MKTG 205 – Principles of Marketing

Hazel Griffith
00036028
Marketing Plan

Executive Summary

The digital revolution and subsequent technological advancements have restructured the workplace

as we know it, changing how and where we work and/or conduct our business.

Increasingly, businesses and individuals are coming to terms with the fact that the physical workplace

is no longer a vital element for success in business and are recognizing the many advantages of

outsourcing office tasks and the even greater benefits of doing so remotely.

In keeping pace with these changes, OfficeGenie, a virtual assistant services company operating

remotely from a home office, is offering a range of professional administrative support services to

individuals, consultants, entrepreneurs, non-profit organizations, and small, medium and large

companies using the Internet as its main tool for communication. OfficeGenie is run by an

independent sole contractor based in Trinidad and Tobago but with global reach.

Vision:

To be recognized as one of the most innovative and client-centric administrative services providers

in Trinidad and Tobago initially, and ultimately around the globe, and as an indispensable asset to

clients in the achievement of their current and future goals.

Mission

To provide high quality professional administrative assistance in a timely manner and at a viable

cost, ensuring our clients obtain a service that will add value and growth to their businesses.
 Table of Contents

◦ Executive Summary

◦ Current Marketing Situation

◦ Threats and Opportunities Analysis

◦ Objectives and Issues

◦ Marketing Strategies

◦ Action Programs

◦ Budgets

◦ Controls
Current Marketing Situation

Market Description

Flexibility is fundamental. Modern technology is already widely used in communication today

and with these technologies continually advancing, this trend will continue well into the

future. The technology is multifunctional and wireless; the office is mobile and tech-enabled

and companies as well as individuals are increasingly able to conduct their businesses from

any location in any part of the world and at any time as geographical and time barriers have

broken down. The office is quickly becoming a 24/7 operation, not the eight-to-four or nine-

to-five entity of the past.

Ennovationconsulting.net has predicted that by 2018, “online working including virtual

assistant service will be worth $5 billion as the demand for online virtual working continues

to grow.” Google trends data has recorded a constant upswing in online searches for virtual

assistants and with many countries in economic crisis, small and large companies as well as

start-up entrepreneurs are focusing on saving on costs and streamlining their business more

than ever before.

With over 25 years providing office administration services, OfficeGenie does not rest on its

laurels and is constantly upgrading knowledge and skills in tandem with the changing trends

and technologies. OfficeGenie is highly tech-savvy, constantly in step with new technologies,

new programs and their various uses as well as changing customer expectations.

Target Market
OfficeGenie is targeting three (3) distinct market segments: Small (single-person and/or at-home

operations), medium and large companies; individuals (university students; attorneys); consultants,

entrepreneurs, and non-profit organizations.

For small businesses that need professional support while they are yet unable to create and

equip office space to hire and accommodate a full-time employee, outsourcing is the ideal

alternative. Even as small businesses grow, OfficeGenie can tailor a suite of services to help

eliminate the expense of hiring in-house staff altogether.

For medium- and larger-size companies, again there is the advantage of the saving aspect as

compared to hiring full-time employees: office equipment, sick days, vacation pay, health

insurance, taxes, employee benefits, worker's compensation, and OSHA regulations that

must be adhered to. There is also the advantage of being able to increase or decrease the

available workforce depending on the workload demands. With OfficeGenie, the skill set

offered is so highly professional and more diverse than others and medium and larger

companies can take full advantage of this.

Non-profit organizations do not have access to a large amount of excess capital and must be

as frugal as possible, maximising employee responsibilities and tasks as far as possible.

OfficeGenie can save non-profit organizations money since payment is for work done only

minus the usual overheads.

Market Segmentation

OfficeGenie has ascertained that the above customer segments, because of the many

advantages to them, will consume the largest number of the varied services it offers.
The sizes of the companies usually range from less than ten to large corporations, but

especially in the case of the larger companies that have been downsizing due to economic

downturns, at some point they come to the realization that there are certain essential services

that were provided by staff that was let go. This is one of the occasions when they typically

seek the services of a virtual assistant. Virtual services are ideal at these times because the

companies will only pay for the services rendered and there is no continuous employment

and/or overheads like salary, furniture, equipment, etc.

Analyzing the Marketing Environment

The Microenvironment:

 Suppliers that can have the greatest impact on the operations of the business include

the Internet Service Provider - the supplier of technology that must be up and

running at all times or this could mean that OfficeGenie can miss an opportunity or

is unable to meet a deadline. Likewise, the providers of a constant and stable

electricity supply.

 Financial Intermediaries can impact the business;

 Companies, as regards positioning OfficeGenie's offering against its competitors.

 Publics.

 Of course Customers, both in the Consumer Market and the Business Market since

OfficeGenie's clientele comprises both types of customers.

 The Macroenvironment

 Because OfficeGenie operates remotely, Technology is the factor that has the

greatest impact on the operations of the company. As technologies advance, new

services and opportunities are created and keeping up with these technologies

becomes critical.

 The Economic factor can affect the operations but this can be a positive effect as

companies downsize, and look to outsource. On the negative side it can determine

whether OfficeGenie is able to keep its regular clientele and/or whether there may

have to be an adjustment with regards to fees charged.

 The Demographic will certainly include millenials as this group comprises the tech

much more comfortable with technology. The other Demographic trend that will

affect the business is changes in the workforce which, because of technology, is now

global.

Product Review

OfficeGenie offers a wide-ranging suite of services: Desktop Publishing; Copy editing;

Proofreading; Audio Transcription; Medical Transcription; Graphic design; Online Research; Blog

creation and management; Data Entry; Database Management; Bookkeeping; Mailing Services; and

Mailing List management.

