Micro-Choices, Max Impact Personalizing Your Journey, One Moment at a Time.pdf
Final marketing plan revised
1. 1
THREE-YEAR Marketing Plan:
Busi Suite Software
Xiaoqi Wei
MKT Roshan 3300-Sunny
002
Monica Reyes
Wisawan Kunchaethong
Abel Ghebreamlak
David Dowdle
Saul Mendiola
2. 2
THREE-YEAR Marketing Plan
Busi Suite Software
Table of Contents
0. Executive Summary
Busi Suite is a startup company founded by eight college students who recognized
challenges for small business owners. Approximately 8% of the United States workforce attempt
to start a new business each year. Most of these start-ups are entrepreneurs looking to reap the
financial benefits associated with a new product or idea, however, many of them do not have the
tools necessary to thrive in today’s competitive market. Our software is designed to assist
companies with sales, marketing, accounting, and customer reporting within their business.
The market analysis of Busi Suite in comparison to its competitors is the basis of the
marketing plan. The plan outlines the strategies for implementing the product into the
workforce, building brand recognition, and developing a growing customer base. It concentrates
on the strengths while improving the weaknesses to increase our profits over a three year period.
Since Busi Suite’s software assists new start-up companies we are considered a business-to-business
marketing.
1. Description of Business Enterprise
Organization Foundation
Busi Suite was started by eight Business and Computer Science major students at the
University of Texas at Dallas who saw the struggle many small businesses had with starting up
their company. Our aim is to provide software which gives step-by-step instructions to starting
companies until they no longer needed the instructions, but rather the interface itself.
Mission
The mission of Busi Suite is to provide a visionary, user-friendly business planning and
management software for entrepreneurs. We make it our goal to allow consumers to develop,
operate, and expand business undertakings with trust and confidence through our interface and
services.
Vision
The vision is for our software to :
· Re-define the world of business management for aspiring entrepreneurs
· Witness to the growth and development of our clients from the use of our software and
services
· To provide the highest quality interface experience for our customers
· Reaching a greater percentage of the market each year.
Core Competency and Sustainable Competitive Advantage
3. 3
In terms of core competency, Busi Suite seeks to achieve 1) to provide the highest-quality
software a business can purchase and 2) allow consumers to access business information from
virtually anywhere.
To translate these core competency into a sustainable competitive advantage; we will
implement Cloud computing in order to satisfy our customer’s need for convenience of accessing
their business information from virtually anywhere.
2. Market Analysis Related to Competitors
Companies Features Attributes Benefits
Busi Suite · Flexible software
interface
· Cloud computing
for desktop and
mobile
applications
· Allows users of
different skill
levels to access full
length of software
management
· Cloud-secured data
and easily
accessible file
transferring on
mobile platforms
· Integrated with
Peachtree and
TurboTax
· Greater self-respect
for all entrepreneurs
to have the ability
to manage their
enterprise
· Inner harmony for
clients to know their
information is
secured
· Freedom to have
complete control
over the logistics of
their company
Bill4Time
(competitor)
· Three ways to
manage account
· Time tracking &
Easy billing
· Reporting
· Accessible
anywhere
· Allows user to
focus more on their
business
· Shows Strengths/
Weaknesses
· Updated on business
activity
· Organizes business
information
· Creates opportunity
for improvement
Netsuite
(competitor)
· Real time
dashboard
· Provides three
business tools (E
Commerce, Acct
& ERP, CRM)
· Third party
Business
intelligence
· Gain business
intelligence, no
data warehouse
· Provides
technology
platform
· Link and draws
packages from
single data
compository
· Smarter and faster
decision making
· Customized
applications tailored
to fit your business
· Extends to other
businesses for
simpler planning
4. 4
SWOT Analysis
Strengths
1. Affordable cloud services
2. Endorsed by Zig Ziglar
Organization
3. Self-developed within company
4. Continuous advancement of the
software
5. Flexible for users of all levels
Weaknesses
1. Big gap in workforce if key employees leaves
2. Production rate slow due to lack of
employees
3. No national awareness
4. Doesn’t cover all segments
5. Rely on consumer feedback to fit needs
Opportunities
1. Useful for first time business
owners
2. High rate of entrepreneurs
3. Online Market
4. Fragmented Market
5. Legal/ Regulatory
Threats
1. Duplication of similar software by
competitors
2. Rapid technology growth lessens software
value
3. Weakening economy encourages less
consumer spending
4. Large competitors
3. Target Market and Product Focus
VALS Segments:
1. Thinkers: Our features align with their practical business needs and concerns for practicality,
durability, and functionality. These thinker consumers are:
· Entrepreneurs
· Market leaders
· Well-educated
· Value order, knowledge, and responsibility
· Open-minded
- Occupies 11.3% of the total population
2. Innovators: These consumers seek upscale niche products and services. They are often
associated as/value-
· Challengers
· New starters
· Challengers
· Self-esteem
- Occupies 10% of the total population
5. 5
3. Achievers: As consumers they value stability over risk, intimacy, predictability and self-discovery
and products that demonstrate success which Busi Suite bases its foundation around.
