Group Members: Asim Raza (F18BA125) Zain Saleem (F18BA138) Hafiz M. Haroon Tariq (F18BA130) Asad Mehran (F18BA122) Submitted To: Dr. Shumaila Gull Assignment Topic: Marketing Plan Product Name: Portrobe Portrobe Product Description If you’re a frequent traveler one of our biggest concerns is obviously packing. For many, packing is always a downside to traveling. I recently found a new Kickstarter-funded product that is making minimalist travel a breeze-the Portrobe Traveling Bag. One of the more popular minimalist packing solutions today are space bags, which are designed to save you a lot of space so you can travel light. However, space bags aren’t the most practical since they require that you have a vacuum. (You may have one at home, but you most likely won’t have one during your trip). But one really cool packing solution is the Portrobe Travelling Bag. It’s a product designed to make packing an easier and more organized experience. The Portrobe Traveling Bag looks like a flat bag with several zippered mesh pockets to fit anything you want. Its design allows you easily roll it up and keep your belongings sealed and safe. Vision “Our vision is to develop innovative product by introducing Travel bags for people to make travelling easy and budget friendly for them” Mission “Our mission is to facilitate people in their journey by providing them the best resource in the form of a travel bag which will help them to carry all their essentials at one place” Concept The concept we adopting is Marketing concept. Because marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. That why we have adopted the marketing concept Target Market The market we targeting are:o Hyperstar o Al-Fatah o Metro etc. Target Customers Our target customers are: Hostelite Students Travelers Households etc. Customer Needs Our product will fulfill the needs of our customers As it is reliable Easy to carry Occupy Less Space etc. Integrated Marketing We will adopt certain ways to expand our product through advertising pop ups, Add on YouTube and by creating pages on social media and also by communicating with people about our product so people will get to know about product and thus the demand of our product will increase. Profitability Customers are our first priority and fulfill the needs of the customer and if we satisfy our customers we will definitely earn profit. Product Development Strategy New Product – Same Market New Product possibilities Improved Product (High Quality) Changed Product in same line Product Brand Name Features Design Quality Variety : : : : : Portrobe Portable, Easy to carry, Easy to wash etc. Vertical Hanging Net, Jacquard Small, Large Price List Price Discounting Credit Terms Payment Period : : : : Rs.2500/50+ pieces get 25% off Credit card Payment Within 2 days : : : China Carrefour, Metro etc. Carrefour, Metro etc. Place Channels Location Distribution Promotion Advertising Personal Selling Public Relations Micro Environment Suppliers China Competitors Apollo Traveling bag Samsonite Hub Publics Individual Customers General Public Customers Hyperstar Metro Sports Shop Macro Economics Demographics Customers Place Generation : : : Popup’s, Add etc. To Friends, Relatives etc. From various Suppliers Economic It includes the customer behavior: Purchasing Power Demand Influence of Customer Behavior Our product satisfies the need and demand for the consumer. The consumer can easily access the product in the market. The price of a product is within the reach of every individual customer. Our product delivers quality, features and durability. Travel Bag Market Key Segments By Material Type Hard-Side Soft-Side By Luggage Type Duffle Trolley Backpacks By Price Range Premium Medium Range Low Range By Distribution Channel Supermarkets/Hypermarkets Specialty Stores Market Segments The reason we are selecting the following market segments because travelers are very keen to carry light weight bags, less space occupying, easy to carry, portable, Hostelite students also easily used this bag for their things and personal belongings. This Portrobe also used in home, washrooms as mini wardrobe to easily transform accessories in it. This bag also used in hanging position. Travelers Hostelite students House chores Demographic area: Lahore Population: 1 Crore Age group: 18-60 Income: Above 10000 Positioning: Students, Travelers Product Uniqueness and Positioning Organizer and carry-on bag with high-quality patented buckles which fits easily in airline overhead bins or carrying on the go. Portrobe Travel Bag is designed to replace your traditional travel packing bag which allows you to put all your clothes in an organized and compact manner. It rolls up in a compact manner which is easy to quickly allow you to pack your clothes and get the item you want. The build quality is very good and is made out of a canvas material which seems to be water resistant. The clips on these bags are easy to use with minimal force to undo and has that satisfying click when you use it. Inside the Portrobe bag there is a hook which allows you to hang your rolo bag on a clothes hanger for easy access of your clothes. There is a military grade mesh which means it isn’t going to tear on you and your clothes are safely and secure in this bag. The top section is perfect to put your shirts and the middle mesh gives you plenty of room for your pants or long clothes. There are plenty of space to put your toiletries in such as your toothbrush or shampoo. Putting your mobile or laptop charger is also very easy to access and insert into. The only issue when using Portrobe travel bag is putting shoes in this bag. When rolling your shoes in this bag, it does not conform well to rolling – creating an unnatural bulge when rolled up. When you roll the Portrobe travel bag out, it seems bigger than what you think. It allows up to 4 – 5 days of clothes which is plenty for a bag that is designed for the overhead bin in the airplane. The build quality is very good and is made out of a canvas material which seems to be water resistant. The clips on these bags are easy to use with minimal force to undo and has that satisfying click when you use it. Inside the rolo bag there is a hook which allows you to hang your rolo bag on a clothes hanger for easy access of your clothes. There is a military grade mesh which means it isn’t going to tear on you and your clothes are safely and secure in this bag. The top section is perfect to put your shirts and the middle mesh gives you plenty of room for your pants or long clothes. There are plenty of space to put your toiletries in such as your toothbrush or shampoo. Putting your mobile or laptop charger is also very easy to access and insert into. The only issue when using Portrobe travel bag is putting shoes in this bag. When rolling your shoes in this bag, it does not conform well to rolling – creating an unnatural bulge when rolled up. When you roll the Portrobe travel bag out, it seems bigger than what you think. It allows up to 4 – 5 days of clothe which is plenty for a bag that is designed for the overhead bin in the airplane. When the bag is clipped up, you can carry it as an individual bag or in your luggage if you wish which saves quite a bit of space. It is surprisingly tiny when it is all rolled up. If you like hiking or camping, you can use easily attach it to your hiking bag and quickly access your clothes when needed. Pricing strategy We will use customer based pricing because we are importing this product from China and japan. The reasons are