With this suite of services, OfficeGenie can facilitate customers across a broad range of industries

including real estate, media, social media, manufacturing, education, travel, medical, legal and

government.
Competitor Review

Globally, the number of virtual assistants has increased significantly over the last five years as more

skilled individuals have recognized that the career offers excellent long-term growth opportunities

both financially and professionally.

Transparency Market Research (transparencymarketresearch.com) reported that in 2015, only five

(5) virtual assistant companies (mainly in the UK, Australia, US and Canada) accounted for

approximately 32 per cent of the global market. Others salient players have been working to enhance

their product portfolios and expand their networks by partnering with end-use enterprises.

Throughout Asia there are around 60 active virtual assistant companies, mostly medium- and large-

size, but they have not made a dent on the global market. It is unknown how many individuals

and/or freelancers are in operation in this geographical area.

One issue in the global virtual assistant industry is the emergence of online companies like Upwork,

Elance and Odesk which turned out to be scams and offered very low compensation for work done.

Fortunately Elance has crashed but Upwork still exists and has made it very difficult for legitimate

virtual assistant companies and/or freelancers to source quality jobs in the online market.

In Trinidad and Tobago, the global virtual assistant trend has not caught on in any significant

measure. Data from the Central Statistical Office has revealed no virtual assistant businesses on

record. However, an online search has revealed roughly 25 such businesses but the majority are not

fully online and because of this there are geographic restrictions. As well, the range of services

offered are mainly limited to typing, bookkeeping, with one even having a link offering bedsheets

and other household items for sale.

Office Genie's competitive edge lies in its 20+ years of experience in the field in both the public
and private sectors, it's global reach and the wide and varied range of skills offered to clients. In

addition, there are no geographic restrictions. Where many in the local industry offer basic

administrative skills and tasks, OfficeGenie has expanded its offering in tandem with current trends

and customer expectaions to include such skills as proofreading and copy editing.

Offering a wider range of skills is important because the nature of the industry is that once a good

service provider is found the client, more likely than not, will use that company to fill all its

needs. In the event that a client has requirements that the virtual assistant cannot fill, that client will

of course look elsewhere for one that is more diverse and stay with the new service provider. By

offering a wide range of services OfficeGenie is poised to be the one-stop virtual office serving the

various needs of a varied clientele.

 Assesses major threats and opportunities that the product might
Threats and
face, helping management to anticipate important positive or
opportunities
negative developments that might have an impact on the firm and
analysis
its strategies.

Threats and opportunities analysis (SWOT)

Strengths:
 Over
 Advanced technology skills: knowledge of Microsoft Office and Apple suites
 Strong Communication skills: ability to communicate regularly
 Time Management
 Professionalism
 Reliability
 Cost advantage

You can profit from your strengths by fully understanding your competition and then doing
something different and/or better. Take a look at your knowledge or services and figure out
how to leverage that knowledge in your niche, in other words what is your competitive
advantage?

Weaknesses: Be honest to yourself, where are your weaknesses?

 Lack of marketing expertise
 Undifferentiated products or services (i.e. in relation to your competitors)
 Poor quality communication or services
 Lack of training or technical skill sets (Web Development, Social Media Marketing, etc.)
 No clear direction
 No systems
 Weak communication

Three common mistakes virtual assistants can do:

 Trying too hard

 Being too general
 Employee mindset
Always keep an eye on your own pipeline. We are business partners, and can add value only
when needed; when there is a dip…it is time to move on
Identifying External Opportunities and Threats:
Opportunities: The VA industry is an emerging one, opportunities are endless:
 A developing market
 Smart technologies
 Promising industry potentials
 Team building
 New market segments
 Ability to tap on different geographical markets: with languages
 Training and Professional Development
 Networking

Threats: Like any business, being a VA presents threats and disadvantages

 Price wars with competitors: many virtual assistants cut prices to win jobs
 Entry of lower-price competitors (from emerging markets)
 Risk of driving yourself out of your market/niche: the “virtual” landscape and cloud
computing is constantly evolving (project management, e-marketing tools etc…): a virtual
assistant needs to stay current
 Slow growth
 Rates: Your retainer fees are too low because your skill sets are not where they should be
 Reputation: research your prospective clients and be selective
 States the marketing objectives that the company would like to
Objectives attain during the plan’s term and discusses key issues that will affect
and issues their attainment. For example, if the goal is to achieve a 15 per cent
market share, this section looks at how this goal might be achieved.
 Outlines the broad marketing logic by which the business unit hopes
to create customer value and relationships and the specifics of target
Marketing markets, positioning, and marketing expenditure levels. How will the
Strategies company create value for customers in order to capture value from
customers in return? This responds to the threats, opportunities,
and critical issues spelled out earlier in the plan.
 Spells out how marketing strategies will be turned into specific action
Action
programs that answer the following questions. What will be done?
Programs
When will it be done? Who will do it? How much will it cost?
 Details a supporting marketing budget that is essentially a projected
profit-and-loss statement. It shows expected revenues (forecasted
number of units sold and the average net price) and expected costs

Budgets of production, distribution, and marketing. The difference is the

projected profit. Once approved by higher management, the budget
becomes the basis for materials buying, production scheduling,
personnel planning, and marketing operations.
 Outlines the control that will be used to monitor progress and allow
higher management to review implementation results and spot
Controls
products that are not meeting their goals. It includes measures of
return on marketing investment.