Marketing Plan Project Research Proposal Example | Topics and Well Written Essays - 2500 words

Marketing Plan Project - Research Proposal Example There is a huge need for this kind of product among the people. The following study will provide some information and will develop a marketing plan for this developed product. Economic Environment and Competitive Environment Analysis US are one of the strongest, leading and developed economies in the world. The recent global recession in the year 2007-08 and the European financial crisis in the year2008-09 have affected the economic situation of the country. Most importantly, this economic downturn has affected the social and economic life cycle of a country. The per capita income of people has gone down due to this recession. Moreover, this unfavorable economic situation of the country has impacted negatively on the economic growth of the country. Currently, it is feasible that, the disposable income of people has gone down comparing to the pre era of global recession. Now-a-days, people are trying to save more rather than consuming. Several economic policies such as high tax rate, limited government expenditure has affected the economic situation of the country very badly. Looking into these factors, it can be said that, the country is still suffering from the impact of economic downturn. In terms of competitive environment, the success of the product depends upon the product attribute, price range of the products and existing rivalry in the operating market place. Depending upon these things, it can be said that, the product has several competitive advantages. First of all, this type of business market is still uncovered and untapped. Therefore, there is a huge opportunity for the brand to capitalize on the potential market opportunity. On the other hand, it can be said that, this kind of product will be very effective in the daily life of people. In terms of pricing, it can be said that, this product is affordable for the people of all kind of income group, such as lower middle, middle, upper middle and upper class. The low price range of the products is ad dressing that; people can afford this product without any hesitation. Lastly, in terms of competitors, it can be said that lack of competitors and due to untapped market the product can achieve huge competitive advantage and market share. It will help them to increase the target customer base. Data on the Market The organization can target a huge area of market place, as it is discussed earlier that, the specific market segment is still untapped. Moreover, according to a survey, it has been found out that, more than 75% people, including all kind of market segment it is feasible that, there has been already a need for this product. According to the respondents, it is feasible that, major of them are unhappy as they could not able to use 100% of a beauty cosmetic product or a tooth paste. Therefore, it has evidenced that, there are huge demand for the product. In terms of age it is feasible that, there is a need for the product among the people aged between 12 and 65. Moreover, in te rms of income group, it has been feasible that, people whose household income is more than 15,000 US dollar are the major target group of this product. In terms of gender of people, the products are seemed to be popular among the household female respondents comparing to other male respondents. The median income of the maximum