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StockSmart
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Term Paper on
Service Marketing Plan of

“StockSmart”
MKT412 (Section 02)

Prepared for
Nayeema Sultana
Senior Lecturer
Department of Business Administration
East West University
Prepared by
UNKNOWN

Name Student ID Participation

Nadia Rahman Chowdhury 2019-1-10-063 16.67%
Al Mamun 2019-2-10-015 16.67%
MD. Tahsin Tazwar 2019-3-10-110 16.67%
Faria Anwar Oindrila 2020-1-10-123 16.67%
Md. Azizur Rahman 2020-1-10-131 16.67%
Hassin Ishraq Taha 2020-1-10-429 16.67%

Date of Submission: 1st January 2023

Letter of Transmittal
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1st January, 2023

To
Nayeema Sultana
Senior Lecturer
Department of Business Administration
East West University
Subject: Submission of Term paper on “Service Marketing Plan of “StockSmart”.
Dear Ma’am,
It gives us immense pleasure to submit my report “Service Marketing Plan of “StockSmart” that
you asked to prepare us as a fulfillment of the course ‘MKT412’. All the available data,
information and explanation have been included in this report to make it reliable, realistic, and
informative as much as possible. It was a fantastic experience for us to prepare this report. The
experiences and learning that we have gained during the completion of the report will certainly
be helpful and beneficial in the next phases of our life. We have tried our level best to complete
this report meaningfully and correctly, as much as possible. If further clarification regarding this
report is required, we would be available by any means.
Sincerely,
Hassin Ishraq Taha
(On behalf of the group)

Acknowledgement
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In preparing our term paper, we had to take the help and guideline of some generous people, who
deserve our greatest gratitude. The completion of this term paper gives us much pleasure. Most
of all we would like to show our heartfelt gratitude to Nayeema Sultana Ma’am, Course
Instructor of MKT412, Section 02, and East West University for giving us a good guideline for
the assignment through numerous consultations. We would also like to expand our deepest
gratitude to all those who have directly and indirectly guided us in writing this term paper.

Table of Contents
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Contents Page No
1. Executive Summary 6
2. Situation Analysis 7-8
3. Market Summary 9
4. Market Need and Service Offering 11-22
4.1Service Innovation Steps
4.2. Blueprint
4.3. Service Quality Dimensions
4.4. Service Encounter Cascade
4.5 Service Guarantee
4.6 Service Recovery Strategy
4.6.1Fix the customers
4.6.2Fix the problem
5. Market Strategy 23-25
5.1. Target Market
5.2. Selected Target Market
5.3. Positioning
5.3.1. Brand Name
5.3.2. Logo
6. Service Marketing Tactics 26-28
7. Financial Market and Forecasts 29-30
7.1. Total Assumption of Estimated Costs
7.3. Total Sales Forecasting
8. Control 31
9. Implementation 30-32
10. Conclusion 32
11. References 33

Executive Summary
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As students of business administration, we need to do many courses including some core

business management courses. Hence, we are doing production Service Marketing as a core
course in this running semester. This course is about what is the role of marketing in the service
industry and how the companies Define and explain the components of the service marketing
strategy development process.
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Situation Analysis

SWOT Analysis for

STOCKSMART

A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a tool used to identify
the internal and external factors that can impact a business. Here is a SWOT analysis for an
inventory management service:

Strengths:
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 Advanced inventory management software or tools

 Experienced and knowledgeable staff
 Strong relationships with suppliers
 Positive reputation in the industry
Weaknesses:
 Limited resources or budget
 Lack of specialized expertise in certain areas
 Dependence on a small number of key customers
 Limited geographical reach
Opportunities:
 Growing demand for inventory management services
 Opportunities to expand into new markets or industries
 Opportunities to introduce new technology or services
 Opportunities to form partnerships or alliances
Threats:
 Competition from other inventory management service providers
 Changes in industry regulations or standards
 Economic downturns or market instability
 Changes in consumer preferences or behavior

