Put yourself in the shoes of the VP for Marketing and develop a marketing plan for the next step for J&J Guitars. Overview: J&J Guitars has been designing, building and distributing guitars for the past 10 years. Recently through extensive..
QUESTION
Put yourself in the shoes of the VP for Marketing and develop a marketing plan for the next step for J&J Guitars.
Overview: J&J Guitars has been designing, building and distributing guitars for the past 10 years. Recently through extensive R&D, our engineers have designed a new electric guitar that will revolutionize guitar playing for years to come. As the VP, you need to analyze and understand how to best market the company’s new innovation and craft a Marketing Plan. As you craft your plan, consider the iconic status of existing electric guitars, and the lack of any recent radical innovations in the category, which pose the major challenges in securing consumer adoption. If the company continues along the same channels with their other electric guitar lines, J&J potentially lacks the market penetration and sales that is forecasted for this new innovation.
Based on this information, create a go-to-market strategy addressing the following:
– Marketing Objectives: These could include marketing objectives such as market share, customer satisfaction, or loyalty, etc.
– Target Market (examples: professional players, hobbyists, etc) – Who have you identified as the most appropriate segment (target) for this product/service? Create a profile, and define a typical target consumer and describe them in specific detail. Why have you chosen this target market over others?
– Product/Service Strategies – Define your service/product features and benefits and performance characteristics versus competitive products. How does the product/service fulfill the value proposition? What are product/service changes you recommend? What attributes do you want to add/delete to your product/service? What do you recommend in terms of changes to package design, logos and/or brand identity? This may include the service promise, including any customer service and warranty information.
– Pricing Strategy – Outline your pricing objectives and explain how they relate to your marketing objectives. Present a list price ofr your product that retailers will pay you. Discuss payment terms/options including any discounts and allowances you will give to your retailer customers. Discuss how you will balance pricing issues amongst different channels. Provide rationale for your choices.
– Place Strategy – Define your distribution strategy. In which retail channels do you want to sell your product? Why? Provide rationale for your choices. Define your selling approach. What selling message will you use to persuade your retail partners to carry the product?
– Promotion Strategy – Discuss if/how/why you will use the following promotion tactics: advertising (TV, print, radio, outdoor, Internet), consumer sales promotions (display, price promotions, gift with purchase, sweepstakes/contests), even marketing/sponsorships, public relations, trade show and conference participation, direct marketing (mail, telephone, email), Internet marketing and Web 2.0 social media programs and other forms of communication. How will the customer receive information about the product? Be specific about what role each medium will play in the strategy and fulfill the overall marketing objectives. What is the recommended timing and frequency of the marketing communications plan.
– Action Plan – discuss timing, decide who should be responsible for the various aspects of implementation, and indicate the resources necessary to implement the marketing plan.
Your paper should be 6-8 pages excluding the title and reference page.
ANSWER
Marketing Plan for J&J Guitars’ New Electric Guitar Innovation
Introduction
As the VP for Marketing at J&J Guitars, I have developed a comprehensive marketing plan to launch and promote our company’s groundbreaking new electric guitar innovation. This plan aims to address the challenges posed by the iconic status of existing electric guitars and the lack of recent radical innovations in the category. By analyzing the market, identifying the target market segment, refining product strategies, determining pricing and distribution strategies, outlining promotion tactics, and developing an action plan, we will maximize market penetration and drive sales for our new innovation.
Marketing Objectives
The marketing objectives for J&J Guitars’ new electric guitar innovation include:
Increase market share by capturing a significant portion of the electric guitar market.
Enhance customer satisfaction and loyalty by offering a unique and revolutionary guitar playing experience.
Establish the new electric guitar as a premium and highly desirable product in the industry.
