Sample Paper on Marketing Principles and Applications

Marketing Principles and Applications

Introduction

The performance of any organization greatly relies on the marketing plan that is developed by the executive. Firms will constantly change their marketing designs owing to a number of changing aspects of the market. This therefore requires the leadership of the organization to be keen on the various aspects of the market that are changing in order to integrate them in the marketing plan of the firm. An effective marketing plan plays an integral part in the procedures of the organization and hence should be skillfully developed. Firstly, in the development of the marketing plan to be used by organization, there is a need to carry out an extensive market research. Market analysis will enable the organization to be aware of the existing needs among the customers besides being aware of possible competitors. For inclusive market analysis, the organization should undertake market segmentation. This primarily refers to dividing the market into indivisible units of customers with similar needs. This will enable the organization to tailor its products to meet the specific needs of the customers.

Extensive knowledge concerning the target market will be vital in the development of the products of the institution. The organization will gain a competitive advantage within the industry of operation through incorporation of current trends in the market. Secondly, market analysis enables the enterprise to have a better understanding of the various threats and opportunities existing in the market. Among the threats that operating organizations should be aware of is that of new entries into the industry. Increase in the number of competing institutions can compromise the sales levels and in general the market supply. This therefore will demand that the organization to be well conversant with any possible threat to adopt effective measures to curb the possible effects. In addition, existing opportunities in the market will be established through an effective market research.

Thesis Statement

In line with the need for an extensive marketing plan for organizations, this paper will focus on company G, an electronic company and the various aspects of the market that should be integrated into this plan. The product of the organization will be critically examined. In order to meet the established mission of the institution, the required design of the product will be examined that will enable the institution to achieve both the short and long-term missions. Secondly, the target market will also be discussed inclusively. The possible market of the organization will to a larger extent influence a number of aspects of the product. Finally, various facets regarding the industry of operation will be examined in the discussion. This will be effectively achieved through the use of SWOT analysis that will be include the strengths, weaknesses, opportunities and the possible threats that is to face the institution.

 

Product Classification

The electronic mug appliance is a durable product due to the ability to be used for long periods. This is made evident by the lithium ion battery that by its property is able to withstand a number of conditions. The long battery periods also asserts the durability of the appliance. In addition to its durability, the electric mug is a consumer good owing to its final usage. The appliance is designed to meet the needs of the final users in a number of perspectives. This can be manifested by its portability that is majorly tailored to result into convenience in its usage. In its development, the sole aim is to gain convenience among the consumers. The long hours of operations are among the key aspects of the mug that aims at resulting into convenience. This aspect makes it efficient for individuals in busy careers that highly values time.  In addition, the pricing of the appliance will also be designed to result into convenience among the users. Owing these convenience properties of the gadget, it falls under convenient consumer goods.

Product Support of Mission Statement

The travel mug designed by the organization’s engineers greatly assists that organization in achieving its objectives. One of the key goals of the firm is to enable consumers to improve the quality and convenience of their lives by providing high quality, innovative electronic solutions. The appliance to develop is highly convenient to customers owing to its portability. Customers can effectively operate the mug in any location due to its exclusion from the charging system. The portability aspect of the product will result into its preference by customers within the market. This will therefore see customers shift to the use of the appliance besides development of loyalty. The use of the lithium ion battery is also another factor greatly contributing to the convenience of the travel mug. The lithium ion battery is relatively less dense in comparison of other charging apparatus. Moreover, the high quality of the battery characterized by long usage hours gives the appliance a more competitive advantage over other gadgets from other competing electronic appliances.  In production of the quality electronic appliances, the organization will consider focusing on the affordability of the gadgets in order to make them easily acquired by the customers. This will be implemented by the use of various pricing strategies to suits various market segments. Among the pricing strategies that will be constantly incorporated by the leadership of the organization is price penetration and price skimming. Price penetration will basically involve setting low prices when accessing new markets in order to gain stability in these new markets. The use of low pricing strategies will also be used by the organization to target individuals of low income levels in various markets. This will be a major form of enticement to the customers hence creation of customers loyalty in these markets. Besides, through this strategy the organization will also develop favorable competition through the use of the pricing mechanism. On the other hand, the organization will assume the use of price skimming in the event of quality improvement. Innovative activities will often be accompanied by price increase in order to reflect the quality improvement. The strategy will also be essential in allowing in gaining competiveness within the market of operation.