By identifying and analyzing these factors, an inventory management service can better
understand its strengths and weaknesses and identify opportunities and threats to focus on in
order to improve and grow the business.
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Market Summary

Businesses can determine which goods to order when and in what quantities using inventory
management. Inventory is tracked as things are bought and sold. In order to guarantee that there
is
always adequate inventory to satisfy client orders and that a shortage is properly announced, the
Practice recognizes patterns and adapts to them. Because it helps to ensure that there is rarely too
much or too little product on hand, inventory management is essential to a company's health
because it lowers the danger of stockouts and inaccurate records.
We conducted market research, and the results showed that, in 2020, the first year of the
pandemic,
e-commerce sales climbed by $244.2 billion, or 43%, from $571.2 billion in 2019 to $815.4
billion.
This increase was based on the most current 2020 ARTS release. Because they can look up about
anything they would need or want right now by going online. And as a result, online sales are
rising, but many online retailers are having trouble finding storage space for their goods. And it
occurs because there isn't enough warehouse. Therefore, as part of our service, we will rent a
space
for them to neatly store their goods. Therefore, we believe that a significant portion of customers
who desire to find relief from this problem could become our future customers. And we have set
them as our target customer. As they experience this sort of issue when storing their goods.
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Market Need and Service Offering

As we are providing an existing service in a new way, so we can be segmented as Start-up

business. The front-end planning section includes a discussion of the business plan, and the
implementation section includes a brief explanation of how the plan will be carried out.
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Front End Planning

1. Business Strategy Development:

Our company's mission and vision is to make special services more accessible to those
with limited mobility and those in remote locations. We aim to do this by implementing a
one-year strategy based on our vision.

2. New Service Strategy Development:

Our focus will be on expanding and diversifying our services in order to attract new
customers who have never used a service like ours before, as well as potentially attracting
clients who have used similar services in the past.

3. Idea Generation:

We came up with the idea for "StockSmart" through a combination of brainstorming

sessions with our team and market research, including a SWOT analysis. We recognized
that there was a need for an online inventory management platform that offered lower
prices, easy access, affordable transactions and products, convenience, and privacy for
customers. This platform, "StockSmart," will be geared towards serving those in remote
areas and those with mobility issues. We are now in the process of incorporating this idea
into our business.

4. Concept Development and Evaluation:

Since social media has taken over the world, we will gain a ton of new clients through it
by making our service “StockSmart” known to potential customers, we will also draw in
those who are not yet aware of it.

5. Business Analysis:

Before investing in the service development, we needed to be sure if this would bring a
sophisticated return or not. So, we estimated our economic feasibility for assessing the
demand analysis, revenue projections and cost analysis in this stage. We anticipate that
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“StockSmart” will break even within a year due to high market demand for this service,
which we will launch with a one-year plan.

Implementation

1. Service Development and Testing:

There may be some challenges as our customers adjust to using a new type of service that
has not undergone much physical testing. However, we plan to continue with the
implementation of "StockSmart" and make any necessary adjustments along the way in
order to overcome these challenges.

2. Market Testing:

To gauge the effectiveness of our "StockSmart" service, we will conduct market testing
by providing it to a group of people including our employees, their families, and friends.
We will gather their feedback and assess their reactions to different elements of the
marketing mix over a set period of time.

3. Commercialization:

During the commercialization phase, we will make "StockSmart" available to the general
public. This will involve monitoring all aspects of the service, such as customer
complaints and billing issues, as well as keeping track of operating efficiency and costs.

