Marketing Plan Strategy
A strategic marketing plan is a document or action that gives direction and structure to the company’s marketing activities over a specified period of time (Schildge, 2018). Luxury-Pedic is a start-up company that wants to launch its new set of luxury mattresses, and the brand manager needs to develop marketing strategies that will appeal to the target market. Founded in 2014, the company offers a product line that focuses on creating quality mattresses that provide relaxing and comfortable sleep. By providing quality products at competitive pricing, service experience, and an excellent warranty, the company will stand out. The company will realize critical market penetration by using competitive pricing strategy and market challenger strategy. Furthermore, Luxury-Pedic will prosper based on the following principles: a solid business model, recruiting a top-management team; careful evaluation; and long term planning.
Market Summary
Luxury-Pedic acknowledges the current market and has carried out extensive research so as to understand the common attributes required in the target market. The research will be utilized to acknowledge the needs of the consumers and the market. The target market for the company would include the following: Mattress Involved, Healthy and Content, Sleep Sufferers, Apathetics, and Brand Selectors (BedTimes, 2009). There is no specific geographical target for selling the mattress. By utilizing internet sales, delivery services, in-store sales, Luxury-Pedic aims to serve both international and domestic customers.
Social and Ethical Issues for the Mattress Industry
The common issues facing the mattress industry are;
- Price guarantees: Most mattress firms guarantee low prices and use a number of tricks that make it sound valid and real (Kozin, 2017). Firms use everything from ‘your mattress is free if you can find it’ to ‘double your money back and many other scenarios. The issue is that it is close to impossible to locate the same mattress at any local store because of the phenomenon of needing the manufactures to change the names so as to do away with price comparisons and protect their profits.
- Misleading sleep guarantees: Most medical experts have agreed that the issue of bed bugs in urban areas is a result of used mattresses being sold in the illegal black market. Companies have been caught selling used mattresses with nasty bed bugs that lead to illness.
Target Market, and Strategy
The Luxury-Pedic mattresses focus on three various areas of the target market. The first will aim at the medical needs of consumers. The medical benefits of these mattresses range from increased recovery times, increases circulation, decreased: pains, soreness, and aches, and an increase in general comfort, which improves night sleeps. The second target will aim at consumer comfort. The mattress line will be provided in three various comforts from plush, pillow-top, and firm, enabling a consumer to identify the mattress that satisfies their comfort needs. The third area will be consumer value since the Luxury-Pedic line will be cost-effective to encourage more customers to buy. If these three strategies are implemented focusing on target marketing and consumer segmentation, Luxury-Pedic will establish a stronghold in the foam market.