A Marketing Plan for A. Monroe Lock and Security Systems

Assignment #3: Option #2: A Marketing Plan for A. Monroe Lock and Security Systems
Mary Beth Fitzpatrick-King
ORG305 – Entrepreneurship in the Global Age
Colorado State University – Global Campus
Professor Dr. Michael Powers
June 1, 2017
Introduction
Background of the opportunity including industry analysis
Locksmith industry is dominated by 60% of the small operators with very few employees with only 20% of the businesses having either five or more employees. The industry further experiences entry to barrier, a factor that has only allow small operators to grow with larger operators being the most complicated ones in terms of service and products. There is a conglomeration of small scale locksmiths within the area hence providing competition within the industry with fewer larger firms selling to commercial accounts. The existing small firms may be hard to compete against because of their long-standing image and reputation and therefore improved service and the willingness to go the extra mile is critical to success also as taking advantage of the low barriers to entry.
Definition of the market
The market is crowded with a number of small firms that are mostly family owned. There is a growing demographic profile that has three local communities which offers a good population for doing business. Some of the threats within the market include a high number of competitors who provide better customer service to the three existing communities. Competitors offered a 24-hour emergency service particularly the large and experienced players existing in the market. The market includes residential home owners, landlords, owners and automobile owners who are serviced by the locksmiths. Competitor analysis
Apart from availability of a few large and experienced locksmiths in the market, there exists many other small-scale competitors. Competitors offer better improved services such as 24-hour emergency service than AMLSS. The region in which AMLSS offers its services in is already crowded by 37 other locksmiths.
Marketing goals and objectives
AMLSS’s goal and objective is to make more sales and become more profitable in the coming years as well as becoming one of the most preferred Locksmith Service in Boston.
Marketing strategy
Establishing measurable goals and objectives for the organization may be crucial in designing a marketing strategy for AMLSS. AMLSS should ensure that it offers variety of services offered by its competitors in order to succeed (Dib, 2016). It can change its operations to a 24-hour business that offers quick response as a way of appealing to all other market...