MRKT20052 Assessment 2: Patch Strips Marketing Plan

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MRKT20052 Assessment 2
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Executive Summary
Marketing plan play a vital and essential role in the smooth conduct of the activities and
operation necessary for the business organization. With the effective application of the marketing
plan the company concern can focus on the effective command that can serve to provide suitable
and maximum benefits. The assessment work addresses on the work operations of the Patch
strips that deals in the organic and environmental friendly products.
The company conducts its operations and activities with the main motive to provide the
customers and the environment with the safe products. This will assist in the better and suitable
conformation of all the activities.
The report work addresses on the application of the various strategies and analysis approaches
that assist in the company concern in better understanding of the internal and external
environment. Apart from that the report also addresses on the allocation of the budget in aproper
manner so as to conduct the activities in a better manner.
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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Situational Analysis.........................................................................................................................5
Customer analysis............................................................................................................................8
Problem Statement...........................................................................................................................9
Objectives......................................................................................................................................10
Marketing mix strategy..................................................................................................................11
Campaign evaluation.....................................................................................................................12
Budget allocation...........................................................................................................................13
References......................................................................................................................................15
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Introduction
Based in Australia, Patch strips are an organisation that deals in the variety of the products that
are environmental friendly. The company deals in providing of the bamboo products that act as a
suitable measure in the recovery of the wounds. The mission of the company addresses over the
reduction of the harmful substances form the environment (Anca Jarmila Guţă., 2012). In this
respect the company has chosen bamboo as a unique product line in order to cure the wounds.
The company concern has uses this product as it is environmental friendly and does not harm the
environment. This lead to the better work operations yielding higher amount of revenue and
profit margin.
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Situational Analysis
Situational analysis is a suitable and effective framework that focuses on the examination of the
internal and external environment of the organization (Haim Hilman, & Noor Hasmini Abd.
Ghani., 2017). This elaborates on the gathering of the suitable information and knowledge that
can assist in the better understanding of the business environment and the needs of the customer
with respect to the products of patch strips. For elaborated understanding of the situations of the
environment the company concern is required to focus on the following:
PESTLE analysis
With the aid of the PESTLE analysis the suitable focus is made on the various factors of the
external environment (Cevdet Kızıl, et. al., 2013). The concerned analysis will assist in the
authorities of Patch strips in gaining suitable and effective knowledge about the various factors
that can have a great significant impact on the performance of patch strips. These factors include:
Political factors: Patch strips deal in the products related to the health prospects. This makes
essential on the part of the concerned company to focus on adhering of the certain laws and
regulations that are formulated by the government in respect of such products. With the suitable
command on the political aspects the company concern can gain suitable command in the
focusing on the objective of the company so as to ensure suitable health of the customers.
Economic factors: The concerned factor elaborates a suitable focus on the financial position of
the company. It is required that the administration concern of the Patch strips ensure suitable
focus on such factor so as to ensure better formulation of the structure and policies that can
strengthen the financial position of the company. This will lead to the better command on the
future activities.
Social factors: With the changing conditions of the market, it has been observed that the
customers are getting more and more attracted towards the organic product. The concerned
company deals in the providing of the organic bandages. This act as a major factor of
significance. As such it is essential that the company is focus on the identification of such needs
in a better and effective manner.
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Technological factors: Though the company is dealing in the organic products, it is necessary
that the company focus on the application of the latest and up graded technology so as to ensure
effective command on the factors of cost (Rahman, & Lambkin., et. al., 2015). With the suitable
command on the technological prospects more elaborated focus can be made in dealing with the
work operations.
Legal factors: Since the company is dealing with the organics and health products, there are
some of the legal obligations that are required to be adhering by the company (Cevdet Kızıl, et.
al., 2013). As such the concerned factor elaborate the suitable standards those are required to be
followed by the management of the Patch strips in order to avoid all the legal barriers leading to
better and systematic operations.
Environmental factors: The company concern is dealing in the products that are friendly to the
environment. However, the cutting of the tree creates an issue that can lead to the inappropriate
command on the activities and operations. As such this factor requires proper attention.
Competitive Analysis
Competitive analysis is also necessary as it gives suitable and effective understanding about the
strategies of the competitors. This as such assists in the better dealing with their activities
ensuring suitable command on various operations and activities. The main competitor of the
concern company is: Med stock and Medi Goods. These companies are focusing on the adoption
of the latest technology that supports in dealing with the wounds in more better and effective
way. In addition, the companies are offering variety of the advanced care wound products. This
supports the company in better attraction of the customer (Bissoondoyal-Bheenick, et. al., 2012).
As such the management of Patch Strips must focus on the understanding of the strategies of the
competitors so as to ensure better alignment of other related activities.
SWOT analysis
SWOT analysis provides for the effective and elaborated understanding on the various factors of
significance that tends to ensure effective decision making (Trkman, et. al., 2015). These factors
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include the strengths, weakness, opportunities and threats that can provide for the suitable and
valuable outcome.
