Marketing Plan for a baking magazine

Executive Summary This marketing plan gives a description of a magazine that shall specialize in baking as one of the essentials in a modern day’s home. The magazine under the name â€Å"Baker’s Bliss† will primarily feature a collection of menus and recipes of various cakes and pastries carefully selected to cater for specific occasions.Advertising We will write a custom assessment sample on Marketing Plan for a baking magazine specifically for you for only $16.05 $11/page Learn More It will at the same time showcase interviews and narratives from people who have had experience in the baking field. Copies of the magazine shall be available in all leading stores around the country at an affordable price. The profitability of the magazine is almost entirely assured because of the high demand for the services that it shall be offering. Aside from the core purpose of the magazine, it is expected that other companies may seek to advertis e their products on the magazine which will increase the profitability of the enterprise. Mission To provide our readers with the best recipes and baking advice all the while maintaining high levels of professionalism and charisma through extensive marketing strategies. Vision To be recognized among the best in the publications industry locally and internationally in terms of quality and competitiveness. Goals and objectives To be the leading publisher and marketer of such magazines within a given period of three years. To break even between the second and third year of operation. To expand our market base beyond our borders after the fifth year of operation. Magazine’s summary The magazine will go under the name â€Å"Bakers Bliss† and will have its website www.bakersbliss.com. An e- mail address bakersbliss@hotmail.com will also be provided in a bid to enhance communication between the publishers and the customers. The magazine shall set off with a recommended reta il price of US$. 50. The price will be subjected to change depending on the response and cost reduction measures employed. Customers will be able to access the company website from any browser and create their own accounts on the website for free.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The company’s location will be in an office situated in the state of Ohio, an area which will offer a tranquil and conducive environment for the daily business undertakings. The office size shall be (600-1200sq ft), which is a sufficient size to house the company’s staff. Financial Plan The marketing process will require a large amount of initial capital to cater for the promotional expenses as outlined below. The funds will be generated from the sales of shares, personal income, grants and finally companies that seek to advertise in the magazine. An estimated US$ 25,000 is require d to fully meet the initial requirements. 60 % of this amount will be generated from advertisements posted in the magazine. Much of the capital will be used in the buying of advertisement spaces in bill boards, newspapers, internet sites and radio and television advertisements for the first eight months of operation. However after this period, the business will only need to plough back its profits and capital to achieve growth and expansion. Analysis and implementation The magazine’s targeted audience is women between the ages of ten to seventy years. Within the first year of operation, the distribution will be confined within the local vicinities of Ohio and gradually extend it to other regions. Currently this magazine has limited competition in this area. The competition however is on a low scale and we hope to top it by using the local media stations (television and radio) to further create awareness of the product. The near-monopolistic nature of the magazine will see the magazine rise drastically in this industry. In addition to this, the firm shall target individuals as opposed to organization since its products are of a relatively low cost and hence affordable to the average readers. The magazine will bank on the continuing growth of interest in baking as projected by research and the continual affordability of amenities required servicing the same. The increase in the ease of access of the internet and such magazines will also play a pivotal role in the magazine’s marketing strategy and future expansion.Advertising We will write a custom assessment sample on Marketing Plan for a baking magazine specifically for you for only $16.05 $11/page Learn More The expertise and technology needed to market this magazine is available and I aim to work with a number of independent developers, some who have already expressed keen interest in the proposal. I also hope to include as third parties some editorial and printing companies that have been in the market for a longer time hence already establishing themselves as a standard and commanding a suitable market base in this sector. The management of the marketing process will comprise of skilled personnel who are specifically handpicked for their dexterity in their areas of work. unlike the competition, the products and services provided through the magazine shall include but not be limited to advertisements for products related with baking, crossword puzzles and other competitions gunning at various prizes, comments and recommendations from top bakers around Ohio, best spots to get cakes from within the State and simplified dos’ and don’ts in the kitchen.. The website on which this magazine will be hosted will be interactive in nature allowing for such activities as blogging and also posting of questions and answers in a forum kind of way. Its interface will be simple yet elegant and shall be very user friendly since it shall conform t o good design principles. According to Levinson (2007), the customer satisfaction should be the primary concern for any business which aspires to prosper. It is with this in mind that all the information provided within the magazine shall be tailored to meet specific customer needs. This will be achieved by incorporating the advice and recommendations made by the customers from the website and other sources into the magazine. While this very bold move would not have been possible in past years, recent communication mediums and technological advancement will make this marketing process a success and an effortless undertaking for the publishers.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This value added services will give Baker’s Bliss a competitive advantage over its competitors whose products are often fixed in nature and hardly offer any customization abilities. The magazine shall be made available in all leading stores. Copies shall also be distributed in bookshops and street vendors to ensure that a large percentage of the market is covered. These are arguably the most popular shopping avenues hence none of the prospective customers will be hindered from getting their hands on a copy of this captivating and elegant magazine. Baker’s Bliss vision is to become a force to reckon with in the publications industry. In the first year of involvement, the management shall aim at attracting as many investors as possible and popularizing the magazine through the use of various advertising media including other websites, newspaper adverts and sponsoring of college football teams. Bake out competitions for free copies sponsored by Baker’s Bliss will g o a long way in the advertising of the same, thus enabling users to test the product before actually committing to making the purchase. Consequently, the organization shall aim at retaining its customers by being dynamic and reinventing its products so as to be in sync with the ever changing customer needs (Kotler Armstrong, 2007) Risk assessment â€Å" The magazine will be exposed to a number of risks. The primary risk will be from emerging competition which is bound to come up once the magazine hits the market. An emergence of these other magazines offering the same services shall greatly threaten the foothold on reader-ship that Baker’s Bliss shall have created. Customer loyalty will therefore not be guaranteed and the consumers might switch preferences from the baking magazine to other magazines. Considering the economic volatility Which we face, the production cost of the magazine might overshoot due to inflation thus creating undesirable effects on the cash flow of th e business. References Armstrong, G Kotler, P. (2007). Marketing: an introduction. Pearson Prentice Hall Levinson, J, C Levinson, A. (2007). Guerrilla marketing: easy and inexpensive strategies for making big profits from your small business. Houghton Mifflin Harcourt This assessment on Marketing Plan for a baking magazine was written and submitted by user Raven O. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.