• Solidify the brand design and strategy as soon as possible: it is very important to make a first impression of the product in the eyes of the customers. So, we need to create the first impression of our product through consistent and effective branding (Olson et al., 2018). It gives customers something else than the name of the company to remember the product. It will also create an expectation of the quality of the product that we would provide.
• Promote the product and offer customer incentives: one of the most important factors which make the product successful in the market is a promotion. Promotion brings the product and its benefits among the customers which induce them to buy the product. Apart from promotion, customer incentive such as buy one gets one also helps in attracting more customers. We would also provide a discount on the product to attract more customers.
• Hit on the health factors: nowadays almost all people are health conscious. They eat healthy food and avoid those things which have a negative impact on health such as smoking. We would create a sense of benefits in the mind of the customers which would fit the lifestyle of the customers (Olson et al., 2018). We would provide the health benefits of cannabis to the customers.
• Join the conversation and the community: cannabis is not only a product. It is a movement. It has a medical application, enjoyment values, legal issues, and many more. We would drive our product into the cultures which are around the product.
• Know the law and follow that: it is very important for such product that the manufacturer of such product should know the law related to the manufacturing, selling, and use of such product. We are fully determined to follow the legal rule and law of the government.
The distribution system is a procedure or method of distributing the product to the customers. The distribution system should be appropriate so that we can provide our product to the customer at any time anywhere (Thaler et al., 2017). We would provide our product to the customers through our own retail outlets. Apart from this, we would also have an online distribution channel to provide our product to the customers at their doorstep.
The promotion also would be done through public relation in which the representative would describe the health benefits of the product to the customers directly and build strong relationships to retain the existing customers and attract new customers.
Here we would conduct both qualitative and quantitative research to analyze the potential of the market and gather more information regarding the needs and wants of the potential customers. The qualitative information provides deep insight into the research problem while quantitative research provides detail information regarding the taste and preference of the target customers. In the qualitative research focus group, the interview is conducted to collect the data while in a quantitative research survey through the questionnaire is conducted to collect the data.
|Formulating marketing strategy||Top Management||Three months||$100000|
|Formulating media strategy||Marketing manager||Two months||$75000|
|Selecting media||Marketing manager||One month||$25000|
|Formulating promotional message||Media partner||15 days||$50000|
|Formulating budget plan||Finance manager||One month||$50000|
|Delivery of promotional message||Media partner||15 days||$150000|
Control and Contingency
• Awareness of the risk: The first and foremost thing is that the company should identify and measure the risk and its impact on the whole organization. If the company would not be aware of the risk, no measures can be taken to mitigate the risk.
• Monitor: after identifying the risk the company should monitor the activities to mitigate the risk. Monitoring of the risk is important because it provides early information regarding the risk.
• Response: when a risk occurs in the organization, the organization should respond to the risk immediately to take appropriate measure to deal with that.
• Manage: In this step, the organization would take appropriate measures to deal with or mitigate the risk and avoid losses.
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