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Marketing Objectives of Business Assignment

   

Added on  2020-10-22

9 Pages2032 Words117 Views
Business (Research plan)1

Table of Contents INTRODUCTION........................................................................................................3PART 1..........................................................................................................................3Marketing objectives of business..............................................................................................3Summarization of market research key points..........................................................................4Analysis of current market situation.........................................................................................4Marketing Segmentation...........................................................................................................5Development of marketing strategies.......................................................................................6Financial Budget for marketing................................................................................................7CONCLUSION.............................................................................................................8REFERENCES.............................................................................................................92

INTRODUCTIONMarketing plans are made for the purpose of ascertaining certain strategies that has to be created and implemented in an organization when they launch a new product or business (McDonald and Wilson, 2016). This helps in formulation of courses of actions that management can use and it includes various marketing objectives, SWOT analysis, marketing segmentation or mix, development of marketing strategies and financial budget for the organization. This assignment analyses a business project in Australia, Coffee Alchemy and creates a product, pricing, promotional and place strategy or plan for new products that the organization would like to introduce in the market. This includes a range of coffee mixtures and mugs. Marketing of these products have been done through market research and café’s current business situation. PART 1Marketing objectives of businessCoffee Alchemy’s management has created a list of marketing objectives for introducing their new products to their customers. These are as follows:Increase in sales by 20%Café Alchemy has decided to create their marketing plan in such a way that there will be an increase in their revenues by 20%. This will allow them to achieve their objectives of marketing and focus on selling their new products to a wide range of customers (Wrenn and Mansfield, 2014). Their plan will help them in attracting and retaining customers for a long period of time. Attain financial equilibrium in 4 monthsCovering up costs incurred on new products at Coffee Alchemy by 4 months is another marketing objective for the organization. They will be able to start earning profits once they achieve equilibrium with the help of their marketing plan. Increase in overall profits by 5%Marketing objective for Coffee Alchemy is to increase their overall profits from last year by 5%. This will be done by creating an effective plan for marketing their new products, as focus will be given to them. Have a stable position in the competitive industryCoffee Alchemy will create a plan based on the objective of remaining successful even during stiff competition (Rossiter, Percy and Bergkvist, 2018). There are many cafes in Australia and it is important for this organization to have a stable 3

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