Marketing Plan Table of Contents Executive Summary.........................................................................................................................2 Current Market Scenario..................................................................................................................2 Threat and opportunities analysis....................................................................................................3 Objective and issues........................................................................................................................4 Marketing Strategy..........................................................................................................................5 Action Programs..............................................................................................................................6 Budgets............................................................................................................................................7 Controls............................................................................................................................................8 References........................................................................................................................................9 1
Marketing Plan Executive Summary The study has sheer focus on the various aspects that can be significant for developing a market plan. The study presents in depth analysis of the market scenario in the contemporary time period in order to determine the threats and opportunities that the organization might be facing. The threats and opportunities can help to generate the objectives along with key issues on which the marketing plan can be developed. The main aim is to develop a marketing plan that can help the selected company to gain competitive advantages in the industry along with enhancing the customer base and profitability of the company. The marketing plan can help the top management of the selected organization to take decisions that might enhance their position in the market along with their affectivity and efficiency. The selected organization for the study is USAeroFlight on which the marketing plan has been developed. Current Market Scenario In the last few years the Flight School industry in USA has been expectedly growing with an annual rate 1.6% to 2.9 billion along with a projected to enhance by 1.6% till the year 2024. In the last few decades the revenues has been lifted off from the low base (Päärnilä, 2019). However, the 7.2% in order to enhance the revenues by 7.2% in the year 2018 needs to be one time event for several operators (Waheedet al.,2017). The significant growth in the industry has been evident that people are showing interest in aviation. The growth of the flight school industry has been not only limited to USA but the industry is growing all over the world in a significant manner. As per capita disposable income along with levels of profit it has been observed that competition of flight industry has been growing in significant manner (Han & Kavuluru, 2016). The major competitors of the concerned company can be said to be Florida 2
Marketing Plan Flyers, ATP Flight School and others. Heavy competition in the downstream of the industry like commercial airlines can be sued to deter something out of the individual pursuing the career for a pilot (Nguyen, 2016). Figure: Rising Profit of Flight School Industry on a global level Source: Threat and opportunities analysis In order to analyze threat and opportunities of USAeroFlights in the Flight school industry, SWOT analysis has been performed below: Strengths Fast growing industry Skilled labor in the USA Significant barriers for new players to Weaknesses High cost of maintenance Labor intensive industry High salary for the staff 3
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Marketing Plan enter the industry (Smilansky, 2017) Opportunities Growing interest of people in aviation and their loyalty Enhancing per capita incomes in doer to generate more passengers for airlines Untapped market of aviation in flight school Threats Raising cost of fuels Dynamic fluctuation rate in the industry High tax imposed by the government Growing competition in the industry in a significant manner Table 1: SWOT Analysis (Source: Developed by learner) Objective and issues The objectives that USAeroFlights can develop in order to capitalize on the opportunities and mitigate the threats are as follows: To develop new offers and participation events for people in order gain customer loyalty To promote their services in various social media platforms to connect more with the millennial of the country To create awareness in people and school students by providing scholarship for students on a global basis To maintain long term sustainability for the brans in order to create awareness and managing the reputation of organization The major issues that the company might face in order to meet the objectives of the company are as follows: 4
