Mkt500 Marketing Management

Mkt500 Marketing Management

Introduction

The feedback from the second phase of my marketing plan involved a lot of generally favourable comments. There were, however, some factors pointed out that I may have missed while preparing the marketing plan. The feedback involves step by step analysis which I will use to help me improve my preparation of phase three of the marketing plan. The branding strategy, which was the first part of the plan, seems to have been missing a few factors. There was no general introduction and description of the brand. Instead, I jumped into describing the strategy for the growth of the brand. The feedback also notes that the brand slogan should be shorter and more relatable. The plan also requires a more in-depth look into the brand extension plan. The part of the plan describing the target market also requires more description. It is a bit general. This means that I should have gone into further details regarding the characteristics of the target market. The perceptual map that was included in the positioning segment of the marketing plan was a bit unrealistic and incomplete. I will need to carry out further research on the competitors and identify what I can offer better than they can. Quality, service and cost are also crucial considerations while preparing this map for it to be realistic. The consumer behaviour segment, just like the target market segment, would require a deeper analysis of the characteristics of the consumers and how the brand is designed to meet their needs and wants. All these remarks will be used to review the second part of the marketing plan.

The company I have formed is called TechDesign. The mandate of my company is to provide information relating to the emerging trends in the market to our consumers. Our target consumers will be the small business owners and corporations alike who would be in need of information regarding their competitors and the market or industry at large. In this marketing plan, I will describe several strategies for my company. They include the procedure for pricing and distribution, integrated marketing communication, which will describe both the message and the media of communication. Other aspects that will get involved in this plan are the public relations, sales and personal selling strategies, an online and direct marketing plan and the final element will be social responsibility.

Pricing and Distribution Strategy

The price that a consumer is willing to pay for a product heavily relies on the value they associate with the product. This means that the cost does not play a significant role in this decision as compared to the value of the product.

Pricing Strategy

There are different ways of assigning prices to a product. The primary aim of companies while setting the prices for their products is to ensure they are competitive in the market and can make a profit for the producer. These strategies may also differ in terms of being permanent or temporary. There are two common strategies that get applied in pricing. These are the price skimming approach and the penetration policy. Other plans include the return on investment pricing and geographical pricing. Geographical pricing involves setting different prices for products in different regions depending on the standards of living of the consumers in the areas. Using this approach causes the pricing process to be more complicated. The return on investment approach, on the other hand, involves setting prices depending on the investment made by the producer. To do this, therefore, a lot of analysis gets done on the costs involved in making a product before it gets priced and sold to the market. The price skimming approach is common when introducing a new product to the market. It involves setting an initial high price to cover the cost of production, then using the extra income to cover production for new products. This approach is efficient because it enables the producer to make a name for themselves among the industry producers while still covering the costs they incur for production and increasing production levels. Technology companies will mostly apply this approach so that they can acquire a market share and expand their production simultaneously. Penetration pricing is common and useful for companies that are entering a market that is significantly competitive. This is the approach I intend to apply in TechDesign. The market is significantly competitive and requires significant customer loyalty. The procedure involves setting a low price in order to capture consumers in the market. The company also keeps in mind the sale of high-quality products which will guarantee a significant market share and develop the loyalty of the consumer. Eventually, the producer will have to raise their prices in order to expand the profit margin to a desirable level.

Distribution Strategy

There are different strategies that can get applied for distribution (Rajagopal, 2019). TechDesign offers a technical service to the consumer. This means that the best distribution channel to use would be to deal with the consumer directly. The sale of this type of service works best in the absence of wholesalers and retailers. In the initial stages of business, a direct consumer approach would be most effective for distribution purposes. This approach can also enlist the use of salespeople, who will be in direct contact with the consumer. Alternatively, the company can also rely on the use of websites where the consumer can easily access the services. The use of both salespeople and websites constitutes multichannel distribution.

Integrated Marketing Communication

An integrated communication plan in marketing involves the integration of different methods of marketing to achieve a common aim of getting the message to the consumer (Camilleri, 2017). An effective plan is, therefore, necessary in order to ensure that different modes of marketing that get applied by a company are useful in marketing the products of the company.

Message strategy

The message we intend to put out to the consumer through our marketing approaches entails the use of information regarding market trends to the improvement of their business performance. We also aim to communicate the importance of acquiring accurate and reliable information which is what we will provide to the consumer. These are the key points that will be addressed in our marketing campaigns. We, therefore, intend to design a message that will summarize these facts to the consumer and assure them of the effectiveness of our product. The approach we want to use is to create a message that involves a unique selling proposition. This means that we will identify what our competitors may not provide for the consumer and capitalize on it. This will be useful in developing customer loyalty.