Product Technological Integration

Owing to techno logical improvement in the market, G Company will design its electronic product to reflect the existing technological requirements in the market. The enterprise shall involve the use of market research in the determination of the required technological demands of the market. The management of G Company will also ascertain the technological requirement of the market through close examination of the operation procedures adopted by the key competitors in the industry. In response to the technological requirements of the customers, the management will consider initiating innovative practices in certain successions. Adoption of these innovative measures if constantly regarded will assist the organization to remain relevant with respect to the electronic commodities produced and supplied in the market. Quality realization during innovative activities will be of great essence. As a result, the firm will engage a lot of expertise in the innovative procedures. Apart from innovative acts, product diversification will also be considered. This entails inclusion of a number of aspects in the usage of the product to serve variety of customers’ needs. Diversification of the organization products will aid achieving customers’ convenience, as their various needs will be met by a single product. For example, the appliance developed will be designed to allow customers access various media for entertainment purposes besides having the capability of charging other electronic appliances. Through diversification, customers’ satisfaction will be greatly improved. In addition, diversification will reduce the expenditures by the customers hence causing financial convenience. Rebranding of the electronic products is also another aspect that will be deemed by the organization. This will help to present the various unique aspects of the products in the market.

Target Market

In terms of gender, the product of the organization will target both male and female. This is due to the general usage of the travel mug regarding electronic concerns. The application of the gadget that allows for power retention for a longer period basically targets individuals in the rural and suburban areas. This is mainly due to lack of power source in these regions in most cases. This will therefore be a major source of convenience to the users, as cases of power shortage cannot compromise the use of the appliance once charged. In addition, owing to commuting operations of these individuals, the electronic mug designed will easily meet their needs due to portability aspects of the product. The appliance designed will also target persons in various employment positions. This is due to the busy schedule that is often associated with individuals in the employment opportunities. The appliance will efficiently allow for first warming of food items hence time saving. In the marketing activities of the company, corporate societies will form the main target. This will include banking institutions and other financial institutions. In regard to the age bracket of the users, the organization will consider introducing some other brands of the product to meet the needs of various age groups. The specific use of the gadget in heating food products meets the needs of relatively middle aged individuals who put less concern regarding aspects of entertainment. In striving to meet the needs of the youthful generation, the organization will incorporate some elements of entertainment in order to be more appealing to the youth who often desire entertainment platforms. This will aim at designing certain aspects of the product to meet the needs of individuals within the age bracket of 16-30 years.

Owing to the nature of the current appliance, the travel mug, it is perfectly suited for individuals with relatively high incomes. However, in future operations, the organization will initiate substitute products that can be accessed by individuals of low social class. Specifically, this will entail marketing the product in rural areas and slam areas due to the low living standards of individuals in these regions. Its aspect, that allows for re-use of the mug best suits individuals from the low social class. This is because the cost incurred in purchase of new mugs will be eliminated. The product will therefore specifically aim at meeting the demands of low-income earners in various employment positions. However, the company will introduce certain aspects into the products that will be specifically aimed at meeting the particular needs of the youths.

Promotion and Target marketing

The promotional mechanisms to be assumed in the operation of the enterprise will heavily rely on the target market. Different promotional measures appeals differently to various markets. This will only be achieved effectively after the organization has successfully conducted market segmentation. The use of the print media for promotional activities will highly appeal to individuals in various employment activities. This is majorly due to the easy access they have to various forms of print media. In addition, the high costs of the print media can be easily affordable to individuals in employment programs. On the other hand, when the youthful generation is the target of the organization, there will be needed to integrate the use of online platforms in the advertisement programs. Among the online platforms that will be important in this case is the use of various social media. Most users are heavy users of the social media making adverts in these media to be very appealing top this group. Access to these sites is also less costly making the platform to be preferred also by individuals in low-income groups. The use of poor platforms for advertisement may result to be very devastating to the organization. Sales volume will greatly reduce if the promotional strategy adopted is not appealing to the target customers. This therefore will see the organization integrate a lot of expertise in the design of promotional measures to be adopted in connection with the target market.

