Eagle Optics opts for a planned approach, Part 2

Eagle Optics Example: Situation Analysis [1]
“SWOT”

Strengths:
Weaknesses:
  • Small company in a big company world.
  • Have not had a well-thought-out marketing plan.
  • Very little marketing experience on staff.
  • Do not really understand who our target customer is.
  • Have not yet established a way to measure advertising effectiveness.

Opportunities:
  • Growing focus on the environment and nature
  • Birding is an explosively growing hobby.
  • Exploit potential for distribution through Wild Birds Unlimited stores nationwide (franchises). 
  • Product line extensions being developed.

Threats:
  • There is heavy competition within binoculars and among distributors.
  • Unsure how we measure up to competition in terms of market share.
  • The success of the business is dependent on the economy.  (Recreational spending may be cut back in recessionary times.)


Eagle Optics Example: Objectives [2]

Eagle Optics Example: Audience [3]
  • Information for this section will be supplied by the Customer Characteristic Analysis.  We will direct our advertising efforts at people with demographic characteristics matching our best customer profile.  This will limit spending to those who are more likely to purchase Eagle Optics’ products.


Eagle Optics Example: Message [4]
  • Eagle Optics will always provide you with the best products, the best service and the best value for your dollar.


Eagle Optics Example: Strategy [5]

Eagle Optics Example: Tactics [6]
  • Create a catalog to be strategically mailed to people with an interest in optics.  To establish a targeting mailing list Eagle Optics will use a Customer Characteristic Analysis prepared by Third Wave Research.  Obtain a mailing list of people with the demographic characteristics matching Eagle Optics’ best customers.  As a result Eagle Optics will not be wasting mailings on people who would not want or cannot afford their product.  The mailing list is going to be limited to zip codes where Eagle Optics satellite locations are.
  • Picture more people in catalogs and advertisements who represent the best customer profile.
  • Schedule media placement of advertisements in birding magazines.  The tactics should include a graph or table of your advertising schedule over a period of time.  Eagle Optics wanted to review its plan after two months, so included was an advertising schedule for the next two months.  For example:

    August
    Date  Publication  Ad description
    1  Birdwatchers Digest  Spotting scope ad
    5  Audubon  Co-op
    6-10  Local newspaper ads  Binocular ad

    September
    Date  Publication  Ad description
    5  Hunting Magazine  Spotting scope ad
    10  Birdwatchers Digest  Binocular ad
    12-16  Local newspaper ads  Featuring community involvement
  • Create press releases for local media about events Eagle Optics is sponsoring.  (Media coverage of your business in newspapers and magazines is seen as more reliable and trustworthy than advertisements.  Creating press releases for local media outlets can get your name out there and improve brand image.)


Eagle Optics Example: Budget [7]
Two-Month Marketing BudgetProjected    Actual
Advertisements
Two ads in Birderwatchers Digest$1,000
10 local newspaper ads$200
Two ads in Audubon$2,000
Marketing Research
Customer Characteristic Analysis
    34,000 names		$5,500
Catalog
Printing of 35,000 catalogs for mailings
    -Eight page, Four color, 8.5x5.5”		$10,228
Postage
    Mailing 34,000		$16,660
Total$35,588
Eagle Optics Example: Evaluation — Measuring Success [8]
  • Compare monthly sales to previous year, same month and also sales year-to-date compared to previous year-to-date.
  • Ask customers when they call how they had heard about Eagle Optics. 
  • Measure how many customers resulted from catalog mailing.
  • Monitor media for coverage of Eagle Optics.