Marketing Plan for FAB CBD company
Executive Summary.
FAB CBD company is well of its oil production for human consumption. The FAB Company produces CBD products by using Hemp from Colorado. The CO2 extraction method is the only means of extracting the oil, which makes it free from any impurities. The company is based in Charlotte, North Carolina, with its headquarters located in Milwaukee, Wisconsin, a city in the Midwest of the United States and an office in Manchester England. It was founded in 2017 by Josh Delaney. It was small to mid-size with approximately ten employees when it started, but the opening of new branches has led to increased employees and expansion of the company (Malone, L. 2019). The company aims not only to avail quality CBD products to the customer but also bring up a health community by using their oil. There are a variety of products which include CBD Tinctures, CBD Topicals, CBD Gummies, CBD Vapes, CBD Treats, and Vegan Superfoods. One of the well-known slogans for the company is the “CBDMOVEMENT.” FAB CBD model aims to pioneer a new generation that lives healthy by providing preventive measures and products.
Strategic Plan.
The mission of the company is to aid in developing the best quality products that are to bring into existence a generation living a lifestyle that is well presented in terms of health. This is through science, innovation, and supremacy of the organization (Carneiro, G. & Thomas, 2017). The main goal for the organization when it was founded up to now remains the same. It is to create a variety of related products that will cater to everyone’s needs comfortably and effectively by adding hemp to produce a high-quality product. The company has been in a position to competently provide a high-quality product at an affordable price to its customers and proliferate since it was started. This is also a marketing plan that the company intends to use in the future for expansion of its market.
SWOT Analysis.
All organizations have their strengths, weaknesses, opportunities, and threats that they are facing. FAB CBD organization, too, has various strengths. They include the high-quality product that it produces, which gives it a competitive advantage over its competitors. Research shows that the quality of the products from this company cannot be questioned. Offering the customer various products from the same product line gives them a chance to choose which best fits them. The company has embraced this tactic, and it has helped win more customers to buy their products. The oil products from FAB CBD are packed in different sized packages or bottles, which helps cater to all customers regardless of the amount of money one has. The high experienced workers are capable of analyzing what the customers want and provide it to them. The organization’s weakness includes the fact that it is new to the market and competing with the already existing organization with broader markets and resources may make it collapse. Other defects include the high cost of delivering the products to the consumers and the small product selected.
External opportunities for the organization are numerous, which include the ready market locally as well as globally. Through the right adverts, promotions, and customer loyalty, the organization has the chance to grow its market. The favorable government policies that enable the organization to carry on its commercial activities and favor its growth are also an opportunity. Easy access to the raw material allows the organization to conduct its processes efficiently and make them ready for the customers in time. The primary threat for the company is the well-established competitors with resources and existed before it. This gives a competitive advantage over FAB CBD, making it hard for penetration into the market. It may even lead to the organization collapsing. Don't use plagiarised sources.Get your custom essay just from $11/page
Market-Product Focus.
FAB CBD Company is faced by superior competitors like the Plus CBD Oil Company and Charlotte’s Web. Each of these competitors produces products of distinctive uniqueness, which makes the customers prefer them to other products. For FAB CBD, its uniqueness of providing high-quality products attracts customers to buy more. The company is also well defined by the decent products that it avails for the customers, unlike the other pre-existing companies (Stark, J. 2015). The excellent reputation that the company has built to its customers due to the provision of high-quality products at a very affordable price is one thing that it looks forward to upholding throughout its growth. Creating a whole generation globally is the primary market or product focus through a preventative lifestyle.
Marketing Programs/ Strategies.
The company targets customers internationally. Their marketing programs are based on making their products available to the customers worldwide to prevent illnesses and cure some of them. Targeted customers include those suffering from mild chronic conditions, stressed up, and want some relief or one who want to recover from an exercise and those suffering from lack of sleep. The organization can avail the products to its customers globally through its online sales that have been very efficient at very affordable prices. The products are shipped to various countries to make it easy for consumers to access them. Online advertisements and promotions have been the most efficient and productive way of growing the market of the company through the use of blogs and ads promoting. The company has gained more customers by giving them the priority of trying their new products freely. It provides a 20% offer for those buying its product for the first time, which makes one want to buy and continue buying due to its affordable price and high quality.
Finances.
