Marketing plan for Black Timing Chip

Introduction:

Black Timing Chip is a Race Management Service. This firm is planning to launch a national level race service by not only popularizing the different races but also by making it widely acceptable with high levels of charisma in marketing the races and also by using higher visibility for participation in these races by educating and creating awareness of the same .

Marketing plan for Black Timing Chip

Marketing plan of any company is prepared and operated at tactical and strategic level. The strategic marketing plan defines target markets and products or services that will be offered by the company on the basis of value perceived by the customers. All these activities are carried out on the basis of an analysis conducted to find out best available market opportunities. On the other hand, tactical plan describes marketing tactics i.e. product features, merchandising, promotion, pricing, distribution channels, etc. These planning are implemented at various levels of organization, monitoring results, and taking corrective actions on any deviation from the predefined objectives (Kotler, Keller, Brady, 2009)

The target market:

This is an untapped market with very few people even being aware of what the company is planning to sell. Hence the whole population especially the youth will be the definite target . The chances of making money legally are very high. This is the concept that has to be driven into the minds of people as this is just a race and not gambling or speculation .One has to participate in this event to win .

Since these events of obstacle races are extremely difficult and very tough, people who take part in them must be very gutsy and willing to participate. This is the challenge and this should be the marketing philosophy. Consumers will look at the product because every human by nature is adventurous and likes to take up very tough challenges. The motivation that more and more people should participate in such obstacle races is what is targeted at.

The market convictions:

The market is a definitely ripe one. People want to take off on some adventure every weekend. An opportunity to be adventurous and gutsy is in the neighborhood and so participation of local people will definitely be there. The market conditions are still in the initial stages with such races not being so popular but as more and more awareness and promotion for such events are done this craze will definitely catch the people’s eyes. Presently the financial sector is the most typical market for such races. The people who have participated have said that it has been a tremendous stress buster after being in their hot seats for five full days.

This is the message that needs to go around. The market is broad and there is no demographic segmentation of the market. The niche segment has not yet been established.

The consumer behavior is what decides the success of this venture. The market has to be an adventurous fun loving one. There are no dangers in these races as has been proved. The race just costs a few dollars in registration fee and a good pat on the back if people are able to overcome the obstacles. There is no prize money but a sense of achievement. This is what the consumer needs and hence the race is open to all.

The competition is just beginning to catch on. The races are already held by few clubs as organized events. The Black Timing Chip can bring in more participants through its online registrations and logistics distribution of racing events. The firm is now developing software that will allow for people to register for such races from wherever they are and also allow them to participate in nearest towns where Black timing Chip has such events being held. Since the market is largely empty, the untapped space could be the competitive market for the firm.

The firm has an elaborate highly personalized event management campaign design not only to attract participants but also to improve enrollments. The event mangers and participants are all those who have already taken part in such races hence, they hold events in a very personalized careful manner speaking to participants and getting their confidence.

Conclusion

A simple marketing plan is what s required for the firm. This simplicity will attract customers as the message is clear and bold .Simple fun adventure and elation of spirits is what the company will offer to its market.

References:

Kotler Philip, 1997, Marketing Management: Analysis, Planning, Implementation, and Control, Ninth Edition, Prentice Hall, U.S

Kotler Philip, 2000, Marketing Management, 10th Edition, Prentice Hall, USA.

Kotler, P., Keller, K.L., Brady, M., Goodman, M. and Hansen, T, 2009b, Marketing

Management, 1st European Edition, Pearson Education Ltd, Harlow.Kotler, P. and Keller, K.L, 2006, Marketing Management, 12th Edition, N.J. Pearson Education Inc, Upper Saddle River