Sustainable market offering marketing plan

Sustainable market offering marketing plan

Engaging in any business without a proper marketing plan is equivalent to driving a car without a map. Even though you might eventually reach your destination, you will make very costly and time-consuming errors along your way. A marketing plan comes to inform of a document where advertising strategies that will be implemented by an organization to provide leads on how it will get into its target market are outlined. A marketing plan performs different functions in an organization. It bases on the overall marketing strategy of a company(Alexander H,2019). It also put much consideration on the business’s value proposition. Value propositions indicate how brands or products help in solving customer problems, the benefits that a product brings, and why a customer should choose one company at the expense of another.

Marketing plans come in different models. Most companies prefer doing a SWOT analysis on their product as the first step towards coming up with a marketing plan. This involves looking at a firm’s strengths, weaknesses, opportunities, and strengths. Tyrone Creek Software development company have decided to employ this first step in an attempt to develop a proper marketing plan for their new technology. After carrying out a situational analysis on the product, the target market profile will be developed with much focus being put on the demographic portrait, the estimated demand, and the customer’s purchase motivation. Marketing objectives will then be set before a proper marketing strategy is determined. The last point of this marketing plan will involve the development of a financial plan(Alexander H,2019).

MARKETING OBJECTIVES

Marketing objectives spell out the things that businesses desire to acquire through their marketing activities. They should consistently conform to the goals and overall aims of every business. These objectives should also be consistent with the marketing purpose and be supportive of the business’s overall goals. All marketing objectives should be SMART, i.e., they should be specific, measurable, actionable, relevant, and time-bound    (Anderson J,2017).In an attempt to market their newly improved software, Tyrone creek software company has come up with a SMART marketing objective. Their objective is to attain a 30% market share for their product within the first three years of its launch. This objective is specific as it gives exact details on what should be done. The progress and achievement of this objective can also be measured(Alexander H,2019). This objective is achievable since the people will readily accept it, given the responsibility for achieving it. This marketing objective is also realistic and has the possibility of being fulfilled. Lastly, this objective has a set timeline by which it will be achieved.

TARGET MARKET

A proper business plan should identify the target for its product. The target market is represented by the end consumers who companies strive to sell their endproducts. Companies also carry out target marketing, which entails dividing an entire market into different small segments, then planning marketing strategies for each of the sections to improve the market share    (Anderson J,2017). The target market definition involves various simple steps. A company must first ensure that it understands the problems of the customers they are addressing. By doing this, they can identify the customers that will take a keen interest in their product. Customers should then be understood following their income levels, region, etc. Channeling your marketing options towards specific consumers will make pricing, promotion, and distribution of the product much more accessible and reduce the costs involved. Tyron creek software company has identified its target market to be online individuals, i.e., those who take most of their day in online platforms using computers and other devices. They have hence resorted to online advertisements as the most preferred way of advertising their product.

MARKETING STRATEGY- POSITIONING AND PRODUCT/SERVICE

The product is the first and the most crucial element of the 4P marketing model, which represents the various strategies of marketing a product. Products can refer to tangible goods or the intangible services which are used to fulfill the wants and needs of consumers. Each company should put much focus on its product or service to ensure it satisfies customer needs    (Anderson J,2017). The product or service should be positioned in a way that it does not miss any feature wanted by a customer or include elements that might be costly to the customer. A product should be branded in a way that is entirely different from that of the competitor. Tyron’s product is very involved when it comes to its branding. It has been developed in a way that is not very complicated; hence it is easier to use by any customer.

MARKETING STRATEGY -PRICING

Pricing is an important marketing strategy that comes after product in the 4P marketing model. The price represents the value of which a service or product can be attained by the buyer(Marxel D,2018). Companies should set prices on their products that are not too sensitive to the customer. Prices should also be able to fluctuate according to the changes in the economy, and no cost should be constant. Offering frequent discounts to your customers is an essential step towards keeping your customers. Tyron software company offers its new technology at a price that is slightly higher than that of its competitors. This is because the product has just been launched into the market, and the money used during its development needs to be realized back. I would recommend the company to slightly lower its price to that which is marginally smaller than the current one so that many customers can afford it. In doing so, they will be able to make more sales and still realize more profits.

