Market Segmentation
Product Positioning
Impact on consumer
Consumer Decision Process
Marketing Mix
In this paper, we present a marketing plan for My Wonderland, a specialty smoke shop based in Lancaster City, CA and which also operates as a gift shop. The marketing plan includes a detailed analysis of the company, its clients as well as the possible expansion/success strategies. The aim of the marketing plan is to make the business appealing to potential franchisees since the business plans to employ franchise model as an expansion strategy.
Consumer behavior which defined by Hawkins (2010) as the study of individuals, organizations or groups and the processes that they use in selecting, securing, using, disposing of products, services and experiences as well as ideas for the purpose of satisfying the needs and impact of the processes on the consumers is an important aspect of marketing. In this paper, we present an elaborate marketing plan for selling smoke shop franchises. The franchises will operate under the brand name My Wonderland.
The company
My Wonderland is company with a single outlet which serves as a Smoke shop / gift shop outlet. The outlet is a boutique as well. This makes the company's products to be diverse. The company hopes to adopt a franchise form of business as its model and therefore intends to come up with the best marketing plan to sell it among other investors and customers a like. The company however specializes as a smoke shop. The rest of the products are just complementary and acts as basis for differentiation. The company is based in Lancaster, California
Customers
In a strict sense, the customers for this marketing plan are different franchisees from California and other states. The business needs to first expand within California before embarking on a nationwide expansion campaign. In regard to customers to its products, the company's customers will mainly be segmented by their age, income and sex.The target market will consist of customers who are aged between 18 to 28 and want to party. Their market will further be driven by the fact that cannabis is well accepted in the state. The target market will also be made up of persons aged 55 to 70 mature markets have the income, are healthy, active. They could be the aging outgoers or the sick ones who only stay at home and enjoy to smoke.
Competitors
The company faces a stiff competition for several shops in the Lancaster area, California. The main competitors being Tony's Smoke Shop, Lucky's Smoke Shop & Gifts, I Smoke Shop, Smoke Check, Smoke 4 Less, and Cig Store. All of these competitors are fairly the same in size and therefore My Wonderland has a better chance of leading them if it adopts the marketing strategy that is presented in this work. This is within California. Outside California, it faces stiff competition from One Stop Smoke Shop Franchise, Inc.
Conditions
The tobacco and marijuana industry is a heavily regulated one. The usage, advertizing, processing and selling of tobacco is heavily regulated by the U.S. government (McDaniel & Malone, 2005). In California, individual who are 21-year-old or older are permitted to possess, cultivate as well as transport marijuana as long as it is for personal use. This is contained in proposition 19 which also permits the local governments to effectively regulate as well as tax the commercial marijuana production, distribution as well as sale of the product to individual who are 21 years or older (SOS, 2010).
Market Analysis
We expect close to 90% of our clients to be men. Our clients have been divided into various market segments on the basis of their dedication. The segments are specialty smokers, recreational smokers, average smokers and the occasional smokers. Because the most frequent clients to My Wonderland are the specialty smokers and the recreational smokers, they are the ones that harbor the highest profit margins. My Wonderland therefore will be focusing on these clients.
At the moment, there are six main competitors within Lancaster city. Most of the competitors are in the form of single store companies most of whom have limited stock. Additionally, the number of local participants in marijuana and tobacco industry has significantly declined due to government regulation and other factors. This means that the market has been left for survivors like MY Wonderland. This therefore gives My Wonderland a chance to consolidate and therefore gain a larger market...
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