This document provides a comprehensive guide on creating a marketing plan. It covers topics such as marketing management, conducting a marketing audit, setting SMART objectives, implementing STP strategy, competitor analysis, and Porter's generic model. Suitable for marketing students and professionals.
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Creation of a Marketing Plan
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Table of Contents EXECUTIVE SUMMARY.............................................................................................................2 INTRODUCTION...........................................................................................................................2 MAIN BODY..................................................................................................................................2 Audit of marketing environment.................................................................................................2 Statement and Justifications to SMART objectives....................................................................5 STP strategy................................................................................................................................6 A competitors analysis................................................................................................................7 Marketing Strategy......................................................................................................................8 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10
EXECUTIVE SUMMARY Management works as an effective tool which leads organisation to achieve their goal by utilisingminimumresourcesandgeneratingmaximumresultsfromthem.Marketing management refers to a procedure by which management perform all task through planning, organising, monitoring and controlling. In this report audit of marketing environment is done by using tools such as PESTLE and SWOT. Porter's Generic model is also used by management to understand competitive analysis in market. With the implement of STP strategy it is easy for organisation to achieve there objectives in effective manner. In the last, 7P's of marketing is also used by management to achieve organisational objectives in effective manner. INTRODUCTION Marketing management can be defined as the application of various techniques, methods and tools that are used by the organisation. This is done for identifying the potential markets for satisfying the needs of customers in an appropriate manner. The main motive of marketing management is to formulate effective strategies in order to gain competitive edge in market. Alongwiththismarketingmanagementundertakesplanning,monitoring,organisingand controlling plans to perform the operations and functions of organisation. This report is written from the perspective of Chik-fil-A that operates its business in fast food industry. Further, it is one of the largest American chain that is well-known for its chicken sandwiches. In the present scenario, Chik-fil-A is operating their business in 47 states. Moreover, in this report micro and macro factors will be undertaken in this report. In the last, marketing strategy and its formulation by utilising 7P's of marketing mix and STP analysis are also focused in this report(Kerin and Hartley, 2015). MAIN BODY Audit of marketing environment Marketing audit exists as the comprehensive analysis as well as systematic evaluation of the internal and external environment of the organisation. With proper marketing audit the analysis of goals, principles, strategies and objectives are done in exact manner that leads organisation to identify opportunities and threats in market.
In order to conduct the marketing audit in a accurate manner the organisation utilise and implement the tools such as SWOT and PESTLE analysis to understand micro and macro environment. SWOT Analysis-For analysing the internal factors of the Chik-fil-A SWOT analysis will be chosen and done for identifying strength, opportunities, weakness and threats(Gunawan, 2015). Strength ď‚·The major strength of restaurant is the customer service which they offer and utilise as a competitive advantage for them.ď‚·Restaurantsellitssandwichesand burger in a hygiene way. It protects customer from food dangers such as food poisoning, bad smell etc. Weaknesses ď‚·The restaurant of the Chik-fil-A are not present outside the USA. So it reduces the scope of its operations and sale of its products. ď‚·There is intense competition in the fast food industry. So customer retention is oneofthemajorweaknessesof restaurant. Opportunities ď‚·Products which offered by Chik-fil-A are filled by management with chicken, butinfastfoodindustry.Various opportunities also exists in market.ď‚·Largenumberofopportunitiesare present in market such as to enhance the market area in other countries also. Itincreasesmoreprofitsfor organisation. Threats ď‚·Chicken impact on the business due to various diseases. It creates health issue for the persons who consume chicken dishes. ď‚·The competition is a major threat for organisation.Alongwiththisthe fluctuatingpricesforraw-materials impacts on the business operations of Chik-fil-A. PESTLE Analysis-For analysing the macro factors for the organisation, management must utilise tools such as PESTLE analysis. It helps to analysis favourable and unfavourable impact on organisation by considering some essential impacts which are as follow:ď‚·PoliticalFactors-In the context of UK, they follow a constitutional monarchy which runs according to the parliamentary system. This makes fair and stable decisions for the
