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INTRODUCTION TO MARKETING PRINCIPLES
Marketing plan is a comprehensive blueprint that outlines the organization's overall marketing efforts. However, developing a marketing process helps the business to realize different marketing mix. A strategic plan contains a list of actions and need to control it in order to attain the desired results. Being a marketing consultant for A Business Consultants Ltd, a strategic plan has been developed in order to introduce a new product or service i.e. Cakes and cake bars in the United States (Wells and et.al., 2011). Furthermore, in the report, developing different objectives for the company for coming five years to incorporate the introduction of new product in market will be discussed as well. Also, adopting different strategies for the company in order to meet the objectives effectively will also be studied. Further, the marketing plan developed need to be managed and controlled properly to monitor the success of business which will also be taken into consideration in the present report.
THREE OBJECTIVES FOR THE COMPANY
It is essential for the business to develop a strategic plan for the introduction of new product or service into the country and thus, helps in attaining high growth and profitability. Furthermore, business need to prepare effective marketing strategies at the time of entering into market and thus, requires making strategic plan for the coming five years so that product can achieve the desired objectives. Being a Marketing Consultant, it is essential for me to produce a strategic plan for the market, brand and country. Marketing objectives are set by business at the time of promoting its products or services to the potential customers in order to achieve goals within a given time frame (Child, 2015). However, company's marketing objectives for a particular product might include increasing product awareness among the targeted audience, providing information about the product features and thus, attaining the specific results in order to attain high market share. Following are the objectives which are identified that the business need to develop for the next five years in order to incorporate the introduction of new product or service. These are as follows-
- To enhance the market share by 40% in the next 5 years.
- To satisfy the needs of customers with respect to their demands of particular products i.e. Cakes and cake bars.
- Also, to keep the prices of Cakes and cake bars to be competitive in the entire United States market.
All the above objectives help the business to introduce the new product or service in the market. Business can effectively adopt all the objectives and thus, incorporate them through strategic planning and achieve desired outcomes as well. Successfully implementing the marketing plan helps the business to increase sales. Because of the reason that marketing needs a good return on investment, it means that increasing the sales should significantly exceed the cost of marketing. Therefore, it is essential for the business to incorporate effective strategies in order to make the product popularise in market and thus, it enhances high marketing share in the coming five years (Newman and Jennings, 2012). Furthermore, the marketing efforts need to be focused at reviving the interest in a product and thus, in introducing Cakes and cake bar throughout United States which needs to adopt effective marketing campaign to achieve the desired results. Also, the business is a new organization in the market and thus, it needs to establish itself in the industry through providing Cakes and cake bars at low prices.
Moreover, it is also essential for the business survey and cake industry in the market which is already existing as it will help the firm to analyse the market share and also to identify the competition that is available in the market. Furthermore, identifying competitive prices assist the firm to adopt effective pricing policies so that more customers can be attracted towards the business and thus, increases the brand image and profitability of company (Armstrong and et.al., 2014). Also, it is significant for the business to identify the market demand of cakes and cake bars and thus, fulfil the needs of customers through delivering specific products at competitive prices.
STRATEGY FOR THE COMPANY TO MEET THE OBJECTIVES
Here, it is essential for the business to adopt effective strategy in order to meet the objectives for firm. Therefore, business should adopt new product development strategy that helps the firm to avoid wasting time, money and business resources. Product development strategy helps the business to organise the product planning and research, capturing clients and also fulfilling their views and expectations. Through adopting the strategy, it assists business to overestimating and misreading the target market. Furthermore, launching a poorly designed product or service that is not able to satisfy the needs of target customers is also one of its important parts (Heinz, 2013). Through incorrectly pricing the products and also, by exposing the business to risks and threats from unexpected competition, company can achieve a great success. Thus, it is significant for the business to consider all the strategies that have been stated before introducing new product i.e. Cake and cake bars in the US market.
