MKT 500 Assignment 1 – Part A: Marketing Plan

Assignment 1

Part A: Marketing Plan

MKT 500: Marketing Management

Introduction

Everything we do today has technology designed to make it faster, more comfortable and less cumbersome for the end-user. It ranges from cell phones that are pocket computers to cars that drive themselves. The demand for education, installation, assistance, and upkeep of this technology far exceeds the market’s ability to provide service. “Technology integration is increasingly becoming more prominent throughout today’s house plans. From security surveillance systems to monitor your utility consumption, incorporating smart technology is not only convenient but can be beneficial for homeowners as well.” ( PR Newswire, 2016) My answer to this demand and my planned company is Hallmark Smart Home Automation.

Hallmark Smart Home Automation wants to bring the best in technology to you and your home to utilize products that reflect your individual tailored and custom dream into a reality. Typical automation businesses use technology such as automated lights, sensors, and camera security systems by using the internet and automation control through a centralized, digital system. Our systems can manage anything from your lighting to home security to HVAC services. Hallmark Smart Home Automation can also provide other services such as powering dryer, dishwasher, microwave, and entertainment electronics. Hallmark Smart Home Automation will deliver, install, teach you how to operate and maintain and upkeep your Smart home wants and needs.

Hallmark Smart Home Automation will be located at 14809 Lee Highway, Gainesville, and from this location, we will have a warehouse that houses our technology devices and vehicles to deliver services in Gainesville, VA, and surrounding areas.

Mission Statement Hallmark Smart Home Automation will utilize the newest technology available for homeowners to customize a personalized Home automation solution through the support for exploratory and innovative applications. Hallmark Smart Home Automation will service a high need customer base to bring technology and automation services and products for every desire in every home. Hallmark Smart Home Automation could be up and operational for full service in Summer 2020 and be able to provide the best in today’s and tomorrows technology to every home

The customer is every interested homeowner from the upper-middle to the upper class. Larger homes are more profitable, as home automation needs are higher. Hallmark Smart Home Automation can market to commercial entities but won’t be nearly as productive so our focus will primarily be homeowners. The value Hallmark Smart Home Automation is providing to the customer is Smart home automation that allows the customer to monitor and control their homes whether they are at home or away. Backup redundancy and cell phone operability enable the systems to maintain full functionality even in power outage or cut lines.

Hallmark Smart Home Automation will continue to grow and thrive in the future by keeping up with technology and providing it to the customer as soon as it is available. The technology and service to install, train the customer, and upkeep the product will grow and continue to expand with the technology available. Our base of business will be the sale of technology and installation with the option of further profit from maintenance and upkeep packages. This Marketing plan will cover a mission statement, short and long-term goals,

Environmental analysis and SWOT analysis to show the best method for developing Hallmark Smart Home Automation.

Short-Term and Long-Term Goals

All companies should have short- and long-term goals to be competitive and maintain business practices on the pulse of their environment. Those goals should be tough, realistic, and attainable. Within the first year Hallmark Smart Home Automation’s short-term goals will be to work a customer base that provides through word of mouth and observation a highly technological business that is supportive, maintains the highest product quality and customer service. This will build the foundation that allows the company to grow into the future

Within the first five years, Hallmark Smart Home Automation’s long-term goals will be to further develop the customer base while driving interest and competitive products and services to saturate the local market and possibly open addition stores to further increase profitability and growth. Short-term and long-term goals continue to evolve and grow to allow companies to grow and reach toward the future. Yearly assessments at a minimum will be conducted to ensure continued growth and relevancy in the local and national markets to be competitive and profitable.

The measurement of short and long-term goals will be done through profitability and growth. Continued growth and profit margin is always a sign of a successful business.