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business that are operating in the industry(Grewal and et. al., 2016). Further, there are less changes in the policies and regulations of UK. So the political conditions of UK are also stable. In context of Chik-fil-A they are operating they are entering in the European countries. Therefore, it is mandatory to monitor and formulate policies as from the perspective of Brexit.ď‚·EconomicFactors-In the present scenario, the economic conditions of UK are better than the other countries. This determines the growth rate of GDP is high because the government is supporting business houses by providing tax benefits, subsidiaries and many more. Due to better economic conditions it works as positive factor for organisation that increases sale and profits of Chik-fil-A products. So it is better for management to make policies for entering in the UK market(Festa and et. al., 2016).ď‚·SocialFactors-Social factor of the organisation relates with the taste and preference of customers or society in which the management is operating their business. In the context of UK people are resident their from different backgrounds and countries. Due to which the European countries are densely populated, it governs that people who are stable in UK are open for dish, services and products. Moreover, in context of Chik-fil-A they offer healthy food to its customers. So it is beneficial for society as well as organisation.ď‚·TechnologicalFactors-Technology factor is one of the major tool that is present almost in all functions and operations of organisation. The main aim to implement technology factor in organisation is to perform business operations in a innovative way. Moreover, Chik-fil-A offer innovative services to its customers with their self-service model. It is totally operated by management with technological aspects. This works as efficient method for attracting customers.ď‚·LegalFactors-Laws and legislations that are developed by government and industry are consider as legal factor of organisation. With the implement of wage act, employment rules, industry regulations etc. Chik-fil-A increases the customers satisfaction level for employees(Farid, Thompson and Davidson, 2014). Like trading barrier decreases the flow of supplies and raw-materials. This results the business is impacted such as the sale of products will decreases because of low supply materials. ď‚·EnvironmentalFactors-Therearedifferentoperationsareperformedbythe management of Chik-fil-A, as they are operating its business in various states. There are
various rules and regulations are formulated by government to ensure the interest of local governments,NGOandindividualsbecausetheyareawareaboutthesafetyof environment. Moreover, it also enhances the goodwill of organisation in the society. The negative of Chik-fil-A business is that they sell non-veg products due to which sale of its products is impacted. Further, different eco-friendly restaurant are also impacting on the sale of business. Statement and Justifications to SMART objectives Marketing objectives refers to the goals that are determined by the organisation to achieve their goals and objectives to promote various offers in market. Along with this efficient marketing strategy it is easy for organisation to achieve their objectives in short intervals(Dibb, 2014). The primary objective of the organisation is to generate awareness among individuals about healthy food. The major objectives of Chik-fil-A with SMART are mention as follow: ď‚·Specific-The objective of the organisation are specified and clear among all the departments, it results the goals for management are accomplished by management in effective and efficient manner. Moreover, it also helps the organisation to perform their work without any confusion among the employee's. The main objective of Chik-fil-A is to increase their market share and to expand the number of operations that leads management to earn more amount of profits. For enhancing market area organisation target 25% of market to increase in a period of 3 months. ď‚·Measurable-This is mandatory for the organisation to measure all the objectives that enhances the performance of their operations. It is also understand by the management to complete its work by which management is able to earn better amount of profits. For this Chik-fil-A monitor its business in efficient manner. The turnover of organisation is specific and it is increasing form recent years regularly(Deepak and Jeyakumar, 2019). ď‚·Achievable-All the goals and objectives that are determine by the organisation must be achievableinminimumtimeperiod.Inthepresentscenario,itiscomplexfor management to achieve their objective because of the fluctuating market situations. The objectives of Chik-fil-A is to enhance their market with 25%. This is achievable and also not affect on satisfaction level of employee's. ď‚·Realistic-The goal of the organisation that are necessary to achieve must be practical and linked with the company. Chik-fil-A is already operating their business in various state of
America. Therefore, it is easy for the organisation to enter in the market of UK. It refers that their goals are realistic and also large opportunities to remain stable in the country. ď‚·Time-bound-With the implementing of update techniques and information it is easy for organisation to motivate the employee's. Objectives must be achieved by the organisation in the decided time period with the utilisation of time-bound techniques. In context of Chik-fil-A estimated time period of organisation is 90 days(Cho and et. al., 2017). In the last, the goals or SMART objectives of Chik-fil-A are easily achieved because they are prepared on the basis of market analysis and opportunities in market. STP strategy STP strategy leads the organisation to target right customers, at the right time and at right place. Moreover, with the help of STP strategy management of Chik-fil-A easily achieved their goals by formulating effective strategy and according to the characteristics of targeted customers. Segmentation-The segmentation market strategy helps the organisation to analysis and identifyallsegmentsofmarket.Commoncharacteristicsofpopulationareidentifyby management through the process of segmentation. Further, to implement proper segmentation organisation focuses on demographic and behavioural characteristics of the country. In context of Chik-fil-A market organisation target its customers on the basis of demographic factors because it is directly related with taste, age, preference etc. that are followed by customers. UK is a country that is open for individuals to learn and adopt various activities. Therefore, it is consider as one of the primary objective for the organisation. Targeting-Afteranalysingthemarketsegmentoftheorganisationitiseasyfor management to identify the target market. This determines with the right decision of target market it is easy for management to evaluate all segments of market(Cacciolatti and Lee, 2016). From the perspective of respective organisation they identify the potential and commercial attractiveness for all segments in order to sell their products to all members. The specific target for the Chik-fil-A products is the youth and collage going students because they prefer fast food to satisfy there needs. Positioning-Strategy related with position factor relates with developing the positive image of organisation in the mind of target customers. Value, belief, culture etc. are some factors that is used by organisation to generate positive value about its products and services in the mind of consumers. Chik-fil-A is mainly focused on promoting their products with the advertising
