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Hello, Dolly Marketing Plan

Paper Type: Free Assignment Study Level: University / Undergraduate
Wordcount: 4147 words Published: 3rd Nov 2020

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Table of Contents

  1. Executive Summary
  2. Situation Analysis
    1. Company Analysis
      1.    Company Objectives
      2.    Marketing Objectives
      3.    Company Resources
      4.    Marketing Program
      5.    Marketing Collaborators
    2. Customer Analysis
      1.    Product – Target Market
      2.    Demographic Data on Target Market
      3.    Customer Needs
      4.    Qualifying and Determining Dimensions
      5.    An In-depth description of Target Market
    3. Competitor Analysis
    4. Market Analysis
      1.    Economic Environment
      2.    Technological Environment
      3.    Political and Legal Environment
      4.    Cultural and Social Environment
    5. SWOT Analysis
      1.    Strengths
      2.    Weaknesses
      3.    Opportunities
      4.    Threats
  3. Specific Marketing Objectives
  4. Differentiation and Positioning
  5. Marketing Strategy
    1.  Target Market #1
      1.    Product
      2.    Price
      3.    Promotion
      4.    Place
    2. Target Market #2
      1.    Product
      2.    Price
      3.    Promotion
      4.    Place
  6. Implementation and Control
    1. Implementation problems to overcome
    2. Control
    3. Budget
      1.    Total Budget for Marketing Plan
      2.    Monthly Expenses
    4. Sales
    5. Forecasting
    6. The timing of Implementation
    7. Contingency Plan

1. Executive Summary

Hello, Dolly is a family owned business operating out of Dallas, Texas. Hello, Dolly designs and manufactures customizable therapy dolls for those living with Alzheimer’s dementia. This marketing plan illustrates our market segments and the strategies we are employing to get customers and create a solid revenue stream. We are not just any doll company, we strive to educate and provide the amazing benefits of doll therapy to facilities and family members caring for those living with Alzheimer’s dementia. We pride ourselves in offering customizable features in order to bring the doll to life and enhance the benefits that come with each doll. We have found our current customers being very satisfied with Hello, Dolly therapy dolls and our customer retention is high. There are a couple competitors in the United States and the United Kingdom who serve our target market – some of whom reside in Dallas. With the rapid growth of senior facilities in the southwest region, Hello, Dolly creates many opportunities for acquiring customers in the area.

2. Situation Analysis

2.1 Company Analysis

Hello, Dolly is located in the town of Dallas, Texas. Dallas has a population of around 1.3 million people, 10.5% of that being people over the age of 65. We have been in business for about a year, leasing out a facility big enough to manufacture our products that we intend to launch. Now since we have gotten a small clientele and inventory of the materials needed for the dolls, we are marketing to facilities caring for those with benefit from our product the most.

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2.1.1 Company Objectives

In evaluating new opportunities, Hello, Dolly tries to keep focused on the values and goals that we have for our business. Our mission statement states that we “aim to change the approach of care and support of people living with dementia and all those involved in the journey.  We do not have a concept of suffering from dementia. Our concept is that individuals can live well with dementia.” Hello, Dolly’s general goals of the operation are as follows: -          Increase sales -          Develop and use a customer database -          Increase customer retention

2.1.2 Marketing Objectives

Since we are now focusing on marketing our product, Hello, Dolly strives to achieve the following: -          Develop brand awareness through a steady, month to month increase of new customers -          Develop an increase in sales while achieving a status quo state or a decrease in marketing expenses. -          Develop awareness of the benefits Hello, Dolly therapy dolls provide to those living with dementia.

2.1.3 Company Resources

The company resourses include human resources and physical resources. The current status is briefly outlined below: Human Resources. Hello, Dolly has a total of 15 full-time employees. Our Human Resources department will work with the company’s CEO to strategically plan HR initiatives that will benefit the company and encourage more efficient and beneficial work from our employees. They will direct all hiring and training procedures for new employees as well as continually educate the employees on company policies and keep the employee handbook current. Physical Resources. Hello, Dolly is located in Dallas, Texas. Our facility, equipment, land, inventory and other assets will be included in our physical recourses in order to promote and provide the benefits of each and every therapy doll created from our warehouse.