The first and foremost step is to define the product in market and for that, planning is required to launch the product in market and thus, it is essential for the firm to screen the concept of new product in the market. Further, business identifies the market needs through acquiring the proper knowledge of target market and its needs and wants as well. It can be ensured through carrying out proper research about the needs of US market and identify the Cake and cake bars consuming habits of people that are living in United States (McDowell and Batten, 2014). Thus, it helps in benefiting the business through carrying out market research and thus, informs the people about the availability of new product in the market. Here, in order to identify the current market, it is essential for the business to set up focus group or customer survey method so that business can analyse the market needs and fulfil it accordingly.
Furthermore, business is required to adopt established time frame that needs to allow adequate time to develop and implement new products i.e. Cake and cake bars in the market so that the developed objectives can be attained within set time frame. In order to implement the objectives, it is essential for the business to compete with other competitors and to develop efficiency of firm. Business is also required to attain specific date for the launch of product in market so that demand of clients can be fulfilled. Through identifying the customer needs and demands, business will provide right products at the right time (Blythe, 2013).
Also, it is necessary to identify the key issues and approaches at the time of incorporating new product in market which should be appropriate for clients. Firm is required to introduce something new is taste and flavour of cakes so that it will be able to attract US market share and enhance growth as well as profitability. Through developing the idea and determining the needs of clients, business should test the concept in market and also, may adopt effective marketing testing methods at the time of implementing the product development strategies (Corrigan, 2011). Thus, all the above identified steps help in effectively developing the product in market and enhance the customer share in order to attain the desired results. The new product development strategy helps in evaluating the needs of clients and requires providing them particular product as per the objectives set by the company in order to attain desired goals and objectives.
However, developing new product needs to adopt effective strategy so that firm can offer effective products to both current and new market. Business offers Cake and cake bars in the entire United States so that they can give tough competition to rivals and may effectively meet the client needs in the coming future. Here, business adopts new product development strategy so that they can offer product in the market selected and will satisfy the needs of customers. Further, business needs to employ effective strategies so that the new product development can meet the customer requirements and would evaluate the product development in the market. For instance, adopting effective strategy in business assists them to incorporate the new product development in market and achieve the objectives of business (Ovaska, Cinotti and Toninelli, 2012). Along with that, introducing new product or service helps the firm to beat competitors through providing effective prices to clients and thus, assists the individuals to make decisions regarding choosing the product.
TACTICAL PLAN FOR THE ELEMENTS OF MARKETING MIX
At the time of starting new business, the steps of tactics are required to attain the goals in order to define the strategic plan. For instance, if cited firm is required to become the market leader in Cakes and cake bars in the United States market region, then it needs to draw a strategic plan. Further, in order to become the market leader, it is significant for the firm to spent high amount on advertising and marketing (Cronin and et. al., 2011). Therefore, business analyses the tactical plan for the elements of marketing mix such as branding, pricing, distribution and promotion for the first year of operation of marketing plan. At the introduction stage, business is required to formulate the strategic plan so that marketing mix elements can be developed and results can be achieved. The elements of marketing mix are as follows-
Branding- While introducing the product in market for the first year, it is essential for the business to develop brand image of the firm in market. Through creating branding, it helps the business to attract large number of clients towards business and thus, in achieving goals. In the first year of operation of marketing plan, developing branding of products is served by company i.e. Cakes and cake bars in the entire United States market so that it will easily develop the brand image as there are various competitors which are available in the market (Green, Whitten and Inman, 2012).
Pricing- It is another crucial element that needs to be maintained by the business so that they can attract wide range of customers. In the initial year of starting of operations, it is essential for the business to keep low prices so that they can cover wide area of market and thus, would attain the maximum profitability. Developing pricing strategy in business helps the firm to provide Cakes and cake bars at minimum rates as compared to competitors in US market (Wymer, 2011). It is essential for the business to provide flexibility in the price range so that they can ensure high market coverage.