Target Market
After careful consideration, we have identified professional players as the most appropriate target market for our new electric guitar innovation. This segment comprises skilled musicians who value instrument quality, versatility, and innovation. Our typical target consumer is a professional guitarist who performs live and in the studio, seeking an instrument that can deliver exceptional sound, playability, and performance. They appreciate cutting-edge technology and are willing to invest in instruments that offer a competitive edge and inspire creativity. By focusing on professional players, we can create a strong brand image and generate word-of-mouth recommendations within the music community.
Product/Service Strategies
The new electric guitar from J&J Guitars offers several innovative features and benefits that set it apart from competitors. These include:
Advanced pickup technology for enhanced tone and versatility.
Ergonomic design and lightweight construction for improved comfort during long performances.
Integrated digital effects and amp modeling capabilities for a wide range of sounds.
Seamless connectivity with recording software and mobile devices for easy integration into modern music production workflows.
To fulfill the value proposition, we recommend highlighting the instrument’s superior sound quality, exceptional playability, and the ability to customize and explore various musical styles. Additionally, we suggest incorporating customer feedback mechanisms to continuously improve the product and provide exceptional customer service and warranty support.
Pricing Strategy
Our pricing objectives align with our marketing objectives, aiming to position the new electric guitar as a premium product. We recommend setting a list price for retailers that reflects the innovation and superior quality of our instrument. To incentivize retailers and encourage market penetration, we will offer favorable payment terms and options, including discounts and allowances for volume purchases. Balancing pricing issues among different channels will be achieved by implementing a strategic pricing structure that considers market demand, competition, and the perceived value of our product.
Place Strategy
Our distribution strategy will focus on selective retail channels that cater to professional musicians, such as specialized music stores and online platforms known for selling high-quality instruments. These channels provide the necessary expertise and reach to effectively target our desired market segment. To persuade retail partners to carry our product, we will emphasize the unique selling points, demonstrate the instrument’s superior performance through live demonstrations and exclusive trials, and offer attractive incentives such as co-marketing opportunities and promotional support.
Promotion Strategy
To effectively promote our new electric guitar innovation, we will employ a mix of promotional tactics tailored to reach our target market. These tactics include:
Advertising: Utilize print media in music industry publications, online advertising on relevant websites and social media platforms, and targeted digital campaigns.
Consumer sales promotions: Offer limited-time discounts, bundle packages with accessories, and exclusive gifts with purchase.
Public relations: Engage with influential musicians, music journalists, and industry experts to generate positive reviews, endorsements, and media coverage.
Trade show and conference participation: Showcase our new electric guitar at renowned music trade shows and industry events, allowing potential customers and partners to experience its unique features firsthand.
Internet marketing and social media: Leverage online platforms, such as YouTube, Instagram, and music forums, to share product demos, artist collaborations, and user-generated content that highlight the instrument’s capabilities.
Direct marketing: Implement targeted email marketing campaigns to reach professional players directly, showcasing the instrument’s features and inviting them to exclusive events or demonstrations.
Timing and Frequency
The marketing communications plan will be implemented strategically, aligning with product availability and key industry events. Initial teaser campaigns will generate curiosity and anticipation, followed by a comprehensive launch campaign with maximum visibility and impact. Ongoing marketing efforts will maintain momentum and engagement, ensuring continuous exposure and market awareness of our new electric guitar innovation.
Action Plan
To implement the marketing plan effectively, we will assign responsibilities to key team members, ensuring a coordinated effort across departments. Resources required for successful execution include marketing budget allocation for advertising and promotions, collaboration with external partners for PR activities, and investment in digital marketing tools and platforms for effective online engagement.
Conclusion
J&J Guitars’ new electric guitar innovation holds tremendous potential to revolutionize the guitar industry. By aligning marketing objectives, targeting professional players, refining product strategies, implementing competitive pricing and distribution approaches, and utilizing a comprehensive promotion strategy, we will successfully introduce and establish our new electric guitar in the market. With a well-executed marketing plan, J&J Guitars can achieve significant market penetration, sales growth, and a strong brand reputation within the music industry.
