Marketing Plan: Tick Tock Timepieces

Market:

We will sell various brands of watches at Tick Tock Timepieces. Some will be pre-owned and brand new. Our targeted audience will be between the ages of 18-54. We also will offer repair services as well.

Product Definition:

We will offer watches at a fair price and the customer will have the convince of trying certain watches on and will be able to be sized, for example.

Competitive Landscape:

Customers will be able to have other options when it comes to purchasing watches. For example, a customer would be able to buy the same watches online, however the lose the ability to try them on and see them in-hand. That is where our watch business has an advantage. Also, since we do offer repairs on watches, this will be yet another way we can gain customers.

Positioning:

Customers will realize that we have a large in-store selection and offer in-store features such as sizing and repairs. From these factors, we will hope to have the advantage when it comes to online sales.

Communications Strategies:

We will advertise through social media as we feel it is the most effective way of communication. Due to our large target audience, having company advertisements on platforms such as Instagram and Facebook, we feel would go along way. These company's also feature sharing capabilities, so customers could share their positive experiences with their friends on these platforms, potentially growing our name.

Packaging and Fulfillment:

We plan to display our watches in a very aesthetic way where they can capture the audiences attention, hopefully to increase sales. The more expensive watches will be kept in a glass case where they are also nicely displayed. This will create a sense of quality and luxury for the customer.

Launch Strategies:

We plan to advertise for the store strategically. Since we are not a huge company with other locations, we plan to advertise depending on location. For example, we would not want to be displayed on a customer's Facebook from New York if our store is located in California. Since we our local, using this type of advertisement would make the most sense as well as building customer relationships in the store.

Public Relations:

We want to ensure people have a positive view on our store. We will have contact numbers, emails, and a website to ensure customers can reach out to a store if they have any questions or concerns.

Other Promotions:

In order to get customers through the door and build or name, we may run promotions of select watches. We plan to run a promotion through advertisements as well.

Pricing:

Watches will be market priced. If watches are new we will sell them for what they our sold for retail. We plan to buy them for wholesale price from the supplier. For used watches, we will have a specialist come up with a fair used price.

Distribution:

We will be directly selling watches to the consumer. There will be no third party or middle man involved.

Vertical Markets/Segments:

This will be a vertical market as we will be specifically selling watches and no other products. We want customers to know our store only for watches.

International:

We do not plan to expand or sell internationally.

Success Metrics:

We will evaluate our store's success through our store's total number of conversions, our return or profit on products, and by our employee and customer satisfaction. We will also pay attention to our breakeven point, to understand where we are financially as a company.

Schedule:

Tick Tock Timepieces plans to have sales goals quarterly. We will record and track our store's sales to see if we need more advertising, for example. By tracking sales and profit we will also be able to have a break-even analysis, so we can find out if we are selling enough products to cover the store's expenses.