Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Developing marketing strategies&plans
Developing marketing strategies&plans
Market segmentation and its role in marketing
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Developing marketing strategies&plans
Marketing Plan
A marketing plan is an essential tool for any business in today’s competitive consumer market. Developing a marketing plan will aid a firm in thinking about what makes its business unique and how it will get the message out to desired consumers, using a variety of different channels. A marketing plan helps a firm focus on the Four P’s of marketing; price, product, promotion, and place. If the plan is well thought out, it will keep business owners and employees on track, as well as help to identify consumer needs. It will also help to evaluate those consumer needs and determine if the organization can meet or exceed expectations in order to turn the desired profits. There are five main components that make up a marketing plan, the executive summary, business challenge, market, strategy, and budget (Tanner, Jr. & Raymond, 2012). A well thought out and executed marketing plan will make it easier for an organization to decide if the plan will profit.
The Components of a Marketing Plan
The executive summary is the first component of the marketing plan. The executive summary will provide
…show more content…
This section should consist detailed information in regards to the consumers, a company analysis, possible collaborators, competitors, and the business climate (Tanner, Jr. & Raymond, 2012). Since consumers are the center of all marketing plans, they should be the starting point to the market section. Break the potential consumers into segments, starting with the most important and working down to the least important. Readers will want to know; who does the market consist of, the reason these consumers purchase the products they do and how they fill their personal value equation, their current buying process and the needs the offering meets for these potential consumers. Readers should be able to understand how each segment differs and how the total offering will satisfy the needs of each
... look out for high profile contacts and good image building activities especially due to the on going outsourcing concern. As community theatre boards include executive level staff these consulting companies could get high visibility and a sophisticated image by pairing up with something as ?cultured? as theatre. These companies can be requested by the boards of community theaters to sponsor the building and maintenance of the theatre websites in exchange for good PR and contacts.
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
(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
This section is created to see the financial aspect of the marketing plan. We will consider break-even analysis, sales forecasts, expense forecast in order to meet the marketing strategy.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
d) Enlarging new customers. Research on the consumer purchase behavior is an essential need. The analysis data will provide more information on who, how, and why to buy, and also understanding the competitors marketing strategic plan. Secondly, by analyzing the majority of subscribers age group, gender, preference items. Sending regular email on current promotion items and offer them with the 1st trial discount voucher to convert the subscribers into customers.
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
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
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.
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
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
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach
Key objectives when focusing on marketing, include profitability, finding and maintaining consistent employees or volunteers, and community involvement. Since objectives, are the measurements I will use to track my success, it is imperative I narrow those down as well. The plan to fulfill my objectives, or how I would measure these is by hosting events, adoption services and various other tactics advertising through the use of multiple marketing avenues and the return. Once action is put forth towards this key success factor, it will determine the strengths and weaknesses of the marketing plan designed to meet the
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.