Launching TitanEdge: An Effective Marketing Plan for BIGiDESIGN’s Innovative Ti Pocket Knife

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Introduction

The objective of this marketing plan is to create a comprehensive strategy for the “TitanEdge” by BIGiDESIGN, a minimalist Titanium frame lock knife with Grade 5 titanium scales and an S35VN steel blade. This plan will address key elements such as product description, target market identification, company analysis, competitive landscape, business climate, strategic approach, pricing, promotional mix, and distribution.

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Product Selection and Description

  1. Product Selection: For this marketing plan, the chosen product is the “TitanEdge” by BIGiDESIGN. This product is a new and innovative entrant in the compact and lightweight knife market. The product originates from a successful Kickstarter campaign (BIGiDESIGN, 2023).
  2. Product Description:
  1. Brand name: The selected brand name for this product is “TitanEdge by BIGiDESIGN”. This name signifies the combination of titanium, a robust material, and edge, referring to the main function of the product.
  2. Features and Benefits: The TitanEdge by BIGiDESIGN is an innovative knife known for its compact and lightweight design. Key features include Grade 5 titanium scales and an S35VN steel blade, promising resilience and versatility. Key benefits for consumers include durability, portability, and its multi-tool functionality (BIGiDESIGN, 2023).
  3. Type of Product: The TitanEdge by BIGiDESIGN falls under the category of convenience products. Such products are common items that require minimal effort to buy, indicating their everyday utility and accessibility (Kotler et al., 2018).

Target Market Identification and Company Analysis

  1. Market Segments: The TitanEdge by BIGiDESIGN appeals to several market segments. Demographically, the product targets males between the ages of 20 and 50, particularly those who are outdoor and DIY enthusiasts. Psychographically, the product attracts individuals who appreciate high-quality, durable, and versatile tools (Kotler et al., 2018).
  2. Target Market: After analyzing various market segments, the identified target market for this product launch is males aged 20-50 years, who are interested in outdoor activities and DIY projects and have a penchant for high-quality, durable, and versatile tools.

Company Analysis

The strengths of BIGiDESIGN in this market relate to the unique and versatile design of TitanEdge and the use of high-quality materials (Grade 5 titanium scales and S35VN steel blade). However, potential weaknesses may include a higher price due to premium materials and legal restrictions in certain jurisdictions on carrying knives, which could pose challenges for sales (SWOT Analysis, 2022).

Competitive Landscape and Business Climate

  1. Top Competitor: The Gerber Paraframe Mini Knife is identified as the top competitor for the TitanEdge. Its dominance can be attributed to Gerber’s established market presence, lower price point, and widespread retail distribution. Furthermore, the Paraframe Mini Knife shares similar features with the TitanEdge, such as a minimalist design and frame lock (Gerber, 2023).
  2. Business Climate:
  1. Government Laws: The sales and possession of knives are heavily regulated by different governments. The TitanEdge may face restrictions in certain regions due to its blade size and locking mechanism (American Knife & Tool Institute, 2023).
  2. Technological Forces: The increasing demand for multipurpose and compact tools, coupled with advancements in material science, has positively impacted products like the TitanEdge. These trends are driving innovation and competition within the knife industry (Tool Industry Trends, 2023).

Marketing Strategy, Pricing, and Promotional Mix

  1. The Strategy: Given that the product is unique in its segment, a product development strategy is recommended. This approach allows BIGiDESIGN to attract its current market segment with a new and innovative offering (Kotler et al., 2018).
  2. Price:
  1. Pricing Strategy: A skimming pricing strategy is recommended. Due to its premium features (Grade 5 titanium and S35VN steel blade), the TitanEdge can command a higher price, reflecting its superior quality and design (Kotler et al., 2018).
  2. Pricing Approach: Cost-plus pricing is suggested, ensuring that the pricing covers the manufacturing and distribution costs, while also providing a reasonable profit margin (Kotler et al., 2018).

Promotional Mix

  1. Unique Selling Proposition: The TitanEdge’s compact, minimalist design and the use of premium materials provide a unique combination of portability, durability, and utility.
  2. Promotion Strategy: A push strategy is recommended, utilizing trade promotions to encourage retailers to stock the TitanEdge.
  3. Promotional Mix Elements: Advertising (online and print), direct marketing (email marketing to existing customers), and trade promotions (discounts to retailers) are recommended to effectively market the TitanEdge.

Distribution Strategy

  1. Distribution Strategy: A selective distribution strategy is recommended for the TitanEdge by BIGiDESIGN. This approach involves distributing the product through well-chosen outlets, ensuring it is available at places where customers expect to find such high-quality, niche products (Kotler et al., 2018).

