Venture Marketing Plan
Par Pal Golf
Student Example
The “Par Pal” is a small, durable, hand held electronic device that will improve your game of golf. Similar to a MP3 player, the Par Pal comes with a software program for your computer, which allows you to download information about golf course, such as: maps,
distances and scoring information. The device acts as a score card,
but not only does it keep track of your score it will keep track of the club that you used on the particular hole. When you are done
your game, you are able to go home and load your information onto your computer. Graphs can then be made to analyze which clubs you used on which holes, your best and worst scores on each hole, and your score averages depending on the course you
played. It will also calculate your handicap and allow you to submit your scores electronically to the Council of National Golf Unions (CONGU).
Our objective is to get the GTA familiar with the Par Pal. We hope to establish a good relationship with our employees so we can gain a better reputation as a business. We would like to revolutionize the game of golf by introducing the Par Pal as a way to improve your golfing accuracy while decreasing your score.
private investors and bank loans. Although I am unsure of the exact number of units sold each year, I have made an estimation that I believe to be very achievable. This estimation is based on research that I have conducted through my survey and the Statistics Canada website. I created a cash-flow statement based on my estimated projections, which reveals a healthy looking business. If all goes well our business will become profitable within the first year of operation, although setbacks are expected.
1.2 Industry Analysis
Golf is becoming an increasingly popular sport. It continues to grow as people look for new ways to get active, enjoy the
outdoors and spend an afternoon with friend. There are an estimated 5.7 million golfers in Canada with a total economic output of 19.7 billion dollars, this
provides a great opportunity for businesses in this industry.
As more people play golf, the need to improve their all around game will increase. The game is becoming more competitive and the scores of pro players continue to decrease. The Par Pal will help the
hazards. People who play golf on a regular basis have disposable income because golf in an expensive sport (clubs, equipment, and carts
really add up in costs). The Par Pal attracts people with a disposable income who enjoy golf and want to take it seriously. To them, the Par Pal would be affordable.
1.3 Management
The Par Pal Company is a family owned partnership owned by two principles, Amanda Secor and Robert Secor. Both Amanda and Robert have complimentary skills that are essential to run a successful business.
Amanda (president) is a “people” person who is good with her hands. She enjoys being in the centre of activities that challenge her abilities and taking risks. She takes pride in her success and hard work.
Robert (vice-president) is a true business man, he has worked in the technological industry for 25 years, spending most of his time making conference calls, talking to clients and making decisions on behalf of others. He has outstanding communication skills and is good with numbers.
According the RCGA website in Canada, 72% of golfers are male at an average age of 40 and 28% are female at an average age of 42. According to 2011
census, Canada’s population of people aged 12 and older was 35.2 million, these numbers have only grown leaving a window of opportunity open for the Par Pal. Approximately 47% of golfers have a household income of $30,000 – $74,000, 29% have an income of over $75,000. It is also important to know that 40% of all of Canada’s golfers live in Ontario (approximately 2,100,000). All these golfers have the capability to afford the ParPal, considering they are willing to pay an average cost of $51.50 to play 1 game of golf (according to my survey).
2.2 Community Profile
Par Pal’s primary trading area will be the Greater Toronto Area which takes in communities from Oshawa 9in the East) to Oakville ( in the West).
The population in the GTA area is 5.6 million; around 4.7 million of these people are 12 years and older. Of these people over 987,000 are
golfers. My target market of golfers earning more than $75,000 equals
2.3 Competition Analysis
Currently there is no direct competition, as the Par Pal is an invention as
opposed to an innovation. We expect competition to enter the market in the next 6-8 months after our product has hit market. We are prepared for this as we believe our product is one of a kind and cannot be improved. However, there is a lot of indirect competition that includes products such as blackberries, I-phones, and other handheld devices.
3.1 Original Idea
The “Par Pal” is a small, durable, hand held electronic device that will improve your game of golf. Similar to a MP3 player, the Par Pal comes with a software program for your computer, which allows you to download information about golf course, such as: maps,
distances and scoring information.
