RAK Ceramics Marketing Plan
This marketing strategy is designed to help the company in promoting its new products in the market. For this to be accomplished, a budget set for the coming years. Our main goal is to increase awareness, brand loyalty and consumption. Several strategies have been lined up to achieve the goals. These marketing strategies will include developing new products, keeping current location standings, continuing with our current competitive pricing and several promotional strategies The promotional strategies will include the launch of social media campaign through twitter Instagram, Facebook and text messaging. 0 Evaluation programs 17 Conclusion 17 References 18 1. 0 The company RAK Ceramics, UAE, is a limited liability company based in the Emirates involved in the manufacturing of high-quality ceramic fittings in reflecting the current demand of well-designed bathrooms as well as kitchen ceramic walls and floor tiles.
It is among the fastest growing areas in the economy. The company is equipped with the latest technology that has the expertise in developing, designing and manufacturing the fittings that lead to high functionality of these products. The company mission RAK Ceramics has a knowledge-driven mission which includes (Alam, 2016): C - Close to our clients by listening to their needs and adapting to market requirements E - Excellence in producing high-quality products that offer best value-for-money R - Redefining the product innovation and design process A - Accountable to its clients, trade partners, stakeholders and employees M- Motive employees to develop them into future entrepreneurs I - Integrity of the management towards the organizational goals C - Committed to the society by contributing towards a healthy environment S - Sustainability in every sphere of business Products and services The company provides a high-quality ceramic wall and floor tiles, Gres Porcellanato, Bath ware and Kitchen Sink.
Profit and growth opportunities may be presented by the external environment and include joint ventures, developing internet marketing, removal of trade barriers and moving into new market segments. Changes in the external environment pose threats to a company and include the emergence of substitute products, price wars with competitions, the introduction of taxes on the products, increased trade barriers due to the introduction of new regulations and changes in consumer tastes. Competitor Analysis- A company achieves its success and existence if it can overcome the existing competitive forces in the market within which it is operating from. RAK Ceramic Company is a booming business. The growth of both local and international indicates that it is becoming one of the largest foreign exchange earners in the country.
Developer companies of Bangladesh are RAK’s largest target groups. Other target groups of the ceramic industry are the owners or builders having projects in the urban. It mainly targets architects and project developers. It also focuses on customers who are fashionable and those who look for world-class brands. In order to convince these potential customers in buying large amounts of ceramics, the RAK sales and marketing department should give out free samples to the potential customers. 0 Information collection RAK ceramics collects information through market surveys, and feedback from customers. The company uses various materials and modes for communication such as newspapers, newsletters, websites or use of emails. RAK Ceramic has a dominance role in the market as others are small companies.
The competitor companies include Somany Ceramics, H&R Johnson India, Asian Granito India, Nitco Tiles, Kajaria Ceramics Ltd Marketing and branding are one of the main issues affecting the local manufacturers since local people perceive the locally manufactured ceramic tiles to be quite inferior to the imported ones. This makes the sales representatives have a hard time convincing these customers to buy the ceramics. Profits are important in a company as they can be invested back in the company for the purposes of expansion and distributing it to the employees in a profit-sharing arrangement. Building up relationships with the suppliers and taking advantages of the economies of scales can make on to remain with more money. Financial ratios applied to capital expenditures are known as the return on investments.
It should be applied in two scenarios. First, it is concerned with the returns generated by investing in productive equipment. The set objectives will be unrealistic if the company is lacking enough resources. T-Time The company should have a specific time frame in which they hope to achieve its objectives. It also needs to use target timing for each set objectives to define a proper timing plan. Communication objectives A company should stay in touch with its customers and pass important information to them about your company. Materials used for communication can be newspapers, newsletters, websites or using emails. Blog participation that contains the information about your company is a strategy that allows the company to associate with the potential buyers.
Marketing strategies The process of market strategies involves understanding the customers. The sales and marketing department in the RAK Company should understand their customers by understanding what the customers want and what their expectations to the company are. Product strategy A product strategy describes the type of a product a particular company is producing, the reasons why people would want to buy them, the main reasons why the company should invest in the product and what and how the specific target group will benefit from these ceramic products. This will help the company in achieving its long-term goals. From the dealers, the sales representatives should supply the ceramics to their retail shops depending on the market demand. RAK’s marketing executive should pass their information about their products to the customers and that they should collect their products from the dealers (Akter, 2015).
Promotional strategy Promotional methods involve carrying out activities that describe the products and as well is important in persuading the target customers to buy the products and enjoy the services presented. The best way of promoting a product should help influence and motivate people to buy certain products. Promotions also give the company and its products a good impression. The use of television in carrying out adverts has attracted the attention of most people globally. Newspapers can also be used as a means of advertising RAK ceramic company and its products. Sales promotion program In order for RAK Ceramics Company to be successful, it should utilize the sales programs since they are effective methods of increasing sales in a company. Sales promotions help to build customer satisfaction.
Some of the sales promotion products include: Free gifts The RAK Company should utilize the use of free gifts to increase its sales. The salespeople should also put into considerations to the customer's feedback about their services and address these issues to the management team of the company. Sponsorship program A company should use sponsorship programs to their advantage to help them increase productions and improve sales in a company. A sponsor is an individual or a group that provides support to a business operation. Sponsorship programs act as a source of investment in a company. These beneficiaries become the company’s target audience. 0 Monitoring and control strategies A management principle that helps to keep a company at course includes planning, organizing, direct and control management.
