pls write projected outcomes

Section B: Strategic Plan VISION and MISSION for company: Our mission is to be more than just a bag company. While we do plan to design the most comfortable all purpose bags, we mainly want to focus on creating a brand that our customers feel passionately about. It sees itself not just excelling in profit but in outstanding customer service too. Our mission is to build the best product and make our company a world class brand. OBJECTIVE(S) in this simulation which will help to achieve the company's mission? The main objective of our company is to stay profitable after meeting all the expenses to grow in a competitive market. Another goal of the company is to gain Sustainable Competitive Advantage (SCA). Excellent Customer Service, Good customer service helps you retain clients and generate repeat revenue. Meeting targeted sales throughout the specific period of time is also the goal of our firm.

Long-term STRATEGY which will help to meet the objective(s)? The long term strategy of our company is to develop good public relations to achieve loyal customers. More loyal customers will increase the perceived value and popularity of our company.

Whats the companys proposed: A. Product (backpack) strategy? The backpack would be made with the consideration of our customers. The backpack would include all the features that customers expect in a product, and more. We plan to target commuters who value efficient and clever usability solutions, good carrying capacity, and quality materials. B. Placement (distribution) strategy? Our backpacks will be available online through our website, as well as in select specialty stores. We want our product to be accessible and available in well-known destinations to make shopping convenient for our consumers. C. Target market strategy? We want to create backpacks that are suitable for the modern commuter. This being said, our target market is looking for capacity, and comfort in a backpack. We want to ensure that they will have a satisfactory experience while using our backpacks, therefore we will make sure that all these elements are met while producing our backpacks. We will also be providing a collection of backpacks with multiple features. The consumers will be able to choose which features they want on their bags, to ensure that they will have the most suitable bag for them. D. Pricing strategy? Our backpacks contain some electronics and some other features that make it necessary to be priced on the medium to higher-end. We plan to sell a version without a solar panel or charging port for around $100 CAD, because not all customers would find use for this feature. The premium backpack would include all of the features for around $150 CAD. E. Promotional development (positioning and media) strategy? To promote our backpacks, we will have pages on the various social media networks, for example Instagram and TikTok, to promote our new collections and to keep our target market updated on our products. We will also include annual sales and promote them through our website, social media pages, and our newsletter (sent out by email to our customers). We will also include exclusive promotions for our loyal customers to ensure that they know they are valued by our company.

F. How do you plan to manage your TACTICS (decision-making and implementation) so that decision deadlines arent missed? We want to make sure that everyone who takes part in our backpack company knows that they are valued and appreciated. This will help motivate them to work hard and love what they do with our company. This also ensures that they will finish their work on time and that they will not miss the deadlines. We will put in place benefits for our employees, which shows that we value their hard work and time that they put into our company. We chose this target market because we feel like they will utilize our backpacks to their full potential.

Our Product and the Design Our product is a backpack that will meet the modern commuters needs. In this day and age, working professionals are constantly carrying technology which will allow them to do their job on the run. Despite advances in the size and weight of computers and laptops, carrying that extra weight along with papers, stationary, and personal items can become very tiring, and even painful. Through this, we know that commuters are looking for comfortable straps which will pad the weight on their shoulders, as well as a large capacity to hold their everyday professional equipment. Because they are constantly carrying tech, it would also be beneficial to have a charging port. Because professionals are often working outside, without a table, we will make the back portion of our bag to be lined with a plastic layer, which creates a hard surface that allows the user to use it as a tabletop.

The Final Design of our Backpack: Body: For the body of the backpack we chose a large, square shaped construction. This shape was chosen to best suit the items that are most often put into the backpacks of commuters, such as paper, books, and laptops. The larger size means that the commuter will not need to carry extra baggage with them while taking transportation. Straps: For the straps of the backpack we are prioritizing comfort to minimize strain on our users, who may need to carry heavy loads for extended periods of time. Because commuters carry the technology that allows them to do their jobs, it is important that our straps do not snap and damage their equipment. We chose a memory foam insulated strap with double reinforced stitching, which is both comfortable and strong. Material: For the material of the backpack, we chose a synthetic fabric. This was both to save costs, as well as to waterproof the bag. The waterproofing is important, as commuters are often in environments that have the potential to dirty the bag. This also makes the bag easy to clean, as well as protected from outdoor factors such as rain. By saving costs on the fabric, we are able to provide a product with more useful features. Extra Features: The extra features on our bag include a hard plastic panel (enabling the bag to be used as a desk,) a charging port, and a solar panel which allows the commuter to work from any environment. We believe that these features make our product more than just a bag, and become a portable workspace. Colour: For the colour of our bag, we feel it would be best to choose a colour that is neutral and professional. We felt that the colour gray is the best fit: being both classy and professional. As we monitor the sales of this colour, we may expand into other appropriate colours, such as black, navy, and khaki. Marketing Plan: What are our marketing objectives? Our main objective for our company is to satisfy our consumers. We want them to not only love the backpacks we produce, but also that they become loyal customers in our community. We want to be able to grow our brand by listening to our consumers and forming trust with them, which ensures that they will stay loyal to our brand. We plan to add new technology features to our backpacks that have not been seen or done by competing brands. Some examples are a solar panel, hard panel (explained in the distinguishable features), and a charging port. Not only are these features in place to satisfy our consumers, but they also take part in our objective to create new modern technology in backpack production. We want to change the way consumers view what a backpack is and what it should be. It is important to our company that we are seen as an innovative and reliable backpack brand.