For the organization to grow, finances have to be incurred in promotions and advertisements. FAB CBD Company has invested in websites to promote its products, which are not enough as convincing customers or the unpenetrated market to visit it and buy the products to gain from it is also required. This is through the use of social media, the use of emails, and even paying the advertising platforms, for instance, Facebook, among others, which is very costly (Blackwell, E. 2011). The 20% discounts offered to the first time buyers reduces the organization revenues, and it is a loss if the promotion strategy does not pay off. The company incurs the shipping price as a way to attract more market, which is highly expensive. This promotion strategy is risky, but worth implementing as it helps attract more customers. Offering a discount to the first time buyers help penetrate new markets and acquire new customers rapidly. The lowering of prices or availing the products at an affordable cost is highly efficient for the organization and pays off much. The company should strive to deliver their quality products a price lower than the market price so as new markets can be acquired and retain the loyalty of the already existing.
Organization.
Proper organization and management of the FAB CBD company have enabled it to survive and grow during its young age or startup period. Transparency and commitment of the parties involved in undertaking the dairy activities remain the most reasonable reason for the success (Picot, A., Reichwald, R., & Wigand, R. T., 2008). The organizational strategy of producing less but quality has shown that the company puts quality before quantity. Promising what is best for the consumers by the management of the company is the primary task. From the top manager to the junior workers, efficiency and maintenance of high-quality production are uphold to ensure the market gets what it expects from the company.
Implementation Plan.
Putting into action, the well-strategized marketing plan is essential since it is only then that results are experienced. First, the entire organization has to be aware of the marketing plan and be approved by some stakeholders. Make the marketing plan well familiar with the workers by documenting it and supplying it to them. Communicate it through various means like the use of articles and newsletters to the employees (Rababah, K., Mohd, H., & Ibrahim, H., 2011). Making them understand the benefits the promotions will bring to the customers is very important. Keeping in touch with the marketing manager is also essential to keep one informed of any changes. Carrying on the marketing plan is then the crucial next step.
Evaluation and control.
After implementing the marketing plan, evaluation, and taking control of situations that are not responding as planned is necessary. Standards that a specific project should reach is essential. For instance, giving a discount marketing plan should acquire a particular size of the market. If it does not, action should be taken to ensure the standard has been met. Measuring performance helps evaluate how efficient the marketing plan is. The differences between the plan and the actual performance of promotion and advertisement are made to identify what should be done more or what should be done less. For instance, offering a discount to new customers yields more revenue than expected while using ads promotion produces less. Thus appropriate actions are taken to ensure both earns revenue as planned. Feedback is necessary after the implementation of a marketing plan, which can only be obtained through evaluation and control for decision making.
Reference.
Malone, L. (2019) Do Hashish Suppositories Work?| Challenge CBD.
https://ecohempoil.com/2019/07/03/do-hashish-suppositories-work-challenge-cbd/
Carneiro, G., Thomas, H., Olsen, S., Benzaken, D., Fletcher, S., Méndez Roldán, S., & Stanwell-Smith, D. (2017). Cross-border cooperation in Maritime Spatial Planning. Final Report.
https://www.oceanbestpractices.net/handle/11329/499
Stark, J. (2015). Product lifecycle management. Product lifecycle management (Volume 1) (pp. 1-29). Springer, Cham.
https://link.springer.com/chapter/10.1007/978-3-319-17440-2_1
Blackwell, E. (2011). How to Prepare a Business Plan: Create Your Strategy; Forecast Your Finances; Produce That Persuasive Plan. Kogan Page Publishers.
Rababah, K., Mohd, H., & Ibrahim, H. (2011). Customer relationship management (CRM) processes from theory to practice: The pre-implementation plan of CRM system. International Journal of e-Education, e-Business, e-Management and e-Learning, 1(1), 22-27.
https://s3.amazonaws.com/academia.edu.documents/32561951/004-C00077.pdf?response-content-disposition=inline%3B%20filename%3D004-C00077.pdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAIWOWYYGZ2Y53UL3A%2F20191210%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20191210T135714Z&X-Amz-Expires=3600&X-Amz-SignedHeaders=host&X-Amz-Signature=e2a3b601b7840b60d7930fa4ae7852d930f85ae670dadcd6aba3e24024f37de4
Picot, A., Reichwald, R., & Wigand, R. T. (2008). Information, organization, and management. Springer Publishing Company, Incorporated.
https://dl.acm.org/citation.cfm?id=1386894