Achievers are:
· Time savers
· Self-discovers
· Self-helper
- Occupies 14% of the total population
Marketing and Product Objectives
Our goal for Busi Suite Software is to boost Busi Suite with an image of the highest-quality
software for startup and established businesses. The product will have an ease of use
interface with backup secure data cloud, and superb customer support at their convenience.
The purpose of the marketing is to meet the needs of the customers and to achieve its
goal to satisfy the market. This leads to creating the value while also developing a better product.
These will help boost the image of the company.
· Current Market - The Busi Suite Software will be grown by increasing distributions on a
larger scale and creating a market through alliances with Turbotax and Peachtree. This value will
substantially increase brand awareness over time and brand awareness will increase the brand
loyalty. Busi Suite Software will be recognized by the market and reach at least 3% customers in
the first year of its launch. This current market will be mostly spearheaded towards entrepreneurs
seeking desktop platform management tools.
· New Market - By the end of Year 3, the software will be ready to be served to major
corporations. Busi Suite Software will promote and support software for markets such as
attending events and exhibitions for target groups.
· Software Service – Sales are expected to reach $48,036,100 by the end of Year 1,
$112,084,700 by the end of Year 2, and $288,217,440 by the end of year 3.
· New Product - The Busi Suite Software will offer the different type of features for
different type of businesses to meet the customer’s needs and will offer an add-on option by the
end of Year 1. By the end of Year 2, The Busi Suite Software will be sold as a full complete
package deal, including the supports. Thus, the company will offer the software in multi-currency
by the end of Year 3.
Target Markets
Target market will be correlated with the market segments of the company. These 4
segmentation bases are defined as follows.
· Psychographic - Consumers that are entrepreneurs, self-employed, or independent
contractors looking for a software to help them plan, organize, and grow their businesses. These
groups have needs that fit our goals of offering high quality software with superior customer
support and service at their convenience.
6. 6
· Demographic - Our consumers need to be educated enough to seek the need of a software
that optimizes their potential business or current businesses alike. The income level helps
support our pricing strategy from the lowest level of affordability by the consumer.
· Geographic - Metropolitan and micropolitan statistical areas such as a single block of
office in downtown Dallas area and in New York City.
· Behavioral - Consumers that are regular users with intention to buy. They are situation-specific
who shop online or at specialty stores and events. This supports our placement efforts to
sell online through integrated sites such as TurboTax outlets and Peachtree outlets as well as
through conventions and special events with partnerships create with Zig Ziglar organization and
software review sites through search optimization.
The software is a tool for all business needs. The Busi Suite Software’s target markets
can be classified into 1 broad category.
· Entrepreneurs – This group is our majority customer base. The target market is
entrepreneurs who want to start up their own business in areas of high development. The
software allows operators to conduct business efficiently. This would be anyone who is
interested in starting a business and needing help with their accounting and taxes and to stay
profitable when coupled with TurboTax and Peachtree.
Points of Difference
The points of difference make the Busi Suite Software unique relative to competitors.