4. Position introduction Evaluation:

Following the commercialization phase, we will make any necessary adjustments to

improve the delivery of our service. We will also continue to focus on enhancing the
quality of our services from the customer's perspective.
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Blueprint

The service blueprint is a tool that helps us visualize the service process from the customer's
Perspective, including customer touch points and service evidence. It provides a clear outline and
Understanding of the service process for those involved in delivering the service. It also
Distinguishes between the "onstage" and "backstage" activities of our employees, which are the
Key components of our service-level agreement.
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Service Recovery Strategies

Fix the problem

StockSmart will--
1. Identify the root cause of the problem. In order to effectively solve the problem, we need
to understand what is causing it. This could involve analyzing data, talking to customers
and employees, or conducting root cause analysis.
2. Develop a plan to address the problem. Based on the root cause of the problem, we will
come up with a plan to fix it. This might involve making changing processes, training
employees, or implementing new technologies.
3. Communicate the plan to the team. This is in order to make sure that everyone who is
involved in the service recovery process is aware of the plan and its role in implementing
it.
4. Implement the plan and track progress. Putting the plan into action and tracking the
results to see if it is effectively addressing the problem.
5. Continuously review and optimize the plan. As we gather more data and feedback,
continually review, and optimize our plan to ensure that it is still the best way to address
the problem.
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Fix the customer

StockSmart will--
1. Listen to the customer and understand their perspective. We will try our best to try to
fully understand the customer's issue or complaint and try to see things from their point
of view.

2. Apologize and acknowledge the issue. We will let the customer know that we understand
their frustration and that we are committed to finding a solution.

3. Offer a resolution or compensation. This could involve offering a refund, credit, or

another form of compensation to the customer to make up for the inconvenience the
customer experienced from us.

4. Follow up with the customer so that we can ensure the issue has been resolved to their
satisfaction. This could involve checking in with the customer after the issue has been
resolved to ensure that they are satisfied with the resolution or asking for feedback on
how the service recovery process could be improved.
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In a nutshell, our service recovery strategy-

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SERVICE Quality Dimensions

For maintaining service quality, each service provider employs a distinctive strategy. There is a
common and favored way to assess the caliber of service. A SERVQUAL The five components
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of service quality are concrete qualities, responsiveness, assurance, dependability, and empathy.
We want to know how these factors will impact the quality of service we provide, which is why
we're doing this study.

1. Responsiveness: It relates to our employees' readiness or tendency to offer top-notch service.

It has to do with how quickly we provide our service. This dimension places a focus on our
employees' responsiveness and punctuality in responding to client requests, inquiries,
complaints, and difficulties. Clients are always appreciative of courteous and helpful responses
from service providers. How quickly the service provider fixes that problem is extremely
important. We will make sure that "StockSmart" is consistently accessible to help our customers
in any way we can, to hear their feedback if they have any, and to quickly accommodate their
requests.
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2. Assurance: This component refers to the skills, manners, and knowledge of our staff that are
necessary to gain the faith and trust of customers. This factor is crucial for services that clients
perceive as high risk or for services that they are unsure about. Customers might be unsure about
the "StockSmart" service among others. As a result, in order to retain our clients' respect and
confidence, our staff members must continue to demonstrate the expertise, morality, and abilities
required.

3. Tangibles: Our representations of the service are made more concrete by tangibles. This
measure is based on how our clients will evaluate the caliber of our offerings in view of our
physical infrastructure, decor, workforce, and other communication tools. Our tangible assets
include things like office furniture, interior design, mobile app, promotions, offerings, policies,
refunds, and machinery, among other things.
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4. Empathy: We will treat each of our customers with sympathy and individual attention as part
of this dimension. Customers want to feel valued and appreciated by us, so we must always take
this into account. The attempt we make to understand our customers' needs, therefore, is
highlighted by this dimension.