Competitive Analysis

Porter’s model will be essential to the organization in the analysis of the competitive environment. There are five forces that the enterprise will consider in its operations to remain competitive within the market. Initially, the bargaining power of the consumer will be instrumental in the success of the organization. Satisfaction of the customers will be one of the prime goals. Realization of the wants of the customers will be achieved through involving them in the activities of the organizations. Through this, customers will feel appreciated hence will develop loyalty with the organization and therefore eliminating cases of switching to the use of other substitute commodities. The bargaining power of the suppliers is also vital in line with Porters articulation. Central in the objectives of G Company will be to ensure proper relationship with the suppliers. Payments to suppliers will be done promptly in bid to foster a good relationship. Besides, certain subsidies will also be offered to the suppliers in order to improve the relationship with the suppliers. Proper relationship with suppliers will encourage timely supply of various resources that are very essential in the overall success of the institution. Moreover, through the developed proper relationship, the possibility of suppliers shifting to the supply of competing organizations will be eliminated hence favorable competition will be gained. Thirdly, threat to new entries will be another area of great concern to the institution. In the event that firms increase within the industry, the sales volume of the organization will be reduced. In response, the organization can establish high standards of products that will make it difficult for the new firms to cope with the levels. Developing of the high standards of operation will greatly prevent the stabilization of substitute commodities in the market. Forces from substitute products will also be central in the competitive analysis. This will demand for diversification of the electronic products to entail peculiar traits that are absent in other substitute products. Due to these extra aspects, product the positioning of the product I the market will be more favorable compared to those of substitute commodities. Finally, in regard to the possible rivalry in the market, the executive of the company will assume certain practices I order to avoid any adverse effects that can result from rivalry. Initially, constant review of the operations of the company will be central in order to keep track on the main goals of the organization. The company will also consider possible mergers and acquisition in bid to reduce the rivalry in the market place.

Marketing Mix

The four aspects of the marketing mix will essential in the adoption of various strategies in the performance of the firm. Peculiar packaging of the products will be adopted by the organization in bid to entice the final consumers into the usage of the products. This will be accompanied by aggressive promotional measures that l to will be designed skillfully to appeal to different market segments. The use of e-marketing will be preferred by the institution owing to its technological consideration and its wide coverage. In regard to distribution measures, the use of e-retailers will be central in the distribution process. Through a number of carriers that the company will initiate, appliances will timely reach the customers. Finally, professional pricing mechanisms will be adopted by the organization to suit the financial needs of the customers. Among the pricing strategies that the executive will adopt include, penetration pricing and price skimming. Effective adoption of these aspects of the marketing mix will allow the organization to compete favorable in the industry.

 

 

SWOT Analysis

Technological incorporation in the operation of the company has been a major strength. Technology has often allowed for constant innovative actions hence meeting the specific needs of the customers. A number of conveniences in the electronic products have also been achieved through advanced technological incorporation. Secondly, another strength institution has been expertise among the personnel.  Availability of personnel that are well conversant with current market trends has seen the company compete favorably with other firms in the industry. Another area where company G has witnessed strength over the years is the existence of skulled management to steer the procedures of the institution. This has resulted in proper coordination of tasks and so minimizing conflicts that could terminate the operations of the company. However, there are some areas of weaknesses such as organization in the process of market reach. Lack of extensive market research at times has resulted in the adoption of marketing procedures that are not appealing to the market. Secondly, inability to eliminate certain long procedures in the marketing process of the company has sometimes resulted in delays. Technological advancements in most sectors are a noble opportunity to the organization to integrate these improved technologies in its operations. For example, the increasing use of various computing devices can assist the company in internet access that if properly used can be a platform for promotional of commodities. Low morale among employees also became a major weakness in the operation as this contributed greatly to the low performance of the organization at certain instances. The financial constraints in motivating employees also further posed great financial challenge to the organization hence being a major weakness in the operation of the firm. Besides, the increasing population in most sectors is also a marketing opportunity to the organization to increase its sales volumes. More importantly, globalization in the market presented a great opportunity to the organization. The executive of the company readily and cheaply outsourced number resources vital in the operation of the enterprise hence reducing a number of economic burdens to the organization.  A number of potential threats are likely to affect the operations of the company. A number of laws are continuously being enacted by various authorities to govern the sale of various electronic gadgets. To some extent, this will compromise the procedures of the firm. Secondly, the increasing number of firms in the sector also poses a threat to the company, as overall profit volume will be reduced. Finally the constantly changing needs of customers is also another major threat to the organization as it will require that certain changes are made to react to the customer change in preferences. Some of these changes will involve altering the structure of the company that will demand huge finances hence likely to result into financial distress to the organization.