3.2/3.3 Consumer Research/ Service Improvement
Par Pal golf distributed handed out a survey to 20 people (all of whom I knew were experienced golfers). The survey took approximately 2 minutes to
25% of the people that were surveyed are females and 75% were males 85% of people go to the internet to find out golfing related Information.
The average cost of an 18-hole game is $51.50
85 % of golfers play at a variety of golf clubs 40 % of golfers keep track of their handicap whereas 60% do not. Of those 60 % that do not keep track 75% said that they would start if it was made easier. 70% of people said that they believe that their game of golf would improve if they had better judgement of: the
distance to the hole, the surrounding hazards, and the correct club to use.
4.1 Product
What makes our product a “one of a kind” is its uniqueness; there is no other product on the market that has all the same functions as the Par Pal. There are however, scorecards, GPS systems and handicap records but there is no other product that has all those functions in one handheld device. The Par Pal will revolutionize the game of golf. All those functions are built into one small, light, durable, easy-to-use and long-lasting apparatus.
dirt and being bounced around. The Par Pal is small and lightweight, it will be approximately the size of a cell phone but the shape is yet to be decided(will be discussed with designer). The Par Pal is very easy to use; we understand that some of our older clients are not accustomed to the most modern technology, which is why we are doing everything we can to simplify the external controls so it is easier to understand (will
come with directions). The Par Pal will run on a built in rechargeable battery. This way you do not have to continue to buy batteries (which
can harm the environment) and you know when your battery is getting low. Just simply plug your Par Pal into the wall when your warning (low-battery) sign appears.
4.2 Pricing
Price:
Because there is no competition and hopefully a lot of demand we can expect that about 1/5 of our total target market will purchase a Par Pal within the first 5 years. If this happens and there are no major set-backs in our target market, we would consider mass-producing our product and selling it across North America. The production costs of the Par Pal will be very high, when all the other costs are included in the selling price there will be little mark-up room left to make a profit (that people are willing to pay).
In the launch phase our main concern is getting people familiar with our product and gaining their trust, not making a lot of profit. From
there, hopefully word of mouth, publicity and successful advertising will catch on and more people will start to purchase a Par Pal. Once we are able to mass produce the Par Pal the manufacturing cost will decrease significantly allowing us to maintain the selling price but keep more profits.
4.3 Distribution
Since we plan to have a contract company manufacture the Par Pal,
we don’t need to have a large facility ourselves. We don’t plan to have any retail outlets – only selling via the internet, mail order, or telephone
orders. Therefore we have low cost for buildings. Because we are going to encourage our customers to order Par Pal’s, which we will deliver, we need only a small amount of space to store our product.
Customers will not visit our building to purchase our product and therefore we do not have to worry about the presentation of our
store. A smaller space will be used because it is cost efficient. Our storage building and tiny office will be located on 1540 Cornwall Road in Oakville Ontario. We are renting a 583sq.ft. lot, class A space, which will cost $16.00 per sq.ft. to rent. This location will allow us to receive shipments easily from our manufacture (which is
located in downtown Toronto), as it is close to the highway and main transport routs.
4.4 Promotion
attention grabbing but expensive forms of advertising.
When deciding on ways to advertise the Par Pal I thought to myself, how can I grab the attention of my target market? Specifically,
where will they look to find information? I immediately thought of golf clubs and golfing magazines and came up with ways to utilize these areas of interest. In analysing my survey I have found out that 85% of people will go to the internet to find out golfing related
information. This is why I try to direct people towards our website (www.parpal.com).
1. In the initial phase, we simply plan to post flyers, encouraging people to visit the Par Pal web site to find out more information about the product that is “sure to make you a better golfer.” These flyers will be posted in local golf clubs, in recreational centres; golf equipment stores and around popular golfing communities.
2. We will also aim to advertise on selected websites that host information about local golf courses, with a link to take them directly to our site.
our company, because people will be attracted to the golf shop to try our product.
