Marketing Theory and Practice - Coursework

This report discusses the integrated marketing plan for the launch of a new smartwatch or wearable device in 2022 in Farer management. It covers marketing theories and marketing thought, and their impact on the strategic marketing planning process. The report includes goals and marketing objectives, market needs, marketing strategy, different schools of marketing thought, and the impact on the strategic marketing planning process.

Marketing Theory and
Practice - Coursework

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Marketing objective for strategic marketing plan..................................................................3
Different schools of marketing thought...........................................................................................7
Impact on the strategic marketing planning process........................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing can be termed as an exchange that customer expect for advantages from the
management and business for higher term of market share, consumer share and so on. By this
result of the manner that the market is dynamic, expectation of higher consumer share from
consumer that need marketing to be maintained with new techniques and plan of actions. Product
is termed as an entity that are introduced to a market place for capturing for attention,
acquisition, utilisation or consumption that meet the requirement of customers. The following
report deals with the integrated marketing plan for the launch of a NEW smartwatch or wearable
device in 2022 in Farer management (Aboelmaged, Hashem, and Mouakket, 2021). The scenario
of the following covers marketing theories and marketing thought, and their impact on the
strategic marketing planning process.
TASK
Goals and marketing objective
Goals
 Progression of the market share by 30 per cent in UK in last 4 years.
 By maximisation of the amount of sales by 20 per cent in UK market in last 2 years.
Marketing objective for strategic marketing plan
 By maximisation the consumer dealing by 10 per cent in 2022.
 The purchase of mid level and high level smart watch that have maximised by 15 per cent
that are compared to last year (Bennett, 2021). It is expected the sales to continue of
developing and to capitalise on this ever present market for watches that individuals will
always requires and buy watches.
Market needs
The Smart watch industry are presently in a developing period, so at current section it
will be ideal situation for entry. People now a days are shifting from analogue or digital watches
to smart watches.
Marketing Strategy
The marketing strategies will concentrates on two sections in terms of the business that
will set the benchmark, the aims for promotion, structured selling and as well as personal selling.
SOSTAC marketing planning

SOSTAC is a marketing model that are created by PR Smith in the 1990, it maintain the series of
the general marketing tactics that can be applied in several commercial situations. It involves
deep SWOT analysis that support management to get ready for marketing campaigns in an
effective and as well as efficient manner (Crespin-Mazet, and Ingemansson-Havenvid, 2021).
The fundamental difference of SOSTAC will concentrates on the procedure on marketing
communication and at present it covers with digital marketing. The SOSTAC model stands for
that are as follows -
Situation – where are brand exist now?
Objectives – where do brand want to be?
Strategy – how do brand get there?
Tactics – how precisely do brand get there?
Action – what is brand's plan?
Control – did brand get there? Stage 1. SOSTAC Situation Analysis – Stage 1 of executing this digital marketing
planning structure is managing out the situation analysis. The situation should offers an
overview of the business that indicate their position that who they are, what they do and
how they communicate and deal on by following internal and as well as external factors
that will get affected the management (Kano, Ciravegna, and Rattalino, 2021). It covers
the section of the method that are utilised by method that are utilised to know the
management's capabilities, consumers, potential consumer and managerial situations by
measuring internal and as well as external factors that will have an impact on the
management.
Product analysis – By measuring about the goods or facilities in terms of their services and
value with their consumers. Management are looking for product market perspective.
Competitor analysis – It knows the manner about competitors that how management have their
competitive benefits over their terms of price, reputation, consumer services, size and so on.
SWOT analysis – They can utilise the finding from their environmental analysis then conduct on
SWOT analysis where they follows the strength, weaknesses, opportunities and threat that might
have an impact on the management and performance.
 Stage 2. SOSTAC Objectives – The second section in setting up the marketing plan is to
be very definite about their longer term of objectives as per to their vision and mission of