5. Reliability: It entails our dependability and consistency in terms of functionality and

performance. We should indeed finish our work properly the first time in order to uphold our
promise of prompt service. Providing a positive example for our clients is our top priority. Our
top management will continuously monitor every situation to make sure that our employees are
giving all of our customers high-quality service.
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SERVICE GUARANTEE
When it comes to physical/tangible goods, it is simple to make guarantees; however, it can be
challenging to promise that a service will be provided in a way that is satisfactory or as claimed.
If a product isn't performing as expected, it can be easily returned to receive a refund. Since there
is always a high likelihood of service abuse, service guarantees are challenging to offer.
Although we cannot control the service quality, we will make every effort to offer excellent
service. We will work hard to provide a solution as soon as a service failure occurs, no matter
when it happens. Customer fulfillment is of utmost importance to us, so we will have a well-
organized, customer-friendly service recovery strategy.
For instance, if a customer is facing any issues regarding our management, we will communicate
with them precisely what they are facing the issues.
If something goes wrong in an inventory management service and it affects a customer's order or
experience, there are several steps that we might follow to compensate the customer:
1. Apologize: Acknowledging the issue, we will apologize for any inconvenience that the
customer has experienced.
2. Offer a solution: We will try our best to provide a solution to the issue, such as offering
a replacement product or a refund.
3. Provide compensation: We will consider offering additional compensation, such as a
discount or credit towards future purchases, to show the customer that you value their
business and are committed to making things right.
4. Follow up: Lastly, we will follow up with the customer to ensure that the issue has been
resolved to their satisfaction and to gather feedback on how the situation was handled. It
is important to be proactive in addressing customer issues and to communicate openly
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and honestly with the customer throughout the process. This can help to build trust and
strengthen the relationship with the customer. Furthermore, as a service-based business, it
is very difficult to guarantee but we will ensure if a customer faces any problem, we will
try to solve it instantly and give a proper solution to the problem. Satisfying the
customers is our main priority as we have designed the service for them.
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Market Summary

Businesses can determine which goods to order when and in what quantities using inventory
management. Inventory is tracked as things are bought and sold. In order to guarantee that there
is always adequate inventory to satisfy client orders and that a shortage is properly announced,
the practice recognizes patterns and adapts to them. Because it helps to ensure that there is rarely
too much or too little product on hand, inventory management is essential to a company's health
because it lowers the danger of stockouts and inaccurate records.

We conducted market research, and the results showed that, in 2020, the first year of the
pandemic, e-commerce sales climbed by $244.2 billion, or 43%, from $571.2 billion in 2019 to
$815.4 billion. This increase was based on the most current 2020 ARTS release. Because they
can look up about anything they would need or want right now by going online. And as a result,
online sales are rising, but many online retailers are having trouble finding storage space for
them goods. And it occurs because there isn't enough warehouse. Therefore, as part of our
service, we will rent a space for them to neatly store their goods. Therefore, we believe that
significant portion of customers who desire to find relief from this problem could become our
future customers. And we have set them as our target customer. As they experience this sort of
issue when storing their goods.

Market Strategy

Any company's marketing strategy should focus on creating a lasting competitive advantage by
anticipating the demands and desires of its target market. A long-term, forward-looking strategy
and overall game plan are used to achieve this. "StockSmart" will make use of market
diversification approach. This approach calls for extending the company's reach across numerous
services and industry verticals in order to penetrate a new market.
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Target Market

We must first comprehend stock levels and stock's position in warehouses in order to target the
targeted audiences. The movement of goods from the supplier through the manufacturing process
and to the customer is tracked by inventory management software. Inventory management in the
warehouse keeps track of stock receiving, picking, packaging, and shipment. We must first
segment the market before choosing the "StockSmart" target market. Four parts will be used to
split the market. Geographical segmentation, demographic segmentation, economic or income
segmentation, and psychological segmentation are the four categories. Since most people who
are intending to rent a space from us live in urban areas, we selected urban areas for the
Geographic Segmentation. We chose the 16 to 50 age range for the demographic segmentation
because this is the age range where the majority of people, from students to businesspeople, fall.
We are focusing on all the entrepreneur out there. Last but not least, we shall focus on affluent,
upper middle-class, and middle-class individuals in the psychographic segmentation.

