...share and/or to accomplish the desire marketing goal (to satisfy the consumers’ needs). All successes start with a plan and there is no exception when it comes to marketing; therefore, an organization develops a marketing plan to use as a tool during the marketing process, which involve different aspects of the four Ps. The marketing plan describes the marketing environment and market position of a business, outlines marketing objectives and strategies (such as identifying the product and the target customers, reaching customers, and retaining customers), and identifies how the company will implement and control the strategies. I understand now that creating and strategically implementing a marketing plan is crucial to the success of a business (along with a business plan first). Some start-up companies create good products and expect every consumer to buy them, but after the hype of the product is over many of these companies disappear, why? Perhaps creating and executing a well written marketing plan would help these start-ups to focus its marketing efforts on a target market, resulting in long-term consumer loyalty and business growth. Developing marketing strategies is a very important step in the process of marketing planning. In order to develop strong marketing strategies, the company selects target markets and positioning, and outlines product, pricing, distribution (place) and promotional strategies. As you can see, the four Ps is clearly a part of this process and...
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...established U.S. mobile phone provider market. The mobile phone provider market in the U.S. is currently a very saturated market with six strong national incumbents and a series of regional providers. That said, it is also a market that is currently neglecting the consumers aged 15 – 29 due to the high cost to attract the consumer, the proportion of individuals in this segment that cannot pass credit checks needed for the traditional voice plans, and the hesitation of pre-pay plan options. Virgin plans on entering the U.S. market through targeting these consumers (age 15-29). The firm has a solid marketing plan which is tailored specifically to appeal to these consumers, including VirginXtras (a focus on exclusive content through the non-traditional phone services such as text messaging, ring tones, music, etc), special packaging and point of purchase, advertising spends targeted specifically at the core consumer (age 15-29), and Virgin also plans on differentiating the brand via price. Problem Definition The decision on pricing is critical to ensuring sustainable success and profitability within the U.S. Virgin’s value proposition fills the needs of the core consumer: the tangible needs of safety and friendship through connecting individuals via the methods they respond to (calls as...
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...location shall be used, how to make the product presentable, and what market to target. All of these questions hopefully get answered in the planning stages of the business plan, however, most of the time these are found out during the implementation of the initial plan based on successes and failures. To create this plan there are many things to consider including the product strategy, the pricing strategy, and a time line for the two to create structure and deadlines. The product strategy includes choosing the main products, complimentary products, and any services that also may be provided. The pricing strategy focuses more on the demographics, efficiency, profit maximization, and experience. The timeline is used to create structure and deadlines so the business can be established. Once the main infrastructure of the business is set in place (building the 7,200 square-foot retail showroom), it is time to create a product strategy. A product strategy is “the foundation of a product life-cycle and the execution plan for further development.” (Merriam Webster) This helps businesses focus on a target audience, which enables them to confidently choose the right products for the consumers. It is very important to satisfy the customer successfully, ultimately generating profits. The first step to creating a product strategy...
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...is it important? Branding is creating a name for your product that will identify, and set your product apart from the rest. Branding is your promise to the customer of what they can expect from your product. Branding is a strategy that is very important in the beginning stage of creating a business. Without a good brand name, your business could sink before it touches the water. With a properly thought out name, your business could turn into the Hilton of hotels; the Starbucks of coffee shops. “Your brand strategy is how, what, where, when, and to whom you plan on communicating and delivering on your brand messages”, (http://www.entrepreneur.com/encyclopedia/branding). It’s all in the name. Mission Statement Our mission is to yield the best lemonade at the most affordable price to the Ohio Valley. We dispense only the best quality lemonade possible, and provide a large variety of lemonades, to always keep your taste buds coming back for more. So, come on and wet your whistle. A mission statement is a concise description of why a business exists (Bovee, C.L., Thill, J.V. 2013). It defines your target customers, establishes your product and services, and describes the location that your business operates in (http://www.entrepreneur.com/encyclopedia/mission-statement). It is important to have a mission statement to let the people know who you are, and why you’re here, to draw them in. Corporate Social Responsibility CSR Plan • Purchase lemons from local...
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...Today I am going to reflect on David Thomas’s seminar on Chinese investment in Australia. His seminar was very insightful and I hope to remind you of the points I learnt and possible solutions to the challenges portrayed with theories. The 12th Five-Year Plan adopted by the Chinese government in 2011 and devotes considerable attention to energy and climate change and establishes a new set of targets and policies for 2011-2015. While some of the targets are largely in line with the status quo, other aspects of the plan represent more dramatic moves to reduce fossil energy consumption, promote low-carbon energy sources, and restructure China’s economy. Among the goals is to "gradually establish a carbon trade market." The Five year plan can be summarized go out, go west and go green. China’s 'go west' strategy is about moving investment and economic activity from its current concentration in China’s south and its coastline, inland to the flourishing mega-cities of the inner western region. TARGETS 'Going out' refers to China’s strategy of growing offshore investment. With food security and safety for a billion people a priority for policymakers, external investment in agriculture and food interests is a high priority for investment targets. Healthcare and education - a bonus for Australian universities - is also a priority, these investments are likely to help China’s pivot from a manufacturing to a service economy. TARGETS 'Going green' is a delayed...