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methods that are social media and print media. This tools are one of the best method to approach large number of customers in less time. By the implement of STP strategy it is easy for Chik-fil-A to accomplish their objectives in effective manner. With the basis of developing an effective plan it is easy for organisation to implement marketing mix as target market and customers are basis of their characteristics by which Chik-fil-A target its customers on basis market analysis(Bhandari, 2018). PerpetualmapsareusedbythemanagementofChik-fil-Aforidentifyingand understanding the perception of customers on the basis of all attributes that are brand, products and services. It alos helps the management of Chik-fil-A to compare the image brand with its competitors and to formulate effective strategies. A competitors analysis This is mandatory for the organisation to analysis the whole market area and its competitors that are operating their business in similar industry. In order to implement the marketpositionPorter'sgenericmodelisusedbyorganisationtounderstandbusiness environment. Some of its strategies are mention as below: Cost leadership-According to this strategy the main motive of organisation is to sell their products at lower cost. Chik-fil-A produces their products at a large level. This refers that with the implement of mass production activities it is easy for management to reduce their cost. Profits are the crucial part for organisation and with cost leadership strategy it is easy for management to enhance their profits easily by minimising the overall cost of its activities. Differentiation-This strategy refers the main objective of organisation is to gain competitive advantage. It is done in the organisation by providing the differentiated products and servicesinordertoattractmorecustomers(Baker,2016).Moreover,thedifferentiation techniques are beneficial for increasing the quality of products and introducing new aspects in its products. Chik-fil-A uses this strategy to create better image in the market. CostFocus-Cost focus strategy is focused on reducing the cost of organisation but the main focus is to consider narrow segment of market. The products which are focused by organisation are similar to those products that is available at high prices but they satisfies needs of large customers. In the present scenario, cost focus strategy is more beneficial for Chik-fil-A because they offer similar products at a economic rate that are sold by premium restaurant at high prices.
DifferentiationFocus-As per this strategy the objective of organisation is to offer those products and services that are unique and different. The main motive of differentiation focus strategy is to enter in a narrow market segment. With this strategy it is easy for management to sell their products in those area that are different from others irrespective of their prices(Al Fahad and et. al., 2015). Specific group of market are easily targeted by customers in easy manner through using differentiation focus strategy. Chik-fil-A utilise all types of strategy for taking competitive advantage in the market but the most appropriate for management is to utilise the cost leadership. So with the help of these strategy it is easy for organisation to serve large number of individuals in order to increase their market share in all effective manner. Further, healthy products and strategy is the key to achieve top position in market. Marketing Strategy Marketing strategy can be defined as a tool that helps the organisation to achieve large number of objectives by considering all aspects of market. This is defined as the goals and objectives that are combined together to make an effective plan. Business executives of Chik-fil- A formulates effective strategy from market research by focusing on right strategy in order to get more profits(Ajagbe and et. al., 2015). For completing this in effective manner management of Chik-fil-A focuses on 7P's of marketing which are mention as follow: BasisChik-fil-A ProductMajority of the products that are offer by Chik-fil-A are contain chicken. Like its sandwiches and burgers is made up from chicken. On the other side, they offer breakfast, lunch and dinner. So by offering all this services it is easy for organisation to enter in market effortlessly. PriceCost or price of the menu that is offer by Chik-fil-A restaurant is economical andbetter quality. The main target of the organisation is to target upper and middle class individuals of the UK. PromotionOrganisationispromotingtheirproductsthrough
formulating several campaigns. In order to implement this effectively management focuses on tag lines and advertisement methods such as social media. On the other side, print media like newspapers, brochures and magazine are also effective tools for organisation. PlaceLarge number of restaurant are offering the products of Chik-fil-A as they are operated by them. But the place decided for UK is London and Greenwich because large number of tourist this places for regular periods(Achua and Alabar, 2014). PeopleTarget customers for Chik-fil-A are those individuals who belongs to a young age. In UK, they target all professional and people of young age for its products. Along with this they also target individuals of middle class people(Ahmed, 2019). ProcessOn the other side, Chik-fil-A follow the channel of marketing. Due to which better relations of organisation is generated with suppliers. Further, it also helps to complete the process in decided time period. Physical evidenceRetailandphysicaloutletsoftheorganisationare consider as the physical evidence. Restaurant of Chik- fil-A are work as their physical evidence. Invoice, Dish and furniture is also consider as tangible activity for organisation. CONCLUSION From the above report it is concluded that an organisation is easily survive in competitive environment through utilising techniques various techniques. This assist the management to conduct an effective market research. SWOT and PESTLE are the tools that is used to understand the micro and macro environment. Along with this competitive position analysis is
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also used by organisation to formulate effective strategies which helps to gain competitive edge in market. In the Smart objectives are decided and achieved by deciding marketing strategies in effective manner.
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