How much is scrub daddy worth

Marketing Homework

Marketing Plan Outline – Scrub Daddy

Executive Summary

· Scrub Daddy appeared in 2012 on the TV series Shark Tank and caught the eye of Lori Greiner and has now become a multi million-dollar company.

· A Scrub Daddy is an innovative sponge in the shape of a smiley face.

· Our objective is to broaden the target market and increase sales.

· Our strategy includes creating different faces other than just smiley faces to increase sales and appeal to specifically millennials, we got this idea from emoji’s and how successful they’re.

Current Situation

· Scrub Daddy is already global and we would like to continue with that, unfortunately there are a lot of competitor’s big brand names and non brand names that offer cheaper prices, but our sponge has unique features that no other sponge has.

Competitor and Issues Analysis

· Our competitors range from brands, such as Lysol, Libman, Scotch-Brite to Walmart brand sponges.

· A feature that we have to compete with are sponges with wands.

Marketing Objectives

· To broaden the target market and increase sales by 25% globally

Marketing Strategy

· By developing and inventing a new line of new faces of Scrub Daddy’s

· Launching new faces such as a winking face, sad face, kissy face, and surprised face while still adhering to the high quality and standards of the original Scrub Daddy.

· These would cost the same as a Scrub Daddy which is roughly $4.00

· We would use infomercials/commercials and also initiate a media campaign developing a Snapchat filter that would make their face into the sponge to promote our product

· These new Scrub Daddy’s will be available in all the places as the original, such as grocery stores, Walmart’s, Amazon and Targets

Budget

· The net worth of Scrub Daddy’s currently is $50 million to execute the creation of a new line of sponges and distribution and all promotional aspects of the campaign we are setting aside a budget of $5 million.

Measurements

· Increase sales by 25% in 12 months