2.1.4 Marketing Program

The target market for Hello, Dolly products are people living with dementia within the southwest region of the United States. Product. We currently offer a wide range of customizable therapy dolls for people living with Alzheimer’s dementia as well as accessories for the dolls. We stand out for out high quality and how we give our customers the option to change the skin tones, eye color, hair color, clothes, and accessories. Price. Hello, Dolly products run between $100 and $150 depending on the features the customer can add to the doll. Our base model is 13” in length, weighs around 4-5 pounds, and which includes the option of a light or dark skin tone, brown eyes, brown hair, baby powder wafer folded into the fiberfill will cost the customer $100 which is 40% less than our competitors. Place. Currently, Hello, Dolly will specifically be marketed to the facilities in Dallas, Texas and eventually the southwest region of the United States. Promotion. We currently utilize a number of promotional techniques to acquire and retain customers. These include the following: -          Maintaining regular contact with each customer personally with monthly visits to each facility, phone calls, emails, and letters. -          Over the past few months, Hello Dolly has given out a variety of promotional items like business cards, brochures, and a complementary base model of a therapy doll to each facility in order for them to see first-hand how beneficial the doll can be.

2.1.5 Marketing Collaborators

Hello, Dolly works closely with an outside organization that helps us complete our marketing efforts. We work with the Alzheimer’s Association of Greater Dallas to constantly improve our products. We collaborate with them on what works, doesn’t work, and what could be added in order to benefit the resident more.

2.2 Customer Analysis

An estimated 5.7 million Americans of all ages are living with Alzheimer’s dementia in 2018. This number includes an estimated 5.5 million people age 65 and older and 200,000 individuals under the age of 65 who have younger-onset Alzheimer’s, though there is a greater uncertainty about that younger-onset estimate. 1 in 10 people (10%) age 65 and older have Alzheimer’s dementia The percentage of people with Alzheimer’s dementia increases with age. 3% of people age 65 – 74 17% of people age 75 – 84 32% of people age 85 and older The estimated number of people age 65 and older with Alzheimer’s dementias comes from a study using the latest data from the 2010 US Census and the Chicago Health and Aging Project (CHAP), a population-based study of chronic health conditions of older people.

2.2.1 Product – Market

The product – market for this marketing plan consists of the following elements: Product type: customizable therapy dolls for those living with dementia Customer needs: a cost-efficient way for facilities and family members to reduce aggression and anxiety and give the sense of independence to those living with dementia Customer type: people ages 65 and older who have been diagnosed with dementia Geographic Area: facilities in the Dallas, Texas area

2.2.2 Demographic Data on Target Market

In 2016, there was a total of 15,836 assisted living facilities in the United States with Texas having 1,101. Dallas has a total of 94 assisted living facilities who focus on memory care. 2.2.3 Customer Needs Hello, Dolly looked at our competitors’ products and prices and made a list of the possible needs our customers are wanting relating to therapy dolls. -          Low costs / Low prices – Because our target market is so small compared to other businesses in the doll market, we need to offer our clients a price that they cannot turn away from. We need to intrigue our customers by offering low prices for high-quality products. -          Standard Design / Customization – To set us apart from our competitors, we offer a customizable option on our website to make the dolls come to life. We do offer a basic model, like our competitors, which is very popular with our facilities who purchase from us. The customizable features are often chosen by family members who have been referred to use by the facilities.

2.2.4 Qualifying and Determining Dimensions

Hello, Dolly believes the market segments mention above could be combined and approached with a similar marketing strategy. With our base model costing the customer $100 and offering our customizable models costing $150, we believe that we will set us apart from our competitor and allow the patient to connect with our dolls on another level and be more beneficial.

2.2.5 In-depth Description of Target Market

Hello, Dolly’s marketing strategy will have to adapt to our two main target markets: -          Facilities and family members who care for those living with dementia within the southwest region of the United States who are currently customers of Hello, Dolly. -          Facilities and family members who care for those living with dementia within the southwest region of the United States who are currently NOT customers of Hello, Dolly.

2.3 Competitor Analysis

A close study of the therapy doll manufacturing industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative with your designs and market approach and be customer-centric and proactive. We are well prepared to compete favorably with other leading manufacturing companies in the United States. Our Competitors: -          Alexander Doll Company. Madame Alexander, the creator of the Alexander Doll Company, focuses on her impeccable quality and hands-on attention every step of the process. Alexander’s dolls are 19” long, have a soft body and weighs about 7lbs. They are not customizable and range from $140 - $200 plus shipping. -          Ellies Babies. Ellies Babies are silicone dolls made for adults. These dolls are 17” long, have a soft body and weighs about 5lbs. They are each handmade by one creator which means there is a long wait list for orders to be completed. They are located in the UK so their pricing is more expensive. They are not customizable and usually cost about $1,900 US dollars plus shipping. -          Ashton-Drake. Ashton-Drake offers a wide selection of unique reborn dolls. These dolls are handcrafted with RealTouch vinyl, are 17” long, have a soft cloth body and weighs about 6lbs. They are not customizable and range from $150 - $250 plus shipping.

