Manage Discussion Entry
Marketing is a business discipline (Finch, 2012). Marketing is the life blood of any organization that wants to be profitable. If the product doesn’t sell, then there is no organization. A good marketing plan will effectively communicate, create, and deliver value to the consumer (Finch, 2012). The plan will determine what consumers want and create a game plan for how to get them what they want, when they need it. The good marketing plan will assess the strengths and weaknesses of the competitors in the target market, determine opportunities and potential for your product, identify the segment in a market that your product will fit and how it is different from the competition, analyze how the price of the product has been determined, where and how your product will be distributed, how your product will be promoted, and what the product costs to produce, the anticipated sales forecast, and the expected profits from the sale of the product. A good marketing plan will communicate to potential investors or company management that the benefits of the product will, eventually, outweigh the costs and create profits for the company and the investors.
Isaleny Delgadillo
ThursdaySep 10 at 10:25am
Manage Discussion Entry
Some of the things a good marketing plan does to help ensure its effective implementation is communicating the initial plan to its team. Not only voice the strategy but also allowing your organizations staff to participate in the plan will ensure a successful outcome. Encouraging staff members to use any unique abilities that may have is another tool that can be utilized. Setting a realistic goal for the organization to achieve is a great tactic to also implement. Market is what will grant the organization the ability to survive the market which its competing in. Many organizations fail due to lack of good planning. A marketing strategy is a statement of how a brand or product line will coordinate the marketing mix to achieve its objectives. The strategy for a given product or service is always specific to its target market. Marketing objectives identify growth and profitability goals for the firm in quantitative terms (e.g., sales, profit, and market share) as well as establish benchmarks for qualitative goals (e.g., market leadership and corporate image). To be effective in shaping decision making, these objectives must be specific, measurable, and stated specifically for the time period for which they are in effect. These objectives can then be converted into detailed goals that shape the integration and coordination of the marketing mix. Marketing strategy also provides direction regarding issues such as the segmentation of the market, identification of the target market, positioning, and the allocation of budgets (Finch, J. (2012). Reference: Finch, J. (2012). Managerial marketing . Retrieved from https://ashford.content.edu
Katherine Olivera
SaturdaySep 12 at 6:17pm
Manage Discussion Entry
A great product will attain limited success without an effective marketing plan. Conversely, a mediocre product can attain market success with a strong marketing plan. The marketing plan is a guide to turn strategic ideas into actions (Finch, 2012). A good marketing plan will help marketers to take many strong ideas and develop a streamlined action approach. Finch (2012) identifies the 11 sections to include in a marketing plan as: (1) executive summary; (2) situation analysis and assessment of the competitive environment; (3) researching market opportunities and potential; (4) market segmentation, product differentiation, and positioning; (5) statement of marketing strategy and goals; (6) product planning; (7) pricing; (8) place, physical distribution, or location strategy; (9) promotion; (10) projections of sales, costs, and profits; and (11) summary and conclusion (section 1.3). It is important to carefully consider each of the 11 topics and to thoroughly map out the plan to include each of them.
I think that it is important to have a clear and concise mission statement. Additionally, I think that successful marketing plans have each of the elements aligned to cohesively further the mission. Further, successful marketing plans include a thorough SWOT analysis (strengths, weaknesses, opportunities, and threats). A thorough SWOT analysis will help the company to maximize strengths, mitigate weaknesses, take advantage of opportunities, and address threats. A strong marketing plan will help to maximize a companys ability and preparedness to make informed decisions in strategically marketing products.
Reference
Finch, J. (2012). Managerial marketing. Retrieved from https://ashford.content.edu
Hearl Tackett
ThursdaySep 10 at 4:34am
Manage Discussion Entry
The product I chose to write the marketing plan for is the Mercedes GLC small to midsize sports utility vehicle. The reason for choosing this item is because I am in the market for a new vehicle and with all of my children out of the nest and graduated from college, grandchildren will be in the mix and I enjoy the luxury of the premium brands of SUV, the safety and personal attention given by those brands. For me, the toughest thing for me has been finding the product differentiation in this market segment. There are several makes and models in the category, but the differences are more preference than actual specifications. Brand loyalty plays a huge part in this market. This will be my first venture into the premium market for sport utility vehicles so i have no brand loyalty as of yet. The specifications for each brand are so close that price and physical appearance were the two main characteristics that caused me to choose the Mercedes GLC. The other brands considered were Lexus, BMW, Acura, and Porsche. With brand loyalty being so prominent in the market, the reasons for the consumers loyalty would be helpful in choosing. Consumer surveys about likes and dislikes for each brand would possibly make it easier.
