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Effectual Marketing Planning New Ventures

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Question:

Discuss About The Effectual Marketing Planning New Ventures?

 

Answer:

Introduction

Samsung Leader 8 is an innovative brand of smartphone, which is scheduled to be released in 2018 in the Australian market at a price of $1000-$1200. The phone has unique features such as a secure Folder, Samsung Proprietary features, Full HD Super AMOLED screens and a large internal storage memory. This report has discussed the marketing plan of Samsung Leader 8.

Write the executive summary

The executive summary provides a clear and precise description of what is to be expected in the whole document, (Smith, 2011)). In this case, the executive summary should entail all the key areas covered in the marketing plan.

 

Write an analysis of the current situation

When analyzing the current situation, one should indicate the competitors available, their products, their strengths opportunities available in the market and their weaknesses, (Resnick, Cheng, Simpson & Lourenco, 2016). A situation analysis should include data on:

Stakeholders

Stakeholders are persons interested in the success of an organization, (Baines, Fill & Page, 2013). Stakeholders may be classified as follows:

Colleagues, competitors, and partners: To draft a good marketing plan, consider the stakeholder’s goals, their offers to the business, what they don’t offer, how they operate, and where they may go next, (Wymbs, 2011).

The Government: This is the ruling authority in the business’ area of operation, (Whalen & Holloway, 2012). Consider where the government fits in the business and the effects it may have on the success of the marketing process.

Performance indicators

When writing a marketing plan, one should clearly define the key performance indicators of the organization. The performance indicators would act as a basis for measuring whether the marketing strategy is succeeding or failing, (Tiago & Verissimo, 2014).

Review your buyers’ personas

For a marketing plan to be comprehensive, one should research and explain the buyer interest, why they buy, where they buy and how they buy.  One should also evaluate the outside marketing influences like demographics, economy, social or societal factors and their effects on the specific marketing group, (Royle & Laing, 2014).

 

Write the SWOT Analysis.

A marketing plan cannot be complete without an analysis of the opportunities, threats, weaknesses and the strengths of the business, (Baines, Fill & Page, 2013). Strengths are the unique capabilities of a firm. Opportunities are gaps in the market, which a company can exploit, (Baker & Saren, 2016).  Threats may also refer to the strengths of a business’ competitor, while weaknesses are inadequacies that may make the firm less competitive.

Indicate the marketing objectives and issues.

After indicating the SWOT analysis, one should indicate the specific issues that the plan is to focus on, and form strategies for achieving such goals.

Design the marketing strategy.

After indicating the strategic goals, the marketer should then indicate the marketing strategies which will be used to achieve such goals. The strategies selected will outline the specific target market of the firm and give specifics of the 6 Ps of the marketing mix, like Product, Price, Promotion, place, people, and positioning, (Smutkupt, Krairit & Bakhang, 2012).

Prepare the action plan

The action plan explains how the marketing objectives would be executed, (Kotler & Armstrong 2013). It specifies what is to be done, who will do it, how it will be done and the expected outcome

Indicate the resources required

An effective marketing plan must have resources in terms of funds, people, and technology, (Hollensen, 2015). This section of the plan highlights the resources needed.

A marketer must indicate how the performance of the drafted marketing plan would be monitored. The progress of the marketing plan may be monitored through the administration of controls.

SWOT and Competitor analysis

These are the unique capabilities held by an organization, (Armstrong, Adam, Denize & Kotler, 2014). Strengths may be technological, innovative or financial. The strengths of Samsung leader 8 are as follows:

High patent: Samsung Leader 8 is an innovative phone, with unique capabilities. Therefore, it shall enjoy patent rights, as no other company can develop similar products.

Competent research and development department: The department entrusted with research and development have qualified employees who can develop innovative ideas

Unique Brand: Samsung Leader 8 is a unique smartphone brand, which will attract potential buyers who are ready to try a new smartphone model.

 

Opportunities.

Opportunities are market gaps that can be filled by an organization, (Jobber & Ellis-Chadwick, 2012). Samsung Leader 8 is a product in the introduction stage in the product lifecycle. Therefore, it must exploit opportunities for growth like rising smartphone market and increased demand for smartphone-based solutions.

Weaknesses.

Weaknesses may refer to the constraints of the organization, that other rivals may take exploit, (Armstrong, Kotler, Harker & Brennan, 2012). Some weaknesses that may be faced when marketing Samsung leader 8 include:

Low-profit margin: Since this is a new product, in the introduction and growth stage, there is low-profit margin which may inhibit expansion of the client base.

