Marketing Plan for chosen product/service Essay Example

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    4
  • Words:
    2447

13

Table of Contents

Executive Summary 2

Introduction 3

Situational Analysis 3

Target Customers, Segmentation & Positioning 6

Marketing Strategy 8

Budget 9

Implementation 11

Control Program 11

Conclusion 12

References 13

Executive Summary

New South Wales (NSW) transport which provides daily transport facilities to the people residing in the nearby areas is looking towards introducing a new electronic ticket by the name Opera for their Sydney commuters so that more awareness can be spread about it. For this New South Wales (NSW) transport has identified the internal strengths and looked towards mixing it with the macro environment so that marketing strategies can be found. This has helped New South Wales (NSW) transport to develop a marketing strategy and identifying the prospective customers. Since, New South Wales (NSW) transport is aimed at all section of the society the transport company has decided to use all forms of advertising media. This will help New South Wales (NSW) transport to spread awareness. The company has further concentrated on the budget allocations and highlighted that the company is able to earn profits by their service of opera electronic tickets. New South Wales (NSW) transport has also looked towards having a time frame and ensuring control so that better services can be provided. Moving ahead with the Opera electronic tickets will help New South Wales (NSW) transport to have more and more customers using the services and will benefit the economy over a long period of time.

Introduction

New South Wales (NSW) transport which provides daily transport facilities to the people residing in the nearby areas is looking towards introducing a new electronic ticket by the name Opera for their Sydney commuters so that more awareness can be spread about it. New South Wales (NSW) through their Opera tickets is looking towards ensuring that more awareness can be spread about the new tickets and people look towards using the services. This report looks to present the situational analysis by further concentrating on the segment and target position that New South Wales (NSW) looks to aim at so that more and more people can be attracted towards it. Further, a marketing program along with the budget and implementation plan has been decided which will help to ensure that more and more customers are attracted towards the new services.

Situational Analysis

This analysis looks to present the manner in which the macro and micro environment is affecting the manner in which the transport system of New South Wales (NSW) will be affected and will help the management is making strategy by keeping those in mind (Czinkota & Ronkainen, 2004). The analysis is

  • Political:
    New South Wales (NSW) transport system which operates in Australia has understood the requirements of the country and ensured proper transport facilities for the people. Stability of the government and development of policies which support the growth of transport system in Australia has helped New South Wales (NSW) transport to ensure better strategies (Chew, Cheng & Lazarevic, 2006). The support that New South Wales (NSW) transport receives from the government has ensured better policies and growth of the transport facility

  • Economic: Since, New South Wales (NSW) transport looks to provide transport services at competitive rates it is gaining prominence. Also, the fact that the Australian economy is slowly recovering from the aftershocks of recession will ensure that they are able to lure more and more people towards the transport facility and help people in their day to day affair

  • Demographic: The social outlook in Australia has undergone widepread changes and the concerns for the environment will make people use services like New South Wales (NSW) transport as it will help to commute thousand of people together which will reduce environmental harm. The change in the profile of the customers and looking towards cheap and economical mode of transport will ensure that the social outlook matches with the ones provided by New South Wales (NSW) transport

  • Technological: The rapid growth in technology has enabled that transport facilities like the New South Wales (NSW) transport system are able to integrate the new technology and provide better services to its customers. Also, the fact that the new facilities look towards comfort and timely services it will help commuters as it will ensure that the different groups are able to get better services and ensure higher customer satisfaction

  • Environmental: The social outlook in Australia has undergone widespread changes and the concerns for the environment will make people use services like New South Wales (NSW) transport as it will help to commute thousand of people together which will reduce environmental harm. The society can thus be contributed and saved from the rising environmental pollution

  • Cultural: The cultural outlook of Australia facilitates transport facilities which look towards using transport system where maximum people are able to commute together. This is primarily due to the fact that it helps to control emission and also ensure better services due to wide spread traffic jams that the society is witnessing. This will ensure quicker services and vacant roads for the economy thereby ensuring better development opportunities

  • This will look towards presenting the internal strengths and weakness along with the opportunities and threats that New South Wales (NSW) transport has and based on it can look towards molding the external environment so that the society at a large is able to benefit and they are able to plan their future strategies accordingly. It is asInternal Analysis:

