Posted: May 1st, 2022

Florex Marketing Plan MKT 504

Florex Marketing Plan MKT 504
Marketing Strategy for Florex

MKT 504 is an abbreviation for Market 501.

Florex Product Proposal and Marketing Strategy
Description of the Product
Designed for both men and women, Florex is a famous branded fashion timepiece with a timeless aesthetic. This high-end timepiece is built of plastic casings and has excellent timing capabilities. There are many variations for both men and women to choose from. Additionally, the watch includes a casing that has several programs that allow users to access a variety of services, such as messages, their body pressure, and music among others. The Florex brand will be released in around 20 to 30 various designs within the first year of operation. Like other modern and classic watch designs, the casings of approximately one-eighth of these goods will be constructed of metal. A series of licensed watches will also be developed, featuring new designs with diverse shapes for consumers under the age of 18 as well as licensed characters from movies and television. Our technology makes it possible to construct timepieces with the faces of cartoon characters for youngsters to wear.
Belgium is the country in which I aim to advertise Florex. This is one of the world’s fastest developing countries, with a per capita income that ranks sixth among the world’s richest. The inhabitants of Belgium have high discretionary incomes, which allows them to consider lifestyle as the best area for growth in their country’s expenditures, according to the World Bank (Bornstein, 2022). When it comes to culture, Belgians place a high emphasis on privacy and prefer a comfortable and secure lifestyle. As a result, Florex is created to suit their privacy requirements while still allowing them to enjoy life. Florex is designed to operate in any language that meets the demands of the users, which is particularly important given that they primarily speak French and Dutch. Belgians, on the other hand, are self-disciplined and hardworking. Florex will be successful in Belgium because it gives people with the option to be always on time and to monitor the progress of their projects. The current exchange rate between the Belgian Franc and the United States Dollar is roughly 35.115 EF/USD. The information provided here will be appropriate for our product development needs.
Plan de l’entreprise
Costs of production
Because Florex is a high-end timepiece, there will be additional costs connected with the highest-quality products. The overall finish of the watch, the materials used, and the mechanism are all factors that will be taken into consideration. For each unit of this product that is developed, it will cost around $1,500 in development costs. This covers the costs of marketing, tooling, personnel, and the establishment of a dealer network. The OLED display, which costs roughly 250 dollars and is the most expensive component of Florex’s development will be the most expensive (Stock et al., 2021). The AI1 processor, which costs approximately 150 dollars, is the transmit component with the highest cost. Florex will cost approximately 700 dollars if you price everything out to obtain the same level of materials and construction. The remaining 630 dollars will be used to fund Florex’s advertising and sponsorship expenses in order to maintain the brand ‘exclusive’ and to justify the increased price tag associated with making the watch more distinguished, respectively. Florex will be developed in the United States before being marketed for sale in Belgium. When it comes to logistics, Florex will be brought to Belgium via air transport, where it will be received and handled by several suppliers in Belgium who will then distribute the products to various merchants throughout the country. The salaries of the employees, which are anticipated to be $900, are the other costs that will be incurred in the course of the manufacturing process. We will initially employ five workers in the warehouse and one administrator in the office, which will be our starting labor force. Thus, the total cost of the salaries comes to $5,400 in total. Another $20,000 will be spent on other running expenses including rent and electricity, as well as on the costs of distribution. The initial expenditures associated with developing the product are $101,300, based on the assumption that fifty watches will be produced in the first run.

Plan de marketing (also known as a marketing strategy)

Florex’s marketing plan will define the methods that will be implemented in order to introduce the product to the market and make it popular among the target audience. The plan will explain the actions that will be implemented in order to facilitate the introduction of the product into the market. The strategy will also serve as a guide for the decisions that will be made about the product in each of the distinct segments. The marketing plan is an integral aspect of the overall organization’s strategy, and it directs the measurement of the metrics that are used to determine whether or not the product’s revenues are increasing. Research will aid in the understanding of the market by providing an understanding of the tastes and preferences of consumers, which will aid in the selection of a marketing mix that is appropriate for the product.
Analysis of the 4 P’s
Product
Founded in 1997, Florex is a prominent fashion watch company that caters to both women and men. The product is made of plastic and has a high level of precision in its timing. The watches are available in a variety of styles for both men and women, which allows the target market to easily distinguish between the two. The products fulfill the needs of the clients, and it is at this point that varied applications allow the target market to operate the watch with the least amount of difficulty. Some of the functions of the watch include messaging applications, the ability to play music, and the ability to measure and monitor body pressure. As a result, the design of the watch allows it to be competitive in the industry.
Price
Price competitiveness will be a feature of the watches sold by the Belgian label. The watch will be made of high-quality materials and will be reasonably priced to provide consumers with good value for their money. Approximately USD 125,000 will be the approximate price of the product, which will vary depending on aspects such as the design and popularity of the collection in the market. The pricing of the product will enable the company to cover the costs of production while also increasing its market share in the Belgian market. When first entering the market, offering a competitive pricing will aid in establishing credibility with potential clients.
Affiliation (distribution and Logistics)
Product logistics and distribution will be handled by the suppliers and merchants, respectively. There will be a flagship store in Belgium, which will make it easier for customers to get their hands on the goods on the market. The corporation will have greater control over pricing and marketing of the product in Belgium because there are just a few retailers in that market (Cooper, 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers). The shortening of the distribution chain will ensure that the items reach their intended customers as quickly as possible. As a result of the collaborations with high-end retailers, the product will be available to customers at the appropriate moment.
Promotion
The product will be promoted primarily through the use of personal selling. The store will have ten sales agents who will be trained on the product’s features and overall quality before opening its doors. The product will be promoted aggressively on social media, billboards, television commercials, and by word of mouth in order to raise awareness of the product in the market.
PEST Analysis is a method of identifying potential threats to a business.
Political
The launch of a new product into the market will be guided by the examination of the political context. Belgium’s market is politically stable, and its citizens’ and political rights are safeguarded there. There are only minor threats, such as corruption, terrorism, and scandals, which makes it feasible to bring the product into the market with little difficulty (Dekoninck & Botteldooren, 2020). New enterprises are encouraged to enter the market by the absence of significant commercial barriers.