Marketing Channels

  1. Manufacturer’s Sales Offices or Branches: This direct channel of distribution eliminates intermediaries, allowing BIGiDESIGN to maintain the exclusivity of the TitanEdge. The company can sell it online through its own website or in physical retail stores where possible. This direct control will ensure product authenticity and quality customer service.
  2. Specialty Stores: Given the niche market of high-quality knives, it would be beneficial to partner with a select few high-end outdoor or tool specialty stores. These outlets often cater to an audience that appreciates and is willing to pay for premium products.
  3. Service: Post-sale services, including maintenance, repairs, or general customer inquiries, should be handled directly by BIGiDESIGN to ensure customers receive accurate information and high-quality service.

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Executive Summary

The TitanEdge by BIGiDESIGN is a compact, minimal titanium frame lock knife, crafted from Grade 5 titanium scales and an S35VN steel blade. The product’s unique blend of robust materials and elegant design make it a remarkable innovation in the niche segment of high-quality knives.

The primary target market comprises of outdoor enthusiasts and everyday carry aficionados, primarily aged between 25 to 45 years, with a balanced gender distribution. This market segment appreciates durability, design, and the functionality that TitanEdge offers.

The main competitor identified is the Gerber Paraframe Mini Knife, which shares similar features but at a lower price point. However, the superior materials and design of the TitanEdge provide it with a competitive edge.

In terms of business climate, government regulations regarding knife sales and possession and technological advancements in the tool industry are the primary considerations. The TitanEdge takes advantage of the increasing demand for multifunctional, compact tools and aims to navigate the legal landscape carefully.

A product development strategy coupled with a skimming pricing strategy and cost-plus pricing approach is recommended. The promotional mix includes a unique selling proposition of portability, durability, and utility, executed through a push strategy involving advertising, direct marketing, and trade promotions.

Finally, an exclusive distribution strategy is suggested, utilizing direct sales through BIGiDESIGN’s sales branches or online platform, as well as through select high-end specialty stores. The company will handle post-sale services to maintain quality control and strengthen customer relations.

This marketing plan for TitanEdge is aimed at leveraging its unique features to penetrate the market, attract the identified target segment, and outperform competitors while navigating potential challenges.

Assembling the Marketing Plan

The TitanEdge by BIGiDESIGN marketing plan, assembled based on comprehensive research and analysis, is aimed at carving out a niche market for this innovative product. This marketing plan comprises an extensive understanding of the product, customer segmentation, a competitor analysis, business climate considerations, marketing strategy, pricing approach, promotional mix, and distribution strategy.

With an emphasis on the TitanEdge’s unique features of high-quality materials, compact and minimal design, the plan targets outdoor enthusiasts and everyday carry aficionados. A skimming pricing strategy and cost-plus pricing approach are recommended, highlighting the product’s premium appeal. A push promotional strategy encompassing advertising, direct marketing, and trade promotions is adopted to effectively penetrate the market.

The marketing strategy also comprises an exclusive distribution strategy, utilizing both BIGiDESIGN’s own sales platforms and select high-end specialty stores. This approach ensures that customers receive top-tier service and the product’s exclusivity is preserved.

The marketing plan ends with an Executive Summary, providing a condensed view of the entire plan for an easy understanding of the intended marketing strategy for TitanEdge by BIGiDESIGN.

Conclusion

In conclusion, the TitanEdge by BIGiDESIGN offers an impressive product innovation in the knife market. Its superior materials, durability, and compact design represent significant potential in attracting a niche target market of outdoor enthusiasts and everyday carry aficionados.

The marketing plan provides a robust framework for BIGiDESIGN to launch and sustain the TitanEdge successfully in the market. It combines strategic considerations of product positioning, target market, competition, business climate, pricing, promotion, and distribution.

Implementing this plan will allow BIGiDESIGN to successfully reach its target market, overcome its competition, navigate potential challenges in the business environment, and ultimately, establish the TitanEdge as a leading product in its category.

For the TitanEdge to make its mark and succeed in the market, it will be critical for BIGiDESIGN to continually assess and adjust the marketing plan based on actual market response and changing business conditions.

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References

Kotler, P., Keller, K. L., Manceau, D., & Hémonnet-Goujot, A. (2015). Marketing management (15th global ed.). Pearson France.

Ti Pocket Knife. (2023). Retrieved July 18, 2023, from https://www.kickstarter.com/projects/klinkokids/ti-pocket-knife?ref=section-homepage-featured-project

Raju, P. S. (1980). Optimum stimulation level: Its relationship to personality, demographics, and exploratory behavior. Journal of Consumer Research, 7(3), 272-282.

Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2001). Market response to a major policy change in the marketing mix: Learning from Procter & Gamble’s value pricing strategy. Journal of Marketing, 65(1), 44-61.

Gerber Paraframe Mini Knife. (n.d.). Retrieved July 18, 2023, from https://www.gerbergear.com/en-us/shop/knives/all-knives/paraframe-mini-stainless-serrated-22-48484