Unit 3A Applied Information Technology

Week 5

 

Continuing with Task 1

 

Guide to Writing a Marketing Plan

Situational Analysis

In this phase of the developing a marketing plan, the use of situational analysis is used to develop an understanding of consumer behaviour. It provides an insight into the buying behaviours of consumers. Key activities of situational analysis are:

 

SWOT Analysis
• Strength, weaknesses, opportunities and threats of a business. This involves the detailed analysis of both the internal and external influences of a business and the activities that it undertakes.

 

Product Analysis
• Examines the issues relating to goods and services provided by the business. Includes the investigation of trends with individual products sold by the business as well as analysis of where the product fits on the product lifecycle (Introduction -> Growth -> Maturity -> Decline).

 

Competitor Analysis
• Understanding the competitors is critical when identify strategies in which a business is able to exploit its competitive advantage I a market place. Being able to predict what a competitor will do or how they will promote a product in the future is a key to allowing a business to construct a marketing strategy with confidence.

 

 

Establishing Marketing Objectives

Is the identification of the goals or desired outcomes of business opportunities? Marking objectives are based around he objectives of the business which have been derived from the mission statement of the business. Key outcomes of establishing marketing objectives are:

• Increase Market Share
• Increase Profits
• Enter New Markets
• Develop New Products.

 

 

Identify Target Markets

A market is made up of many different consumers with varying needs and wants to be satisfied. It is impractical for a business to satisfy all of these groups of people. Therefore it is imperative that the business identifies each of these groups and targets their product to a particular group better than its competitors.

The business needs to conduct extensive market research in order to identify each target market and the characteristics of each group. This will involve both primary and secondary research methods.

 

Examples of Primary market research include:

• One on one interviews;
• Focus group discussion
• Surveys
• Questionnaires


Examples of Secondary market research include:

• Libraries
• Targeted internet search
• Press release and newspaper articles
• Annual reports

 

 

Developing a Marketing Strategy

From the research collected a business is able to identify the target markets for a product. Once this has been achieved a marketing strategy needs to be identified and implemented to satisfy the target market. This is achieved through he application of the marketing mix (4Ps (Product, Price, Promotion, Place))

 

Product
The type of product will determine the means for promoting the product to your target market. Factors that need to be considered when developing the marketing plan include: type of product (good or service), warranty, installation, features, quality, packaging and branding.

 

Price
When developing a marketing strategy price is critical to success. If the target market fails to accept the price for the product then the product could have a very short lifecycle and be doomed for failure. When determining the price for the product, a business will also need to consider the price of competitors with similar products.

 

Promotion
This is the process of informing customers about the product. Promotion can take on many different forms as well as variety of types, depending on the target audience and product to be sold. Examples of promotional activities include: advertising, publicity, sales pitch and promotional blend.

 

Place
Where will the product be sold? How will the product get from one place to another (distribution chain)? When developing the marketing plan for a product it is important to consider these questions so that consumers will have exposure to your product at the right time.

What is Marketing PowerPoint

 

 

Examples of Viral Marketing

Plane lands on a truck

Man in the Jacket- Part 1

Man in the Jacket - Part 2

Gorrilla playing drums

Eyebrows

The best job in the world

 

Explaination of Viral Marketing



Example pic