Distribution- Here, the marketing plan that is drawn of the first year needs to be effective so that business should be able to distribute the products in entire United States market and thus, would cover the wide area so that they can enhance their productivity and profitability. Distribution channels need to be strong for the firm in order to cover the wide market and for that, business can plan for its franchises after the first year of successful operations. It helps the firms in covering nearby areas of US and in serving the larger client base (Motameni and Nordstrom, 2014).
Promotion- Tactical plan states that in order to become the market leader, business should effectively plan for its promotional activities such as advertising etc. It helps the firm to develop its market size through advertising and to cover wide market base. Effective advertisements should be planned by the firm in first year of marketing plan such as hoarding or digital marketing of Cakes and cake bars should be done within the market area to attain the maximum results (Chi and Tam, 2012).
Thus, all these marketing mix activities need to be planned effectively so that business can develop its brand image in the market and thus, help in achieving the set results. In the first year of tactical planning the elements of marketing mix, it needs to be developed so that for the first year, operations of the marketing plan can be developed effectively and efficiently (Blythe, 2005). Marketing mix elements assist the business to outline an in depth tactical plan for the first year of operations of marketing plan.
MANAGING MARKETING PLAN
In this part of the marketing plan, it is essential for the firm to manage and control the business through developing an effective plan to advertise and promote a company's products and services in a cost effective manner. It is essential for the owners of business to use the resources effectively and it ensures that they should adopt an effective strategy in order to spend the marketing funds appropriately along with using effective techniques to win the customers. In order to manage the marketing plan, different campaigns and marketing strategies need to be implemented successfully and therefore, it monitors the results effectively (Wells and et.al., 2011). For instance, for planning the promotion of Cake and cake bars in the different regions of US, it is essential for the marketing manager to use print or online advertisements so that they would approach a wide range of customers. Also, through conducting customer surveys and by assessing the response of clients about the product in order to build a loyal customer base, it usually produces additional leads that helps to grow the business.
However, the success of any marketing plan will rest on the way in which it is implemented and managed in order to attain the objectives, strategies and tactics for achieving the marketing activities in business. Almost a year is required for the business to set their strategic visions and objectives and thus, plan the long term forecasting in order to attain the desired results. Effective implementation of marketing plan shows proper action plan that needs to be achieved on listed time and also within budget. Furthermore, the marketing plan needs to be managed through developing effective strategies and thus, involves the senior management so that success can be monitored and measured in order to attain the desired results (Child, 2015). For monitoring the success, business can use Gantt Chart so the activities can be effectively monitored and also, it will ensure the activity will be performed within stipulated period of time.
The use of metrics help the business to the goals and objectives and evolves over time. The set performance metrics management uses to track progress towards the goal and monitor success over time. Through Gantt Chart, it will be able to demonstrate that the marketing strategies will take particular time to implement in the business. Further, it is also essential for business to plan the elements of marketing mix that states the time in which individual activity will be needed so that desired outcomes can be performed. Being a Marketing Consultant of the firm, it is significant for me to develop the best metrics for the company so that they can effectively develop and measure the performance in order to attain the long term goals (Armstrong and et.al., 2014). The first step at the time of devising metrics is that it should be fit for the company's needs so that, it would look carefully at the business operations and their competitors. While, the second step is to ensure that it is essential for the business to define its long and short term operational goals for attaining the desired results. Thus, through developing effective matrix, it helps the business to monitor its success of selling Cakes and cake bars within US and thus, gains high profitability.
From the above study, it can be evaluated that developing marketing plan helps the business to plan its activities in order to achieve long term goals. Planning effective objectives such as achieving high market share around 40% in the next five years and also, enhancing the customer base of business assists them to plan the objectives and thus, effectively incorporate the introduction of new product or service in the market. Furthermore, effective marketing plan has been developed that helps in measuring the performance of company and achieving high customer satisfaction.
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