Marketing Planning Framework for a New Business Idea

This report discusses the marketing planning framework for a new business idea, including analysis of the current market situation, PESTLE analysis, Porter's 5 forces, SWOT analysis, STP model, marketing mix, and monitoring and measurement. It concludes with recommendations for the owner of the business.

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Marketing planning framework...................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
This report is all about a new business idea. There is a newly established business named
Cold Mountain has innovated a new exclusive ice cream, in which the upper management of this
new busines has claimed that, this ice cram product will definably attract thousands of customers
towards own brand in its initial stage. Reason is, owner of Cold Mountain has added the honey
flavour within an ordinary milk ice cream, after adding honey this ice cream has become very
tasty. This is report included the marketing planning framework also in this report which upper
management of Cold Mountain should be considered in its daily operations for effectively
promote its newly innovated honey ice cream product.
MAIN BODY
Marketing planning framework
The management of Cold Mountain need to make a specific marketing planning
framework which can definitely support to the company for gaining huge profit within the
market (Dolan, Seo and Kemper, 2019). A marketing planning mainly includes some productive
marketing tools and strategies which contributes in successfully running a business. So that a
productive marketing planning framework for this new business idea has been included here.
Current Situation
Analysis of current market situation is very necessary task to Cold Mountain, so there are
some productive tools and frameworks has been used below for perfectly analysing current
market situation.
PESTLE analysis
PESTLE analysis is very helpful tool in the terms of identifying key external factors of a
business. It indicates six key factors which are as follows;
Political: Political factors of the UK will positively affect to Cold Mountain, because local
government welcomes new business within the country. Reason is, when number of business
increases in this country, then unemployment rate also will be decreased.

Economic: Economic factors of this country are not favorable to this new business idea in this
time, because the UK’s economy is facing something slow down just due to coronavirus
pandemic (Zhang, Jahromi and Kizildag, 2018).
Social: Social factors can affect this business for producing only quality products, because most
people here only believe in buying quality products and services.
Technological: These technological factors will be able to Cold Mountain for effectively
boosting its performance and productivity within the market, because existing modern technical
support is efficient to do this.
Legal: Legal factors will defiantly impact this new business for properly following each and
every legislation within this country which has passed by the local government and parliament.
Environmental: The business should avoid those practices which can negatively to the natural
business environment.
Porter’s 5 forces
This is another very product market analysis factor that includes five key forces of market
to a business, in which these forces have been discussed below;
Bargaining power of buyers: Bargaining power of buyer is high for this new business, because
buyers has lots of options within the market.
Bargaining power of suppliers: Bargaining power of suppliers is low, because there are number
of suppliers are higher than number of ice cream manufacturing companies.
Threat of new entrants: Threat of new entrants is also very high, because regularly many new
businesses enters within the market with new ideas (Jaworski and Lurie, 2019).
Threat of substitute product: Threat of substitute product is also high, because there are wide
range of ice cream has already available for customers in the market.
Existing market rivalry: There are very tough competition within the market, so company should
provide a completely exclusive product for gaining excellent competitive advantage.

SWOT analysis
SWOT analysis is very productive tool that helps in analysing internal factors of any
company’s business environment. Key factors of this tool are as follows;
Strengths: This new business has an exclusive ice cream product that can attract lots of
customers.
Weaknesses: Owner of this new business mostly depends of traditional marketing strategies
instead of modern strategies, so this can negatively affect progress of its business.
Opportunities: The business has a great opportunity to boost its sales ratio in the beginning of the
business by adopting digital marketing strategy.
Threats: The major threat to Cold Mountain business is, existing very tough market competition.
STP Model
STP model also a very productive marketing strategy in the terms of targeting lots of
people for selling own products and services (Dietrich and et.al., 2016). This model mainly
involves three stages which are as follows;
Segmentations: This is the first stage where marketing team of Cold Mountain should divide its
large market into small segments of market. This is necessary to deeply know actual demand of
customers or people.
Targeting: In this stage this new business should target its customers on the basis of their caste,
religion, interest and attitude.
Positioning: This the final stage in STP where business should conduct different promotional
activities within the selected market segments.
Marketing Mix
Marketing mix strategy generally indicates 4Ps of marketing that can boost the ratio of
sales of Cold Mountain, in which these 4Ps has been described below;

Product: Currently the Cold Mountain has decided to launch its new exclusive ice cream with
effective honey flavour.
Price: In initial stage business have to use competitive marketing strategy to provide own product
own something favourable price than competitors.
Place: According to owner of this new business, Cold Mountain will be situated in England,
United Kingdom in its initial stage (Zaveri and Amin, 2019). After successful establishment it
can expand in new market places as well.
Promotion: For promoting own new product, this business will adopt different modes of
marketing like; banners, billboards, TV & ratio advertising etc.
Monitors and Measure
The owner of business should properly monitor its different operations by using some
productive business tactics. On the other side, it should use key performance indicator (KPI) tool
that can support to business for perfectly measuring its success.
CONCLUSION
It can be concluded that owner of Cold Mountain should effectively use these all
mentioned frameworks and tools within its business operations for gaining very appropriate
outcome. Existing business idea of owner is capable to attract many customers within the market.
However, owner should provide the best quality product.

REFERENCES
Books & Journals
Dietrich, T., and et.al., 2016. Co-designing social marketing programs. Journal of Social
Marketing.
Dolan, R., Seo, Y. and Kemper, J., 2019. Complaining practices on social media in tourism: A
value co-creation and co-destruction perspective. Tourism Management. 73. pp.35-45.
Jaworski, B. J. and Lurie, R. S., 2019. Building marketing capabilities: principles from the
field. AMS Review. 9(3). pp.372-380.
Zaveri, B. N. and Amin, P. D., 2019. Global Marketing Strategy in Digital Era: Global Online
Presence. In Breaking Down Language and Cultural Barriers Through Contemporary
Global Marketing Strategies. (pp. 103-112). IGI Global.
Zhang, T. C., Jahromi, M. F. and Kizildag, M., 2018. Value co-creation in a sharing economy:
The end of price wars?. International Journal of Hospitality Management. 71. pp.51-58.