following: Willingness to pay This is the main reason you have to go out and ask your potential customers the value they see in your product. You need to know what customers will actually pay for your product. Competitor-based pricing does this in a roundabout way. If they are willing to pay $100 for your competitor, then they must be willing to pay $100 for your product as well. But this misses the fundamental point that your product should be different to your competitors. It should offer more value, and therefore priced differently. Build the best product Pricing also isn’t just about the number on the page. It is about how you package and offer your selection of products and features, and to whom. This approach to pricing will help you understand what your customers truly want, and what features should be develop over time. Once you have developed your minimal viable product, your features and product updates should be driven by consumer demand. We serve with best quality to make our customers happy. Promotion strategy We will adopt Sales promotion and Public relation and publicity to advertise our product. Because these are very good strategies for promotion the reason we are choosing because Sales promotion is the process of persuading a potential customer to buy the product. Sales promotion is designed to be used as a short-term tactic to boost sales – it is rarely suitable as a method of building long-term customer loyalty. Some sales promotions are aimed at consumers. Following are the methods we are adopting for sale promotions are: Coupons Customers receive coupons, or cut coupons out of newspapers or a products packaging that enables them to buy the product next time at a reduced price Competitions Buying the product will allow the customer to take part in a chance to win a prize o Free gifts A free product when buy another product o Loyalty cards Have recently become an important form of sales promotion. They encourage the customer to return to the retailer by giving them discounts based on the spending from a previous visit. Loyalty cards can offset the discounts they offer by making more sales and persuading the customer to come back. SWOT Analysis SWOT Analysis is a simple but useful framework for analyzing your product's strengths and weaknesses, and the opportunities and threats that you face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you. The SWOT analysis of our Portrobe is as following: Strengths Backpacks have been around for many generations since the 1900’s. They are very useful to many people and can be used for many age groups. Our goal is to design a market product that can help you get from point A to point B while having your electronics fully charged. We are aware that the backpack that you use carries your books to school might be also used to carry your gear in a Sunday hike. Therefore we incorporate the most flexibility to each and every design of our products. Our backpacks are very spacious and can carry up to 30 pounds of weight. Our bags vary in color and variety of styles. We have colors from bight to simple depending on your taste. New generation backpacks are made with even more space and they have sectioned off parts of the bags for your own amusement such as water bottle holder, mp3 holder, and even a laptop slot. But we want to do more. We incorporated a solar panel into the bag to be used as a charging station for all of your electronic goods. Weaknesses One of our biggest challenges is finding a manufacturer to produce our product. The startup cost for this product is going to be quite high as not many manufactures have made this product before. Another weakness is if we don’t have enough money to provide the high end material that our consumers will enjoy then our reputation will be negative before we even make a profit. We need materials to make our product tough to last long and creating a comfort and preventing back pain cause by heavy items in the bag. Another weakness is that the targeted age group might not have the money to buy one of our products. A final weakness is that our brand is not established and it will take a lot of work and promotion to get Apollo Backpacks brand in the customers mind. More established brands already have loyal customers and it may be hard to get customers to switch brands. Opportunities An opportunity for our product would be to expand from backpacks into other markets, such as purses or briefcases that also have solar charging capabilities. This would help us to expand into a different segment and further the reach of the company. Briefcases could target an older market in the age group from 30-50 who need to charge their cellphone or lab top in order to send emails or do work while they are traveling. Purses would allow us to target an exclusively female group who may not use backpacks during their daily commute to school or work. Another opportunity would be to sell accessories for our backpacks such as more powerful battery packs and adaptors for charging devices so they are compatible. Selling these accessories could help brand recognition. Threats o Samsonite o American Tourister o Hub o Apollo o New products from these brands could easily outsell our product. Also these reputable brands are sold by big name retailers. While it is our intention to sell Apollo Backpacks at big name retailers the threat that all of our competition is already at this set in the market is a huge potential threat. Product Life Cycle of Portrobe A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. Our product is also passes through series of stages we are elaborate it this cycle. This is called product life cycle, the green section show the Infancy stage of the product in which the newly product is launched. The introduction stage is the first stage in the product life cycle where a company tries to build awareness about the product or service in a market where there is less or no competition. ... Pricing a product in the introduction stage is very important to gain market share. This is the weakest stage of the product in this infancy stage we will fully work on Advertising strategy to promote our product, we will sell our product on different promotions and will give after sale benefits. We will increase our market share of this product by adopting product developing strategy. Some of the common strategies we will adopt in this stage are follows: Improving product quality Adding new product features or support services to grow your market share Enter new markets segments Keep pricing as high as is reasonable to keep demand and profits high Increase distribution channels to cope with growing demand Shifting marketing messages from product awareness to product preference Skimming product prices if your profits are too low. When our product in this stage our aim to promote more this is the stage where market share of the product is so far high. When our sales peak, our product will enter the maturity stage. This often means that our market will be saturated and you may find that you need to change your marketing tactics to prolong the life cycle of your product. Common strategies that can help during this stage fall under one of two categories: Market modification - this includes entering new market segments, redefining target markets, winning over competitor’s customers, converting non-users Product modification - for example, adjusting or improving our product’s features, quality, pricing and differentiating it from other products in the marking
