. Aligning the sustainable supply chain to green marketing needs:
Running head: MARKETING PLAN PART C 1
MARKETING PLAN PART C 2
Marketing Plan Part C of the Project
Feedback to Part B
There was a positive response to the assignment of part B of the marketing plan project. The response was comprehensive and highlighted some key important areas of significant strength and some other areas of concern that need attention for successful plan implementation. The responses were given upon specific areas of the plan which include;
· The branding strategy: The job was good and only needed to address more of the rationale on the choices made to the target market. The knowledge on the brand promise was not clearly shown in the assignment as it was required.
· The target market: Several segmentations were to be used to describe the target audience the paper having highlighted only two and the target market was too broad.
· Positioning Statement and Perceptual Map; the perceptual map was incompletely submitted. Thorough submissions could have been made highlighting the position of the company’s competitors as compared to the company position.
· Consumer behavior: The paper correctly stated the target market with an insufficient explanation. Elements such as customer value and their lifestyle are most important when developing an effective market plan. The brand resonation with the consumers was filthy given and hence the address of these crucial areas will be more important for a market plan.
The feedback provided on Part B the Marketing plan project is essential for efficient plan development. The key areas highlighted can result in a more positive impact than negative. The plan, therefore, needs to incorporate and implement the feedback provided for an effective plan. The branding strategy feedback, in this case, will be utilized to give more detailed information about the brand promise. Brand strategy one of the key strategies that enable an organization to thrive in a more competitive environment and outperform other organizations. The feedback on this area, therefore, help in making a thorough analysis of the target market and give more explanation on the reasons for choosing the associated branding strategies.
The plan will put much attention on the different segments to explain the target market audience based on broad elements such as age, lifestyle, and their location among other key components highlighted in the feedback section. A clear map should also be of considerations in the plan to provide key comparable details with the competing firms. An effective marketing plan entails a comprehensive detailed review of the potential competitors on the market including their strength and weaknesses. This enables an organization to develop better strategies to outcompete such organizations.
Pricing strategies and Distribution strategies
A distribution strategy is a comprehensive plan formulated to reach the target market with the product. Distribution of products involves making sales and products delivery. In most cases, multiple distribution models are adopted by an organization to conveniently reach out to customers.
· Indirect distribution
The company will establish indirect distribution to reach out to a wider market through the use of various channels of distribution. This may involve the product moving from; Manufacturer-distributor-consumer.
· Direct distribution
This is a suitable strategy where the company will distribute its products to customers directly or when the chain involved is small. The level of market penetration also determines the distribution strategy to be used by the organization. This is however decided by the 3 Ps of the marketing mix which includes; Product, price, and promotions. The level of market penetration will determine the distribution strategy to be used which may include;
· Intensive Distribution
This is where the company has a mass marketing product. The organization through this strategy will be able to cover a wider market possible.
· Exclusive distribution
The company will adopt this distribution strategy when it decides to allocate a single distributor on a big market region which may be a country.
A price refers to the value put on a particular commodity or service which results from broad complex calculations. On the other hand, pricing strategy takes into account different elements which include the ability to pay, competitor action, account segments, market conditions, input costs, and trade margin among others. Pricing plays a crucial role in the market mix after product introduction on the market. Different market components are mostly cost generators whereas price acts as a source of income and profits for the company. Suitable pricing strategies will help a company support its projects. This, however, may include projects such as the cost of distribution, the cost of production and the cost of product promotion (Brindley, & Oxborrow, 2014).
The value of the price is measured in terms of money as part of transactions between two or more parties involved. Pricing is a complicated market component that requires to reflect with the actual value of the product being distributed on the market in this case Spot Flavor, the supply and demand of the product and the value of the product as perceived by the consumer. This, therefore, means a price that does not conform to these elements may either be too high or resulting in unsuccessful sales of the product.
The pricing strategy of the company will be based on several factors which include;
· The pricing strategy applied should support the brand of the company
· The pricing strategy should match with what the market offers
· It should also help the organization maximize sales and profits
· Furthermore, the strategy should reflect on the value of the product “Splash Flavor” company offers on the market compared to its competitors.
· Pricing strategies
· The cost-plus pricing strategy
This, however, involves the calculation of the costs of the company and adding a mark-up. The company will compare its product and those available on the market. Finding out feedback from customers and other stakeholders on how such products will enable the company settles on the market price. In this case, however, the value of the product should be higher to customers as compared to the costs. The current price range on the market help educates the company on the customers’ preference price.
· The value-based pricing strategy
This is one of the easiest cost-based pricing strategies which is adopted by several organizations to determine market prices. In this case, the company may decide to copy prices of the available competitors which may also a better strategy to apply on the market. The value of our product is among the stand out products on the market which in an ideal situation they should convey the value they offer. The value of the product on the market is primarily based on the needs they offer to customers.
Advantages of value-based strategies
· The market price will better suit with customer’s perspective
· The strategy allows an organization to be more profitable hence acquiring more resources to expand on its operations.
