MarketingPlan for Lilstine Consulting Co. Ltd
MarketingPlan for Lilstine Consulting Co. Ltd
LilstineConsulting Co. Ltd is a hypothetical firm whose main headquarters isin New York. This firm is a financial consultation company whichanticipates commencing its operations in January 2016 (5thof January 2016 to be precise). Lilstine Consulting Co. Ltd is astart-up company. The company will provide financial consultationservices to all business entities as well as individuals. The chiefexecutive officer of this consulting firm will be Mr AugustineWilliams. He will be the main shareholder as well as the owner ofthis firm. Mr Augustine Williams is a well experienced accountant whohas worked with an insurance company as its financial manager for notless than fifteen years. He is an MBA holder from the Harvard schoolof business. Further, he is a certified public accountant. LilstineConsulting Co. Ltd will target the upcoming business people as wellas tycoons who are in dire need of ways to manage their finances. Thefirm will have offices with qualified personnel in the main citiesacross the state. Mr Williams has a plan of taking this business tothe international level as soon as the roots are established
Tobe able to realize its dreams and main objectives, the firm has itsgoals, both short-term and long-term ones. These are the mainshort-term goals for the firm
To commence operations on 1st January, 2016
To establish its roots and brainstorm the market
To expand and start earning profits
Tobe able to measure the achievement of the above mentioned goals, thecompany will use metrics of the operating margins, volumes of peoplevisiting the firm’s website as well as the upsurge of value ofmarket share.
Thecompany’s long-term goals include:
To penetrate the market as well as be listed on NYSE
To control a substantial share of the market
To develop and multiply, both locally and all over the world.
Someof the metrics that the firm will use to measure the achievement ofthe above stated long-term goals are the firm’s performance on thestock market (escalation its share value), the rate at which thecompany is able to retain its clients, as well as the growth rate ofthe firm in relation to its rival firms in in terms of penetratingthe market.
Thereare forces that are beyond any business’s control. These forces arehuge or macro-environmental forces. These are forces that have animpact on any business entity without the enterprise’s control.Technological forces, economic forces, legal forces and sociologicalforces are some of macro-environmental forces that any firm can face.
Economicforces-economic forces are the forces that disturb the purchasing power inany economy. These forces comprise of prices, investments, debitcontrol, availability of credit, dispersal of revenue and manyothers. Though facing stiff competition from other developedcountries such as China and the Middle East, the United States marketremains to be a business economy pigeonholed by an increasingly greatdemand for all sorts of services as well as products. Due to this,Lilstine Company has a huge and promising demand for its consultingservices in the whole of the United States.
Legalforces-These forces are civil forces that each and every company has toabide by. They include proper certifications and registration of thefirm. The owner of the Lilstine Consulting Co. Ltd, Mr Williams, haseverything in place to ensure that the company meets all legalrequirements before it commences.
Politicalforces- TheUnited States and its environs are presently undergoing politicalsteadiness. This is a good thing for the start-up businesses.Furthermore, the political dogmas such as taxation as well asavailability of capital plans put in place are in a great favour forsuch businesses as Lilstine Consulting Co. Ltd.
Technologicalforces-these forces are typically shown in the firm’s available technologystate as well as market technology state. They have an impact onclients’ economic well-being, standards of living and patterns ordesigns of consumption. Lilstine Consulting Co. Ltd will make use oftechnology in the form of social media, such as twitter and Facebookas well as emails and telephone to get to, and obtain communicationfrom its clients. The firm has strategies of setting up its ownwebsite which will assist its clients to request for its servicesover the internet. This will have a wide spectrum of clientele forthe firm.
Sociologicalforces-sociological forces comprise of factors like consumerism anddemographics. These factors have a great impact on the market’spatterns of consumption. Income distribution is, for instance, onefactor of social force. In the New York State as well as almost thewhole of the US, the minimum law wage is beyond the mark of $10 perhour. For this reason, the company will leverage this factor andobtain more clients not only in New York but the US at large.
SWOTis an abbreviation of strengths, weaknesses, opportunities andthreats. It is an analysis which evaluates both the internal as wellas the external market environment. This is according to Kotler &Keller, 2012, p. 48). The SWOT analysis for Lilstine Consultation CoLtd is explained below
Lilstine Consultation Co Ltd is planning to employ qualified personnel in financial matters. This will enable the company to offer its potential clients proper services.
Mr Augustine Williams is well qualified as well as experienced person in financial matter. He brings on the table his vast experience of many years which will help the firm to grow into higher heights both domestically as well as internationally.
Being a start-up company, it has no baggage of debts making it easier for the company to acquire financial loans from lending institutions. In addition, the owner of the firm is bringing is a vast amount of $1.5 million as capital. This will enable the business to start off smoothly and be able to penetrate the market.
The company’s owner is a well-known business tycoon. This enables the firm to grow fast and get trust from the public thus beating rivals in the same industry.