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...Research Report for Online Sales Plan Executive Summary Online sales plan strategies come from various levels within the business organization, ranging from a marketing strategy to sales plan objectives. Greater levels of strategy deal in forecasting the potential revenue increases from the online sales division and creating realistic goals when starting a new division from the existing stores. If the goals are attainable, a successful new online sales operation can be achieved. Practical strategies and tactics can make business objectives real. Gaining market share from established competitors is at the top of most retail business' strategic plans. A number of marketing tactics can help to achieve this goal. Having your stores gather customers’ information to send in an e-mail introducing the new online website will be your first step. A weekly promotion only available by an online purchase will encourage your customer’s to check out the new website on a weekly base. This will lead to consumers trying out your new product and in the future giving you a chance to win new customers. Investing in a printed advertising and sending e-mails can help build awareness of your online sales website in the marketplace. Offering promotions, such as only available through an online purchase, also can encourage your competitors' loyal customers to try your products. It is ultimately the value of your promotional offerings, the balance of product pricing and service that will affect...
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...Alice Watson BUSINESS ASSIGNMENT A Cup of Books Hypothetical Business Plan A CUP OF BOOKS A CUP OF BOOKS 1. Executive Summary This business plan outlines the main goals and features of A Cup Of Books a second hand as well as new bookstore with a café within. This business plan includes: * Business Goals -Two short term -Two long term * Business idea/description/outlook -Situational analysis -Description of motive * Operational Plan -Inputs - Process Transformation - Outputs - Quality management * Marketing Plan -Target Market identification -Marketing mix * Financial plan -Budget * Human resource plan - Staff number - Staff role -Staff acquisition - Staff training and development - Employment contracts 88 words 2. Goals 2.1 Short-term goals: 2.11 To establish a customer basis in the wider area by receiving a thousand likes on Facebook and 500 followers on Instagram, within 12 months so to establish the brand and product name and create popularity amongst younger generations. 2.12To create goodwill within the local area by creating a regular business rate as part of peoples morning routines via either morning discounts or loyalty coffee cards, so to ensure the businesses reputation is positive and therefore create a good atmosphere in association to the store and returning customers, all within 12 months. 2.2 Long-term goals: 2.21 To become the sole bookstore within 50km radius due to directing the target...
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...Final Project Part 2-Marketing Plan Cathy Williams South University Online 5/09/16 Dr. Cale Final Project Part 2- Marketing Plan Introduction The Doggy Land Daycare marketing plan consist of all matters from pricing to implementation strategies. Utilizing a marketing dashboard will assist in understanding performances and assess the efficiency of a marketing plan. Budget estimates will include estimated forecasted sales, direct cost of sales and the marketing expense budget. I. Pricing Strategy Doggy Day Land will utilize premium pricing/differentiating strategy to encourage great perception to the buyers. This is because the buyers will regardless that the more the service cost the better the service is. Sometimes this is done to exploit the inclination for consumers to assume that having an expensive, reliable, desirable quality or distinction without justification. Even though when it comes to the consumer trusting someone to take care of their dog the way Doggy Day Land will do along with the extensive services provided will portray the true reputation Doggy Day Land intends to uphold (Bangs, 1998). II. Breakeven Analysis This analysis shows the number of units that need to be sold in order to show a zero profit. This tells you when the services you provide stop costing the company money and start producing a profit. The graph below will help in the understanding of the analysis(Kotler, 2011). Q = Break-even Point, i.e...
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...Able to compile marketing audit 3 AC 1.1: Reviewing the changing perspective in marketing planning 3 AC 1.2: Evaluate an organization’s capability for planning its future marketing activity 4 AC 1.3: Examining the techniques for an organizational auditing and for analyzing external factors that will affect the marketing planning 4 AC 1.4: Carrying out organizational auditing and analysis of external factors that affect marketing planning in a given situation 5 LO 2: Understanding the main barriers to marketing planning 6 AC 2.1: Assess the main barriers to marketing planning 6 AC 2.1: Examining how organizations may overcome barriers to marketing planning 8 LO 3: Able to formulate a marketing plan for a product or service 8 AC 3.1: Creating a marketing plan for a product or a service 8 AC 3.2: Explaining why marketing...
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...Research Report for Online Sales Plan Executive Summary Online sales plan strategies come from various levels within the business organization, ranging from a marketing strategy to sales plan objectives. Greater levels of strategy deal in forecasting the potential revenue increases from the online sales division and creating realistic goals when starting a new division from the existing stores. If the goals are attainable, a successful new online sales operation can be achieved. Practical strategies and tactics can make business objectives real. Gaining market share from established competitors is at the top of most retail business' strategic plans. A number of marketing tactics can help to achieve this goal. Having your stores gather customers’ information to send in an e-mail introducing the new online website will be your first step. A weekly promotion only available by an online purchase will encourage your customer’s to check out the new website on a weekly base. This will lead to consumers trying out your new product and in the future giving you a chance to win new customers. Investing in a printed advertising and sending e-mails can help build awareness of your online sales website in the marketplace. Offering promotions, such as only available through an online purchase, also can encourage your competitors' loyal customers to try your products. It is ultimately the value of your promotional offerings, the balance of product pricing and service that will affect...