· The strategy gives the product time to better adapt to the market through determining how better they can suit to customers.
a) Price skimming strategy
A company will, however, set prices either high or low based on the market evolvement. This, however, is based on the level of competition and the need of the product by consumers.
b) Penetration pricing strategy
The Company will act in a flexible manner in cases of a competitive market environment. In this case, however, the company will adjust its prices on the product to enter a competitive market. Lowering prices is sometimes a better way of attracting new and retaining old customers. This will help the company maximize sales as well as outcompete other competing organizations. The strategy applies during an intensive competition and later raises the prices again after gaining market popularity on the value of the product.
The marketing Communication plan; Media and Messaging strategies
The success of a company is dependent on the effective type of communication employed to reach out to customers. Effective communications by itself will help market the company to the outside market hence attracting more customers for the product.
Promotional media products which will be undertaken by the creative director of the company. The strategy targets reaching out to more than 15 million views. The target audience on this strategy will include the loyal customers of the company, the target market in all segments and the company influencers. However, promotion media will be produced in the form of technological videos, brochure, web content, and product videos (Facca-Miess, & Santos, 2014). The platforms to be used include but not limited to Facebook page account of the company, Twitter handle, web pages among other platforms to enhance promotional activities of the product.
Launching of road shows targeting the industry influencers. The strategy includes both presentations and media engagements which will be run by the sales manager of the company
Launching advertising services of the product; the target customers and loyal customers will be the audience in this case. The communication will be made through the distribution of catalogs, sending direct mails as well as digital advertising usually carried out by the product manager. For instance, the company will launch several forms of advertisement at different peak periods targeting both the loyal and target customers of the product to reach a wider market.
Public relations plan
The main goal and objective of the organization are to provide quality products to customers at affordable prices. Public relations are an important aspect in the case of maximizing on sales of the company. As earlier discussed in the communication plans of the company, several strategies such as the organization of roadshows will be made to enhance public relations. During the roadshows, customers will participate in winner competitions where winners will be awarded presents including branded shoes, t-shirts and even company drinks branded company logo. This, however, will motivate our customers. The sales of the company will also be done on different television channels especially those dealing in sports activities to promote our sales to the market. The company through engaging in societal and national activities will enhance their public relations for a better brand of the organization.
Online and direct marketing plan
Online platforms are important marketing places for Splash Flavor Company to market their products. Intensive research indicates that no single business entity achieves 100% of the set market objectives within the defined period of time.
Adoption of Business-to-customer Marketing: The strategy, however, will enable the organization to cut down the marketing costs through direct marketing of its products. The company, in this case, will brand its products with detailed information of the company and products which gives a customer first impression whenever he purchases the product. Another important online aspect will involve Earned Media programs for the organization where the company will have a better chance of advertising its products and services to potential customers. The programs are absolutely free given no charges are involved. The strategic plan can, however, be achieved through newspaper mentions by Company brand ambassadors. Referral programs have also gained popularity in promoting sales of organizations. The existing customers of the company will be offered with rewards, discounts and other special offers in exchange to referring other new customers to the company business. This might be achieved through set targets on the number of referrals that is eligible for earning what kind of reward to a customer.
Social Responsibility plan of Splash Flavor Company
Social responsibilities of an organization enable an organization to balance its money-making operations and activities that benefit society. The main focus of social responsibility is to attract more consumers for the product. Social responsibilities, however, may be divided into two categories namely; responsibility as part of a market mix and at the corporate level with highlighted specific objectives (Lim, 2016). There are different aspects of social responsibility the company will base on to ensure the marketing process becomes a success.
· Consumer orientation; the policies formulated by the company will be based on the perspective of the consumer. This might be through discovering their plans and needs and working alongside them.
· Innovations; Improving the quality of the product through innovative ways will improve the user’s experience.
· The value of the product; the company will focus on the production of valuable products and offering the customer’s affordable prices for the same product. This will make consumers become happy with the products offered by the firm.
The company administrators, shareholders, and executives will practice ethical behaviors by joining communities in promoting the marketing of the products. The management, however, can engage in community activities such as fundraising to promote community projects among other beneficial activities. Promoting sports activities in the community around the operating region. This may include through launching of different sports competition to promote sports. This, however, will enable the organization interacts with its consumers on the basis of expanding their market level.
Allen, S. N. & Walter, K. (2015). A comparative study of the primary and secondary markets for emerging business enterprises. Harvard Business Review.
Brindley, C., & Oxborrow, L. (2014). Aligning the sustainable supply chain to green marketing needs: A case study. Industrial Marketing Management, 43(1), 45-55.
Facca-Miess, T. M., & Santos, N. J. (2014). Fostering fair and sustainable marketing for social entrepreneurs in the context of subsistence marketplaces. Journal of Marketing Management, 30(5-6), 501-518.
Lim, W. M. (2016). A blueprint for sustainability marketing: Defining its conceptual boundaries for progress. Marketing theory, 16(2), 232-249.
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