Marketing Plan: Part III
In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part III, make certain to include the sections listed below in your marketing plan.
Segmenting, Targeting, Positioning, and Differentiation
Identify the specific segmentation strategies that you will use. Identify your target markets. Incorporate the use of specific demographics and data in your research.
In this section, use the four Ps of marketing to specifically explain your product, price, promotion, and place (or distribution) strategies. Identify any specific competitive advantages that you have for each P that you are using.
How do you want your customer to perceive your product or service? What benefits will you offer? What is your sales strategy? Explain whether you will focus on business-to-business (B2B) or business-to-consumer (B2C) markets.
Your essay must be three pages in length, not counting the title and reference pages. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least two references. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.
Marketing Plan: Part III In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part III, make certain to include the se
Marketing Plan Unit V Principles of Marketing MKT 3301 Casidy Landry Columbia Southern University Marketing Plan Strengths My online business has several internal strengths that give it a competitive advantage in the market. First, my firm offers high-quality products made with organic and natural ingredients. This selling point sets my business apart from many of my competitors. Additionally, my company provides excellent customer service. I always go above and beyond to ensure that my clients are satisfied with their purchases (Lee et al., 2020). I believe that this commitment to customer service sets my business apart from other online retailers. Weaknesses There are also some internal weaknesses that my company needs to address. One drawback is that my business is relatively new and unknown. As a result, I have not had the chance to build a loyal customer base. Another weakness is that I do not have a lot of financial resources—this lack of capital limits my ability to invest in marketing and advertising. Opportunities There are several external opportunities that my firm can capitalize on. One option is that online shopping is becoming more and more popular. As a result, more individuals are looking for online retailers to purchase goods from. Another opportunity is a growing demand for organic and natural products. This trend is being driven by health-conscious consumers looking for products free of harmful chemicals. Threats My company also needs to be aware of some external threats. One threat is a lot of competition in the online retail market. This high level of competition makes it difficult for new businesses to succeed. Additionally, the economic downturn has made consumers more price-conscious. As a result, they are less likely to make impulse purchases. Competitive Analysis My business Competitor 1 Competitor 2 My online business offers high-quality products made with organic and natural ingredients. This selling point sets my business apart from many of my competitors. Additionally, my company provides excellent customer service. I always go above and beyond to ensure that my clients are satisfied with their purchases. I believe that this commitment to customer service sets my business apart from other online retailers. This competitor offers a wide range of products, including hygiene and cosmetic items. This company’s products are made with synthetic ingredients. Additionally, this company provides good customer service. However, they do not offer the same level of customer service as my company. My second competitor does not offer a unique combination of high-quality products, excellent customer service, and a commitment to social responsibility and ethics as I do. These factors give him a less competitive advantage in the market. Opportunities and threats that are external to the organization Businesses have faced several obstacles due to the global pandemic, but it has also offered them some opportunities. The fact that more time is being spent online presents one potential option. As a result of this trend, businesses now have a pressing need to strengthen their presence online. In addition, individuals seek methods to cut costs and save money. Because of this, companies now have the chance to provide exclusive deals and limited-time promotions. My organization must be mindful of not only internal dangers but also of some exterior dangers as well. One of the dangers is that the pandemic has led to a reduction in the amount that consumers are spending (Rupčić, 2022). Because of this, it has become challenging for firms to bring in new customers. Additionally, as a direct consequence of the epidemic, there has been a reduction in foot traffic. Because of this, it has become more challenging for firms to acquire new clients. Goals My primary goal is to increase brand awareness and product interest. I intend to achieve this using a combination of web advertising, social media marketing, and public relations. My secondary goal is to generate sales. I plan to accomplish this by offering a discount on my products. I hope to achieve a significant increase in brand awareness and product interest. Additionally, I hope to generate a substantial number of sales. Corporate Social Responsibility, Sustainability, and Ethics Strategy My internet business is dedicated to upholding the highest standards of ethics and social responsibility. To ensure that my firm conducts itself in a socially responsible manner, I have put into place a variety of governance principles. A code of conduct is one of the rules I have implemented as part of my policy. This code outlines my expectations for my staff members, who are expected to adhere to those expectations. In addition, I have instituted a policy that mandates all of my staff members complete education courses on ethical standards and social responsibility (Maccarrone & Contri, 2021). I believe that my company will be able to become more honest and socially responsible as a result of these policies. The social responsibility and ethics plan implemented by my organization are not without their share of potential drawbacks and advantages. My business runs the danger of coming under fire if people believe it is behaving in a manner that is not socially responsible. This is one of the potential downsides. On the other hand, in my opinion, the advantages of running a socially responsible and ethical business outweigh the disadvantages. I believe my business will be rewarded with higher revenue, increased customer pleasure, and increased loyalty to our brand. References Lee, J., Lee, S., & Jung, K. (2020). Balanced SWOT: Revisiting SWOT Analysis through Failure Management and Success Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3612519 Maccarrone, P., & Contri, A. (2021). We are integrating Corporate Social Responsibility into Corporate Strategy: The Role of Formal Tools. Sustainability, 13(22), 12551. https://doi.org/10.3390/su132212551 Rupčić, N. (2022). Threats and opportunities for learning organizations – Nordic perspective and experience. The Learning Organization, 29(3), 275-283. https://doi.org/10.1108/tlo-04-2022-280