Table of Contents
- Executive summary
- Market analysis
- Strategy and implementation
- Financial plan
- Marketing analysis
- Target customers
- SWOT analysis
- Strategy and implementation
- Service development
- Marketing strategy
- Sales strategy
- Marketing mix
- Organizational structure
- Staff members
- Financial analysis
- Use of funds
- Cash flow projection
- Control budget
- Variance analysis
- Related Marketing essays
New beginning for baby boomers is a website designed to offer a variety of activities and materials to meet their daily challenges of health insurance, treatment, and retirements. It will be available the internet and focus will be to reach all the baby boomers. It will be in English language, which is the common language as a start-up. Expansion plans are necessary to keep the website competitive (Berry & Doug, 2004). The website will give translation to other languages commonly used for the purpose of expansion. It will aim at reaching the baby boomer population to help them recognize their potentials for healthy independent living.
The website will have a homepage with hyperlinks to other areas of specification, such as chat rooms, socialization, dating, open discussion, retirement, insurances, and health forums. Additionally, the website will be unique in that it will provide instant possible answers for the health issues that this generation face. Doctors, lawyers, and counselors will be present online for 24 hours to assist in any field. The website will be to solve any pressing issues of the boomers at any time that they arise. Through materials and services provided on the website health issues, physical fitness, and wealth to the baby boomers will be tackled. They will be provided with video recordings, music, and reading materials.
In the United State, the baby boomers are approximately 79 million. It is 29% proportion of the total population in the U.S. (Macunovich, 2000). Targeting this group would be necessary and advantageous at the long run since it covers a significant percentage of the population. The website will seek these customers locally for start-up and internationally for expansion effort of the website.
Strategy and implementation
The website will do various online advertisements in the major site to reach its target group. Other adverts will be printed in the adverts, air media coverage locally, launch the website official. Brochures will be distributed in the market and major workplaces where the target groups are likely found. The main goal is to be a 1% profitable website above others through reaching the baby boomers.
In the website, there will be three people in the management team. The manager will be Vance Brown a graduate in management. He will supervise the development of the website, provide directions and feedback that will ensure the team is working towards a common goal. Branson Williams, a computer engineer, will be the technical expert who will be in charge of the technical developments. Lastly, Vanice Garner a student in IT department will be the web designer in charge of the website development.
Revenue will be dependent on the purchase of materials and services from customers. We wish to break even within the first quarter of the year’s operation. The second quarter of operation is expected to give fifty percent profit margin. After that, we wish to operate at a 70% profit margin, which is approximately $63,000. By the end of the first year, we want to be well known and be able to attract more and more customers to reach a target of $80,000.
The website will be keep upgrading its services from the internet sources and other consultant firms. For more resources, the site will encourage those who are ready to offer their advisory services and consultation through preparing web pages for them. We have sourced for the best consultants and advisors who are competent and ready to help customers at a reasonable price. We reinvest 40% of income.
The target of the website is to reach the baby boomers and provide solutions to their challenges and issues that cause frustration. To give them health solution, assistance and retirement benefits to live joyfully.
Strengths -The manager and the technical expert have experience in the field development and management. The web designer is a student in the field of website development and has the required expertise.
Weaknesses -The consumers may not be ready to adopt the services we offer.
Opportunities -A large group of baby boomers who are in need of services offered.
Threats -Cost effectiveness of the services is not guaranteed. The target group may be reluctant to adopt the services we offer them.
Strategy and implementation
The website targets the generation of baby boomers who in most cases are left out by other websites. The major purpose will be providing health, physical fitness, and wealth. The website will look attractive to the user and will be easy to maneuver around it. There will be a feedback page where the users will give their views on what they find fulfilling or non-satisfying. Based on these evaluations the website will be upgraded to suit them. The target group is expected to seek information that it will provide since majorities have chronic health conditions and may lack health insurance. Additionally, they are near retirements and will need financial advice. The website will address these challenges in details. We want anyone who visits the website to feel fulfilled and happy. Every website should aim at delivering content that is desired by the target population (Luther, 2001). The website will aim at delivering content that is desirable to the customers.
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All the necessary contents will be organized according to the audiences’ needs. The website will be keen to put what is necessary for the audience after testing what they really need. The necessary information will be organized and categorized according to the needs of the users. Descriptive titles are necessary to link to the categories précised (McDonald, 2007). For easy tracking of information on the category of choice, there will be at least two links. The website will be restricted to the target group for their convenience sake and confidence. It will monitor the website and optimize it for the queries of customers. The website will be good and smart enough for kick off for attraction. This will help in reducing the cost of advertising since the audience who get first information will be eager to share it with their friends.