Segmentation

Geographical Segmentation

Urban Semi-Urban
Area

Demographic Segmentation

16-50
Age
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Psychological Segmentation

Economic Class Affluent Upper Middle Class Middle Class

Positioning

Brand advertising, which establishes and maintains a mental image of our service in the target
market, is a crucial part of positioning or service in the market. In order to compete with our
competitors, sustain loyal customers, precise design for advertising, and easily adapt to market
changes, the company has an edge in creating position.

Brand Name

"StockSmart" is a name that already conveys how simple the service could be. And in any
situation of urgency, our consumers may count on us. StockSmart is the location that the
consumer needs for calm and inconvenience services.

URL

www.stocksmart.com will be our URL code which is simple and easy to remember for everyone.
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Logo

where we demonstrate our commitment to providing our customers with a space or place to
safely store their goods. As a result, we think that a significant percentage of customers who
want to solve their issue may eventually become our clients.

Tagline

“Your Goods, Our Responsibility” - This tagline gives customers relief that they may come to
us with storage-related issues for their items and that they can fully trust our service.
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Service Marketing Tactics

In this section, we will talk about the 7P’s of the market. The marketing mix means either a
product base or service base. To serve a firm or built a basic of a firm service marketing tactics
and 7P’s is very important. It is also can be used as a tactical tool of a firm organization. To
reach the goal the marketers can use and implement marketing objectives. The four fundamental
marketing P’s are product, price, place, promotion. There are also three foundational P’s that are
active process, physical evidence and people. These three P’s also are the part of marketing mix.
These all 7P’s are used generally around the world in marketing strategy. For our company
“Stock Smart” we will discuss now the implementation of 7P’s.

Product: Product can be tangible or intangible object that is offered to the market for purchase.
We purchase product depending on our demand. A product can solve our problem. If there is no
problem, we will never purchase a product or service.

“Stock Smart” is a service-based business there is no tangible product. We basically rent a space
for the inventory which is imported from abroad. The main basic idea of our service is if any
person imported some product in a huge amount from abroad the person can face some problem
to stock or handle the product. In this case “Stock Smart” can help the person to stock the
product and give the customer space for rent.

Price: Price means the amount of money that denotes the proper valuation of the product or the
customer is willing to pay to obtain a good or service. Pricing is essential part of business
because it can influence the business. If the pricing strategy is poor that may create a negative
impact or negative impression for any company.

For our new service company “Stock Smart” we will set a pricing strategy based on types of the
customer, Psychology and the buying capacity of the customer. Our main income is coming
from giving space as a rent. On the other hand, we charge a monthly fee of the company which’s
product we capture from the customer. Besides, the customer who is our permanent member of
our company. We also give them the privilege. Customers can also use our website or apps for
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booking in the emergence. We charge a minimum price or customer-friendly price for each
service.

Place: Place means the geographical area from where the customer will obtain the service.

Our company “Stock Smart” is a service that is based on online and offline both. Usually, we
take order or booking from online. As well as we are booking from offline through our
employees. We have our specific office where we conduct our regular service and to preserve the
product, we have specious area. We have collaborations with some other organizations. They
help us to preserve the product which is imported from abroad. After some time, we handover
the product to the real customer.

Promotion: Promotion is very important because by promotion we can interact and

communicate with our target customer or any other potential customer which can turn over to the
actual customer. To increase the order of our company we have to promote ourselves. To reach
to customer properly and increase the order of the specific service promotion is important too.

For promotion we will use billboards, ovc, digital marketing, celebrity endorsement etc. We will
focus on development relationship with employees and customers. We will give some special
offer and superior discount towards our special customer. We will give special training to
employees on how to interact sweetly with the customer. If we focus on these things our
promotion will be automatically sphered by word of mouth. On the other hand, we will receive
complain and recommendation from customer so that we can fix the problem. Through fixing the
problem we can increase the service quality. As a result, it will be easier to reach the customer
and conduct our promotional activity. We will try to reach the heart of consumer by establishing
our service as a brand. If our promotional activities run smoothly then making a leading position
in the market it will be much easier. Moreover, potential customer turns into actual customer an
increase our monetary value.