Several Competitors: There are several competitors with other superior brands selling in Australia. These include Apple’s iPhone brand and other brands.

Threats.

Threats are factors that may inhibit a business’ ability to compete effectively in the market, (Huang & Sarigollu, 2014). Some threats to effective marketing of Samsung leader 8 include rise of the Chinese manufacturer and the frequently changing market demands and consumer tastes

A mission statement is a brief statement which describes an organizations purpose, scope of operations, kind of products, geographical region of operation and primary customers, (Persaud & Azhar, 2012). Everything done by Samsung is guided by its mission- to be the best Digital Electronics Company. This can be discussed in a diagram as follows:

Marketing and financial objectives achievable in the first six months.

Marketing objectives.

Marketing objective

Duration.

To improve Samsung Leader 8’s brand awareness by 50 %

Two months, from January to February.

To increase the Sale of Samsung Leader 8 by 28%.

3 months, from March to May

To increase the overall market share of Samsung Leader 8 by 30%

1 month, from the end of May, to end of June.

Financial objectives.

Variable

Financial objective

Time frame.

Revenue

To generate 100,000 dollars in sales.

Two months from January to end of February.

Cost

To reduce selling, distribution and personnel costs by 10 %.

3 Months, from March to May.

Advertising.

To pull down the cost of advertising by 20%.

One month, from the end of May, to end of June.

Marketing mix strategy: Digital marketing communication plan.

A marketing mix is a combination of tactics and marketing tools that an organization uses to sell a product in the market, (Wood, 2012). It entails four Ps: Price, product, place, and promotion.

Price: This is the value attached to a product, (Singh, 2012). Samsung Leader 8 will sell at a price between $ 100 and 1200

Product: This is the market offer, (Jain, Ahuja & Medury, 2015). Samsung Leader 8 is the product in this case. Its features such as faster internet access, a large RAM, and a large storage are its specifications.

Place: This is the target market of the firm, (Singh, 2012). Samsung Leader 8 is mainly targeted at Australian customers who are passionate about technology, and willing to try a new smartphone.

Promotion: Promotion refers to a combination of techniques used by marketers to convince, customers to buy a specific product, (Singh, 2012). Samsung Leader 8 will be marketed online, by use of a website, search engines, and social media

 

Digital marketing communication plan.

This is a document set to analyze a company’s competitiveness in the digital market, (Royle & Laing, 2014).  A digital marketing plan for Samsung Leader 8 will contain:

Online value proposition: This is a promise of value to be enjoyed by customers upon purchase of a product, (Royle & Laing, 2014). If a customer purchases Samsung Leader 8 online, he/she will enjoy a high quality product with features like Snapdragon 821, 4 GB Ram, 64 GB inbuilt, Display 4.2 inch (Front), 4.0 inch (Rear), Primary 12 MP & Secondary 5 MP, Android 6.0 Marshmallow/Nougat and a Battery size of 2300mAh.

Objectives: This is the main aim of a business, (Royle & Laing, 2014). The objectives of the marketing team will be to increase the brand awareness in the online context, by reaching out to potential customers using digital platforms like search engines, website, and social media.

Strategic approach:  This is the approach that would be used to communicate the marketing information, (Thome, Scavarda, Fernandez & Scavarda, 2012). In the online platform, the photos of Samsung Leader 8 will be shown with the description, specifications, cost, and benefits of purchase

The digital marketing communication plan for Samsung Leader 8.

objective

Action program

To improve Samsung Leader 8’s brand awareness by 50 %

Taking to Facebook, holding workshops and conducting online exhibitions through the website.

To increase the Sale of Samsung Leader 8 by 28%.

Motivating buyers through active online advertising and offer after sale services.

To increase the overall market share of Samsung Leader 8 by 30%

Strengthening client relationships and smart hiring through the acquisition of competent marketing staff.

Financial objectives

Objective

Action program

To generate 100,000 dollars in sales in two months

Venturing in online brand awareness and brand promotion through the website and Facebook.

To reduce selling, distribution and personnel costs by 10 % in three months

Abolishing personal selling and venturing into online marketing, through creating a Facebook account, a marketing website and optimizing google search engine.

To pull down the cost of advertising by 20% in one month

Using Facebook account and website as advertising platforms to reduce advertisement costs.

Implementation and control of the marketing plan.