Media Strategy

To communicate the message that gets described above, TechDesign will have to incorporate a media strategy that will be effective in passing the information to the consumer. This means that the knowledge acquired by a consumer cannot get ignored but will be useful in attracting them to purchase the product. The media strategy we will employ will involve the use of different communication channels to spread the information. Traditional approaches, like the use of billboards, and visual and audio media, will get applied to share this information with the consumer. In addition, the more common social media approach will get used significantly to share the message with the consumer. The main reason for using these channels is because our target market involves businesses. Spreading our marketing channels as widely as possible will be useful to ensure the information reaches a large number of potential consumers. After some time, the results from these separate channels will get analyzed to determine which one is more effective and the company can apply it more often.

Public Relations, Sales Promotion and Personal Selling

Public relations is often disregarded in a lot of companies. TechDesign is a company that intends to prioritize our public relations strategy as a part of the marketing tools useful for the growth of the company. Sales promotion is also an approach to marketing that can be effective even in technology companies like TechDesign. Personal selling, on the other hand, enables the producer to create direct connections with the consumer, which are essential for company growth.

Public Relations plan

The first approach for TechDesign to create an effective public relations plan will be to employ the use of social media. Being a technology company, most of our customers will most likely be avid users of technology and social media platforms. Connecting with the consumers on a personal level is made possible through social media. This will be effective in fulfilling one primary function of public relations, which is to develop interpersonal relationships with the consumer and create a platform where the public can comfortably communicate with the company. To achieve this, the company will employ elite and qualified staff to handle the public relations strategy in the company. In addition, the use of technology to enhance public relations is crucial (Amodu, Omojola, Okorie, Adeyeye & Adesina, 2019). Another approach of reaching the public would be using the press. This can be in the form of television, radio and print media. This approach will be highly effective in informing the public of new products, changes in management or even operational changes. Company information should be made accessible to the public as part of the public relations plan.

Sales Promotion

Sales promotion involves the use of schemes to attract consumers to purchase a service or product (Bernstein, 2014). This mode of advertisement has been significantly effective in encouraging consumers to make a purchase. It is commonly used in the retail sector in forms of coupons, discounts and samples, among other ways. For TechDesign, being a technology company, we will be offering services. The use of coupons and gift cards will not be feasible as a form of sales promotion. However, since the company is new and needs to attract consumers from our competition, offering discounts will go a long way in promoting sales. Discounts can get offered to first time consumers or those who pay for our services in bulk. The form of services we sell can get accessed through a subscription. With this, it will be easy to offer discounts to the consumer. The use of subscriptions will also make it possible to apply samples as a form of sales promotion. Samples, in this case, can get offered in the form of free trials on the website for a new customer. After using the services and assessing the reliability of the service, a consumer will more likely pay the price for a subscription to access similar information at a later date. Sales promotion is, therefore, valid as a marketing tool for TechDesign.

Personal Selling

Personal selling is a tool of marketing that requires a company to employ the services of professional salespeople to approach potential consumers. The work of the salespeople is to entice the consumer to make a purchase of the product or service (Bernstein, 2014). The personal selling approach of marketing will also get employed at TechDesign. The strategy for this will require the company to hire a group of qualified salespeople. They will have to be equipped with interpersonal skills and persistence as key characteristics that will make them useful in their jobs. The personal selling team will, therefore, be comprised of an internal team that will report to the marketing manager. This is because an internal team may be more accountable and dedicated to the job as compared to outsourcing an external team. A crucial personal selling technique that will be applied by TechDesign is the use of customer service call centers. These centers will be crucial in creating communication lines with the consumer and developing a stable relationship with them. Through this, the company can inform consumers of new services that can be made available to them.