Marketing Objectives

G Company will develop various marketing objectives in relation to the marketing mix adopted. Product will be of great essence in the marketing activities of the organization. In order to compete favorably in the market, the executive of the company will constantly change a number of aspects of the product to match with the demands of the customers. Technological incorporation will be central in the process of making the products to meet customers’ needs. Improvement of the general quality of the services will be mainly attained by the use of proper technologies. In relation to the products, the objective of the company will be to produce technologically advanced products that meet specific needs of the customers. A sale projection of 500,000 units will be used as the target sales volume. A timeline of one financial year will be stipulated for the achievement of this goal. Successful inception of the products in the market will rely on the pricing strategies adopted. The prices for the commodities will be determined with a lot of proficiency. The goal of the institution will be to present commodities that are affordable by their esteem customers. Establishment of the pricing mechanisms to be assumed will only be taken on after thorough scrutiny of the financial potential of the customers. It will therefore aim at improving the purchasing power of the customers. Determination of the purchasing habits of the customers would therefore assist in gauging the achievement of this goal. In the distribution activities of the company, the main objective of the firm will be to ensure availability of the products for all customers in various locations. This goal will see the organization use a number of distribution measures in order to supply the whole market. Consequently, concerning promotional strategies, the company will aim at using a number of measures in order to sensitize individuals concerning the existence of the organization. Promotional strategies will also be used by the company to improve the public image of the organization. Informative purposes will be the main aim of indulging into various promotional measures. Owing to this need, the organization will establish its goal in promotional activities that is, to ensure that all individuals within the market is conversant about the existence of the company. This will be achieved through the use of promotional mechanisms that are appealing to respective markets. The specific aim of the promotional activity will therefore be increasing the general knowledge of customers in regard to the products.

Market Strategies

The company shall develop a number of strategies for each market mix that will be of essence in ensuring favorable competition within the industry and market as a whole. In regard to the product, there are three strategies that will be critical to the organization. Innovative actions will constantly be considered in the development of the product. This will be done in relation to the changing technological needs of the market. Innovation will allow the product of the company be more desired by customers hence more sales will be manifested. Monitoring the market technological need is an action plan that the organization will adopt in the process of initiating innovation plans. Secondly, diversification of various aspects of the product will also be considered in the product development process. This will entail incorporation of certain unique aspects that are absent in other substitute products. This action will need effective competitive analysis to ensure effective integration of product aspects absent in those of competing products.  Finally, constant review of the level of satisfaction of the customers will be carried. This will be manifested in their proceeding actions on usage of the product. Direct communication with the respective customers will assist in achieving this aspect. Concerning pricing aspect of the commodities, the management will also consider adoption of three strategies namely; competitive pricing, hire purchase pricing and credit pricing facilities. Prices will be established in close connection with those assumed by key competitors. The overall objective of this plan will be to adopt prices that are more desirable in the market. Specific steps will be developed that will ensure that competitive prices are adopted. This will include closely noting the price changes among competitors. On the other hand, the use of hire purchase will conveniently allow customers to access expensive products of the company through payments in installments. Lastly, credit facilities will be used by the company to allow customers access the commodities for later payments. This strategy will also assist in improving the customer relationship. The three pricing measures will require analysis of the financial position of the customers to initiate strategies that meets their economic positions. Promotional activities of the company will be adopted with regard to the nature of the product being presented to the market. Personal selling method will be adopted in the event of promoting sophisticated products that needs demonstration concerning the usage. At the same time, logical steps will be established to monitor public relation activities of the company.  Celebrity advertisement will also be highly considered by the institution, as it will assist in fostering public image of the company besides increasing the sales volumes. Finally, with respect to distribution activities, the company will consider having various retailers in various markets. This will be done in order to ensure easy access to the products by individuals in various locations. E-retailers will also be used in online marketing for the purpose of market search. Introduction of chain store operation in most of the markets will also aid in the distribution activities of the firm. Chain stores will allow customers from various locations to readily access the electronic products of the company. Combination of these strategies in the operation of the company will result into the overall success of the institution. A combination of these strategies will assist in achieving organization success. This is mainly because the measures encompass a number of key aspects of the operations of the firm. Besides ensuring close monitoring of the departments, these strategies will ensure that individuals strive to achieve their designed goals.  However, in order to effectively implement the strategies, a number of resources should be conveniently supplied to avoid cases of insufficiency. These would entail proper financial planning to avoid deficits that could cause inconveniencies in achievement of the strategies.

