country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Effectual Marketing Planning New Ventures

tag 0 Download10 Pages 2,297 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

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.

OR

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Effectual Marketing Planning New Ventures. Retrieved from https://myassignmenthelp.com/free-samples/effectual-marketing-planning-new-ventures.

"Effectual Marketing Planning New Ventures." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/effectual-marketing-planning-new-ventures.

My Assignment Help (2018) Effectual Marketing Planning New Ventures [Online]. Available from: https://myassignmenthelp.com/free-samples/effectual-marketing-planning-new-ventures
[Accessed 18 January 2020].

My Assignment Help. 'Effectual Marketing Planning New Ventures' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/effectual-marketing-planning-new-ventures> accessed 18 January 2020.

My Assignment Help. Effectual Marketing Planning New Ventures [Internet]. My Assignment Help. 2018 [cited 18 January 2020]. Available from: https://myassignmenthelp.com/free-samples/effectual-marketing-planning-new-ventures.


At MyAssignmenthelp.com, we understand that when students get stuck with tough assignments, they look for affordable services. To assist students with complex assignments, we have built a team of skilled cheap essay writers. MyAssignmenthelp.com has become one stop solution for all students who often look for answers related to their search similar to do my essay at the cheap rate or who can write my essay at affordable prices. Students prefer hiring us as we have the best provisions to render services related to do my essay online at a reasonable rate.

Latest Marketing Samples

HAT203 Analysis Of Hyatt Hotels Corporation

Download : 0 | Pages : 7

Answer: Introduction to the industry and organization  The Hyatt Hotels Corporation is an American multinational hospitality organization that manages luxury hotels and resorts. The different environmental phenomenon that is faced by the organization has affected the decision making properties resulting to its wide expansion in the business lines. Since its inception on 1957 the merger and acquisitions that were ...

Read More arrow

MKTG3040 Services Marketing

Download : 0 | Pages : 5

Answer: Introduction:  In the increased uncertainty in business environment, integrating creativity in the internal functionality of a firm is one of the major factor. This is the way, through which the intense competition in the market can be handled. According to West et al. (2015) there lies the significance of critical thinking, which paves the way for corporate entities to generate new ideas there by run the business with utmos...

Read More arrow

MKT60006 Strategic And Entrepreneurial Marketing

Download : 0 | Pages : 14

Answer: Introduction Global business environment can be defined as external forces which surround an organisation and further leverage its business decisions. At international level business enterprises exhibit tendencies to encounter challenges from diverse microeconomic determinants which are characterized by the practice of uncertainty instability along with this continuity within the market (Lasserre 2017). However, globalisation acts as a ...

Read More arrow

MGT4009 Digital Marketing Strategy

Download : 0 | Pages : 10

Answer: Introduction:  BigBroSport is a unique concept that gives the game of soccer a twisted turn inspired from Man v Fat. The business idea is to offer an hour of entertainment and a play opportunity to the participants who wanted to lose fat. The identified problem is that women are more incline towards losing fat and they have lot of opportunities to do so but for the men, the options are very less. A 45-60 min game at 10$ will prov...

Read More arrow

MBA6115 Business In A Global Context 2

Download : 0 | Pages : 13

Answer: Introduction  Nowadays, businesses are seeing changes in the economic and country settings. The local market is not able to fulfill the needs and demands of globalized population. Businesses have emerged to make sure that it thrives in the era of globalization. This emergence has made various local businesses become a popular name all over the world (Bastié, Cussy & Le Nadant, 2016). In order to get success, a multinat...

Read More arrow
Next
watch

Save Time & improve Grades

Just share your requirements and get customized solutions on time.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,180,194

Orders

4.9/5

Overall Rating

5,056

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 4/5

3076 Order Completed

99% Response Time

Emily Wei

Doctor of Philosophy (Ph.D) in Civil Engineering

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

265 Order Completed

97% Response Time

Ken Campbell

MSc in Electrical Engineering

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

752 Order Completed

100% Response Time

Hugh Cleave

Masters in Human Resource Management (MMgt, HRM)

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1758 Order Completed

99% Response Time

William Martinez

MS in Biology

Washington, United States

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Amazing work done, work was very detailed. I got an A in that class. I highly recommend myassignmenthelp.com for such projects Thank you

flag

User Id: 343085 - 18 Jan 2020

Australia

student rating student rating student rating student rating student rating

Question answered exactly to the standard it needed to be. Everything written in the assessment is what was expected. Can not wait to receive marks back

flag

User Id: 343147 - 18 Jan 2020

Australia

student rating student rating student rating student rating student rating

Thank you for putting together this project. I helped me to understand more in detail how elders would find healing.

flag

User Id: 309497 - 17 Jan 2020

Australia

student rating student rating student rating student rating student rating

Answers were provided last minute. I could not able to transfer the answers. But good work though from expert.

flag

User Id: 246827 - 17 Jan 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?