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Marketing Strategy Implementation ̶ Part I
Concepts of market segmentation
Marketing plan research
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Recommended: Marketing Strategy Implementation ̶ Part I
Introduction
A marketing plan is a document which comprises of analysis of the current marketing situation, threats and opportunities of the firm, marketing objectives and strategy specified that has the 4 Ps, program of actions, and projected budget and income and other financial statements (Drummond, Ensor, & Ashford, 2008).
The marketing plan consist of 3 main steps:
1) Planning Phase
2) Implementation Phase
3) Control Phase
Figure: 3 Phases of Marketing Plan (Source: (Drummond, Ensor, & Ashford, 2008) )
A documented market plan helps in tracking the progress of the company or activity by providing a point of reference.
While creating a new market plan around three end goals should be kept in mind. Having end goal in mind will help in efficient formulation of marketing Plan. Placing more goals will lead to dilution of efforts and shortage of resources for the company (Luke, 2013).
Aim
The report is creating a marketing plan for Tata global beverages limited to launch into Australian market with their new Green tea product.
History
Tata global beverage was set up as a joint venture between Tata Sons and the UK-based tea plantation company, James Finlay and Company in 1962. Tata Tea was born in 1983 after James Finlay sold his shareholding to Tata. The company set out on a path with global ambitions, evidenced by the acquisition of Tetley in 2000. This was followed by a string of strategic acquisitions including Good Earth, Jemca, Vitax, Eight O’ Clock Coffee and Himalayan Water (Tata Global Beverages, 2014).
Source: (Tata Global Beverages, 2014).
Following are different brands that come under Tata beverages:
Source: (Tata Beverages, 2014)
Tata Beverages has a wide variety of portfolio of products which ranges from dis...
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...ers never asked for or thought were possible example Walkmans.
Companies are trying to become more market driven and their major efforts go in retaining customers. Customer retention has become much more important than customer attraction because attracting new customer costs five times more than pleasing an existing one. (Kotler, Marketing Management Millenium Edition, 2002).
Target Market
The product will be targeting the following segment of population:
1) People from the age range of 15 to 35 both male and females.
2) Health conscious people preferably involved in regular work out.
3) People who are trying to switch to a healthier lifestyle and want to give up soft drinks.
Competitor Analysis
Competition is the most critical factor in marketing management and includes all of the actual and potential rival offerings and substitutes that a buyer might consider.
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
Superior customer value: strategies for winning and retaining customers (3rd ed.). Boca Raton, FL: CRC Press.
Company G’s Tea Makers will allow the consumer to create their own tea with different types of flavors. Experienced tea makers may know there will be problems when making tea, such as different type of tea leaves
Good understanding of the marketing mix is important for an organization. When a company is developing a marketing plan, it must consider each element. Just as important is an understanding how to use the element in the marketing process. They must create a marketing plan, which incorporated all four elements. This is usually formalized in a marketing plan consists of three phases. These phases are planning, implementation and control.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...
In order to know is the market plan is it successful; we can look at the profit. If the profit is rising then it is a well strategy. First we have to set the budget for the business then have to choose your marketing strategies to communicate with the customers.
A marketing plan helps to focus your company on the vital activity of growing the business. It provides the framework on which to build new
...rketing plan that will form the basis of all your marketing activities. Today, there are literally dozens of ways you can communicate your
An organisation strategies that combine all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and the business. marketing strategy is one way to achieve the goal of a company. The destination marketing is the first and best in class in meeting the needs and aspirations of consumers. Besides that, being a key partner for our customers, consumers and communities. Eliminating non-value added activities of the process. However, the aims to increase the target profitable growth and provides benefits above average employees and shareholders. There is an example of marketing strategies that used in Rejoice company. The 4P’s are influence the marketing strategies.
After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan is created and executed. Printed Definition “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007) • “American Heritage Dictionary's Definition of Marketing The commercial functions involved in transferring goods from producer to consumer. Merriam Webster's Marketing Definition 1 b. the process or technique of promoting, selling, and distributing a product or service.
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...
Loyalty customers gain the more cost advantage and benefit, this resist competitors very hard to match. Promoted cost bind to loyal customers to sustainable growing.