Marketing Strategy and Plan for HomeEssentials Inc. Startup

This report, prepared for the CEO of HomeEssentials Inc., presents a comprehensive marketing strategy and plan. It begins with an analysis of the company's current marketing challenges, including ineffective strategies and poor market research, which have led to low customer engagement and revenue generation. The report emphasizes the importance of understanding the target market segments and utilizing the marketing mix (product, price, place, and promotion) to achieve success. It recommends setting competitive prices, ensuring product availability in accessible locations, and implementing effective promotional strategies, including advertisements, special offers, and social media engagement. The report also suggests developing an IT management team to manage a website for online product information, ordering, and overall improved customer experience, with a strong emphasis on digital marketing, online promotions, and pricing strategies to influence consumer behavior and improve return on investment.

Running head: MARKETING STRATEGY AND PLAN
Marketing strategy and plan
Name of student
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MARKETING STRATEGY AND PLAN
TO: CEO, HomeEssentials Inc., United States
FROM: Mr. ABC
DATE: March 20, 2018
SUBJECT: Marketing strategy and plan
Being appointed as the Marketing Manager of this company, I am very much thankful to
you for trusting me and allowing me to prepare an effective marketing strategy and plan to
ensure steady growth and development. As a new business startup, it is my role to analyze the
various components of the marketing strategy and make sure that the business sustains within the
business environment with ease and effectiveness (homeessentials.com, 2018). Presently, a
major issue faced by the company s the poor marketing strategies and techniques that have
prevented the company to arouse interest among the various customer segments. It is a major
issue because it has not only created difficulties in making the brand explored by huge numbers
of customers all over Unites States. Our company has hurried into the print advertisements and
other promotions without analyzing the conditions of the targeted market segments and the
market data and information were not researched as well. The costs incurred while managing the
marketing 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 when
required because the marketing promotions could not deliver the right messages to the
customers, due to which, the targeted market segments were not reached. Thus, it could be
understood that our company had poor marketing concepts, due to which the revenue generation
had been lower as well.

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MARKETING STRATEGY AND PLAN
Without a proper marketing strategy or technique, it would be difficult for our company
not only to enhance the customer base but could even result in introducing poorly priced
products and services. I have analyzed the various market segments and checked that they have
introduced the products at lower prices, but the same could not happen for startup companies like
us. By setting lower prices, the company would not be able to generate the profit that had been
expected, furthermore might lead to loss in business (Kumar et al., 2013). Based on the
marketing mix strategy, four major components are needed to be considered for ensuring proper
marketing techniques and it include product, price, place and promotion. Home Essentials Inc
offers 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 not
much lesser. Nowadays, consumers want value for money products and once they find out the
benefits 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 help
in arousing interest among the customers and influence their buying behaviors too.
Another important component of the marketing mix is the place where the products and
services will be distributed so that the customers can easily access those. Our company has failed
to target specific market segments and due to this, the customers have faced issues to access the
products and services properly. It is important for us to create a wider reach by making the
products 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 is
another essential aspect of the marketing mix strategy. Being a business startup, Home Essentials
Inc should pay less and expect more, which could be possible for production of higher quality
products at lower prices. The promotions could be done by using advertisements, commercials,

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special offers and coupons along with discounted products, which would create a positive
mindset among the customers and influence their buying behaviors. Target circulars could be
delivered to the households every week and advertisements should be managed on televisions,
newspapers and on internet websites (Parente & Strausbaugh-Hutchinson, 2014). Use of social
media platforms would also enhance the reach to customers and create convenience for the
customers to know about the products as well as access those. Nowadays, with the advancement
in technology and communication, it has become important to create an online presence. I ask
your approval for the development of an Information technology management team for
managing a website so that the customers can look for the products and services and obtain
relevant information about those, furthermore order products online, which will save a lot of time
and effort for them too (Frick & Eyler-Werve, 2014).
I will be thankful to you if you will consider all these aspects and mainly focus on the
digital marketing, online promotions and setting of prices, which can influence the consumer
buying behavior and derive better rate of return on investments for Home Essentials Inc (Baran
& Galka, 2016).

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References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education.
Baran, R. J., & Galka, R. J. (2016). Customer Relationship Management: the foundation of
contemporary marketing strategy. Taylor & Francis.
Frick, T., & Eyler-Werve, K. (2014). Return on engagement: Content strategy and web design
techniques for digital marketing. Focal Press.
homeessentials.com. (2018). Homeessentials.com. Retrieved 20 March 2018, from
http://www.homeessentials.com/
Kumar, V., Bhaskaran, V., Mirchandani, R., & Shah, M. (2013). Practice prize winner—creating
a measurable social media marketing strategy: increasing the value and ROI of
intangibles and tangibles for hokey pokey. Marketing Science, 32(2), 194-212.
Miles, J. (2014). Instagram power: Build your brand and reach more customers with the power
of pictures. New York, NY: McGraw-Hill Education.
Nobre, H., & Silva, D. (2014). Social network marketing strategy and SME strategy
benefits. Journal of Transnational Management, 19(2), 138-151.
Parente, D., & Strausbaugh-Hutchinson, K. (2014). Advertising campaign strategy: A guide to
marketing communication plans. Cengage Learning.

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