Isaleny Delgadillo
ThursdaySep 10 at 12:02pm
Manage Discussion Entry
My marketing plan will be based on my freelance translation business. I choose this line of interest because of the area where I live. Over the course of the years Ive had to translate phone calls, government documents and other forms of personal information for family members and friends. This plan can work by marketing myself well in areas where I know this service Is needed the most. One issue that I foresee is charging an initial fee for the services render. Most people that I helped in the past have gotten away with free services; when I begin charging it cause some tension. I would not only spread the word by word of mouth but also by using social media, referrals and by visiting local businesses. Narrowing down the demo-graphical area will ensure focus on the areas that need it most. Possibly obtaining a second phone line will also help keep the business line open for text messages and calls to come in. It will be important to have certification and licensing for myself as well being aware of any competitors. Since business can run like roller coasters, I may need to also consider the possibility of having to assist the local government offices. Knowing one additional language may not be enough so taking additional courses may be necessary in order to bring in more earnings. This would probably be a part-time and weekend business. I have to remember that at the core of marketing strategy is the marketing concept: the philosophy that emphasizes customer satisfaction as the means to sustained competitive advantage and profitability. Consequently, companies need to be keenly aware of the need to understand value: the basis on which consumers make purchasing decisions Finch, J. (2012). Reference: Finch, J. (2012). Managerial marketing . Retrieved from https://ashford.content.edu
Katherine Olivera
SaturdaySep 12 at 6:40pm
Manage Discussion Entry
Provide a brief overview of the product for which you are going to write your Marketing Plan.
The product I chose to write my marketing plan is the MacBook Pro. The MacBook Pro is a slim laptop computer its creator is Apple. The MacBook Pro has a longer battery life, the Force Touch trackpad, and Retina display. The Retina display reduces glare and enriches the color, pictures are so clear, and vivid it amazing. The MacBook is only 0.71 inch thick and weighs less than five pounds. It is ideal for editing videos and sharing them. The duel-core and quad-core Intel processors and memory not only makes the MacBook fast it will perform whatever task you need it to. Spreadsheets will be quicker to set up and design you can use it for different graphs, and PowerPoint presentations at meeting.
Why did you choose it?
I chose it because I like Apple and know that their computers are built to last. My husband has one and I have never seen it crash. I am also debating if I want to upgrade my McBook Air. He is able to place both Linux and Windows on it. He can pick his Mac up and carry with him to the office and home he leaves the monitor and keyboards it fits in his briefcase. A Mac can grow with you from a high school student, to college, and then to your career it will continue to run for years before replacing it.
Which elements of the plan are you having difficulty with?
Having issues with the projections of sales, costs, and profits maybe I can show the five year plan with the cost of the laptop and try to figure out the cost of each unit. The markup method is adding a percentage to the cost so that the retailer makes a profit on products sold (Finch, 2012). By using the markup method I understand that Apple does not use this method. I also understand that this is not an officially marketing plan and this will give me a cost for the five years Pro Forma Fianacial Information. I could also use the cost of the panel which is $150 because of the Retina display and add an additional cost for operating system (Kersey, 2012).
What additional information would be needed to make the most informed strategic decisions for thefuture implementation of your plan?
The additional information that would be needed to make the most informed strategic decisions for the future implementation of my marketing plan would be the information concerning the unit cost of each MacBook Pro, and the market segment that Apple is pursuing, this will allow me a more realistic marketing plan.
References
Finch, J. (2012). Managerial Marketing. San Diego, CA: Bridgepoint Education, Inc. Retrieved from Ashford Edu. https://content.ashford.edu/books/AUBUS620.12.1/sections/sec1.2
Kersey, B. (2012). MacBook Pro Retina Display Tops Panel Cost List. SLASHGEAR.Retrieved from http://www.slashgear.com/macbook-pro-retina-display-tops-panel-cost-list-13233744/
Recent Comments