Economic

Belgium’s economy has been ranked as one of the world’s most continually improving, according to the World Bank. The country’s gross domestic product (GDP) is 473.1 billion euros (Bornstein, 2022). Due to an improvement in the economy, there is an increase in disposable income, which allows consumers to afford more luxurious products.
Sociocultural
In Belgium, the business culture is geared on enhanced communication as well as the achievement of a healthy work-life equilibrium. Belgians are obsessed with social status symbols, and they seek to live a luxurious lifestyle (Bornstein, 2022). Since a result, Florex will benefit from the increased demand for high-quality products in the market, as consumers have a strong desire for luxury.
Analysis of Technological Developments
Belgium is a hotbed of invention, and this can be seen across the board in the market’s various industries. Florex will be able to successfully penetrate the market as a result of the active setup of the startups and a market that is continually increasing. Because of technological advancements, the market is very competitive, which provides an opportunity for the product to grow.
Analysis of Strengths, Weaknesses, and Opportunities
Strengths
Because of the superiority of the brand, the product is highly distinct from the competition. Consumers are drawn to the watch because of the high level of craftsmanship and the unique design. Due to the fact that the manufacturing process recognizes the tastes and preferences of the consumer, the product is exposed to a series of quality tests and inspections. Florex’s development plan is excellent, and it is designed to stay up with the various trends that are now prevalent in the industry.

Weaknesses

One of the product’s shortcomings is its pricing, which does not compare favorably with that of the competition. The price is higher and this might limit the customers, especially those that do not belong to a certain segment. The creation of a niche market will assist in creating value for the customers as this allows for the increase in revenues as the volumes increase. Another problem is the difficulty of maintaining a positive image in the luxury market. It means that Florex has to be consistent in the luxury market as a slight problem will lead to a decline in sales.
Opportunities
The opportunities presented in the market for Florex includes the changing taste and preferences of the consumers. Customers in Belgium have a high purchasing power and this is due to the high disposable income. They invest in quality brands and this creates an opportunity for Florex to penetrate the market. Investing in premium brands leads to the growth of the company in the Belgium market and with the stability in economic growth, it becomes easy to penetrate the market (Dekoninck & Botteldooren, 2020).
Threats
The threats that the company is likely to face include increased competition from brands such as Rolex, Phillippe, and Richemont. In navigating the market, the company should ensure that they understand the consumption patterns of the customers as this helps in countering the increased competition in the market. A seasonal slowdown in the economy is a threat and this affects the uptake of the product in the market (Bornstein, 2022). The marketing plan is critical in understanding the changing needs of the consumers in the new market. The Belgians are aware of their surroundings and have a high affinity for luxury products. It makes it easy for Florex to penetrate the market as the quality of the watch and its luxurious design will be attractive to consumers.

References
Bornstein, M. H. (Ed.). (2022). Parenting, Infancy, Culture: Specificity and Commonality in Argentina, Belgium, Israel, Italy, and the United States (Fifth ed). London: Routledge.
Cooper, R. G. (2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47. https://doi.org/10.1016/j.indmarman.2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online.07.005
Dekoninck, L., & Botteldooren, D. (2020). Regional environmental noise indicators: SWOT analysis and future developments. In e-Forum Acusticum 2020 (pp. 1663-1665). https://biblio.ugent.be/publication/8705661/file/8705663
Stock, G. N., Tsai, J. C. A., Jiang, J. J., & Klein, G. (2021). Coping with uncertainty: Knowledge sharing in new product development projects. International Journal of Project Management, 39(1), 59-70. https://doi.org/10.1016/j.ijproman.2020.10.001

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