Reference no: EM133768447

Assignment: Marketing Plan Marketing Mix Analysis

Add this portion of your marketing plan to the portion submitted, so your marketing plan becomes a running document with additional sections added (be sure to continue the formatting provided in the template). This section of your plan should be approximately two pages long and if you use any resources, they should be properly cited with in-text citations.

Opening in 2017, Barbara's Bakery is a small business located in Hoboken, New Jersey. With a passion and love for baking throughout her entire life, owner Barbara Stevenson felt this would be the best time and place to establish a bakery since there aren't many in town. The bakery is known for its muffins but has extensive experience in creating unique and tantalizing bakery products that are thoughtfully designed and created. Recently, the business has become so popular that customers are lining up down the street to buy its fresh baked goods. Based on the success of this location, Barbara has secured a second location in Lackawanna, NJ that will be opening soon. With this growth, Barbara has reached out to you to create a marketing plan that will provide a clear vision of the company's organizational goals and marketing strategies.

Competition: Currently there is only one other private Bakery in Hoboken. It is a bakery that focuses on special occasion cakes. These cakes are very unique and have an individualized design. They are a centerpiece for the occasion. Barbara has never had one of these cakes but has been told that they don't taste very good even though they are very expensive. There is also a Panera Bread and Krispy Kreme donut shop in town.

Barbara's 4Ps -

1. Product: Currently Barbara strives to make her baked goods with the highest quality ingredients she can procure, although they are not organic. She also has regular drip American coffee, a variety of teas, lattes, juices, and bottled water. Occasionally she will have specialty items for seasonal holidays, such as Valentine's Day, Easter, 4th of July, Halloween, Thanksgiving, and the winter holidays. She has made wedding cakes for friends but has not aggressively marketed those in the store.

2. Price: This makes her product costs a bit higher since she cannot purchase in bulk due to storage capacity limitations. Barbara tries to keep her prices as reasonable as possible for everyday items, like her muffins. If she is asked for a special order, she adds on a bit more profit margin.

3. Place: Currently, Barbara has just one storefront located on the historic downtown main street right next door to the dock for the Manhattan-Hoboken ferry. She is in the process of opening the second location near the metro station in Lackawanna.

4. Promotion: Barbara advertises her store in the local Hoboken paper and has a website, but no online ordering features.