Online and Direct Marketing Plan

Direct marketing is one of the crucial aspects of marketing for any company. It involves sending the consumer information directly regarding products and services they can access (Lockett, 2018). Traditional methods of marketing revolved around, sending the consumer letters directly to their mailbox from the company. Some companies still apply to this technique. While applying direct marketing, TechDesign will be critical in developing the strategy. This is because one of the downfalls of sending the consumer mail directly is that they may get annoyed. It is, therefore, crucial to pick the recipients of this form of marketing very carefully to avoid annoying potential consumers and eventually chasing them. This list of consumers gets selected based on factors like age, gender, lifestyle and geographical location. Their personal character is also crucial. Some consumers are interested in discovering new products even before they are officially released to the public and such consumers would-be recipients of such mail. TechDesign will not send letters. Instead, our direct marketing approach will be in the form of sending consumer emails directly. The emails will entail information that will help the consumer to make a decision on the products they can purchase from the company. These emails are most effective when sent out in the morning hours, which is when many people check their inboxes. Through this, a consumer can also be reminded to renew their subscription with TechDesign just before the previous one expires. This can be regarded as online direct marketing. Another form of marketing directly that will get applied by my company is the use of popular social media platforms like Facebook and Twitter. These platforms enlist a significant number of users, a high percentage of whom will visit the platforms daily. Facebook has over 2billion users today worldwide ((“Global social media ranking 2019 | Statista”, 2020). To enhance marketing online, the company will be keen on dispersing information through these sites. The information provided to the consumer has to get evaluated keenly to ensure that it is useful in developing the interest of the consumer in products. These platforms are also effective in informing consumers of new services. Online marketing through these emails and the internet generally is effective because it is easily measurable. The outcome of this form of marketing gets analyzed to evaluate whether the approach is effective. TechDesign marketing team will also carry out such evaluations often to determine what needs to change in terms of the timing, recipients or the message in the emails to make online direct marketing more effective.

Social Responsibility

The social responsibility is an integral part of the services offered by any company. It is key to developing a company brand (Bhattacharya & Kaursar, 2016). TechDesign intends to play our role effectively in ensuring that the community around us can feel the presence of the company and is made a better place through our existence. The social responsibility that will get performed by TechDesign will revolve around the world of technology. The company intends to expand the knowledge and accessibility of technology to the community. To do this, a program will be initiated where children interested in technology can get enrolled free of charge and enhance their technical skills. This program will mainly target children from low-income families who may not be able to afford positions at prestigious institutions. Through the program, the students can get tutored regarding computers and the internet as a whole for a period of roughly five tears. After the education, a lucky few will get internship positions with the company where they get to practice the skill more and get paid for the services. This strategy has to be well defined to ensure that the outreach program benefits the parties that it is designed for.

Conclusion

In this third phase of the marketing plan for TechDesign, I have defined several aspects. To begin with, I covered the feedback received regarding the previous stage of the marketing plan. The first aspect that got discussed in this plan is the pricing and distribution strategy. This part covers the plan for TechDesign regarding assigning product prices and ensuring services reach the consumer. The second part includes the integrated marketing communication plan, which addresses the message that the company has designed to communicate to the potential consumers and the mode that the consumer will use to deliver this message. The public relations strategy identifies how the company will reach out and communicate with the public. The sales promotion and personal selling strategies identify marketing tools that TechDesign will apply in advertising our services to potential consumers. The online and direct marketing plan will define the company plans to reach the consumer through the internet directly. The final aspect, social responsibility, describes a plan set aside by TechDesign to be helpful to the surrounding community in improving the standards of living for the community.

References

Amodu, L., Omojola, O., Okorie, N., Adeyeye, B., & Adesina, E. (2019). Potentials of Internet of Things for effective public relations activities: Are professionals ready?. Cogent Business & Management6(1). doi: 10.1080/23311975.2019.1683951

Bhattacharya, S., & Kaursar, A. (2016). Study on Corporate Social Responsibility as Strategic Instrument for Creating Sustainable Corporate Brand Value: An Analysis with Structural Equation Modelling. Management and Labour Studies41(2), 88-106. doi: 10.1177/0258042×16658727

Bernstein, J. (2014). Delivering the Message: Advertising, Personal Selling, Sales Promotion, Public Relations, and Crisis Management. In Standing Room Only (1st ed., pp. 261-287). New York: Palgrave Macmillan.

Camilleri, M. (2017). Integrated Marketing Communications. Tourism, Hospitality & Event Management, 85-103. doi: 10.1007/978-3-319-49849-2_5

Lockett, A. (2018). Online Marketing Strategies for Increasing Sales Revenues of Small Retail Businesses (PhD). Walden University.

Rajagopal. (2019). Distribution and Promotion Strategy. In Contemporary Marketing Strategy (1st ed., pp. 215-244). Cham: Palgrave Macmillan.

Global social media ranking 2019 | Statista. (2020). Retrieved 6 June 2020, from https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/

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