Prices are evaluated on the bases of other prices in the market. We have gone slightly lower with comparisons to other competitors in the market to attract more customers. The site will deliver its services at the comfort of customers. The website will provide payment alterative for customers and will accept payment via major credit card. The first ten members to register will be given a 10% bonus for every ten people they introduce to the website.
The 4Ps of marketing, put into considerations the place, price, promotion and product (Berry & Doug, 2004). The placement of the website will be on the internet and will be locally available to the target group of baby boomers. Prices will be significantly affordable and attractive to the users. They will be 1% lower than the market prices. Products will be materials and services such as health forums, consultation, discussion, and social activities that the boomers generation need. Promotion of these services will be available to all registered members. Registration will be free though it will be restricted to this particular age group. The first ten members to register will get a 10% bonus for every ten people they introduce to the website. Those who introduce at least fifty members will get an award of free subscription to all materials and services in the website.
The website will be in operation around the clock to cater for all customers globally. The operations will extent to all days whether public or seasonal holidays. In the cases of website upgrading, there will be a three-day notice prior to the date of interruption. Advice will be sort from experienced website operators so that it can remain competitive. Charges will be controlled as much as possible to avoid unreasonable pricing. Additionally, the launching of the website will be marked by a colorful celebration on the 15th march, 2011 in the Central Football Club at 8 am.
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The website has numerous goals it wishes to attain:
- providing services and information to the baby boomers who are the target group;
- providing consultation to customers who need it;
- providing solution to customers’ questions whenever they ask;
- finding its services at a reasonable and affordable price for customers who need the services;
- In addition, finding alternative payment methods to customers for the necessary services they receive. The website will focus on having the necessary materials that customers will need. Finally, it will ensure that from the first month of operation the website will focus in handling customers in the best possible way.
The website will not need many staff members since it is in its start-up. The three staff members will be in charge on the management and the running of the website. The three staff members will give assistance to each other in the best way of running the website.
Vance Brown will be the manager in charge of all the operations of the website. He will oversee the website on a daily bases based on the feedback of customers. He will ensure that the necessary information and materials are available to customers. He will also direct other staff members toward the expectation. Branson Williams a computer engineer will be the technical expert will be in charge of the technical developments. He will handle any technical problems that may arise on the website. He will ensure that customers will be able to maneuver on the website without difficulties. Vanice Garner will be the web designer in charge of the website development and running. He will do the posting of the necessary information and materials. He will also upgrade the materials as they emerge.
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New beginning for baby boomers website will need only three staff members for a start. The manager, web designer and the technical expert will be the staff of the website. Other experts will not be necessary since the available staff will handle everything. As the website grows, and expend there will be a need for more staff. This will not be a problem since there are many graduates with the expertise needed.
The website will require development on the bases of it purpose. The staff members will gather all the necessary information needed and seek to find online doctors, and other advisors. At hand is a $48, 000 that was raised from equity capital, which will be used to purchase the necessary information online, and pay for those advisers. The goal is to get at least $70,000 from customers’ subscription of extra materials and consultation to pay for those services. Other funding will not be necessary since this will put the website on the run.
Use of funds
The funds that generated from the services provided will pay the staff team on the ratio of 4:3:3 after deduction of 40% income for upgrading materials needed. The 40% will be used to source for extra service and material from other expertise.
Cash flow projection
The website will collect the necessary payments from customers who subscribe for special consultation. On the other side, those who wish to have materials on various issues will purchase them for a measurable and reasonable price. These costs will be used to sustain the website and upgrade it.
The assumption is that the habits of consumers on the bases of their demands for the services provided will grow. This is because most of the consumers will be retiring as the year unfolds onwards. The projections are founded on the assumption that in future days’ baby boomers generation will need the services more often. Additionally, we assume that the website will be in a position to meet the high demands. Upgrading of the website will be done as days go by for the sake of remaining attractive in the market. The assumption here is that it will generate traffic to the site due to the good look, which will attract an audience to use it.
After proper investment in the website, necessary steps will be taken to evaluate the performance of the website. Questionnaires will be posted to the home page for the registered members to answer on the bases of the website. Their responses will be evaluated and used as feedback by management team in improving and eliminating what may cause dissatisfactions to customers.
A control budget will be drawn to help in balancing expense and revenue. This will help in ensuring that we always operate over the breakeven point. It will also help in controlling the expenses to be below the revenue. It will be necessary to use a control budget that is used to evaluate the expenses verses the revenue (Berry & Doug, 2004).
This will be another way of evaluating the budget by comparing the actual cost and the standard cost. Variance analysis will help controlling the productivity of the website and eliminate unnecessary costs. It will also help us to operate along a standard cost with the focus of getting similar actual costs (Luther, 2001).