Strengths

Weakness

Strong brand name due to long term association in the market

Limited advertising and marketing

Helps to commute thousand of people together

Lack of persuasion to make people use the facility

Less carbon emission and quicker services

Lack of consistency in quality

Opportunities

Threats

Using technology to ensure better services

Pressure from other mode of transport

Using internet to ensure increased sales

Reducing disposable income

Promoting themselves by highlighting that they look to conserve the environment

Availability of mode of transport

Target Customers, Segmentation & Positioning

. Since, they look towards targeting the lower section of the society as well the prices of the electronic ticket has been kept low so that people can take advantage of the facilities and ensure that they are able to travel over long distances. New South Wales (NSW) transport looks towards the following segment of people of peopleKrasnikov & Jayachandran, 2008)New South Wales (NSW) transport which looks towards providing transport facilities to a larger section of the society and has looked towards introducing electronic ticket called Opera for their commuters in Sydney looks towards targeting different sections of the customers in the society so that they are able to ensure a presence everywhere (

Customer Aimed at

Age

Classification of purchaser

Purchaser requirements

Business Class

16-80

Office Goers

Providing travelling facilities at lower cost

Students

8-25

Student Goers

Providing travelling facilities at lower cost

Households

5 – 80

Married and single households

Providing travelling facilities at lower cost

Lower Income Group

5-80

People having lower purchasing power

Providing travelling facilities at lower cost

The manner in which New South Wales (NSW) transport has looked towards targeting the customers has ensured that they look towards every section of the society. Using electronic tickets will further help to simplify the matter for the commuters as it will make them easy to understand the services and will also ensure that the customers can purchase the ticket once and use it in the future by paying for the entire month as it will save time to stand in queue. Further, they will be able to avail certain discounts which will thereby ensure that the target customers are able to take full advantage of the New South Wales (NSW) transport facilities and will help to satisfy customer satisfaction.

New South Wales (NSW) transport while looking to target the above stated section of the population has also lay stress on the different segment of people that they look to cater. This has made New South Wales (NSW) transport look towards dividing the customer based on different segments so that they are able to target the correct customer base and ensure maximum development of their business (Cateora, Mary & Graham, 2009). This has thereby been segmented as

Targeted Segment

Age Group

Class of Customer

Customer Needs

Urban

5 — 80 years

All segment of customers

Providing better transport facility at lower and subsidized rates

Rural

5 — 80 years

All segment of customers

Providing better transport facility at lower and subsidized rates

Semi-Urban

5 — 80 years

All segment of customers

Providing better transport facility at lower and subsidized rates

The manner in which New South Wales (NSW) transport has looked towards identifying the different segment has helped to strengthen their positioning as it ensures that they are able to target all people. This has provided the transport with a variety of options to which they can look to provide services. This has further been divided into different factors like behavior, social economic status and psychographics. They are as

Geographic

Urban, Sub-Urban, Small Town & Rural

Demographics

People at all age bracket as New South Wales (NSW) transport provides quicker and better services at the lowest cost possible

Social Economic Status

Having priced the product in a manner where different section of the society looks towards transport facility at the same time comfort

Psychographics

Improved facilities through electronic ticket Opera which will enable them to pay for the entire month once and use the servcies there after which will help them to avoid que.

Thus, New South Wales (NSW) transport has identified the target market and positioned their services in a manner that it will ensure maximum customer satisfaction and will help them to grow (Robin & Susan, 2003). The use of Opera electronic tickets will further help them to grow and provide quality services.

Marketing Strategy

New South Wales (NSW) transport has looked towards marketing the electronic ticket Opera so that awareness can be spread regarding it and more and more customers look towards the same services again and again. New South Wales (NSW) transport on this front looks towards using different forms of advertising. New South Wales (NSW) transport looks to break the budget into different areas so that the benefits of marketing can be availed from all areas. The company looks towards advertisement, billboards, pamphlets and other form of advertising so that awareness about the product can be spent (Fletcher & Crawford, 2011). This will help New South Wales (NSW) transport to ensure that they are able to reach customers at every nook and corner of the country and spread awareness. This will also look to present the benefits that the customers will get which will thereby help them to have a pool of loyal customers which will help New South Wales (NSW) transport to ensure maximum growth in their services.