· User friendly - Busi Suite Software offers the easiest way to set up that guide the
customers through setting up and completing their plans. It is easy to follow instructions and it
can be faster and easier to start a new plan based on last year’s data. The interface is fairly simple
to take the customers through every step in each area. The software can be easily customizable
for different usage level from single to multi-function and one component of software to all
components. We offer some simple integration as well. For mobile platforms such as Apple or
Android, Busi Suite Software supports file sharing that allows anyone to transfer data from
smartphones to computers. The users can access the data easily from anywhere without
limitations.
· Secure -With a breakthrough technology, Busi Suite Foundation leads in the innovative
technology of cloud data security. The connections are more secure than others. The Busi Suite
has a stronger security that protects against individual failures. The Busi Suite provides an extra
security layer (firewall) and security gateway that secure host and even support security for all
customers. With advanced modern firewalls, customers’ privacy will be protected unless given
directions otherwise.
7. 7
· Superb customer support and services - The Busi Suite praises on its customer support
and customer services. We provide 24/7 support with the knowledgeable technicians along with
a free 24-hour online chat and call center supports and FAQ section. We offer online ordering
with a fast delivery. There are other supports and up-to-date news such as newsletters, emails,
social media channels, and quality controls supports.
· Approved by a respected organization - The Busi Suite Software is endorsed by the
Dallas-based Zig Ziglar organization. This endorsement provides a stamp of approval to our
product and added assurance to customers.
Positioning
Busi Suite is a premium priced software solution for small businesses. The product
targets entrepreneurs who care about ease of use, reliability, accessibility, and safety of their
data. For the thinkers, our features align with their practical business needs and concerns for
practicality, durability and functionality. For achievers, the ability to access their data and work
from anyway feeds their need to get things done in less time. Our high quality streamlined
software solutions delivers the best values to our customers through ease of use and access,
technical and program support, and a guarantee to protect their organization’s information.
4. Marketing Strategy
The 4 marketing elements of Busi Suite are detailed in the section below.
Product strategy:
Though singular in product availability- our software integrates different levels of user
access.
Introductory Level - At the basic level of Busi Suite, users are provided step by step
guidance and instruction through each step of the system through tips and on screen
demonstration.
Intermediate Level - At the intermediate level, the user is somewhat familiar with how
our systems works and thus has greater freedom to carry out already understood processes
without help or guidance. Via integration of user-to-developer communication metrics, we are
able to determine the exactitude of the user’s level of software aptitude, providing for seamless
transitions.
Advanced Level - At the advanced level, the user fully understands the very ins and outs
of the software. Focused towards established corporations, users additionally may skip the
previous stages of guidance if they already experienced with sales plan creations, account and
contact management, and the accounting software such as Turbo Tax and Peachtree. While
guidance is provided at earlier levels for interface and conceptual instruction, Busi Suite
intrinsically is designed to allow users absolute freedom and flexibility to utilize the fullest
extent of the software.
8. 8
Price Strategy:
Busi Suite offers a basic package including the software, instructions and, if need be,
installation CD itself. Though reasonably compared to the prices of similar products, Busi Suite
leads in the innovative technology of iCloud data security. For a price of $350.00, customers are
able to save and access data via Cloud computing from multiple devices. Both Android and
Apple compatible, users are able to enter and view data without the burdens of central storage
station. In addition, Busi Suite promises to uphold 100% data security and sustainability so that
only the customer has access to their information without the fear of it being stolen or revealed.
Placement strategy:
Busi Suite is currently offered through multiple channels for users to obtain the software.
Primarily, the most cost-effective and efficient method is through direct download via our
website with a computer that is able to run our software. However, if a certain consumer is
unable to buy the product online, physical copies of the software is then mailed and transported
to the customer. As Busi Suite and its namesake continue to grow, we will slowly expand our
software into segmented markets aimed towards both consumers and businesses alike.
Promotion strategy:
Key to our promotion strategy includes the endorsement and high software reviews,
leverage through the spreading via social networking, strong focus towards customer feedback
and flawless software sustainability.