Environmental Analysis

“Analysis of the strategic situation An examination of the environmental forces, the industry dynamics, the competitive situation, the structure of the market, and the organization itself will be the first logical step in the strategic analysis. Environmental forces, which are largely uncontrollable by the organization, include economic, social, political, technological, and natural forces.” (Abratt, R., & Bendixen, M. 2019)

Political factors for this business and its location compared to its target audience of homeowners in minimal. Political factors are factors within the regulatory environment and in this case, have little to no bearing. This is an original technology product and service environment that has no plans that would be affected at a state or governmental degree outside of taxing. Profitability allows leeway in the interest of taxing. The barriers to international trade, changes in government regulation, employment laws, and country-specific political risk are all considered and within the profitability of the company.

Economic factors such as interest rates, inflation, and Gross Domestic Product (GDP) growth rates will be reflective of the current market trends. Because of the high demand for the current technology and a lack of businesses to provide service the company will have an excellent start-up and continued business stance.

Socio-demographic factors are short for social and demographic factors, which look at the population demographics and the characteristics of a company’s target customers. These are factors such as population growth, Education Level, Health Conscience and trends, nature and the environment, and age cohort changes. In Gainesville and the surrounding areas, the median and average household income is above the national average. While being on the outskirts of Washington DC the population continues to grow exponentially and is supported by growth in real estate and transportation to include roadways and services. Education levels are college AS and above with high concern of community health and religion.

Technology is competitive with the national average by many times over due to the technological growth and location of www services in the DC area. This keeps Research & development (R&D) investment, Scientific advances, emerging technologies, and Diffusion of technologies on the cutting edge, comparable to Silicon Valley and the corporations there.

SWOT Analysis

The strength that gives Hallmark Smart Home Automation’s a leg up on its competition are its location in a growing city and marketplace, The income and availability of money to purchase this technology and the place of the business itself in the heart of Gainesville and only miles from significant airports and supply hubs. “Results of a SWOT analysis can lead to a quick analysis of the situation, which remains approximate and incomplete. Also, the different aspects of the SWOT analysis do not necessarily exclude each other. For example, a new regulation can be perceived as both a threat and an opportunity for a business.” (Speth, C., & Probert, C. 2015)

The weaknesses of this business, just like any other business it’s starting up is to understand the marketplace, to build from the ground up, and to generate resources and availability for the future head. We don’t know what the future holds and what your business is going to do about profitability. So, because this is a growing business the future is unknown outside of personal drive and a willingness to succeed.

Opportunities in this business or wide and varied. The only thing that limits them is imagination. Many elements in this company’s external environment we’re going to allow it to formulate and to implement strategies to increase profitability. Those strategies are including but not limited to a high-profit margin customer base, and emerging market and population, and the growing need for technology and the product we provide.

Threats could be anything from a market change to a loss of technology to an uncompliant customer base. By understanding those threats, acknowledging them, and planning for them, you allow yourself to be more proactive and responsive to the risks at your door.

Conclusion

This paper detailed and proposed that everything we do today has technology designed to make it faster, more comfortable and less cumbersome for the end-user. It ranges from cell phones that are pocket computers to cars that drive themselves. Hallmark Smart Home Automation will be located at 14809 Lee Highway, Gainesville, VA 20155. From this location we will have a warehouse that houses our technology devices and vehicles to deliver services in Gainesville, VA, and surrounding areas.

This paper has shown the demand for education, installation, assistance, and upkeep of this technology far exceeds the market’s ability to provide service. The answer to this demand and the planned company is Hallmark Smart Home Automation. Hallmark Smart Home Automation has shown it will bring the best in technology to you and your home to utilize products that reflect your individual tailored and custom dream into a reality. Typical automation businesses use technology such as automated lights, sensors, and camera security systems by using the internet and automation control through a centralized, digital system. Hallmark Smart Home Automation systems can manage anything from your lighting to home security to HVAC services. Hallmark Smart Home Automation can also provide other services such as powering dryer, dishwasher, microwave, and entertainment electronics. Hallmark Smart Home Automation will deliver, install, teach you how to operate and maintain and upkeep your Smart home wants and needs. Why wouldn’t you want to call and use Hallmark Smart Home Automation?