their marketing tactics. It also follows the short term objectives with the manner of smart
watch with 5Ss goals that are as follows -
Specific Growth of the market share by 40 per cent in United Kingdom in last 5
years.
Measurable Goals and objectives of Ferar should be easily measured by any
stakeholders.
Achievable The management should develop targets that they can effectively achieved
by maximisation of the marketing functions in 3 more nations in 4 years
time frame.
Reliable Targets of the management they should be certain to lead the marketplace
with fundamental competitive benefits.
Time oriented The sales can increase by 20% is the timely objective of the business that is
to be attained in 1 year.
 Stage 3. SOSTAC Strategy – Strategies means how that they can plan to get there
sections in terms of fulfilling the aims that are maintained (Ezangina, and Malovichko,
2021). The tactics section that should also determine that segmented of the market place
that targeted with their plans.
Acquisition – By maximising brand visibility from 2021 to 2022. To be analysed by Google
analytics.
Engagement – To accomplish 50 per cent of present consumers and facilities their online
accountability by 2023. By following the present consumer database and how they deals with it
their website.
The business of management of Ferar utilise marketing tools and techniques that are developed
to get and maintain the RACE structural analysis to plan, manage and optimizing their marketing
and drive out the outcome of their requirements (Miller, Klassen, and Hardy, 2021). It also
involves the marketing solutions of smart watch as across to the RACE framework by which the
consumer will maintain the touchpoints and aligned and working effectively to fill their
marketing funnel shape.

Stage 4. SOSTAC Tactics – Tactics involves the specific section of the tools of the digital mix
that manage the plan to utilise the aims of their digital marketing plan. The tactics section should
also determine which section of the market place to their targets with their plan.
Marketing mix
 Product – Management offers several terms of the products and services in terms of the
personalization, integration, design, ease of manner of the service to increase the value
that are offered to the consumers as return for their investment.
 Price – Ferar is not a cost leader. The management had never utilise penetration costing
to gain market share quickly. As they maintain their terms quickly that become the
leaders in many productive section after short term of comparative high pricing.
 Place – Management of Ferar are following their tactics of positioning of their products
and services in many place that are close enough to their targeted audience. The
management of Ferar had reserved space in each and every section of the business sales
point. Promotion - Ferar is a management that finance larger term of money to promote their
goods by many diverse channels (Oladimeji, Singh, and Afolabi, 2021). They usually
select online media such as TV, in specialized magazines, billboards, by signing contract
with others business.
Stage 5. SOSTAC Action -
Tactic 1: SEO - The procedure of making section better for search engine. It also deals with the
job title that will not involves the section of living.
Tactic 2: Pay-Per-Click - Pay-per-click (PPC) is an internet promotional model that are used to
drive traffic to the websites, in that the promotion will pays an effective section of roles it will
also involves the search engine, website owner, or a network of websites.
Tactic 3: Affiliate Networks – An affiliate network will act as an intermediary between produce
and merchant affiliate programs. It will enables website publishers to more effectively ascertain
and take part in affiliate processing that are suitable and effective.
Stage 6. SOSTAC Control -
The manner of the final section is to figure put the manner to supervise and evaluate the
performance that are based on the targets that manage the Stage 2 in the above sections (Waqas,
2021). The plan of actions that have been considered and maintain will get frequently followed

with equal sections that offers their series of dashboards that are maintained by them as
effectively and efficiently. They follow suitable section to set up the KPIs per plan of actions or
tactics that might be tie back into the targets and as well as aims that are to be set up as weekly
and monthly to manage the supervising section and dashboards to make sure their track to meet
the targets and aims in an effective and efficient. The manner they measure that they reach
actions that will be diverse to conversion. Planning of the marketing activities by RACE model
that enables them to anticipate and fill their marketing funnel or make the essential section that
maintained to be change to accomplish the managerial targets.
Different schools of marketing thought
According to Xaviers, Ferar use product strategy which is one of the essential element of nany of
the successful firm. Ferar Company Limited has a stunning watch collection that appeals to a
wide range of people. Ferar carries various types of timepieces, whether it's a classic luxury
watch or a fitness tracker watch. Ferar also has significant research and development (R&D)
capabilities, which enable it to provide clients with smart watch technologies on a regular basis,
making their lives easier (Andersson, Solitander and Ekman, 2019). Ferar offers a wide selection
of items to choose from, but let's face it, not everyone will have the same needs when it comes to
buying them. It’s always been proactive in advertising its products, whether online or through
traditional means, from period to period.
According to University of oxford, More specifically, the firm's digital marketing strategy has
quickly responded to shifting client trends and promoted accordingly. The presence of a good
marketing plan may have a significant beneficial impact on a brand's performance. As a result, a
corporation might profit from a variety of advantages. Here are some of Titan's marketing
techniques for putting together a powerful marketing plan. A marketing or advertising campaign
is an effort to gain people's interest in a particular goods or services. Promotional activities or
simply advertising campaigns are terms used to describe such initiatives (Wanyeri, 2020). Ferar
has a sequential marketing strategy, with each campaign's plot centred on a political message.
According to university of London, Watches may also be used to keep track of time in certain
situations. For troops, airmen, and dives, cell devices may not be the ideal way to keep track of
time, but timepieces are. Various varieties of timepieces have been created to satisfy their
specific requirements. When they need to measure the time daytime (or night), a wrist watch like
Ferar is the finest option. To put it another way, it permits people to keep up with the times.