What market do we serve? Who are our customers? Our target market is commuters, both students and working professionals. Our backpack is marketed to appeal to people who are always on the go, want convenience, and are looking for features that help them use their time efficiently. Our customers are savvy individuals who are able to take advantage of the bags technology features, and dont want to have to worry about being in a situation that stops them from getting their work done. Most of our customers are millennials and gen z. Who are our competitors? What features distinguish our product from theirs? Our biggest competitors in the commuter backpack market are Swiss Gear, who provides a more tactical approach to the backpack, and Herschel who provides backpacks in modern, simple designs. The best selling bags of our competitors have several things in common, which we can both learn from, and improve upon. From the first glance of both leading competitors, we can notice that their bags are slim in width, and a square shape. We will adopt both of these features as they make the most sense for the needs of the commuter. Our product stands out because it features a hard panel (allowing the backpack to be used as a desk,) a solar panel, and a charging port. These features are uncommon on backpacks, and we think that they will provide us a competitive edge. What is the best way to get our product/service into the hands of targeted consumers? The best way for our product to reach the targeted customers is to create useful and relevant content in which they will be interested, to grab their attention. Content marketing such as video marketing, writing blogs and articles, social media content reach them more efficiently. Moreover, by giving referral codes and special offers to our existing customers will also generate more customer base. Nowadays, influencers have a very strong impact on the buying habits of consumers. As per that our business will spend more on influencer marketing and will also conduct market research which will give us some insights of what our customers think about our product.

How do we plan to promote (make people aware of) your business, product/service? Our company promotes the product through different marketing channels and different advertising strategies. Our company has different advertising objectives. The company creates brand awareness through informative advertising in which knowledge about the product is given to the customers through social media by purchasing ads on television, emailing the customers, as well as through ads on magazines and newspapers. As we build up a reputation as a high-quality brand, our customers who are often working professionals will be encouraged to spread the word about our product, allowing for mouth-to-mouth advertising. We will collect data from the people who visit our sites so that we can better see what they are looking for. Our company also uses personal selling through face to face, video conferencing,and telephoning for promoting our product. This helps in creating more connections for getting more customers with help of positive word of mouth.

How do we plan to price our product/service? Our final price is fixed by going through steps which include : Calculating the costs. Determining what our target market can or will bear. Knowing at what prices our competition is offering the product. Keeping an eye on how the business environment is changing.

Through these steps, we were able to see that our competitors are most often charging prices between $70 to $80 for a backpack. Because of our special features, the tabletop, the solar panel, and the charging port, we believe that we would be able to charge higher if we market the convenience of our product. As we believe that not all consumers would find a use out of our solar panel and charging port, we will offer a more basic backpack at $100, and price our backpack with all special features at $150.

How much money and time can we set aside for our marketing activity? For better results and less costs our company plans to spend money and time efficiently on the marketing activity for the product. Our main idea for spending on the activity is 7% to 10% of our gross revenue. More time and money is directed toward boosting sales and awareness of products, getting new customers, through advertising. Moreover product or service selection, pricing, and promotional activities from the product are also focused. Our spendings on each activity is not fixed. Time and money is used according to the requirement for a particular activity.

Conclusion: Our backpack company targets young professionals who are always on the go by creating a bag that can be used as a lapdesk. We want to foster a community of passionate fans who will tell others about our products by creating a strong, innovative, brand. We will utilize mainly social media and influencers to advertise our company, because thats where our demographic finds out about new products. By selling our products at select specialty stores and on our website, we are able to have control over how our product is sold. Our long-term goal is to become an iconic brand that is the go-to solution for commuters and workers.

pls write projected outcomes