several different countries around
the world.
Offerings
A new way for landlords to manage
their properties after evicting their
tenants.
Free give away sample rod and key
sets to some major commercial
property owners.
The company will be able to assist
land lords with information on the
new product
In years prior Master Lock has
remained Financially Stable
The same principles that have
proven successful in manufacturing
will be applied.
The product will be backed by a life
time warranty.
This product line will slow down
expansion into these new countries
due to new expansion having to
take place here in the USA to
provide the new product line.
There will be an additional cost to
the land lords on top of their cost to
replace their locks
Advertisement and free give away
promotions will be an additional
expense to the company.
The company will have to train their
customer service on the new
product.
New start up costs for the new
product will post a challenge
New plants will have to be
established to produce the new
product line.
The product may have defects in the
beginning of production
External Factors
Opportunities
Threats
Consumer/Social
The landlords save time after
evicting the tenants.
There are no other products similar
to Pop-a-Lock.
This will be the first product with
the unique magnetic frequencies.
The current economy creates more
evictions giving a larger market for
Pop-a-Lock.
Master Lock has a patent on this
product and other companies
cannot produce it.
Land lords could look at this as just
an additional expense.
Competitors may try to make a
product similar.
The technology has not yet proven
itself in this type of environment.
The economy could cause landlords
to cut back on expenses and not buy
the product.
There is a risk that people could use
this product on properties they
don’t own.
Marketing
Personnel
Finance
Manufacturing
R&D
Competitive
Technological
Economic
Legal/Regulatory
Industry Analysis
According to the 2000 Census more than 35 million people rent housing via apartment
complexes as opposed to owning their own home. Of these 35 million tenants 10 to 15 percent
will be evicted each year. The apartments that these tenants leave behind will need to have
their locks replaced. Landlords need to protect their assets within the apartments while they
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wait for the locks to be changed. This is why new technologies such as the Pop-A-Lock will be
invaluable for landlords wishing to ensure that their property is safe from disgruntled evictees.
http://www.census.gov/prod/2001pubs/c2kbr01-8.pdf
Competitor Analysis
Because Pop-a-Lock is the first product of its kind to enter the market and because it has
been patented due to the magnetic frequency technology incorporated within each product it
virtually has no competition at this time. Until Pop-a-Lock competitors are able to replicate the
same results as Pop-a-Lock but with different technologies then our product should be the only
one like it on the market.
Company Analysis
Master Lock is and has America’s leading manufacturer in the lock and security industry.
They have been in the security business for over 90 years and have continued to succeed in this
highly competitive industry because of their outstanding product quality and customer service.
They have continued to revolutionize the lock industry with innovative new products such as
Pop-A-Lock.
Customer Analysis
The Pop-a-Lock system will be specifically designed and marketed to Master Lock’s
professional consumer market. There will be a much greater need for Pop-a-Lock’s services
within this market specifically by landlords who are evicting tenants.
Within the
home/residential market there will be a much smaller demand for the Pop-a-Lock product and
thus will not be marketed to.
Objectives
Below are the marketing objectives for Master Lock for the 2012 fiscal year.
- Current Markets. The Master Lock Company will expand their current markets and increase
the companies’ overall revenue by adding an additional 10% increase to advertising spending in
order to appeal to new customers and broaden their overall customer base within their current
markets.
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- New Markets. The Master Lock Company will continue to expand within the international
community by continuing to penetrate the South American market as well as the European
market. By 2016 Master Lock will have expanded to a total of 28 countries around the world
http://www.masterlock.com/about_us/
- New Products. The Master Lock Company will continue to lead the world in security and
security innovation through new and improved products such as pop-a-lock. These new
products will then be introduced into the market after substantial testing and screenings to
identify who the market is and how to advertise to that market.
Target Market
The primary target market for Master Lock’s new Pop-a-Lock product will be the landlords of
apartment complexes across the United States. The Pop-a-Lock product could be invaluable for
landlords who wish to protect their property after evicting a tenant. With the recent economic
recession landlords are having to deal with an increased amount of evictions and could greatly
benefit from the Pop-A-Lock service while they wait to change the lock after a tenant’s eviction.
Marketing Program
The marketing mix elements of the Pop-a-lock system are shown below.
Product Strategy
Product Line. Master Lock’s Pop-a-Lock system will retail for $15.00. This price includes
the Pop-A-Lock key system, including the magnetic rod and 2 keys to match the rod. Additional
keys will be available that can be matched to the rod’s frequency.
Unique Product Quality. Pop-a-Lock is the first product of its type and therefore is
unique in all aspects. Pop-a-Lock will give land lords a completely new and easy way to secure
their properties compared to traditionally having to change the locks immediately method.
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Packaging - Pop-a-Lock will be packaged in 100% recycled plastic containers. In these
containers will be rubber lined hard PVC cylinders used to protect the magnetic rod from
damage or becoming demagnetized. This will provide the consumer a quality product after
being shipped.
Price Strategy
The Pop-A-Lock system cost $15.00 for a key lock system. This price is much cheaper
than a normal lock and therefore will not be an impractical cost for land lords.
Promotion Strategy
The key promotion programs feature working in-store models, discounts, giveaways and
traveling promotion tour.
In-Store Models. In-store models will allow consumers to test the product and see how
it works with their own hands before purchasing. These models will be placed on the rack at all
retailers.
Discounts and Giveaways. To get people to try and rebuy the product, discounts will be
distributed.

