Marketing Plan Tiffany Vedua
Product 1. Product Name The name of the product, Hue-in-1, comes from the play on words of “2-in-1,” and indicates that one can achieve their desired color—also known as hue—with this one product. After contemplating product names with words such as “color,” “paint,” or “can,” this seemed to be a much shorter, simpler title for what the product is and does.
2. Product Description
A.
Hue-in-1 is a convenient spray can and can of paint combination. With a regular spray nozzle on top, paint is still able to be sprayed onto any surface, while the bottom compartment opens to reveal liquid paint in the same color. This makes touching up little spots on a paint job a little easier, for someone may then use a brush to apply paint to the more intricate parts of his or her project. For those that want to update the color of their furniture, or use the product’s features to create urban-inspired artwork, the Hue-in-1 makes the task much cheaper and easier.
B.
Currently, there is no product that combines the two painting methods into one. In order to have spray paint and a can of paint in the same color, one would have to buy them separately. Not all shades of a particular brand of spray paint are exact matches of the cans of paint on shelves, so for a product to provide both forms eliminates the worry that they will not be an identical match.
3. Positioning Hue-in-1 paint provides both methods of paint application, compared to any other brand of paint.
4. Target Market with Key Demographics
A.
Because Hue-in-1 is a new product, the company has not yet acquired loyal customers. By targeting those that are currently purchasing from the competition, such as Krylon and Sherwin-Williams, I can then transition these consumers to buy my product, which is more convenient.
B.
Buyers of spray paints are normally the individuals performing touch-ups to their home, ranging in ages 25 to 64. Their incomes are likely between $50,000 and $150,000.
5. Competition Competing brands for Hue-in-1 not only include the popular brands of wall paint on the market, such as Clark + Kensington, Behr, Valspar, Sherwin Williams, and Benjamin Moore, but also the brands of spray paint, like Montana, Ironlak, Krylon, Rust-oleum, and Liquitex. Clark + Kensington is the top-rated brand of paint for their line of Satin, Eggshell, and Semi-gloss wall paints, while Valspar is the leading name for flat and matte finish paints. Montana spray paint is recognized as the best in the world, but the company only sells aerosol paints.
5. SWOT of Competition The competitions’ strengths are that they are widely recognized as being high quality, long-lasting paints. Montana spray paints are coveted for their opacity, weatherproof capabilities, quick dry time, and the precision of the spray nozzle. The trade-off for the quality of Montana paint is that a can costs around three times more than an average brand of spray paint. Some reviews for premium lines of wall paint in the gallon-sized cans, such as the Emerald Interior Acrylic Latex paint, state that the paint is able to be applied just using a single coat, thus reducing time and effort for performing one task. Other opinion contributors, however, have claimed that more than one was necessary. Another weakness of the competition is that their paints are not as flexible, as they normally are only available in one form. For example, a color in Krylon spray paint will not be exactly identical to a paint color that comes from a can of Behr interior paint. Most wall paints are also sold in gallon-sized cans, so having a smaller amount of paint would be more efficient that purchasing an entire bucket when it is not all needed.
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Price 7. Price
A. B. C.
Because this is a new product that needs to first gain market acceptance, the ideal pricing strategy would be Penetration.
The Hue-in-1 product is of high quality, but is not yet reputable; however, once it gains market share, the price may go up.
My cost per unit of Hue-in-1 spray paint cans would be $7.49. This is just slightly above the top of the line spray paint brand, Montana. This price is low enough to give itself time for market acceptance, but needs to be priced higher to account for the 2-in-1 aspect.
Promotion 8. Promotion • Hue-in-1 will have promotional events in which people can collaborate on projects like city murals or improving the state of old, run-down neighborhoods. For the mural paintings, children, families, or anyone else can contribute something to the painting to represent their city. To freshen and clean up the appearance of old homes, a new coat of paint often helps. This way, the event is mutually beneficial in getting the company’s name out there, but the people using the product are also serving the community. • Advertising will be relatable to individuals age 25 to 64. The younger half of this range will see internet and print ads on News websites or in home magazines, while the older half may get their exposure via newspaper. • In-store and point-of-purchase displays will be placed around or at the end of aisles where paints and paint accessories are sold. The displays will catch the attention of customers, and they will be more inclined to buy it for its convenience. • To put a face on the company, TV personality and interior designer, Nate Berkus, would be the perfect celebrity endorser. He is generally liked by an audience people that would use spray paint, and has the reputation that can be relevant to a product such as this.
Nate Berkus endorsement
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More Promotional Mock-ups
An example of a family that was able to volunteer for a charity that partnered with Hue-in-1 in order to restore a home in their neighborhod.
Sponsored event
Nate Berkus is known for his design style and aesthetic. When he was on Oprah’s TV show, and even when he had a talk show of his own, he was bringing the best out of homes by adding a fresh coat of paint and revamping the decor. He was also featured in many magazines that inspired homeowners to update the furnishings of their house.
Magazine advertisement
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Place 9. Place/Distribution
A.
Home improvement retailers that will carry Hue-in-1 cans of paint include Home Depot and Lowe’s, or craft stores such as Michaels and JoAnn’s. Customers can also purchase the product in superstores like Wal-Mart or Meijer. Because it is illegal to sell spray paint in the city; however, Hue-in-1 will only be available in suburban areas. For those that do not have the time to make it out to a physical location, this product may also be purchased online at the Hue-in-1 website, huein1.com.
B. C.
The distribution channel of this product will follow the Traditional Channel: It will go from the Producer, to the Wholesaler, and to the Retailers. From the retail locations, consumers can find and purchase it.
Point of Purchase Display:
Message to consumers would be that they now have the ability to buy paint to serve their specific needs. Because the product includes both methods of paint application, they don’t have to buy 2 separate cans, but just this one. This saves both time and money. The display is shaped like a house, to indicate that people can use this for their own home.
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