Implementation and control is a process geared towards ensuring achievement of the particular goals enshrined in the marketing plan, (Royle & Laing, 2014). Implementation process includes:

 Establishment of annual objectives: Proper annual objectives must be established so that the implementation and success of the plan are evaluated, (Wood, 2012)

Resource allocation: Resources encompass staff, finance, and technology, (Royle & Laing, 2014). The financial resources will support in the proper execution of the marketing process, competent staff would ensure proper marketing decisions are made while proper technology will enable the development of the website, Facebook accounts and google search optimization.

Actual performance of the planned activities: This involves the use of qualified personnel to perform the specified tasks like brand awareness, google optimization, and website development and conducting online sales.

Leading and controlling the activities and execution of the plan: The execution of the marketing plan should be controlled at all levels. This would ensure efficiency of the execution process.

Control process.

Setting the performance indicators: The performance metrics should be set to determine whether the plan is being implemented as required, (Royle & Laing, 2014). For instance, the success of the plan would depend on sales volume, stock rotation, and market share.

Identifying the deviations from the planned values: The deviation may be determined through variance analysis, (Royle & Laing, 2014). The planned values are the objectives set in the marketing plan.

Measuring the values of indicators: The range of deviation should be measured. If the deviation is negative, then the marketing plan should be amended, (Jobber & Ellis-Chadwick, 2012).

Executing control measures: Control measures should be installed to correct the deviations such as control of the annual plan, control of efficiency and control of profitability, (Whalen & Holloway, 2012). The marketing plan may be amended so as to correct negative deviations.

Conclusion.

In conclusion, this report has given a comprehensive discussion of the steps in drafting a marketing plan, the SWOT and competitor evaluation, financial and marketing objectives, the marketing mix and digital marketing plan communication strategy, programs of achieving a marketing objective and the implementation and control process of Samsung Leader 8’s marketing plan.

 

References.

Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of Marketing. Pearson Australia.

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2012). Marketing: an Introduction. Pearson Prentice-Hall, London.

Baines, P., Fill, C., & Page, K. (2013). Essentials of Marketing. Oxford University Press.

Baker, M. J., & Saren, M. (Eds.). (2016). Marketing Theory: A Student Text. Sage.

Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson Education.

Huang, R., & Sarigollu, E. (2014). How Brand Awareness Relates to Market Outcome, BrandEquity, and the Marketing Mix in Fashion Branding and Consumer Behaviors (pp. 113132). Springer New York

& Medury, Y. (2015). Digital Marketing Optimization. In Strategic E-Commerce Systems and Tools for Competing in the Digital Marketplace (pp. 162-170). IGI

Jobber, D., & Ellis-Chadwick, F. (2012). Principles and Practice of Marketing (No. 7th).McGraw-Hill Higher Education.

Kotler, P., & Armstrong, G. (2013). Principles of Marketing (16th Global Edition).

Persaud, A., & Azhar, I. (2012). Innovative Mobile Marketing via Smartphones: Are ConsumersReady? Marketing Intelligence & Planning, 30(4), 418-443.

Resnick, S. M., Cheng, R., Simpson, M., & Lourenço, F. (2016). Marketing in SMEs: a “4Ps”

Royle, J., & Laing, A. (2014). The Digital Marketing Skills Gap: Developing a Digital MarketerModel for the Communication Industries. International Journal of InformationManagement, 34(2), 65-73

Singh, M. (2012). Marketing Mix of 4P’s for Competitive Advantage. Journal of Business andManagement, 3(6), 40-45.

Smith, K. T. (2011). Digital Marketing Strategies that Millennials find Appealing, Motivating, or Just Annoying. Journal of Strategic Marketing, 19(6), 489-499.       

Smutkupt, P., Krairit, D., & Ba-Khang, D. (2012). Mobile Marketing and Consumer Perceptions Of Brand Equity. Asia Pacific Journal of Marketing and Logistics, 24(4), 539-560.  

Thome, A. M. T., Scavarda, L. F., Fernandez, N. S., & Scavarda, A. J. (2012). Sales and Operations

 Planning: A Research Synthesis. International Journal of Production Economics, 138(1),

Tiago, M., & Veríssimo, J. M. C. (2014). Digital Marketing and Social Media: WhyBother? Business Horizons, 57(6), 703-708.

Whalen, P. S., & Holloway, S. S. (2012). Effectual Marketing Planning for New Ventures. AMS

Review, 2(1), 34-43.    

Wood, M. (2012). Marketing Social Marketing. Journal of Social Marketing, 2(2), 94-102.Wymbs, C. (2011). Digital marketing: The time for a new “academic major” has arrived. Journal

Of Marketing Education, 33(1), 93-106.

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