Marketing Plan Requires huge financial capital to meet the objective that are discussed Employees need to be trained as they require proper skill set Growing competition which an effect the profit and customer base Safety of the individual in the school needs to be top priority and needs to be added in the promotional campaigns Marketing Strategy Product / Service Strategy In the context of USAeroFlights it can be said that new products and services is required to launch for the exiting market. Information is required to be gathered with the help of various sources that can be analyzed and determined along with best products and services that needs to be offered. The feedback from the previous batch along with gaining ideas from the experts and current trends of the market which is to use in order to decide the effective service that needs to be offered by the training school that can help to attract the most number to students from various part of the world (Turner, 2018). Introduction of new services requires of simulating training and type of ratings that can be used to providing attractive services and can hold the students in order enhance the training capabilities of the flight school. Pricing Strategy Enhancing the sales of the prevalent products and services need to be the primary concern for USAeroFlights in order to maintain the customer base. Extra effort is to be made for attracting new consumers that can be a part of the strategy in order to grow. The prices of the current services need to be reduces in order to penetrates in the market and effective marking campaign in order to increase the sales in a significant sales (Grier, 2019). Advertisement along 5
Marketing Plan with low course prices for training needs to be offered by the flight training school that can be followed and enhance the number of students for enrolling. Distribution Strategy The distribution strategy needs to be based on diversification in order to enhance the outreach by the concerned organization. However, diversification can be said to be the risky as it may need to deal with new customers and simultaneously developing new services and products in more diverse areas (Kent, 2017). This requires proper analysis of the trends that is the most vital factors in order to move towards to the direction of success. Establishment of a new branch of the training school for aviation aspirants and new services that can be based on technologies like AI can be the first step for diversification (Shebanova, 2018). Promotion Strategy In order to enhance their outreach to more number of students the promotion strategy, may need to suit the objective of the company. This can be done with creating events where the career oriented students can participate without cost and help to convince them that it can be one of the most effective careers that they can chose. The promotion of the events needs to be done with the help of both digital and traditional marketing approach (Kenny & Dyson, 2016). Social media can be the crucial platform where USAeroFlights can promote their awareness programs and can also use technologies that can be very useful. Action Programs Strategic ActionResource RequiredConstraintsTimeline Inbound digitalPaidSearchcampaignsDependency on third6 months 6
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Marketing Plan marketingand SEO toolsparty Event development and management Publicrelationsand digital marketing Hugefinancial investment 3 months Targeted email automation Determining focus group and developing offers Dependency on third party 4 months Table 2: Action Program (Source: Developed by learner) Budgets ActivitiesAmount (in $) Market Research650 Competitive Analysis731 Focus group756 Product or Service management522 Events1000 Paid advertisement937 PR450 Demo videos300 Total5,346 Table 3: Budget (Source: Developed by learner) 7
Marketing Plan Controls ObjectiveStrategyActivityImpact Creating AwarenessExposingtarget audience for the brand content Post and promotionTopofmind awareness Generating DemandsEngagement of focus groups with the help of promotions Monitoring responsesTracking the trends of the industry Increasingcustomer base and loyalty Developing offers and events Providingoffersfor referral for customers Feeding on sentiments and satisfaction Enhancing profitability Conversionof potentialcustomers into customers Earningimpression and social reach Referringand generatingpositive word of mouth Table 4: Metric Table to monitor controls (Source: Developed by learner) References Grier,S.A.(2019).MarketingInclusion:ASocialJusticeProjectforDiversity Education.Journal of Marketing Education, 0273475319878829. 8
Marketing Plan Han, S., & Kavuluru, R. (2016, November). Exploratory analysis of marketing and non- marketinge-cigarettethemesonTwitter.InInternationalConferenceonSocial Informatics(pp. 307-322). Springer, Cham. Kenny, B., & Dyson, K. (2016).Marketing in small businesses. Routledge. Kent, N. B. (2017). Marketing Practices of International Schools in a Competitive Asian Context. Nguyen, N. M. (2016). DEVELOPING INTERNET MARKETING PLAN. CASE COMPANY: ANTOREE INTERNATIONAL PTE. LTD. Päärnilä, C. (2019). Digital Marketing Plan for Saleduck. Shebanova, E. (2018). Commercial optimisation through the marketing plan: the case of agenda sports & elements. Smilansky,S.(2017).Experientialmarketing:Apracticalguidetointeractivebrand experiences. Kogan Page Publishers. Turner,E.O.(2018).Marketingdiversity:Sellingschooldistrictsinaracialized marketplace.Journal of Education Policy,33(6), 793-817. Waheed, A., Yang, J., Ahmed, Z., Rafique, K., & Ashfaq, M. (2017). Is marketing limited to promotional activities? The concept of marketing: A concise review of the literatur.Asian Development Policy Review,5(1), 56-69. 9