NIMBY

Music
Store
Marketing
Plan
A BA 108 (Marketing
Management)
Requirement

Submitted by:

PAULINE S. ESPARCIA

 NIMBY Music Store Marketing Plan

NIMBY Music Store Marketing Plan

1.0

Executive Summary

NIMBY Music Store is an upcoming retailer of musical instruments and gadgets. This
marketing plan illustrates our market segments and the strategies we will employ to get
customers and create a solid revenue stream. We are not just any music store. Our
unique focus of creating custom made instruments and the extraordinary service we
offer gives us an advantage over our competitors by giving customers more than what
they expect in a music store. This fills a ready need of not just the traditional musicians
but expands our reach to people who do not yet have musical skills but are very much
interested in learning.
In the first year of our operations, our target is to achieve revenues of P 2.5
million with unit sales of 1,500 and have first year losses of no more than P 500, 000. We
plan to break even in our second year of operations.
We have made a slogan for the store.

2.0 Situation Analysis

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 NIMBY Music Store Marketing Plan

Conceptualized by music fans, NIMBY Music Store intends to create a market for musical
instruments in Maasin City. One of its aspiration is also to have a music school where
hopeful musicians can practice with the instruments they also bought from the store.

2.1 Market Summary

NIMBY Music Stores market consists of musicians and musicians-at-heart
who would want to have high quality and customizable instruments. Specific
targets for the first year will be the young professionals and band members.
These customers can choose from different brands of instruments and
gadgets and can also order custom made instruments.
2.2 Strengths, Weaknesses, Opportunities and Threats Analysis (SWOT)
NIMBY Music Store certainly has some strengths but there are also its
weaknesses that play a very big role in the establishments success. Its big
opportunity is the freshness of the concept. The risks we have is that the
consumers might easily get tired or bored of the idea of our store.
A. Strengths
NIMBY Music Store has the following strengths:
1. Employee The store has employees which are knowledgeable
and enthusiastic about music.
2. Supply Chain The store has a supplier contact who builds
custom made musical instruments.
3. Promotions Easy advertising through social networking,
contacts with a cable company and radio network, and through
word of mouth.
4. Technology Employees are also knowledgeable about new and
trending technologies.
B. Weaknesses
We might have some strengths but there still these major weaknesses that
could hamper our growth:

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 NIMBY Music Store Marketing Plan

1. Lack of Capital Most funds to start the business will have to

come from creditors and investors.
2. Lack of Reputation The store isnt recognized yet as a
reputable music store.
3. Location The store hasnt established its suitable location.
4. Marketing The business entrepreneurs has no marketing
background.
C. Opportunities
NIMBY Music Store has the following opportunities to bank on:
1. New Business Concept There is no music store yet in the area.
2. Local Bands There are many local bands in the city.
3. Music Lovers Aside from the bands, there are a lot of people in
the city which are music enthusiasts.
D. Threats
The major threats we can encounter are:
1. Potential Competition Another competitor could rise up and
eliminate us from the market.
2. Picky Customers The people in the city are easily worn out of
new ideas and they could stop supporting the store.
2.3 Competition
The main competition we are dealing with at present are the big stores in the
city that offer different kinds of products which include guitars and
keyboards. As they are established stores and they have other product
offerings, the customers might opt to go there to shop instead of going to
our store. However, the products they sell are standard instruments. Their
salespersons have a limited amount of musical instruments and thus cannot
assist in selecting the right instrument for the customer.
2.4 Product Offerings
The NIMBY Music Store offers various musical instruments and gadgets such
as:

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 NIMBY Music Store Marketing Plan

Custom made guitars electric, bass and acoustic

Keyboards
Drums
Violins
Musical Instrument parts strings, pickups, etc.
Synthesizers
Pedals for guitars, keyboards, violins and drums
Distortion
Gadget cases
In the succeeding years of the establishment, when there is enough capital
and the market is ripe for the idea, we can expand the music store and launch
a music school. We can then offer music lessons to children and teens. We will
also have custom built instruments suitable for this age group.
2.5 Distribution
NIMBY Music Store will have a store located in an auspicious area. The
products can be mounted and there will be catalogs for those who would
want custom built instruments. We will also set-up an online shop where the
customers can browse and order our merchandise.

