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Assignment Marketing and Management

   

Added on  2020-03-15

16 Pages3013 Words57 Views
Running head: MARKETING AND MANAGEMENT 1Marketing and ManagementStudent’s NameInstitutionProfessor’s nameDate

MARKETING AND MANAGEMENT 2ContentsIntroduction......................................................................................................................................4Steps in writing a marketing plan....................................................................................................4Analyze your business.................................................................................................................4Identify your target market..........................................................................................................4Analyze the competitors...............................................................................................................5Set your marketing goals..............................................................................................................5Outline the strategies....................................................................................................................5Set a budget..................................................................................................................................5Get ready to start your work........................................................................................................5SWOT and competitor analysis.......................................................................................................5Strengths.......................................................................................................................................6Weaknesses..................................................................................................................................6Opportunities................................................................................................................................6Threats..........................................................................................................................................7Competitor analysis......................................................................................................................7Mission............................................................................................................................................7Set 3 marketing objectives and 3 financial objectives achievable within the first 6 months of the product launch.................................................................................................................................8Marketing objectives.......................................................................................................................8Make your product unique...........................................................................................................8Attracting customers....................................................................................................................8Build your brand..........................................................................................................................8Financial objectives.........................................................................................................................9Increased sales..............................................................................................................................9Profit maximization......................................................................................................................9Advertising...................................................................................................................................9Formulate a detailed marketing mix strategy and place particular emphasis on a digital marketingcommunication plan.........................................................................................................................9Product.........................................................................................................................................9Price `...........................................................................................................................................9Place...........................................................................................................................................10

MARKETING AND MANAGEMENT 3Promotion...................................................................................................................................10Present action programs designed to achieve the marketing and financial objectives..................10Adequate use of financial resources...........................................................................................10Having a proper budget plan......................................................................................................10Proper planning..........................................................................................................................10Use accurate financial models....................................................................................................11Discuss the implementation and control of the marketing plan....................................................11Conclusion.....................................................................................................................................11Bibliography..................................................................................................................................11

MARKETING AND MANAGEMENT 4IntroductionThe company brought a new product to the market which was hand wrist watches. They reintroduced Swiss made 'luxury brand' by Michel Parmigiani. Their main aim was to ensure a great competitive edge in the market and thrive internationally. The goal was to ensure brand loyalty and brand equity to enhance continuous purchase. For this to be established they have to ensure the market environment is favorable. A market research was imperative to determine the customer's preference so as to help gain a competitive advantage in the market (Shaw, 2016). The 4 Ps of marketing must also be well strategized to ensure the new product penetrates into themarket. All these are significant for a successful marketing plan. Steps in writing a marketing planAnalyze your businessHaving known the type of product you want to offer to the market, look deeper into the business by analyzing things like the internal and external business environment, location of the business, the business structure, how to market the products and the business operations (Armstrong, et.al., 2015). Moreover, do a SWOT analysis. Identify your target marketYour target market encompasses your ideal customers. Do some research on the target market so as to know their preferences and expectations. This will enable you to channel the product production to their satisfaction.in addition to that, do a consistent research to know the changes in their behavior and priorities. This is crucial in establishing good marketing strategies.Analyze the competitorsDefinitely, there are other companies producing a similar product and these are the competitors. Being that the product is new to the market, you have to ensure you are unique. Youmust analyze what the competitors do and come up with a better idea than that so that you can win the customer's preference. This will help the company gain a competitive advantage. Set your marketing goalsThese are the objectives that you need to achieve through a given period of time. You need to set achievable goals. The goals will motivate you to achieve the set standards. They will help in determining the success or failure of the business in the long run.

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