Marketing Plan Essay Example

Marketing Plan

ASSESSMENT 2

BSB60515 Advanced Diploma of Marketing BSB61315 Advanced Diploma of Marketing and Communication

List at least 5 different marketing opportunities that an organization might consider when planning new marketing strategies and activities

• Market penetration which involves the sales of multiple products in the present market

• Market development which involves identification of new market segments

• Product development coming up with new products

• Diversification which involves introducing new products in a relatively fresh market.

• Product improvement improving an already existing product

Explain why you would evaluate these opportunities for both risks and returns before considering them as feasible options

Before deciding on the market opportunity to be relied upon by the business, it is important for a business to examine the risks as well as the returns a given marketing opportunity will have. Some opportunity may be profitable than the others depending on the impact a given product has on the market and whether the customers positively responds to the company initiatives. The marketing opportunities should, therefore, be ranked depending on the profitability and the risk that they carry and through this base the decision on which type of opportunity to engage in. This will avoid cases where the opportunity that that company ventures in is risky and may compromise the company activities (Westwood, 2013).

What is a marketing strategy?

This is a comprehensive plan developed by the organization that incorporates all the company marketing goals. It is formulated as result of comprehensive research on different areas, and it is the basis of any marketing plan devised by a company.

What factors should an organization consider when evaluating a marketing strategy?

• The target audience this includes the customer profiles

• The risks of a given strategy and the overall costs

• The cost and the profitability of the marketing strategy

• The company brand

• Customer’s response

• Competitor’s response

How would you determine whether or not a strategy aligns with organizational strategic direction?

It is important to establish whether the goals of the organization are aligned with the organization strategic direction. The strategy should, therefore, be aligned with the vision and the mission of the company. Therefore, there will be a checklist to help in evaluating whether the strategy aligns with the organizational strategic direction (Dib, 2016).

Why is important to ensure that a marketing strategy aligns with the organization’s strategic direction?

This is important since it helps in safeguarding the company values, protect the company brand and at the same time in making sure that the operations of the company are run in a given manner.

Describe how you would conduct a marketing performance review.

• By examining the changes in the sales reports

• The use of focus and the survey groups

• Examining the information available on the website statistics

• Direct response from the target customers

Why is this necessary as part of the process for developing a marketing plan?

It is necessary since it helps in evaluating whether the marketing strategy in place is beneficial to the company or not. This will assist in implementing the necessary adjustments if the need arises which is crucial for the marketing plan to be successful (Luther, 2001).

What is a marketing tactic?

The marketing tactic is the means by which a person or a company utilizes to ensure that the goals set are achieved.

List at least 5 factors that you should consider when deciding what tactics you will use to implement marketing strategies.

• Cost of implementing the tactics

• Effects of tactics on the organizational goals

• The long-term vision of the company

• Technological needs in the implementation process

• Ways of evaluating the results

• The period in which the tactics should be implemented

Who should be responsible for monitoring the success of these tactics?

• The marketing manager should be responsible for monitoring of the tactics as well as other employees in the marketing department

• Explain how you would ensure that tactics are achievable.

• Aligning the tactics with the goals of the company

• Making sure that the tactics are budgeted in the right manner and that the budget can accommodate them

• Making sure that the tactics are supported by different types of technology to help in laying foundation for the success of the tactics used

What are some of the legal and ethical requirements that might impact on the tactics chosen?

• One must question whether the tactics used to violate any law of land and therefore the tactics used, therefore, must be legal and must follow the laid down procedures

• The tactics used might spread the wrong information to the consumers thereby influencing their decisions making process in regards to the purchase of the product

• The tactics used must abide by the moral guidelines of the Society

• The tactics should not influence others negatively

Why is it important to have measures in a marketing plan that allows review of marketing performance?

This helps in making sure that the set goals are achieved or in determining the progress of the marketing activities. It helps to determine the success rate and at the same time the adjustments that can be made in the process

In the above question, what type of measures should be included?