3.0

Marketing Strategy
3.1 Objectives
NIMBY Music Store has set the following objectives for the first and second
years of operation.
First-year Objectives Our target is to gain revenues of P 2.5 million
and unit sales of 1,500.
Second-year Objectives We plan to achieve break even on our sale in
our second year of operations.
3.2 Target Markets

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Our ideal customer is between the age of 15 and 30 who loves music and
doesnt have instruments yet or has old ones. Some might have bands of their
own and others may just play musical instruments for recreation.
Our secondary target are those who love classical music. Some might
prefer the guitar for serenading their loved ones. Other might want the
keyboard which has different presets and customizable settings to produce
orchestra-like music.
3.3 Positioning
NIMBY Music Store is positioning itself as a leader in quality musical
instruments and gadgets. The primary focus of our marketing strategy is high
value and tailor made products.
3.4 Strategies
A. Product
The musical instruments and gadgets we offer will be sold with a six
month warranty. Also, for custom made musical instruments, we offer free
bag cases with the stores logo. In the second year of our venture, we plan
to have custom made gadgets as well, like pedal boards and amplifier sets.
B. Pricing
The prices of our products will depend on whether it is custom made or
assembled. Tailor made orders will be at a higher rate than assembled
ones but it will be personalized as to the customers specifications.
Gadgets also vary depending on the brands and specifications.
C. Distribution
NIMBY Music Store directly sells its products in the store. Also, online sites
will be put up and catalogs will be included for easy browsing of our
customers. Flyers will be printed and handed out in the store to potential
consumers.
D. Marketing Communication
As the target customers are from teens to the 30s, our plan is to spread
the word by mouth and by social media. Special promotions of bands and
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 NIMBY Music Store Marketing Plan

events will also be incorporated to extend our influence. Advertising

through the cable network will also broaden the awareness of our store.
3.5 Marketing Mix
First order of business is to set up store awareness. To do so, we plan on
advertising through the cable network and radio station, and putting up
posters and distribution of flyers. Then, there will be a grand opening where
we will invite a few bands to participate and showcase some of our offerings.
A website will also be put up and pages on the major social networking
sites like Facebook and Twitter. This will further enhance the familiarity to our
store. In these online sites, descriptions and pictures of our products will be
shown and customers may ask questions regarding the merchandise and
other details about the store.
3.6 Marketing Research
NIMBY Music Store will conduct researches to look for more gadgets that are
suitable for every musical instrument. Also, we will develop our own line of
gadgets and instrument parts for the benefit of our consumers.

4.0

Financials

NIMBY Music Stores first year revenues are estimated to be P 2.5 million. It will be
the aggregate sales of all the products ranging from the guitars, violins, drums,
guitar and violin strings, keyboards, pedals, and other gadgets. The expected total
sales of all the products will be 1,500. Projected expenditures are P 1.6 million. This
will include the space rental, utilities bills, advertising, and purchase of inventory.

5.0

Controls

To analyze the effectiveness of the stores marketing plan, it is necessary to compare

its actual performance with plan objectives.
5.1 Implementation

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A project management concept will be used to evaluate the implementation

of the marketing plan by establishing time requirements, human resource
needs, and financial expenditures. A continuous comparison of the actual and
planned activities will be conducted on a monthly basis for the first year of
operations and quarterly thereafter. The management will then be
responsible for determining what changes must be made in procedures, or
operations as a result of the studies conducted in its area.
5.2 Marketing Organization
As NIMBY Music Store is a new establishment, its proprietor will be the head of the
marketing department as of the moment. The following figure shows the structure of
the marketing department of the company.

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