This marketing plan outlines the strategy and tactics for a business. It includes the mission, vision, and objectives, as well as a marketing audit and analysis. The plan also covers the marketing mix, segmentation, marketing programs, budget, and monitoring and controlling.
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Marketing plan
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INTRODUCTION Marketing plan is report which is outline the marketing strategy. It is the business document outlining market strategy and various tactics. This covers various elements of marketing like cost, goal, action. The marketing plan is important for company to develop their new product and services at marketplace. This give the clarity of new market and also provide focus or direction for acting of business, steps etc.
Executive summary This marketing plan is including vision, mission, objectives. This also covered by marketing audit by using SWOT analysis and PEST analysis. Marketing mix is help to analysis the 7P's of marketing that is help to make effective strategy for growth of company.
Mission, vision and objective Mission To be leading company by providing superior quality of product and services at competitive prices. Vision The vision of Ben Sherman is to be a globally innovate and competitive business by providing 100% best services to our customers. Objective To increase the sales of product 10% till the end of 2019. To increase 20% investment on research and development process.
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Marketing audit by SWOT StrengthWeakness Ben Sherman uses the best quality of product and raw material for produce product. Ithaslimitedmarketingand advertising process as compared to the other brand. OpportunityThreat Online marketing is important for gaining which can be tapped by Ben Sherman. Thethreatfromfashioncanbe major threat for them.
Marketing audit by PEST PoliticalThe political factor is impact to the overall sales and it growth. The government ability to encourage buy fabrics locally, if the tax on import other country increase. Other, government introduce new legislation to meet environment standard, in that demand will rise. EconomicalTheeconomyfactorisincludingtheinflationrateandsoon. Inflation rate is high then it increases equipment cost of the business. This impact to the business. Every company want the economy condition is good because this is the main reason of growth and profit of company.
Marketing mix Marketing mix is the group of marketing activities by this Ben Sherman is combine and control the various activities to produce desired response by targeting market. Itisveryimportanttoolwhicharecompareallthe elements.
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STP Segmenting The Ben Sherman is launching its new product at marketplace which is 3D print T-shirt. In this company will set the segment market for the product where other brand products. This will help to increase sales of Ben Sherman company.
Marketing program ChannelsActivityTime Direct marketingE-mails and messages3 months Digital marketingSocial media4 months Commercial marketingTV and radio5 months
Budget Marketing expenses E-mails and messages£50 Social media£100 TV and radio£150 Total expenses£300
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Monitoring and controlling The monitoring and controlling are the best and important process of marketing plan. It is the effective for using best product and implementing new services at marketplace. This process is overseeing the all tasks and metrics which are necessary to ensure that the approved project at marketplace.
REFERENCES Meyer, P.H., 2016. A Parish Guide to the Use of Creative Problem Solving in Marketing Plan Development. Chernev, A., 2015.The marketing plan handbook. Cerebellum Press. Trotter, B., Smith, B., Rawar, E., Karami, N. and Matthews, T., 2019. SuperSelfie Marketing Plan.