Strategic Marketing Plan

This strategic marketing plan explores the corporate and business strategies of VIRGIN Group. It discusses the objectives, history, and marketing planning theories of the company. Learn about the importance of strategic marketing and how it contributes to the success of the organization.

Strategic
Marketing Plan

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Demonstrate knowledge and understanding of strategy based on corporate.........................1
Strategic marketing planning theories....................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Strategic marketing plan refers to the long term approach as well as forward looking
model and entire plan of game of business. It involves in setting business objectives and
favourable goals, examining external and internal business factors, planning of products,
execution and keep tracking performance on regular basis. Strategic marketing is procedure to
put each pieces together so each task outcome contribute success to industry. Below report is
based on VIRGIN group, it is a private based company founded in 1970 by Richard Branson and
Nik Powell (Abratt and Bendixen, 2018). The headquarter of this company is in London and they
serve their products and services at worldwide basis. Company have different category in
services and products such as books, banking services, films, essential health care, retail, travel
and etc. Below report includes strategies based on corporate and some strategic planning of
marketing theories.
MAIN BODY
TASK 1
Demonstrate knowledge and understanding of strategy based on corporate
Corporate Strategy
It defines to the power structure of highest level of strategic plan of business. Which
explain the goals and effective direction of corporate basis and the path on which organisation
achieve targeted goals within strategic management activities. This concept is for long term and
as well as effectual for organisation's growth. In terms of VIRGIN group, they operate business
like venture capital organisation based on Virgin brand. This effective strategy is involve in
diversification which is non related at the individual.
Business strategy
It is huge for nay business or company, who is seeking for growth of business in strategic
and effective manner. Basically it defines as set business plans, goals and actions in clear way
that are outline the business that how they will compete in specific market and potential market
with goods or number of services (Beirman, 2020). In terms of Virgin group, their corporate and
business strategy some how similar that is they operate their organisation as venture capital
industry which is based on brand of virgin. In future company can deal with potential downsides
of decentralization and autonomy.
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History of Organisation
Their story begin in 1967 when founder lunched a student magazine that is “aged 15”.
Then in 1970 the virgin company is born and company mail order begins selling cut cost records
in the students. Virgin opens their first record shop in 1971 and in 1972 founder buy a residence
in the Oxfordshire England. Usage it to begin first virgin records studio of recording and the
name was Manor. Virgin music and virgin records publishing launch in United Kingdom in
1973. they expand their business in USA in 1986. Virgin records take the chance to record at
higher standard where other brand fear to tread. Such as belting out ( God save the Queen) on the
silver jubilee day. Founder buy Necker island in 1978 which is convert in their family home after
some time (Bereznoy, 2019). First virgin megastore starts in 1979 after they expand their brand
at global level including USA, Australia, middle east and japan. In 1981 they get into gaming
with the name of Virgin games. Company releasing video games for the system based on classic
like C64, Amstrad CPC and ZX Spectrum. Company takes to air for first time and they
launching Virgin Atlantic in 1984. in 1985, company launch Virgin holiday for people who
want to go out for two or more weeks . After they launch mates condoms, behind this launch
their main motive is to spread awareness among youth about some serious diseases such as
AIDS. They purchase another Boeing 747 for second route that is from London Gatwick to
Miami. In 1987 they launch Virgin Airship and balloon company takes off. Virgin publishing is
formed in 1991 later becoming the books. They records sells to the thorn EMI for 1 billion dollar
in 1992. in 1993 they hit UK airways with the virgin radio. Virgin cola and vodka launch as part
of drinks in 1994 and in 1995 they launch cinemas. Founder launch some thing new in every
year such as car, roof gardens, trains virgin money's credit card, clubhouse, start ups, hotels,
ship, airlines and many more. This brand is well known brand across world.
What is organisation corporate and business objectives
Business and corporate objectives are those which are are related to the organisation and
its growth. Objectives of corporate is tend to focus on favourable outcomes and effectual
performance of the business and its operations. It is essential part in every industry to cover
range of important areas where company wants to accomplish effectual results of all business
objectives (Chernev, 2018). In terms of VIRGIN Group, their major business goals and
objectives are to support in increasing success rate by providing different category products and
services at low cost to reach maximum people and full fill their satisfaction.
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Strategic marketing planning theories