Strengths
Focuses on the environmental friendly
products.
Good position to hold a dominant position in
the market.
Provide with the safe and quality products.
Weakness
In appropriate marketing strategies
High prices in relation to the competitors
Opportunities
Effective position to grow in the worldwide
market.
Ensure to have an effective position with the
suitable command on the aspects of the
competitors.
Threat
High level of competition.
In appropriate command will lead to the bad
image in the market.
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Customer analysis
Customer analysis is an essential parameter that is required to be addressed in a better and
effective manner. This is because it supports the management of Patch strips in the better
addressing of the needs and wants of the customer (Trkman, et. al., 2015). To analyse the
concept it is essential that the authorities focus on the adoption and application of the
segmentation, targeting and positioning approach. Segmentation approach will assist in the
addressing the needs of the large group by dividing into smaller groups. Targeting approach will
assist the company concern in dealing with the customers in a better and effective manner so as
to gain their attention towards the product. Positioning approach will assist in the identification
of the strengths and weakness that will ensure to have better and effective position.
The company is focusing on the providing of the organic and environmental friendly product that
tends to ensure a suitable and strong position in the market arena (Yuan, 2013). As such focus
must be made on the analysis of the needs of the customer.
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Problem Statement
The problem is determined and evaluate that it will help in identifying the course of making
products in a better manner. The evaluation of issue helps in analyzing the problem which
directly impacts on business operations and its functions. The company needs to avoid usage of
dangerous and such material which are creating a negative impact on the environment. Along
with this, they need to identify the major cause that may negatively impact business operations
and its products. The main concern which required to be focused by Patch strips to create
awareness among customers regarding products. It is required for them is to use effective social
media platforms which help in spreading the popularity of Patch strips among a wide range of
customers. They need to use better work which does not hamper the higher proficiency and
needs to solve major issues and problems (Ford, 2017). The company needs to focus on natural
things which are used while developing this product that should not create damage to the
environment is a bad way. They require to concern about the environmental factors which can
create a major impact on goods.
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Objectives
There are various objectives which are wanted to achieve by Patch strips that are described as
under:
 To enhancing awareness regarding products among users and describe its benefits
 Toincrease its market share within next 5 years
 To focus on increasing business sales and income level
SMART goals help in providing accurate direction and path to the Patch strips company to
achieving desired goals and targets effectively.
Specific – In this, the major target and goal of Patch strips are to enhancing its turnover rate by
providing effective products (Elzubeir, 2017). This can create the main impact on the current
condition of an organization. it is required for a company is to create awareness among
customers regarding their products can help in providing maximum income.
Measurable – The company is targeted their specific group which can assist them in measuring
the value of the brand. Also, this will enhance and evaluate the clear image of the product in the
market place and views of users regarding Patch strips goods (Carlson, 2018).
Acceptable – The main goal of the company should be accepted through which they can provide
demanding goods to the users and easily satisfying their needs and requirements in a better
manner.
Realistic – The approach which has been used by Patch Strips should be realistic and this will
help them to reach towards higher revenue and income level. Along with this, it will assist in
increasing concentration of updating and upgrading new technology and help to reach with
growth and development.
Time-bound – It is that stage where the company needs to achieve with their all desired goals
and objectives within a given period. It can help in developing and providing the required stage
where the firm can easily reach with customers.
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Marketing mix strategy
The marketing mix is the set of marketing tools and techniques which an organization uses to
convince its marketing goals and objectives in the target market place. It is that strategies which
help in identifying the company performance and growth level. This is that strategy which assists
in identifying the factors which directly impact on business operations and its activities
effectively. It includes various components such as price, product, and place promotion that is
necessary for developing an effective marketing strategy which is described as follows:
Product – The product of the Patch Strips has been formed with the use of natural bamboo
adhesive which is friendly with the environment and does not create harm to the society as well
as people health in any manner. It is very cost-effective and the company can get this product at
any time because it is recovered with the wounds (Murshid, et. al., 2016). Patch strips are using
organic certified components which are considered as good stuff and help in making a great
product. They use bamboo which is rapidly renewable resources and this will help in growing
many times in a faster manner than trees, usage of less water, develop up to 35 more oxygen and
does not require pesticides.
Price – It is one of the major strategies which help in developing unique demand among
customers. This will assist in attracting users towards any specific products and provide higher
growth and success to an organization (Fernandes, 2018). The price should be based on the
quality of Patch strips which gain the attention of users.
Promotion – It is one of the important methods which need to conduct by Patch strips in order to
promote their products among customers with the help of various sources. This will help in
increasing the base of customers by generating awareness among them. The company is
promoting its goods with the use of different social media methods such as Instagram, Facebook,
YouTube and many more.
Place – The place should be reachable where the entire customer can easily evaluate while they
are going to purchase some products. It is that strategy which mainly focused on Patch strips and
helps in attracting a large number of customers towards company goods and services.
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