They are mainly controlled measures

• The cost measures

• The use of key performance indicators in the marketing planning process

• Customer satisfaction

• Customer response

Why should these measures be flexible?

Measures should be flexible to help in making changes in the implementation of the marketing plan. For instance, flexible budget controls make it easier to increase funds in case they are needed, or other control may be implemented when the need arises. This eliminates cases where the marketing strategy may collapse due to the inflexibility of the process.

Describe how you would ensure that the marketing plan is suitable for your organization.

• By making sure that the marketing plan is in line with the goals of the organization

• Making sure that the marketing plans meets the budget of the organization

• By ensuring that the marketing plan can meet the target market needs

• Making sure the organization has the technology required to help in implementing the marketing plan

• Using the SWOT analysis and examining the current situation of the company

Define the term marketing mix. Why is it necessary to consider the mix when establishing a new marketing plan?

The marketing mix is the combination of various activities that play a vital role in the organization influencing the customers to make the purchasing decisions. A variety of marketing mix is essential to any organization given that it establishes different measures that guarantee the success of the marketing activities. This is because various marketing mix helps in spreading the marketing risks and identifying various initiatives that can contribute to establishing the right marketing appeal.

Who are the key stakeholders who need to look at and contribute to your plan?

They are both the external interested parties and the internal stakeholders. The internal stakeholders include the employees and the company management. Customers and the government bodies are also crucial to the success of the marketing plan.

How might you disseminate your plan after it has been approved?

The plan may be disseminated through a face to face meeting where the internal stakeholders are notified of the marketing plan. Furthermore, the same information can be distributed through the emails or the department notice board. However, the combination of emailing and the face to face meeting can be significant in the success (Dib, 2016).

What are the three types of diversification?

The three types of diversification include

• Concentric

• Horizontal

• Conglomerate

What are the methods by which you analyses your competitors?

• Conducting a SWOT Analysis

• Porter five forces: Threat of new entrants, Threat of Substitutes: Bargaining power of customers, bargaining power of suppliers and the Industry rivalry

• PESTLE Analysis: Political, Economic, Social, Technological, Legal and Environmental Analysis (Varghese, 2011).

What is the basic difference between Strengths and Weaknesses and Opportunities and Threats in a SWOT analysis?

• Strength is the examination of the company advantages over the others in the market

• Weaknesses: is the evaluation of the company flaws in the market

• Opportunities: is the examination of the new possibilities available in the market

• Threats: is the pressures and the dangers that the company face in the market

What is the difference between SWOT and Gap analysis?

Gap analysis is the evaluation of the differences between the desired and the budged outcome. This establishes the right comparison between the actual and the intended outcomes.

What is a Fishbone diagram used for?

The fishbone diagram is used to identify the causes of the issue that has been established and the reason behind the failure of the teamwork within the organization (Fleisher, & Bensoussan, 2015).

What are the 5 Ps of the marketing mix?

5 Ps of marketing include

• Product and services

• Price of the products

• Promotion which includes advertising

What are some of the options, tactics, and strategies available to businesses to achieve their growth targets?

• Managing the expectation’s such as the sales and the production targets

• Establish the connection between the losing and the prospects that have been laid down

• Offer better and more efficient customer service

• Set the goals and how they are supposed to be achieve

• Allocate various responsibilities to different people in the organization

References

Dib, A. (2016). The 1-page marketing plan: Get new customers, make more money, and stand out from the crowd.

Fleisher, C. S., & Bensoussan, B. E. (2015). Business and competitive analysis: Effective application of new and classic methods. Upper Saddle River, New Jersey: Pearson Education.

Luther, W. M. (2001). The marketing plan: How to prepare and implement it. New York: AMACOM.

Varghese, J. (2011). Competitor analysis: Working paper.

Westwood, J. (2013). How to write a marketing plan. London: Kogan Page.