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...Business Research Report Online Sales Plan Assessment Code: RWT1 Student Name: Natalia Hoque Student ID: 000286573 Date: June 2, 2013 Mentor Name: Jessica Seda-Ruiz Table of Contents Executive Summary 3 Research Findings 4 Marketing 4 Sales Plan 5 Successful Operation 6 Recommendations 6 Conclusion 7 Executive Summary Online sales plan strategies come from various levels within the business organization, ranging from a marketing strategy to sales plan objectives. Greater levels of strategy deal in forecasting the potential revenue increases from the online sales division and creating realistic goals when starting a new division from the existing stores. If the goals are attainable, a successful new online sales operation can be achieved. Practical strategies and tactics can make business objectives real. Gaining market share from established competitors is at the top of most retail business' strategic plans. A number of marketing tactics can help to achieve this goal. Having your stores gather customers’ information to send in an e-mail introducing the new online website will be your first step. A weekly promotion only available by an online purchase will encourage your customer’s to check out the new website on a weekly base. This will lead to consumers trying out your new product and in the future giving you a chance to win new customers. Investing in a printed advertising and sending e-mails can help build awareness of your online sales...
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...the popularity of tennis on the rise, Douglas Hall and the club are faced with a seasonal demand for tennis courts. His dilemma to resolve insufficient capacity issues is coupled with the challenge of making all organizational departments such as marketing, finance, and operations satisfied at the same time. He needs to create an expansion plan to address these concerns during peak seasons as many guests are starting to become discouraged by their inability to play. Since holding off with expansion is not an option Douglas needs to decide whether to build additional courts immediately or look for short term solutions to resolve the inefficient use of space while the long-term expansion plans are being created. Each option comes with a different expense and he needs to calculate the benefits with the risks of each option. In addition to the expansion decision, Douglas also needs to find a way to boost the attractiveness of tennis services in hopes that guests will be interested in purchasing real estate. Since Playa Dorada uses tennis as a key selling feature, it is important that this program is offering the best service available. While plans to expand the resort and add additional tennis facilities to new areas are being determined, Douglas needs to work on short-term solutions to alleviate the lack of space during peak seasons and playing times. One solution is to build four new courts to the south side location in the available space. This will come at a cost of $192,000 ($48...
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...promote and distribute products or services, at a price and quality deemed valuable by the company’s customers, in order to create value and profit for the company. Maintaining a strong and compelling value proposition and long-term relationship with the company’s customers are vital for the company’s continued success and require constant monitoring of market, environmental, technological and competitive forces. Marketing is therefore integral to establishing a company’s strategic direction. This in turn makes marketing skills and perspective essential to the success of all business managers in any business. This course provides an in-depth exploration and practical application of basic marketing tools. These include product policy, pricing, promotion, distribution, sales management, and customer segmentation and retention. In most classes, we will analyze case studies that require us to identify marketing opportunities, refine value propositions, select customer segments and develop marketing programs for a variety of management situations. The course also includes a number of creative and analytic...
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...Lemon Lime Student Name BUSN 115 Assignment I Professor DeVry University I am currently in the City of Panama, and as I travel on an expected business trip for the company that I work for, I find myself creating the name brand of my first business. A business that I think it might have great potential in the near future. But that it also comes with a few questions in mind. Let’s explore some of this questions one by one. -Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? The name of my business will be call, “Lemon Lime” I see this name very catchy as it is a hybrid of the two of the many types of lemons around the world. The name will reflect what I am and what I can do as a business person, as person or company with integrity and ethics value. But is not just for me or my employees is for my target consumers, the thousands of people in my local area as that’s where I plan to start my business from or perhaps the millions of people around the world. Or as Bovee and Thill says “It gives customers a way of recognizing and specifying a particular product so that they can choose it again or recommend it to others”. And that’s exactly what I want from my business to be recognized first locally then globally as pure “Lemon Lime Splash”. -Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? To produce...
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...Environment Module 4 - Assessing the Social- Cultural Environment Module 5 - Assessing the Political Legal Environment Module 6 - Selecting a Global Company Structure Module 7 - Financing Sources for Global Business Operations Module 8 - Creating a Global MIS (Management Information System) Module 9 - Identifying Human Resources for Global Business Activities Module 10 - Managing International Financial and Business Risks Module 11 - Product Target Market Planning for Foreign Markets Module 12 - Designing a Global Distribution Strategy Module 13 - Planning a Global Promotion Strategy Module 14 - Selecting an International Pricing Strategy Module 5 - Determining Organizational Financial Results Module 16 - Measuring International Business Success Conclusion Bibliography...
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