Action Plan

An action plan will be developed by the management to enable the effective achievement and implementation of these strategies. The action plan will be adopted in line with the 12 objectives of the organization. Certain actions will be assumed for the product strategies. The product overall sales realized will be an essential element of the Action plan. This facet will be achieved by constantly monitoring the actions of sales representatives to ensure that the target sales is realized in various markets. Secondly, in implementing diversification of the products, critical analysis of the substitute products will form a major step of the process. The examination will allow for integration of aspects that are lacking in other products of competing firms. Analysis of the customers’ preferences will be integral in the rebranding procedures, determination of these preferences will make it possible for the resulting brand to meet the existing preferences. Review of product strategies will be constantly done depending on the needs of the market. The timespan for new adoptions will be a period of 1 year.  Concerning pricing strategies, the organization will also assume some action plans to ensure effectiveness of the measures. Competitive pricing will be achieved through developing continuous connections with other competing firms in order to be informed of their actions. In certain instances, mergers and acquisitions will also be considered to adopt more superior prices within many financial constraints. A proper follow up plan will be designed in the case of hire purchase selling. The plan will make it possible to monitor the payment of installments by the buyers. Legal considerations will also be put in place in case of defaults. Finally, in instances of credit selling, examination of the past transactions documents of the customer will allow for this verification. In regard to promotional activities, sales persons to be used in personal selling will be properly trained in order to have a better understanding of the products and proper knowledge of the customers. Effective financial planning will also be ensured in the process of personal selling owing to the high financial requirement. Secondly, in adopting internet advertisement, creation of various interfaces will be vital. The organization will also acquire more computing devices that would allow for effective monitoring of the buying behaviors of customers. Similar to personal selling, celebrity advertisement will also require for proper financial planning. Identification of personalities to be used in promotional activities will be done skillfully to ensure public acceptance. Training programs will be organized for the retailers of the organization to have better understanding of the company’s products. The use of e-retailers will require the organization to be in constant use of internet platform to ensure constant communication with the online retailers. Finally, in developing the chain stores, market analysis will be considered to establish chain in areas of high customers’ population.

Specific Measures in the Action Plan

More importantly, analysis of the market will assist in gauging the success of the electronic appliances in the market.  This will be achieved through a number of interviews and use of questionnaire that will directly involve the final users of the products. Direct involvement of the final users will make it possible for their views to be integrated in the product development procedures. In the event of low levels of satisfaction, actions such improvement of certain aspects of the product will be adopted to meet the specific needs of the customers. Secondly, undertaking of performance appraisal of each department in the company will also help to gadget the levels of operations. Audit programs will be adopted for specific departments to monitor the usage of various resources. Staffing programs will also be central in the process of ensuring effective performance among the departments. In the event that objectives are not being achieved as, desired, rapid measures will be put in place to counter the negative results. Organization activities such as innovation procedures, promotional activities and distribution measures will be center in the process of carrying out the various action plans. Among the measures will be reexamination of the strategies besides considering changing the course of organization operations. A time span of 12 months will be considered for each department to achieve specific goals before undertaking corrective measures. Marketing activities such as in instances of personal selling, a period of 48 hours will be allowed for feedback before other marketing measures adopted. This will also apply to other objectives of the organization.

Timeline for Key Issues in the Action Plan

Action Expected feedback Time span (frequency) Counter Action
Departmental objectives. Effective realization of the desired results. 2-year Training activities.
Innovative activities. Market success. 12 month span Rebranding
Pricing strategies Customers’ loyalty 12 month span Extensive market research
Personal selling High sales 1 year Intensive advertisement.
Management plans. Overall organization success 2 year Staffing

 

The process of reexamination of the strategies of the organization will be adopted yearly. This will be so in order to avoid gross mistakes that could compromise the operations of the organization. Pertinent activities such as audit of the programs of the departments will be done semi- annually to keep the departments on track in regard to usage of resources and subsequent achievement of certain short-term goals.

Conclusion

In conclusion, it therefore becomes evident that in order to achieve success in market operation activities, G Company needs to integrate a number of factors into its procedures. This will demand expertise in the management that can effectively ensure that the integral issues in the performance of the organization are taken into consideration. The knowledge of the market still remains vital for all commercial institutions in strives to achieve competitive advantage over other firms within the same industry. In addition, firms should take close consideration of the four marketing mix since they will determine the strategies to e adopted.