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Type | Essay |
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Perfect Number of Pages to Order | 5-10 Pages |
MKT 500 Marketing Management
Part A: Kings Kids, Inc. Marketing Plan
Paula King
MKT 500 Marketing Management
Part A: Marketing Plan (Kings Kids, Inc.)
Kings Kids, Inc. is a company in the childcare services industry offering daycare services. The company location is in Pontiac, Michigan, in the United States of America. I chose this location because it is a city where I know many people and could quickly gain clients and give parents an opportunity for affordable daycares that offer high-end quality services to children by ensuring that children are facilitated in acquiring early childhood education as their other needs are addressed. Also, with the increased concerns of the struggles experienced by single parents in catering for their kids, a facility that caters to the needs of children is necessary. The company will be driven by a passion for improving the welfare of children.
In providing daycare services, the company ensures maximum customer experience by differentiating the service to suit all potential preferences of the parents. With increased concerns of the parents on the health and well-being of their children and the sensitiveness of the child’s health, the company will offer a platform in which the parents can monitor the progress of the children. The live stream platform allows the organization to stream the children within the facility to the parents. The parents can watch every activity that the children are engaged in throughout the day. Another element considered part of the service package is food, where kids enrolled in the facility will be served quality meals customized to enhance efficient growth and development. The meals will be prepared and served by professionals, thus ensuring health standards are met for the child. The company will hire top professionals in early childhood development who are responsible for handling the kids while in the facility and ensuring the cognitive and physical development takes place as required to enhance the child’s optimal growth. In providing the children’s safety, the company has implemented a surveillance system that monitors the activities in the daycare facilities and the surroundings through high-tech cameras installed on the company’s perimeter walls. The Daycare has employed keen strategies to ensure few visitors reduce chances of adverse events such as kidnapping, which are prone to kids. With the strategic location of the company’s daycare facility, there is a lower likelihood of events such as accidents occurring at the school premises. With the increased size of the target market in Michigan, there is a need to create more awareness of the company and its services through enhancing marketing activities. This is attained by first developing a marketing plan.
The marketing plan developed outlines various ways Kings Kids, Inc. can improve its ability to build more sales and a broad customer base. This entails methods, goals, and objectives which contribute to the set mission of the company. Goals will be classified as long-term, short-term depending on the duration at which the company aims at attaining the set targets. The marketing plan also analyzes the environment to determine what factors contribute to daycare services’ success in the market. It is significant in choosing the most appropriate strategy to follow in attaining optimal results from practical marketing efforts (Hollensen, 2018).
Mission Statement
The company’s mission will be “to offer affordable world-class services to develop a balanced and firm foundation for your kid’s bright future.” With the outlined mission, the company has maximized the quality of services provided and ensures a firm foundation for the children attending the facility. A balanced foundation as used in the context refers to the inclusion of different factors in developing the child’s skills. Which involves equipping the children enrolled in the facility with more skills other than academic skills, which will be evident through engagement in games at an early age. A firm foundation is developed on essential values in the life of the child. Among the values used include responsibility, integrity, and self-discipline. In attaining the values, the company will engage the children in different activities such as mind games to assess their resilience and assess whether they are ready for delivery. Affordability is the ease in making purchases of a product or service, which is generally contributed by the decline in prices. As much as the company focus on the quality of services applied, revenue generation is essential. Reaching the mission depends on the goals set by the company’s management and how the company will use in achieving the goals. An efficient system to track the company’s progress in realizing the necessary plans in confirming the company manages the overall mission.
To achieve a plan that uses performance indicators. By evaluating the results of the performance indicators, it is possible to assess the company and determine whether it has a chance of attaining the mission. The marketing plan will also measure the environment by evaluating various components of the external environment such as economic, legal, technology, among others.
Short-Term Goals
Within the first year, Kings Kids, Inc. aims to increase the enrollment to 200 kids and open one more daycare facility under the same brand. This will be reached by first doing market research to establish the preferences and wants of the parents who consider using daycare services. That will assist in designing and delivering customer-based services customized to the specific needs of the target market. That will be the primary blueprint to building the desired high enrollment.
Long-Term Goal
Kings Kids, Inc. aims at being the best daycare service platform in Michigan which depends on the quality of services offered by the professionals. That can interpret as the brand occupying the market leadership position in the childcare service industry. Achieving this goal requires the organization to commit resources towards attaining the short-term marketing objectives which contribute towards marketing goals. Under this goal, the desired increased number of customers determines the company’s progress in reaching the company’s overall mission. The company will apply the marketing mix strategy in attaining the market position. One of the elements is to use the pricing strategy to develop an affordable price that matches the value of services offered in the market. Setting the most effective pricing strategy must be based on the target audience of the services. In this case, the company is to be formed to assist single parents who find it difficult to raise young children and at the same time carry out as expected of them. Some of the single parents may find it challenging to raise income for their families and afford quality daycare services, which is why they consider affordability as part of developing an effective pricing strategy.
In monitoring the performance of Kings Kids, Inc., performance indicators must be implemented. One way to monitor the company’s progress in reaching the goals is by observing the feedback received from parents. This is done through the review system where parents will have an option at the company’s website to review the company and make suggestions to the quality and satisfaction of the company’s services. The company’s mission is rooted in serving the target market; it is vital to ensure that the goals are consistent. Any variation from the expected performance is addressed immediately before incurring the loss to the company through issues such as negative reviews from the parents, who are the indirect consumers of the daycare services.