MARKETING STRATEGY-PLACE/DISTRIBUTION

The place/distribution represents a fundamental marketing strategy that every business/company should take into consideration when developing their product or service. Place represents the location in which a customer/consumer can obtain a product or service. The distribution channels of goods and services should also be clearly defined. Customers should not go through long channels to acquire a good or service, as this may create a negative customer experience. A company should take a keen look into the distribution channels of its competitors then come up with newer distribution channels that require fewer resources and time. Tyron software company hs developed their website through which their customers can be able to acquire their newly developed software by downloading them. This can be considered to be the best distribution channel as compared to those of their competitors. Customers do not need to go through long paths or move physically up and down to acquire these products(Marxel D,2018).

MARKETING STRATEGY -PROMOTION

Promotion is the last and most crucial marketing strategy for every good and service. It is through advertising that customers are made aware of the newly developed goods and services. Companies should make their preferred choice of advertising after making a complete analysis of the target market and identifying their potential customers.  Advertisements should also be conducted during specific times when the customer’s attention can be captured fully. To reduce general costs associated with the promotion, companies should choose the most appropriate method by which they can target a more abundant population using minimum expenses. Promotional messages should also be creative and unique as compared to those of your competitors. Tyron software company have chosen to promote their product through the media by developing various promotional advertisements and circulating them all over the online interaction platforms such as Twitter, Facebook, and youtube.

MARKETING IMPLEMENTATION AND EVALUATION AND CONTROL

Missing some steps during a marketing plan’s implementation phase can lead to disastrous effects. Implementation refers to the execution or the actions taken by companies to promote their business(Marxel D,2018). Tyrone software company has resorted to launching a new website in a bid to implement their marketing plan. This website will provide all the relevant information about their new product. A marketing plan’s evaluation, on the other hand, focuses on the qualitative and quantitative analysis of the metrics relating to the implementation of a marketing plan(Lai a,2018). Tyrone software companies will look at their data and examine if they have achieved their strategic objectives developed in the implementation phase. If they have done so, they can copy these steps and use them in the future, but if not, then they can make changes to improve their results and performance. Controls are crucial in every evaluation phase. They act as goals, which provides companies with an aiming tool when a plan is being enacted. Tyron software company has set its marketing budget as the control mechanism(Council A .B.D,2017).

MARKETING BUDGET

Poor budgeting and the cost of a marketing plan cause several problems. The deficiency of an adequately made marketing budget has led to the collapse of several campaigns and marketing plans. Marketing budgets are marketing plans which are written in the form of costs. They ensure that marketing plans are costed realistically. They provide projected and estimated costs by which services and products are marketed. A sophisticated marketing budget must account for every marketing cost. Costs are allocated following the media and campaign to be used. The first step towards making a marketing budget involves establishing the total revenue of the company. The gross income of the Tyrone software company is estimated to be 100,000 dollars. The company allocates 15 % of its gross to marketing. Their marketing budget, therefore, lies at 15,000 dollars.

References

Alexander, H., 2019. The Five Ps of Good Marketing Plan. 5 ed. New York: New York University Press.

Anderson, J., 2017. Closs the Assessment Loop. 3 ed. New York: New York Press.

Council, A. B. D., 2017. Academic Standard for Marketing in the Australian Higher Education. 7 ed. London: Cambridge Press.

Lai, a., 2018. Consumer Values and Products Benefits. 5 ed. Manchester: Manchester University Press.

Marcel, D., 2018. Functional and the System Approach of the Sustainable Products and Service Development Approach for Industries. 6 ed. London: Oxford University Press.