2.4 Market Analysis

2.4.1 Economic Environment

The macroeconomic environment factors such as – inflation rate, savings rate, interest rate, foreign exchange rate, and economic cycle determine the aggregate demand and investment in the economy. Economic factors that Hello, Dolly should consider are: -          The skill level of the workforce in the Therapy Doll industry -          Labor costs and productivity in the economy -          Business cycle stage -          Economic growth rate

2.4.2 Technological Environment

Technology is fast disrupting various industries across the board. Hello, Dolly will not only do a technological analysis of the industry but also the speed at which technology disrupts our industry. Hello, Dolly will focus on: -          Recent technological developments of our competitors -          Technology’s impact on product offering -          Impact on cost structure in the therapy doll industry -          Impact on value chain structure in the Consumer Goods sector -          The rate of technological diffusion

2.4.3 Political and Legal Environment

Political factors play a significant role in determining the factors that can impact Hello, Dolly’s long-term profitability. Hello, Dolly can closely analyze the following factors before entering or investing in a certain market: -          Political stability and importance of Therapy Dolls in the country’s economy -          Wage legislation – minimum wage and overtime -          Mandatory employee benefits -          Taxation – tax rates and incentives

2.4.4 Cultural and Social Environment

Society’s culture and way of doing things impact the culture of an organization in an environment. Hello, Dolly will analyze the following: -          Demographics of the population -          Class structure, hierarchy, and power structure in the society -          Culture -          Leisure interests

2.5 SWOT Analysis

Hello, Dolly is in the business to become one of the leading Alzheimer’s and Dementia Therapy Doll manufacturing companies in the United States and we are fully aware that it will take the right business concept, management, and organizational structure to achieve this goal. With a proper SWOT analysis to conduct our business, we will be able to position our business to maximize our strengths, weaknesses, opportunities, and threats. Hello, Dolly has employed the services of an expert HR and Business Analyst with bias in the manufacturing industry to help conduct a thorough SWOT analysis and help create a business model that will achieve our business goals and objectives.

2.5.1 Strengths

Our core strength lies in the quality of our finished products, the power of our team and the state of the art and well-equipped hand-made therapy doll manufacturing factory that we own. We have a team of highly trained and experienced designers that produce the highest quality of therapy dolls.

2.5.2 Weaknesses

A major weakness that may count against us in the fact that we are a new therapy doll manufacturing company which means that we do not have the financial capacity to compete with multi-million-dollar manufacturing companies like Alexander Doll Company and Ashton-Drake.

2.5.3 Opportunities

The fact that we are going to be operating our factory in Dallas, Texas will provide us with unlimited opportunities to sell our products to a large number of individuals. We are located in a city that has a great access to senior housing and healthcare. We are the state that has the most assisted living facilities in the United States.

2.5.4 Threats

One of the major threats that we are going to face is an economic downturn. It is a fact that the economic downturn affects purchasing and spending power. Another threat that may confront us is the arrival of a new therapy doll manufacturing company opening in Dallas.

3. Specific Marketing Objectives

Within two years, our number of customers will increase by 20 percent or by 180 customers. Most of our new growth will come from new facilities partnering with Hello, Dolly products. However, additional growth will occur by word of mouth between facilities and the family members of their residents. By December 2019, Hello, Dolly’s predicts that our profits will increase by 10 percent from selling our therapy dolls and accessories to the assisted living facilities in the area.

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4. Differentiation and Positioning

An evaluation of Hello, Dolly’s strengths, weaknesses, competitors, and customers provides corporate the insights into opportunities for differentiation and positioning. This review suggests that Hello, Dolly can be differentiated from the competition by its high level of customer service, compassion for those living with dementia and determination to make a difference in their lives. These points of a differential lead to the following mission statements that best describes Hello, Dolly. Hello, Dolly aims to change the approach of care and support of people living with dementia and all involved in embarking on the journey. Living with dementia is often a life that is uncertain from day to day. As such, fear and anxiety are the very core of daily living. We aim to change that through a true person-centered care approach that not only involves therapy but also awareness of the impact one’s environment has on the behavior, character, and personality of someone living with dementia. We do not have a concept of suffering from dementia. Our concept is that individuals can live well with dementia. This positioning and differentiation will help drive the marketing strategy decision that follows.