Control in the organization provides a review of systems in the organization (Kerzner, and Kerzner, 2017). It indicates which specific part of the systems causes breakdowns. It is important as it helps the company to achieve its short and long-term objectives. Controlling the company’s finances helps in following the trails on how the money is used in the companies. Knowing how much customers the business is getting is a great deal in accessing the company’s success. It is an important tool in predicting future company growth. Conclusion The development of marketing strategies should be an ongoing process and not a onetime occurrence that ends when products hit the market. Constant adjustments and evaluations need to be made so as to ensure success.
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Our company has many competitors but has still managed to increase its sales despite the competitive environment surrounding them because of its competitive advantages. RAK Ceramics is the leading company in the Emirates that produces well-designed bathrooms as well as kitchen ceramic walls and floor tiles (Singh, 2009). RAK Ceramics produces high-quality tiles that are in high demand across the globe (Dhabi, 2013). The main market objectives of RAK Ceramics will be; promoting awareness to the customers about our products and promoting the company’s brand image. Strategies will be put in place to ensure that our company’s objectives are achieved in the shortest time possible. The strongest force impacting our market is the rivalry among competitors. Our competitors cannot use highly sophisticated technology in the production of the high-quality tiles.
Our company being in a position to use such technology will use this to its advantage and by the use of inkjet, it will be able to produce high-quality tiles. With this competing edge, we will ensure we stay ahead of the competitors 2. 3 Market Analysis RAK Ceramics potential customers have been loyal to the company’s brand image and enjoy the advantage of using tiles produced using the currently improved technology in constructions (Rahman, 2017). Expanding our distribution channels globally will give us an advantage in reducing the market competition hence increasing our sales in the global markets. Using these opportunities, we will increase the number of high-quality tiles produced and hence leading to the growth of RAK Ceramics Company. 0 Target Market Profiles RAK Ceramics Company targets specific buyers.
According to assignmentpoint. com Customers whose incomes range from 30,000,000 to 50,000,000 are significant consumers to our company. Objectives of increasing revenue by 30 % each year will be set for the first five years of our company’s operations. Profit margins in our company are concerned with revenues. Money left over from the sales revenue after payment of all the expenses is considered as profits. Profits are important in our company as they can be invested back for expansion and distributing it to the employees in a profit-sharing arrangement. We will participate in building up relationships with the suppliers and taking advantages of the economies of scales and will make our company remain with more money. We will use these objectives to build the brand image of our company.
We will use blog participation containing information about our company to allow our company to associate with the potential customers. Marketing Strategies 5. 1 Product strategy Tiles produced by the RAK Ceramics Company have brought up vast innovative and technological ideas that are important in the production of high-quality tiles and provision of high-quality services to our customers (Forkan and Ahmed, 2011). We are introducing a new line of tiles in the market including tiles produced using the Current technologies such as laser technology, inkjet printing, physical vapor deposition, firing using laser technology among others in developing innovative tiles. We will use social media and hashtags as a device to distribute our high-quality tiles. This is because majority of people nowadays have access to social media.
Since we have various RAK Ceramics stores worldwide, we will carry out promotions in each of the stores. In promoting loyalty to the customers, we will use campaigns within which we have invested on. This promotion strategy will help in giving our company and our products a good impression. This will help in improving our company’s image as well as our interactions with our customers. 2 Sales Promotion Program Our company will utilize the sales promotion programs to build or customer’s satisfaction. We will utilize the use of gifts to increase our sales. For example, we will be offering free tiles to the customers who will purchase a certain amount of tiles. We will also be providing free services such as providing free installations of the tiles.
6 Sponsorship Programs We will be offering sponsorship opportunities, especially on events. The RAK Ceramics Company has managed to sponsor the Middle East Architecture Awards that took place at the Conrad Hotel in Dubai (Khaimah, 2016). We have also managed to sponsor festivals whereby we have managed to create awareness about our high-quality tiles and exclusively distribute the products worldwide. Budget Plan 7. 1 Projected Sales Revenue According to the Ceramic Industry website, in the year 2016/17 first-quarter sales, RAK had a total revenue increase of 9. We anticipate increasing our rates to 7%. Urbanization in the Gulf Cooperation Council nations and India will speed up the growth of our company to the competing market. We also anticipate the gain of aesthetical consciousness of the ceramic tiles from the perspective of the consumers and this will lead to the growth of markets over the predicted periods (Kumar, 2015).
Monitor and Control Strategies We will be focusing on expanding our brand portfolio, our engagement in the social media campaigns and raising our market shares in monitoring and controlling our implemented strategies. It’s our company’s goal to raise our market share by 11% every fiscal year. The management team will assess the company’s financial statements to see how much money the company has been making. The income statements will measure the profit made by the company in a certain timeframe. References Singh, Ramendra. "H. & R. Web. May 9, 2018 Khaimah Ras Al “RAK Ceramics sponsors Middle East Architect Awards. ” Trade Asia. Business news information. December 12, 2016. F. Marketing strategies of tableware ceramics industry of Bangladesh: Some empirical evidence from international players. ” ASA University Review 5.
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