A Regional Expansion for the HUMANeX Ventures StyleProfile Builder
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This paper presents a marketing plan, which is designed to propel a product with little brand awareness into new regional markets. The plan will take into account factors such as the financial restrictions of the small firm in question as well as the personnel available. HUMANeX Ventures is a small human capital consulting company located in Kalamazoo that is relatively well-established in southwest Michigan, and wishes to expand one of its capstone product, the StyleProfile Builder, into athletic and education markets in the rest of the state. This paper begins with a review of the current literature regarding marketing strategies relating to small businesses and regional expansion as well as strategies to building a strong brand. The four major focal points of the literature review are: 1) building brand awareness and equity, 2) segmenting the target market, 3) regional expansion of a product, 4) cost-efficient marketing strategies. These studies illustrate techniques, strategies, and tactics that can be implemented in order to create a strong brand that is capable of expanding into new territory. They also illuminate ways in which this can be accomplished in a cost-efficient manner. Following the literature review comes the marketing plan, which will assess a number of different aspects of the current climate. The macro and microeconomic factors of the market will be analyzed along with the product's competition. A SWOT analysis will be created for the StyleProfile Builder and the target consumer will be rigorously broken down and analyzed. The marketing strategy will consist of: 1) creating brand awareness through a social media campaign, 2) creating brand accessibility, brand recognition, and building relationships, 3) Utilizing search engine optimization and restructuring the company's website, and 4) updating current marketing tactics. This plan will span over the course of one year, and will be re-evaluated after the completion of the year.