5. Marketing Strategy

The marketing strategy will help emphasize that Hello, Dolly dolls are truly beneficial to those living with dementia. This is an important message to the families and facilities that care for those living with dementia. The customizable element in the product is used to keep those living with dementia calm which is often something difficult to do. The marketing strategy will recognize and account for the fact that there are two distinct customer groups to attract. To capture the awareness of both groups, Hello, Dolls recognizes that the groups are very different regardless that they are buying the same product.

5.1 Target Market #1

Non-customers

 5.1.1 Product

Customizable therapy dolls designed for those with dementia

 5.1.2 Price

Prices to be adjusted for inflation

5.1.3 Promotion

Word of Mouth, Brochures, Television commercials, Direct Mailings, Logo, Business Cards, Participation in Community Events

 5.1.4 Place

Assisted Living Facilities in Dallas, Texas

5.2 Target Market #2

Present or Returning Customers

 5.2.1 Product

Customizable therapy doll designed for those with dementia

 5.2.2. Price

Prices to be adjusted for inflation

5.2.3 Promotion

A website, Customer Database Enhancement, Brochures, Logo, Business Cards, Customer Satisfaction Surveys

 5.2.4 Place

Assisted Living Facilities in Dallas, Texas  

6. Implementation and Control

6.1 Implementation problems to overcome

The marketing plan will require the hiring of 15 full-time and part-time employees. These employees are necessary to assemble and package the dolls based on the orders received. Each would work 20 – 40 hours per week, annually costing the company $525,000 in salaries.

6.2 Control

The objectives of Hello, Dolly specifically targets for increased sales, an increase in customers and the development of a customer database. These goals will be monitored on a monthly basis by the office manager who will generate a report for the owner to review. Hello, Dolly also wants to be sure that it continues to deliver high-quality products and compassionate, individualized care to its customers. We will also monitor our monthly sales to assure that our sales targets, strategies and customer service delivery maintains our standards.

6.3 Budget

6.3.1 Total Budget for Marketing Plan

Advertising Television Ads      $14,000 Direct Mailings         1,310 Brochures              800 Website           1,400 Logo               600 Public Relationships Lunches       $10,400 Dinners        12,400 Presentations             900 Gift Baskets        13,500 Trainings             600 Promotions Warranties                  $18,000 Business Cards               60 Participation in Community Events        4,500 Customer Satisfaction Survey        1,310 TOTAL SPENT: $75,910 6.3.2 Monthly Expenses Advertising Television Ads        $1,167 Direct Mailings            110 Brochures                65 Website              116 Logo                 50 Public Relationships Lunches         $   870 Dinners          1,033 Presentations               75 Gift Baskets           1,125 Trainings               50 Promotions Warranties                     $1,500 Business Cards                  5 Participation in Community Events            375 Customer Satisfaction Survey            110 TOTAL SPENT: $6,651 6.4 Sales First year of sales of $250,000 - - - $25,000 sales in first quarter - - - $50,000 sales in second quarter - - - $75,000 sales in third quarter - - - $100,000 sales in fourth quarter AVERAGE REVENUE OF $100 PER CUSTOMER TRANSACTION First year Customer Sales of 2,500 Transaction - - - 250 transactions in first quarter - - - 500 transactions in second quarter - - - 750 transactions in third quarter - - - 1,000 transactions in fourth quarter

6.5 Forecasting

Hello, Dolly’s sales of therapy dolls grew by 6% from January through September 2018 according to our sales data. Our company expects to continue to grow through the remainder of 2018 from customers’ drive toward a healthier living for those with dementia as well as the higher price-points during the holiday season. For the year, Hello, Dolly estimates our sales to be up to 6.5%.

6.6 Timing of Implementation

The implementation of our therapy dolls will be done by the office manager who already takes care of the inventory ordering, time sheets, website orders, and scheduling of meetings with new facilities in Dallas for the owner to go out and market the products.

6.7 Contingency Plans

It is not expected that there will be an increase in price competitions due to the entry of the therapy dolls. Increased advertising might lead to an increase in industry advertising. Increases in advertising in steps of an additional $500,000 dollars up to $4 million, assuming no additional gains in market shares, have a fairly limited effect on our performance. Therefore, in the event that there is increased industry advertising, we are prepared to increase our advertising by as much as $1,500,000 annually. Our increase advertising also will allow us to react to lower than expected consumer awareness, fewer distribution outlets than planned, or less than expected consumer acceptance of Therapy Dolls.

         

 

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