Knowing how many minutes are a day is also beneficial. Users are developing an excellent trait
for themselves by developing a relationship with time.
The purpose of a wristwatch that is Ferar is to keep time in its entirety. Keeping a watch and
keeping track of time are nevertheless vital in certain of the businesses. Many of you may able to
wear a watch is unnecessary. I'm the proud owner of a smartphone. Why would user want to buy
a watch when the phone can tell me what time it is? When users wear a watch and somebody
asks the time, all users have to do is flick their wrist. Users won't have to search through ones
pocket or purse to find their phone. It's as simple as wearing a suit and tie and recognizing the
time (Didonet, Fearne and Simmons, 2020). There is almost nothing. Not only do people check
the clock on their cellphones, but they also check for news, play those games, check Social
media, and snap photos.
Impact on the strategic marketing planning process.
Strategic marketing is the application of advertising channels to accomplish tasks by establishing
and maintaining a competitive advantage that lasts. It covers high-level issues including which
markets to target, what services to offer, and how to price and advertise them. Strategic
marketing aids in the pricing of products and services based on information gathered via market
research (O'Connor, Yang and Jiang, 2018). Organizations may make the most use of their
existing resources and advertise in accordance with their aim and objective through brand
management.
The process of developing a marketing strategy that describes what company ambitions are, what
programmes they will employ to reach those targets, who is accountable for those measures, and
when they will achieve those targets is known as strategic marketing planning. Strategic
marketing planning helps in focusing on the most essential aspects of their business to advertise,
as well as to operate with a feeling of structure rather than haphazardly, in order to build things
that will help them achieve their objectives (Singh, 2019). Strategic marketing is a way for a
company to set itself apart from the competition by concentrating on its advantages in order to
give greater quality product and service to its consumers.
There are various impacts on strategic planning process as Strategic planning is critical to the
success of any firm. Planning process has an influence on an organization's long-term
sustainability. Ferar has gained in popularity over the decades because of its potential to enhance
the lives of small business people. Ferar assist small business owners by providing low-interest

credit facilities (Paker, 2021). Despite the fact that is expanding, most Institutions continue to
face obstacles in meeting the demands of growing customers in a changing economic system that
necessitates the development of sustainable approaches. Strategic planning is critical for an
organism's functioning in today's changing economic climate. Results in terms of administration,
operational, and competitive strategy has been the key constraint for Ferar.
Customers buy items related to their culture, life, personality, and beliefs, as per the demographic
and psychographic method. Ferar Watches has branding strategies that has aided in the
development of the characteristics of its customers using this data.
Incredibly valuable to several socioeconomic strata, and their backgrounds and social positions
have an impact on their purchasing decisions. Even though they have the buying means to obtain
the value it offers, the Ferar luxury brand specifically affects the higher income class. Buyers
with the highest social position are more likely to buy high-end luxury items that fit their living,
beliefs, and style (Nassani and Aldakhil, 2021). This nourishes their vanity and gives them the
impression that they are yet members of society's superior.
The firm's social segmentation has allowed it to remain among the largest and most prestigious
brands. Customers also react to changing technology and products that can enrich their situation.
In the years since its inception, Ferar has led technically savvy watches, investing much in the
development of new technology watches and wearables that are dirt and weather resistant,
attracting a lot of attention (O'Dwyer and Gilmore, 2018). The firm has put a lot of thought into
each watch they create, including the jewels and materials they utilise, resulting in items of
extraordinary value. The product's advertising focuses on providing exquisite customer care and
contentment to clients while also ensuring that they maintain their identity.

CONCLUSION
It is concluded from the above report is that Managers use strategy to achieve several of the
organisational mission. A strategic concept specified for the firm and its many parts to attain a
desirable condition in the future may also be termed as plan. The extensive strategy
implementation yields strategy. A marketing strategy is a company's actual strategy for searching
for potential consumers and converting them into paying clients for its goods or services. The
company's value proposition, core brand message, statistics on potential customer demography,
as well as other elevated aspects are all included in a marketing strategy. As successful luxury
watch businesses have proved, a marketing management approach is critical in watch marketing.
People are on the lookout for better solutions that will make their life easier and more enjoyable.
Other firms that wish to succeed should think about this as well, because a company that does
not deliver comfort and ease will not be able to compete in the customer base. People will have
to pay notice to any company that develops new goods and modern tech.

REFERENCES
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