Software endorsement and review - Though already endorsed by the Dallas-based Zig
Ziglar organization, our goal is to achieve top-of-the line software recognition by offering our
product through popular tech and media outlets such as CNET, or Softpedia. As our user base
grows, positive review and feedback on our customer will draw the attention of consumers and
business alike.
Social networking - Through popular social media tools such as Facebook, Twitter, and
YouTube, we are able to expand our community and forum to a vast array of users. As Busi
Suite garners popularity and respect in the spheres of social networking, others will come to seek
promotion and endorsement for what our software has to offer. Additionally, through our website
and blog, potential customers have the ability to understand and see the benefits of our software
and what it has to offer.
Customer Feedback/System operations - Through the prioritization of listening
implementing any complaints or feedback from our customers, we are able to constantly improve
and fix any errors or problems that deter users from a flawless interface. Furthermore, through a
reliable and trustworthy experience with the data of customers; we will set ourselves apart as
achieving perfection rather perfunctory.
5. Financial Projections
Sales Expectations
Busi Suite is expected to attract a minimum of 3 percent of the market in 2013, 7 percent
in 2014, and 18 percent in 2015. This bottom up projections are based on the results of
9. 9
marketing outreach aspects that Busi Suite will employ through product placement,
implementation controls, various marketing strategies, and through the target market.
Total Market Potential = 144 million
Innovators (11.3% TMP) = 16,272,000
Achievers (14% TMP) = 20,160,000
Thinkers (10% TMP) = 14,400,000
Target Market or # of Potential Accounts = 32,688,000
Product Revenues and Costs
Hard Cost per Unit = $50.00
Soft Costs (advertising, promotional, additional expenses) $20.50
Total Product Cost $70.50
Sales Expectations
Year 1 Year 2 Year 3
Absorption Rates 3% 7% 18%
# of units sold ($350/unit) 137,246 320,242 823,478
$48,036,100.0
$112,084,700.0
$288,217,440.0
Total Revenue
0
0
0
Expenses
Total Hard Costs ($50/unit) $6,862,300.00 $16,012,100.00 $41,173,900.00
Total Soft Costs:
Advertising Expense $1,372,460.00 $3,202,420.00 $8,234,780.00
Sales Promotion Expense $1,235,214.00 $2,882,178.00 $7,411,302.00
Additional Expense $205,869.00 $480,363.00 $1,235,217.00
Total Soft Cost per Year $2,813,543.00 $6,564,961.00 $16,881,299.00
Facilitation Costs/unit($100,000/annually) $0.73 $0.31 $0.12
Total Cost Per Year $9,775,843.00 $22,677,061.00 $58,155,199.00
Gross Proft
$38,260,257.0
$230,062,241.0
Total Gross Profit
0 $89,407,639.00
0
Gross Profit per Unit $278.77 $279.18 $279.37
10. 10
6. Implementation Plan with Controls
· Funding through investors and loans ($1 million)
· Create focus group and conduct Beta Testing for product to correct issues (Week 1)
· Market price analysis (Week 1)
· Set pricing at $350.00 per annum (Week 1)
· Create logo to attract customers (Week 2)
· Set up various forms to receive payments from customers on website (Week 2)
· Begin endorsement campaign from Zig Ziglar to introduce our product (Week 3)
· Launch website with downloadable software (Week 3)
· Open lines of social media to build awareness and allow for Q&A; Facebook and Twitter
customer review (Week 3)
· Arrange a demo day at a business fair (Week 4)
· Run an introduction commercial on YouTube (Week 4)
· Offer incentives to customers for “LIKES” and “SHARES” via Facebook to build public
image (Week 5)
· Advertisement on CNET or Softpedia (Week 5)
· Join the company corporations for webinars that linked to entrepreneurs and growing
businesses (Week 6)
· Set sale plan creation with the option to add on (Week 6)
· Sales analysis of purchases by location (Week 7)
· Open sales in stores for large markets (Week 8)
· Survey from customers (Week 9)
· Adjust product if necessary and begin to make additions where needed (Week 9)