Marketing Plan for McVitie's: SWOT Analysis and Strategies
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Added on 2023/01/23
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This presentation discusses the marketing plan and SWOT analysis of McVitie's, focusing on strategies for success. It covers objectives, action plan, forecast, strategy, and control measures.
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Marketing Essential Task 3
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Table of content •Introduction •Marketing plan for organisation •Conclusion •References
Introduction Marketing plan is the foundation of every business that help to decide the goals and objectives of business industry. The main object of marketing plan is to take the corrective action by formulating the different types of business strategy that help to run a business effectively. The current report will discuss about marketing plan and SWOT analysis ofMc Vitie's that uses number of strategy to attract the customers.
Marketing Plan Marketing plan for McVities' As marketing plan is a business document which outline the marketing strategy for the development of new product & service. In this regard manager is responsible to develop a marketing plan which is for stipulated time period and consist of all important details that includes action plan, target market, cost etc. With the help of effective marketing plan more market share can be capture by the organisation which is helpful in context to the success of business.
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Continued... As McVities' is planning to launch a new product that is chocolate cake biscuit and target consumes are belongs to the age group of 5 to 40 years and this new product has initially launched in United Kingdom. The cost of product is 1.5 GBP and in this regard it is important for the manager of company to develop a effective marketing plan so that predetermined objectives can be accomplish. 1. Objectives:As the main objective of marketing plan is to maximize the sales so that market share of McVities' can increase. Along with this company has emphasis to provide better quality products in order to satisfies the needs of consumers and brings leadership in the market of United Kingdom. As organisation has objective to make sales of 2 million GBP with in 2 years.
Continued 2. Action Plan: Budget allocation: As budget allocation is a internal components to an annual financial plan and it indicates that level of resources which is used by organisation in odder to expand the business. In this, McVities can estimate the expenditures for the different activities and which are as mention below:
Continued Product:As the product which is launched by McVities is chocolate cake biscuit. Promotion:For an organisation it is essential to make promotion so that consumers can aware about the new product of company. In this regard marketing manager of McVities can use different promotional tools which involves: posters, social media and hoardings. It is helpful for the organisation to increase the sales so that profits can be maximize. Price:To decide the price is important in context to a product and for that purpose the price of chocolate cake biscuit is 1.5 GBP and it is reasonable so that maximum consumers can afford it. Distribution:To distribute the products is essential for the company so that product can be available for maximum number of consumers. In this regard McVities provide its products to the wholesalers,retailers and distributors so product reach can be maximize in the market.
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Continued 3. Forecast: Quantify: Cost:To determine the cost of product is essential and for that purpose it is important for the corporation to minimize the cost of production so that profit margin can be increase. Sales: For an organisation it is important to maximize the sales so that its revenue can be maximize and to maximize the sales McVities use different promotional tools such as: social media marketing. To maximize the sales it is important for theorganisationtoprovidebetterqualityofproductssothatsalesof corporation can be increase.
Continued 4. Strategy: Segment: It is important for the organisation to make segment and in this regardMcVities has target the consumers of age group between 5 to 40 years. Quality:For an organisation it is important to provide quality products and in this regardMcVities has emphasis to provide better quality of product that is chocolate cake biscuit. Product positioning:Product positioning is important for an organisation and company has better position in the market which help it to introduce its new product and it is helpful to maximize the sales of McVities.
Continued... 5. Control: Organisational structure:To make control towards the business operations is important for an organisation as the organisational structure of McVities is vertical and top order authority takes the decision and pass it to the lower level. All departments has to follow the decisions of top authority. Measurement tool: To measure the performance is required for the organisation so that it can know the current performance of business. In this regard McVities can use key performance indicator so that it can the performance of its employees and if they are not performing well than corrective actions are required to take for the further improvement in performance.
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Cont.. Strength: Strong food hold in biscuit industry . Strongfinancial performanceandwide brand offering. Weakness: Geographical concentration Lowexploitationofthe internet and ICT. Opportunities: McVities has opportunities to expand its themarket sharebyenteringintoa new market. Diversifytheproduct rangeandincludemore products in product line. Threat: Globaleconomicslowdown andgovernmentregulations in dynamic environment. Existingcompetitorswhich are available in the market.
Conclusion From the report it can be concluded that SWOT analysis help to state the strength and weakness of running business at different market area. It set the objectives that help to increase the market share and growth of business entity. Strategies help to focuses on product position and market diversification for attaining objectives of business. Moreover, marketing plan contains quality and cost of products in order to complete task.
References Verhoef, P. C., Kooge, E. and Walk, N., 2016.Creating value with big data analytics: Making smarter marketing decisions. Routledge. Zook, Z. and Smith, P. R., 2016.Marketing communications: offline and online integration, engagement and analytics. Kogan Page Publishers.
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