Marketing planning is procedure that is consists of examine current market situation and
collective data or information of marketing opportunities, establishing premises of planning,
forecasting, determining the objectives of marketing, framing and developing or managing
marketing strategies. For effective execution of marketing planning strategies are most important
part to achieve target goals and objectives (Fotiadis, 2018). There are some strategies are there
which are helps in operate business in smooth manner and increase brand values in market.
To attain marketing goals : It defines to the set of tactics and actions that are used by
company in promotion activities of their products and services in potential marketplace. It is also
known as set of tools that are organisation use in pursue marketing objectives in the target
marketplace. There are some key factors are involve in context to VIRGIN Group, which are
explain below as;
 To focus on product specification: In terms of Virgin company, they leading the
service provider of telecom or broadcasting at different channels in United Kingdom.
Company has huge portfolio in marketing mix such as TV, Mobile, Entertainment and
many other. Apart from these company also dealing in other categories such as hotel
services, trains, airlines, credit cards and other essential stuff. There main focus is to
expand their business in more countries to reach maximum people.
 To generate higher rate of revenue: In context to VIRGIN group, they serve their
products and services at low cost that is why people are attract more towards to this
brand. It is also a reason behind high rate of profit of company.
 To where marketing activities will be conduct : Virgin company have various outlets
and their services are available in different countries such as japan, Australia, USA and
many other (Lohmann and Spasojevic, 2018). They wants to expand their business with
innovation and invention in different marketplace.
 To promote brand: Virgin industry mostly target the young people through posting
their advertisements on Facebook page, Instagram, Twitter and other social sites which
are popular now days among market and people.
Institutional Theory: This is based on resilient and deeper aspects of the social
framework. It includes the procedures by which framework, considering rules, norms, routines
and schemes, these are established as authoritative guidelines for the behaviour of social. It is
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important in organisation because it assist in analysing innovation in systematic manner, using
contributions that are based on theoretical about the distinctions among informal and formal
institutes (Mantere and Whittington, 2020). In context to VIRGIN Group, by adopting this theory
company can focus on expanding business in different countries or areas under legal guidelines
so they can operate their business without any restrictions and barrier. Organisation can achieve
their targeted goals at particular time frame and generate maximum profit.
Theory of planned behaviour: This is based on theory which connect belief to the
behaviour. In this there are three key elements are involve that are subjective norm, perceived
behavioural control and attitude, that are together in shape an behavioural intentions of
individual basis. By using this Virgin group, company can focus on performance of business and
manage employees by providing right direction.
Communication Mix: It involves in various tools and techniques which are used by
company for communicate with customer for their promotional activities and simple interaction
process (Taillon, and Huhmann, 2019). Tools are social media, digital marketing, websites,
events and many more. In current scenario social media platform is most popular among people
and mostly in young people. Because Virgin group, target youth through social media channels.
CONCLUSION
It is concluded the above report, marketing planning is important part in every
organisation to full fill customer's demands and generating maximum profit. Company focus on
serving products and services with best quality. Company have effective business strategies to
explore more market under legal guidelines. There are some marketing strategies which are assist
in planning better for marketing activities or promotional activities.
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REFERENCES
Books and Journals
Abratt, R. and Bendixen, M., 2018. Strategic marketing: concepts and cases. Routledge.
Beirman, D., 2020. Restoring tourism destinations in crisis: A strategic marketing approach.
Routledge.
Bereznoy, A., 2019. Changing competitive landscape through business model innovation: The
new imperative for corporate market strategy. Journal of the Knowledge
Economy, 10(4), pp.1362-1383.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Fotiadis, T., 2018. Strategic Marketing for High Technology Products: An Integrated Approach.
Routledge.
Lohmann, G. and Spasojevic, B., 2018. Airline business strategy. The routledge companion to
air transport management, pp.139-153.
Mantere, S. and Whittington, R., 2020. Becoming a strategist: The roles of strategy discourse and
ontological security in managerial identity work. Strategic Organization,
p.1476127020908781.
Taillon, B.J. and Huhmann, B.A., 2019. Strategic consequences of self-service technology
evaluations. Journal of Strategic Marketing, 27(3), pp.268-279.
Weinstein, A., 2020. Houdini’s magical marketing strategies. Journal of Strategic Marketing,
pp.1-12.
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