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Marketing Strategy and Plan PDF

   

Added on  2021-04-17

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Marketing
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Running head: MARKETING STRATEGY AND PLANMarketing strategy and planName of studentName of UniversityAuthor note
Marketing Strategy and Plan PDF_1

1MARKETING STRATEGY AND PLANTO: CEO, HomeEssentials Inc., United StatesFROM: Mr. ABCDATE: March 20, 2018SUBJECT: Marketing strategy and planBeing appointed as the Marketing Manager of this company, I am very much thankful toyou for trusting me and allowing me to prepare an effective marketing strategy and plan toensure steady growth and development. As a new business startup, it is my role to analyze thevarious components of the marketing strategy and make sure that the business sustains within thebusiness environment with ease and effectiveness (homeessentials.com, 2018). Presently, amajor issue faced by the company s the poor marketing strategies and techniques that haveprevented the company to arouse interest among the various customer segments. It is a majorissue because it has not only created difficulties in making the brand explored by huge numbersof customers all over Unites States. Our company has hurried into the print advertisements andother promotions without analyzing the conditions of the targeted market segments and themarket data and information were not researched as well. The costs incurred while managing themarketing techniques along with advertisements and promotions were huge (Armstrong et al.,2015). Home Essentials Inc. also face problems like lack of finance in certain situations whenrequired because the marketing promotions could not deliver the right messages to thecustomers, due to which, the targeted market segments were not reached. Thus, it could beunderstood that our company had poor marketing concepts, due to which the revenue generationhad been lower as well.
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2MARKETING STRATEGY AND PLANWithout a proper marketing strategy or technique, it would be difficult for our companynot only to enhance the customer base but could even result in introducing poorly pricedproducts and services. I have analyzed the various market segments and checked that they haveintroduced the products at lower prices, but the same could not happen for startup companies likeus. By setting lower prices, the company would not be able to generate the profit that had beenexpected, furthermore might lead to loss in business (Kumar et al., 2013). Based on themarketing mix strategy, four major components are needed to be considered for ensuring propermarketing techniques and it include product, price, place and promotion. Home Essentials Incoffers a wide range of products including home ware, kitchenware, garden decoration items,furniture, etc. The prices should be set in such a manner so that it is not much higher and notmuch lesser. Nowadays, consumers want value for money products and once they find out thebenefits and features of the products, they will readily access the products and services (Miles,2014). The pricing is an important aspect of the marketing mix strategy and it definitely can helpin arousing interest among the customers and influence their buying behaviors too. Another important component of the marketing mix is the place where the products andservices will be distributed so that the customers can easily access those. Our company has failedto target specific market segments and due to this, the customers have faced issues to access theproducts and services properly. It is important for us to create a wider reach by making theproducts of our company available in populated locations for easy access to the customers(Nobre & Silva, 2014). Marketing success can be achieved with the help of promotions, which isanother essential aspect of the marketing mix strategy. Being a business startup, Home EssentialsInc should pay less and expect more, which could be possible for production of higher qualityproducts at lower prices. The promotions could be done by using advertisements, commercials,
Marketing Strategy and Plan PDF_3

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