Environmental Analysis
Kings Kids, Inc. must be well-developed and positioned well to counter factors in the external business environment. In assisting the company to attain the market leadership position, the plan must set up the appropriate considerations to create a good external environment for the business. One of the factors is competitive forces in the market, where the company is likely to face stiff competition. In ensuring the company is competitive enough, will apply differential and cost leadership strategies. Cost leadership will entail producing the daycare services at the least possible cost by focusing on less expensive inputs without compromising quality. For instance, the company aims at sourcing food materials from cheap but reliable suppliers, thus reducing the overall cost of meals served within the facility. Also, the company will give tenders to a live streaming company or third party who can offer all the needed streaming services and technology without the daycare facility running the technology itself. Will reduce the average cost for live streaming the organization’s activities to the parents, and the company will not have to charge high prices for streaming services.
Competitive Analysis
Differentiation as the second strategy in ensuring the company is competitive will be attained by first researching the market and identifying gaps such as in marketing activities. There are several daycare facilities in the city, but they do not offer the high-end quality Kings Kids, Inc. offers. Several competitors provide a safe environment, learning, and nutritional meals, and the average weekly from $130 to $192 a week and excepting funding from local social services. Kings Kids, Inc.’s average cost is $125 weekly and may be lower based on the income, except pay from other sources. The company will stand out because of the low cost and the live streaming available for parents and parental involvement through suggestions that can enable Kings Kids, Inc. to expand and flourish.
Economic Analysis
The economic aspect of the status in the economy is relative to the progress and success of the company. The changes in the economy have a significant impact on the growth of companies such as Kings Kids, Inc. Among the changes may include market demand, recessions, and fluctuations in interest rates. These factors affect the target audience in that they reduce the average household income for most families. With the change in household income, there is a change in the family’s consumption patterns in that the parents will have to consider the amount of money paid for daycare services. Parents always prefer quality service when offered. However, the purchasing power of the services will determine whether the child is taken to Daycare. It is the reason that Kings Kids, Inc. will focus on studying the economy.
Political and Legal Analysis
The company will not affiliate with a specific political side but will support the government. It is to ensure there is no bias against political divides in the country. But the company will abide by the policies dictated by law are complied with for maximum efficiencies.
Technological Analysis
Technology has made advancements in the childcare industry; the company aims at setting the pace in the use of modern technology to improve the quality of the services. This includes the use of online platforms to allow parents access to essential services such as payments, feedback, and inquiries directly with the daycare facility’s management.
Sociocultural Forces Analysis
The company aims at incorporating social-cultural elements through diversification. The company seeks to enroll children from different cultures thus must maintain a neutral cultural perspective and encourage multicultural diversity. A variety of games and conversations will take place to introduce different cultures.
SWOT Analysis
Strengths
Kings Kids, Inc.’s three main strengths are customer service, solid ethic background, and expertise. The customer experience will be designed in the company policy whereas, and parents have a closer connection with the employees and management in the delivery services. It gives the company an advantage over competitorsstrong ethics in its daily management and operations. Expertise takes place in hiring competent professionals in early childhood development, which will enhance the programs offered.
Weaknesses
Weakness within the internal business environment, such as a tight marketing budget, aims to spend less money creating awareness. Also, if there is an insufficient human resource contributed by the high cost of hiring each expert in the field. This could contribute to lower efficiency rates in the provision of daycare services (Gurl, 2017). Also, the weakness is a weak brand reputation in that the company has yet gained popularity in the market.
Opportunities
In the external environment, there are both opportunities and threats that should monitor. Three main options in the market include customer needs where there has been inefficiency in meeting all the requirements of daycare services required b modern parents, such as live streaming of their children. Pricing is also an opportunity in that there is a large target market willing to consume services from a producer who has a flexible pricing strategy. The company can focus on delivering the best customer service to target the customers for differential advantage (Becker & Jaakkola, 2020). If the customer needs are met, and the pricing is proper, it allows the company economic growth monetary and children. When the company can focus on delivering the best customer service
Threats
Threats in the market include variations in the market entry, which may affect the company is venturing into new markets. Change in laws and policies regulating child services may affect some of the company’s operations, such as live streaming in the company must be limited by rules despite maximizing customer experience. Also, the threats of competition where many daycare service providers are emerging with more competitive strategies to secure market shares. May affect Kings Kids, Inc. by reducing the company’s market share.
Conclusion
In conclusion, I hope that Kings Kids, Inc. grows and prospers because I have a strategy that addresses location, pricing, meals, diversity, and technology that the high-end Daycare is offering.
Sources
Becker, L., & Jaakkola, E., (2020). Customer experience: fundamental premises and implications for research. Journal of the Academy of Marketing Science, 48(4), 630-648.
Gurl, E., (2017). SWOT analysis: A Theoretical Review.
Heckman, James J., (2011). The Economics of Inequality: The Value of Early Childhood Education. American Educator, v35 n1 p31-35, 47 Spr 2011.
Hollensen, S. (2018). Marketing-Strategic and Marketing-Mix. In Einfuhrung in das Bildungs-und Kulturmanagement (pp. 31-44). Zeil-Zentrum fur interdisziplinares erfarungsorientiertes Lernen GmbH.
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