Budget

New South Wales (NSW) transport while looking to spread awareness about their new electronic ticket Opera looks towards the following budget

Source of Capital

In $

Self Financing

50,000

Borrowed Funds

50,000

Total

100,000

Expenses

In $

Awareness of Opera

35,235

Capital Expenditure

28,000

Promotion

5,000

Recruitment

12,000

Other Expenses

8,700

Total

88,935

The manner in which New South Wales (NSW) transport looks towards earning revenues from the sale of Opera tickets are as follows

Sales Forecast (3 years)

Year 1

Year 2

Year 3

Revenue from Sale of Opera tickets

$118,000

Revenue from Sale of Opera tickets

$148,000

Revenue from Sale of Opera tickets

203,000

Other:

Delivery of Opera Tickets

$12,000

$27,000

Total

$118,000

$160,000

$230,000

This helps to highlight the profit and loss for New South Wales (NSW) transport to look as

Sales Forecast (3 years)

Year 1

Year 2

Year 3

Revenue from Sale of Opera tickets

$118,000

Revenue from Sale of Opera tickets

$148,000

Revenue from Sale of Opera tickets

203,000

Other:

Delivery of Opera Tickets

$12,000

$27,000

Total Revenues

$118,000

$160,000

$230,000

Expenses

Awareness of Opera Ticketing

35,235

21,000

18,000

Capital Expenditure

28,000

24,000

21,500

Promotion

5,000

13,000

19,000

Recruitment

12,000

23,000

29,000

Other Expenses

8,700

10,500

12,200

Total Expenses

88,935

91,500

99,700

Profit Before Tax

$29,065

$68,500

$130,300

Income tax (10%)

$2,906.50

$6,850.00

$13,030.00

Profit after tax

$26,158.50

$61,650.00

$117,270.00

Thus, New South Wales (NSW) transport will be able to ensure that through the budget allocation they will be able to earn higher return which can be used further to develop the services so that customer satisfaction gets enhanced.

Implementation

New South Wales (NSW) transport has also looked towards developing a time frame under which the new facility will be implemented so that customer satisfaction maximizes and it able to contribute towards the services (Shostack, 2009). This is as follows

Task

Execution Period

1st Month

2nd Month

3rd Month

4th Month

5th Month

6th Month

Choosing Location

Legal Formalities

Hiring of Staff

Advertising

Start of Services

The above chart highlights that New South Wales (NSW) transport has looked into minute details which will ensure that their Opera electronic tickets is well accepted by the people.

Control Program

New South Wales (NSW) transport also look towards having regular checks after intervals of 3 to 6 months so that progress regarding the manner in which the organization is performing can be understood (Cateora, Mary & Graham, 2009). This will help New South Wales (NSW) transport to take timely steps and make changes so that awareness regarding Opera electronic tickets can be spread and more and more people use the services in the future.

Conclusion

This report thereby present the manner in which New South Wales (NSW) transport has to look into different areas so that they are able to spread awareness about Opera electronic ticketing. It presents the manner the internal and external environment is affecting the business and the strategies require combating it. Further, the marketing plan and the budget highlights the different areas that New South Wales (NSW) transport need to work on so that they are able to be successful in their endeavour and ensure maximum customer availaing the services.

Refrences

Czinkota, M.R. & Ronkainen, I. A. 2004. International Marketing, 7th edn. South-WesternPublishing:Australia.

Cateora, P.R. & Mary, C. G. & Graham, J.L. 2009. International Marketing, 14th edn. Irwin:McGraw-Hill

Chew, M.M.M., Cheng, J.S.L. & S. Petrovic-Lazarevic, 2006. Managers’ Role in Implementing Organizational Change, Journal of Global Business and Technology,. 2 (1), pp. 13-34

Fletcher, R. and Crawford, H. 2011, International Marketing: An Asia-Pacific Perspective,PearsonAustralia.

Krasnikov, A. and Jayachandran, S. 2008. The relative impact of marketing, research and development, and operational capabilities on firms performance, Journal of Marketing, 72 (4), pp. 187-193

Robin & Susan, 2003. In search of Strategic Management Accounting. Social science Research Network, 14 (3), 29-37

Shostack, G.L 2009 Designing services that deliver. Harvard Business Review 62 (1), 133–139.