Large sales for the debut of the Pop-A-Lock system will be implemented for the first two
months.

In-pack coupons. Each package will have coupons for 15% off
each package when you purchase two or more. These
coupons will be used for three months after the initial two
months of debut sales.

Master Lock will give limited products out to large commercial
land lords to use at their properties in hopes that they will
continue to buy more keys to supplement their kit.
Traveling Promotion Tour. The first year that the product
is on the market the Master Lock trailers will be traveling crosscounty to discuss the innovation and security features of the product. These events will include
stops at distributers and retailers such as Home Depot and Ace Hardware.
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Place Strategy
The Pop-A-Lock system will be distributed through Master Lock’s established
distribution system. First a distributor will purchase the product and store it till they resell it to
retailers. Also, people will have the ability of purchasing the product online though retailer’s
online sites or through the Master Lock website, www.masterlock.com.
Financial Data
Projections
Financial ElementUnits
Cases Sold
Year 1
Year 2
Year 3
Year 4
Year 5
2012
2013
2014
2015
2016
50,000
12,000
24,500
39,750
58,000
75,000
Net Sales
$ 750,000
180,000
367,500
596,250
870,000
1,125,000
Gross Profit
$ 500,000
120,000
245,000
397,500
580,000
750,000
Operating profit
$ (loss)
250,000
60,000
122,500
198,750
290,000
375,000
1,200,000
1,125,000
Projected Sales Revenues
1,000,000
870,000
800,000
596,250
600,000
367,500
400,000
180,000
200,000
-
Year
2012
2013
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2014
2015
2016
Organization
We project that these numbers will only enhance the gross profit turned out by Master
Lock. This product is entering a market where there is a high demand for the product and will
increase in popularity as the product enters the market.
Implementation Plan
Master Lock will distribute the new Pop-a-Lock system into all Master Lock distribution
locations nationwide. Master Lock will also be distributing the Pop-a-Lock product to their
largest international distributors to determine if the product will be sold internationally.
Consumers will be able to purchase Pop-a-Lock from any major hardware store and online
distributors. During the first year, Master Lock will promote the new Pop-a-Lock system with
the Traveling Promotional Tour. This tour will promote the new Pop-a-Lock system to current
distribution locations but also introduce it to possible future distributors. Master Lock will
advertise on large hardware store websites to promote the product name. Through direct mail,
Master Lock will send Pop-a-Lock promotional packages to commercial land lords. These
packages will include product information and actual product to explain how the Pop-a-Lock
system works.
Milestone
Start Date
End Date
Sales Team
Direct Mail Advertisement
Jan 1, 2012
July 20, 2012
Team 3
Traveling Promotional Tour
Jan 1, 2012
August 1, 2012
Team 1
Online Advertisement
Jan 10, 2012
Feb 10, 2013
Team 3
Promotional Package
Jan 9, 2012
Feb 9, 2012
Team
Evaluation and Control
Master Lock will monitor the sales and production during the first three months to
ensure the Master Lock’s reputation for top quality is upheld. Master Lock will continue to
monitor the sales year round to determine when consumers are purchasing the Pop-a-Lock the
most. If sales do not meet previous expectations, an alternative plan of action will be used.
Through extensive research the Pop-a-Lock system has high expectations for success and looks
forward to the future of Master Lock products.
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