There will be no much expenses since the firm will be offering services and not goods
Penetrating the market is something that is easier said than done. Being a start-up company, the firm will experience a hard time in penetrating the market. This will cost it huge costs in terms of marketing and advertising to enable it attract clients.
The expertise of Mr Williams will be of great importance to the company. This possesses a weakness in the sense that in case something bad happens to him, the firm will suffer a great loss.
There is a great need for financial advice for many people across the country. This will be an opportunity for the firm since it will have a great demand for its service.
There is a blissful economic and political stability across the nation. This will enable the firm to expand and grow to higher heights
Internet is widely used by many people not only in New York but the whole country. Since the company will use internet to advertise its services, this will reach quite a number of potential clients and the firm will be able to get immediate feedback from the customers.
Competition is one of the biggest threats to this firm. With new business emerging every now and then, the company faces the threat of stiff competition on the market.
The company plans to expand into the international market, which will expose it to the financial risks of the international market.
Incredible organizations are more inclined to kick the bucket heartburn from an excess of chance than starvation from too little. A few undertakings may oblige certain level of security order and regulations where some learning can`t be imparted among staff and more security methodology are required.
Segmentation,Targeting and Positioning Analysis
Thecompany intends to start by offering its services to New Yorkersbefore it expands both locally and all over the world. It intends tomake use of fact that many people have no idea on how to manage theirfinances, to segment its market spectrum. It will have two marketsegments, and, subsequently, two categories of services offered. Thedeluxe market segment will provide for the premium clients such asbusiness tycoons, who are those people that earn a very high income.The middle market segment will cater for the intermediate members ofthe society. This later sector will comprise of middle-class earnersas well as lower class earners.
Tobe able to reach all the targeted clients mentioned above, the firmwill make use of the approach of the multi-segment targeting. Thefirm will need to have a marketing strategy for each of the twosegments to allow it to recognize the specific requirements and needsof each of them (Toolkit 2015). Nonetheless, the firm understandsthat this type of market targeting method is expensive thus willencompass a lot of market research, promotional strategies, as wellas involvement from the administration.
LilstineConsulting Co Ltd understands the connotation of brand positioning inany business performance. The firm has decided to concentrate onprice positioning strategy to place its services in the market. Ithas decided to adopt the concept of valuable cost for the highquality services rendered. However, the company also considers thelow income earners in the society. For this it adopts a concept ofhigh quality service.
Asnoted by Wood(2003), marketingmix comprises of the 4Ps of marketing. These are product, price,place and promotion. Lilstine Consulting Co Ltd will in-cooperate the4Ps of marketing to inaugurate a vigorous marketing mix that willupsurge its competitive advantage in the market. The following arethe 4Ps of marketing mix that Lilstine Consulting Co Ltd will use
Product-the firm will specialize in offering financial advice andconsultation services to two segments of clients low income-earnersand the high-income earners.
Price-Priceis an effective tool to make a consulting service be known and grow.Consulting rates differ in various areas and seasons. A low/highpricing strategy is highly recommendable especially at a time whenconsumers are price-sensitive. However, before you come up with aprice for your service, you should determine a solution that cutsinto your margins as low as possible but at the same time remainattractive to your client. This this a challenge that faces manycompany`s when it comes to pricing strategies The company will havevarious options so that it does not incur loses as well as charge thecustomers highly. One option is charging what you get charged. Forinstance, if the value of the item is high, the price will be high aswell and vice versa. Make sure that your clients get the best dealpossible and this option offers just that, as compared to freeconsultation for some items.
Place-the company will offer its services to the people of New York in thebeginning. Nevertheless, it will establish offices in other statesand later on will over the world. This is through its growthstrategy.
Promotion-Premiumsare a vital promotional technique that would work well in promoting aconsulting service. The consulting service would give a free gift asan incentive to the customers for them to bring in more customers andcome again. Due to high competition in the industry, this tool willhelp the company overcome stiff competition that is in the market.Free consultation for the first time would also be another effectivetechnique in promoting consulting service (Bob and Erez 2014). Mostcustomers prefer not to pay for consulting charges so this wouldpromote the service at a great deal. Free consulting may be appliedon specific service or a group of services. The company will alsogive discounts for certain services. Discounted services on someconsultation will help promote the consulting service to thecustomers.
Blattberg,R. C., Getz, G., and Thomas, J. S., 2001. Marketing Mix. Boston, MA:Harvard BusinessPress Chapters.
BobBly & Erez Katz, 2014 PromotionalMarketing, Online Marketing. BridgelineDigital
KotlerP, & Keller K. (2012). MarketingManagement.14th ed. Upper Saddle River: Prentice Hall
Pakmail2014. PackagingResources- Retrievedfrom,http://www.ups.com/content/us/en/resources/ship/packaging/guidelines.html
Toolkit.smallbiz.nsw.gov.au,.(2015). Segmentation,Targeting & Positioning.Retrieved from http://toolkit.smallbiz.nsw.gov.au/part/3/10/49
Wood,M. (2003). Themarketing plan: A handbook.Upper Saddle River, NJ: Prentice Hall.