Marketing plan assignment sample
This report is a continuation to the marketing plan developed for Weifang Shengxuan Machinery Company Ltd for the relaunch of its rotary tiller United Kingdom market. It has to be mentioned here that since the main marketing plan was a collaborative effort with different group members contributing to different elements of the marketing plan, from my own personal viewpoint the plan has not been a coherent one. There are several limitations for the main marketing plan because of the several approaches adopted by individual members of the group. Although effort was put from my side and also, the group members on a collective basis in order to develop a coherent and integrated marketing plan for the relaunch of the product, success has been limited. But overall, the marketing plan has provided a conceptual framework of the relaunch of a particular product into the United Kingdom market. It is based on such a marketing plan that the present individual report of control and measurement of the marketing plan is developed. The main components of this individual report are an evaluation of the different plans and goals to be achieved during the period of relaunch and the major marketing activities to be conducted. After the evaluation of the aims and objectives to be achieved during the face of the marketing of the product during his relaunch, several measurement devices are considered in order to evaluate whether the plan is proceeding as per the intended manner. As a final phase certain corrective methods are also provided to the organisation in order to develop a fall back process where certain marketing activities are not going according to the plan.
Plan Goals and Major Milestones
On a personal note, the major objective of the relaunch is to launch the product with the new marketing plan and with minor modifications in the product. Since the product is a mechanical engineering component, significant changes, modifications and redesign would only be required after an evaluation of the efficiency and effectiveness of the equipment in actual working conditions. Since at the present moment, it is assumed that there are no specific problems relating to efficiency and effectiveness of the product during the actual working conditions and in comparison with the competition, no particular modifications of the product itself is envisaged. Hence the stress will be to develop a marketing plan, based on the relaunch of the product as it is but, the grand intends to communicate that the product has been modified and developed to further suit the requirements of the end customer. Moreover, the effort is to reposition the product would from the present position as a simple add-on equipment, which enables the farmer to generate efficiency is, but as an essential device in the modern farming methods.
Accordingly, the plan would start in July 2012, were the initial marketing communications would be developed and communicated to the wholesale distributors. Even though not specifically mentioned in the actual marketing plan, a new advertising strategy is envisaged were the agricultural magazines, local newspapers catering to specific segments of the country such as the rural population were the farming community is significant, will be used for the positioning of the product and an essential requirement in the new farming method. The advertisement strategy would target the end users, and a pull strategy of selling (Doole and Lowe, 2008) is envisaged where they can customers are motivated to purchase the product due to the specific requirements. The intensive advertisement face would be for a period of four months, and from the second month onwards the potential customers would be directly contacted by the company officials in order to analyse the responses.
From the perspective of the main objectives, the plan is to increase the sales by 30% at the end of the six-month period of marketing. This increase in sales over the six-month period is broken down, where after the initial three months the sales should be increased by at least 10%, and thereafter the fourth of and fifth month should see a corresponding 10% increase, contributing to an overall 30% increase at the end of the six-month period. The financial plan is to spend at least 50% higher than the present advertising budget, and another 50% higher on direct marketing effort. The price of the product will be kept the same for the initial four-month period and if the plan is going forward smoothly, the price will be increased by 10% after the four months.
The main measurement devices which will be utilised to evaluate whether the marketing plan is going as a projected will be an evaluation of the revenues or the increase in the sales over the six-month period. According to the plan and the expectation is that a 10% increase in sales will be seen by the third month and this could be used as criteria of the effectiveness of the marketing plan. Moreover and analysis will be conducted into the areas of the different sectorial increase in sales corresponding to the advertisement increase in those specific sectors. This analysis will provide whether the advertising in the different magazines, newspapers and the targeting of the specific customer segments are providing particular result. This will provide further evaluation method to tune the advertising strategy so that specific advertisements can be created and targeted at specific customer segments where the sales growth is more than the other areas.
Deviation Correction Strategy
It is essential that any marketing plan should have a fall back strategy or a corrective plan so that whenever any plan goes astray from the objective, corrective actions can be taken. The main effort is to increase the sales by 30% of, and there are targets to be met after the third month onwards. As per the measurement strategy, the objective targeting of the increase in sales, if found to be not exceeding, the strategy will be to evaluate the advertising plan and redesign the strategy of advertising so that it is targeted at specific areas where the sales increases are noticeably higher than other areas. Hence the corrective action that will be taken will be to redesign the advertising strategy in order to increase the sales as per the expectations and as per the plan. In order to do this, an evaluation of the areas in which sales have increased as a result of advertising will be comparatively evaluated. It is estimated that in certain areas or geographical segments, the sales will be much higher because of the nature of the farming conditions and the necessity of utilising the particular product for the farming of particular products. The advertising in other areas will be stopped or reduced and a stress would be put on higher spending on advertising and direct marketing on the specific geographic areas where the sales increase is witnessed.
Considering the catastrophic event of a no sales increase, even after the three-month period of advertising, the entire marketing plan will be re-evaluated and particular focus would be put on the concept of advertising being utilised.
Bibliography / References
- Cravens, D. W. and Piercy, N., (2005), “Strategic marketing”, McGraw-Hill publications
- Doole, I. and Lowe, R., (2008), “International marketing strategy: analysis, development and implementation”, 5th edition Cengage Learning publications
- Ferrell, O. C. and Hartline M., (2010), “Marketing Strategy”, 5th edition, Cengage Learning publications
- Parmerlee, D., (2000), “Auditing markets, products, and marketing plans”, McGraw-Hill Professional publications