People: People stands for the individual who will represent our company and run the operation.
People also indicates the workforce who are surviving in the company for a long time. The
customer pleasure and the desired goal is mostly depended on the people who is serving to the
company.
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As our service company rent based business. We need a lot of manpower to arrange the product
properly in the given space area. Also, we need some people to handover the product on time to
the correct customer. As we are taking online orders so I this area, we need some workforce.
Besides, to develop the service quality we need human resource department manager, business
developer, marketing and advertisement manager, accountants, technologies, financial manager
specialist and lots of employee or manpower.

Physical Evidence: It means all the actual, tangible materials, physical present that will be
employed both in the service itself and the duration of the service experience. It will also include
information about the existence of the brand.

Generally, we take order from website or applications for booking the space rent of the product.
Also, we receive the order via offline. To take care of the goods there is also a certain people
involve. The physical details of our company is available on our website.

Our service is based on space rent and location. There is certain procedure for offering our
service because it depends on what the customer demands.

Process: Our process is 2 kinds. Most of the customer approaches our applications and website
where they can apply for a space to keep their valuable product in a safe hands. If our area is
vacant then we reply in the positive vibes toward customer that we have vacant space and assure
the order. Our concerned persons will guard the product and protect it. After the duration ends of
keeping product we handover it to the curtained importers.
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Total Investment

Year  Warehouse rent Marketing & Buying Total

Administrative   asset  Investment
Expense

1  (One time 5,00,000 10,00,000 35,00,000

deposit)5,00,000+12,00,000/- 

2  12,00,000/-  5,00,000 3,00,000  20,00,000

3  12,00,000/-  5,00,000 2,00,000  19,00,000

4  24,00,000/-  15,00,000 10,00,000  49,00,000

5  24,00,000/-  15,00,000 4,00,000  43,00,000

In year 4 we will take another space for rent

In year 4 new employee will e added

Sales Forecast
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Description of 1st Year  2nd Year  3rd Year  4 Year 

th
5 year 
th

Product 

We will Provide (10,000- (10,000- (10,000- (10,000- (10,000-

our space form 1,00,000)   1,00,000)   1,00,000)   1,00,000)   1,00,000)  
(10,000- X X X X X
1,00,000) per 100 150 250 500 Customer 800 Customer
month Customer Customer Customer =(1,10,00,000- =(1,30,00,000-
=(20,00,00- =(30,00,000- =(60,00,00- 1,25,00,000) 1,70,00,000)
25,00,000) 40,00,000) 75,00,000)

Controls
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Control is an essential component in every business because it indicates or refers whether or not
a organization is operating effectively and efficiently to achieve the certain goal or desired
success. Control is necessary to keep an eye on business and make adjustment.

We will try to be first and quick responsive to deliver the service on time so that the customer
will be happy and satisfied and the number of the loyal customer will increase in a huge amount.
To provide the best service, it is mandatory to train our workers. It will raise up the performance
quality of the staff member and they will be encouraged. Besides, we are responsible for the
privacy and security along with other demands of the workers and staff members we will ensure
the security of our app for our customer. We will make sure that every consumer will receive the
same level of care and service. We will collect feedback from them. After collecting the
feedback and complain we will aggregate the consumer comment regarding the service quality
and overall environment. Due to facing, unfavorable experience some consumers might not take
the service from our company. On the other hand, we will give customer some special treatment
and take advantage of special marketing.
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Conclusion
StockSmart is the aid the fast-going online services and start-ups are searching for. Our service is
the very first in Bangladesh and thereby we intend to provide it with utmost dedication and
honesty. After analyzing the positioning in the market and analyzing the costs and threats we are
confident that it can stir a demand of the market.
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References
Valarie A. Zeithaml, Mary Jo Bitner and Dwayne D. Gremler. Service Marketing. Integrated Customer
Focus Across the Firm. (Seventh Edition).