MARKETING

Marketing Plan



Marketing Plan

Premise of Business Idea

Ever since recession has struck the economy of USA it has changed the mindset of the American consumer. Consumers have now become more budget conscious. Consumer behaviour has become inclined towards the concept of discount coupons. Today the concept of digital coupons represents a vast portion of the entire coupon market. The concept of digital coupons has opened new horizons and opportunities for the marketers who have a mission (Hart, 2007, pp.120).

Traditionally consumers used to read Sunday newspapers which was a vital source via which for years has enabled coupon business to display their coupon adverts. Now consumers read newspapers via their mobile devices. This internet oriented generation will not waste time snipping coupons of the newspaper. This consumer habit stimulated the marketers into exploring the online world and providing the service of e-coupons. E-coupons are flexible by nature and effective in enticing the online consumers. Advantages of digital coupons are that they offer maximum personalization, convenience along with protection against fraud. Secondly it aids in providing opportunities for socializing (Kurtz, pp.34, 2009). The annual compounded industry growth rate is said to be 22 percent in the year of 2011 which is 12 percent more from 2005. This clearly shows that the usage of coupon is bound to increase. LuckyMe which is a new product is feasible for a market like USA.

Mission Statement

The mission statement of LuckyMe is “Let's make life easier together”.

Potential Foreign Market

The potential foreign market which can be our next destination is United Kingdom. Based on Figure 2 the annual compounded industry growth rate is said to be 57 percent till the year of 2013.

Our Target Market

Our brand is targeted towards the Students residing in the USA. Students who are willing to eat in restaurants across the USA. The offers can also be availed by anyone who is interested in dining out (Gay, pp.185, 2007).

Analysis of the Target Market

The list of international students is our prioritized target market considering that they are from foreign countries and belong to a different set caste and creed. They study and do job at the same time to support themselves beside the support that they get from the families. Food is said to be one of the issues that is faced by the foreign students in terms of monetary value. They are the target market who is most likely to resort to such discounted coupons to save money. The natural born students who have their families with them are our primary target market as well. (Mintel, pp.56, 2005).

Analysis of the Business Model

Basic Business Model

Detailed Business Model

Our Marketing Mix

Product

Our website will be in business relationship between restaurants. The consumer will make pre-payment before acquiring the coupon. There will be large discounts for collective buying. Longer time span of availability will ensure that there is no panic. This will be advantageous since the other sites tend to induce panic. This feature will intrigue the customer and eventually stimulate him to spread the word (Arden, ...