Assignment 4: Part D: Your Marketing Plan – Video Presentation
MARKETING PLAN 10
Marketing Plan
Name
Institution
Marketing Plan
A marketing plan is essential for the business as it helps in the creation of awareness of the service or the goods that the company offers. The role that marketing plan plays is important and this means that the firm has to consider the different aspects of marketing that they would like to integrate. It helps in reaching to the target customers, as there is the segmentation of the market to suit the needs of the customers. The identification of the need for the technology products by Gravity Technology is important as it helps in the creation of the strategies that meet the needs of the company and that of the customers. The writing down of the specific guides of the company ensures that there is the laying down of the goals of the enterprise and this helps in increasing efficiency.
Branding, Pricing, and Distribution Strategy
Branding
The branding strategy that the company employs is the use of the brand managers that help in the communication of the characteristics of the products to the target market. The use of the brand managers is necessary as they portray the value of using the products of the company and this means that there is the increase in the base of the clients that consume the product. The dealing with the customers on a one on one basis and the portrayal of the confidence of the group assists in increasing value.
Pricing Strategy
The pricing strategy that the company uses is the strategy of penetration, and this is where there is the offering of low prices for the products that it offers. The strategy is important as it ensures that there is the increase in competition in the market and that the customers are made aware of the products that the company offers (Moorman & Day, 2016). The penetration strategy is important as it creates the familiarization of the products and helps in increasing chance of gaining a market share. It also helps in the driving of profits for the company as the business gets to be unique in the market.
Distribution Strategy
The strategy that the firm uses in distribution is the intensive distribution, and this is line with the pricing strategy. It means that the firm focuses on the strategy that will meet the needs of the market that they target. It is so because the target market through the use of the penetration strategy increases as there is the growing awareness of the product in the market. There is the anticipation of the growth in sales, and this makes it important to ensure that the goods get to the clients at the required time. It also ensures that there is increased customer satisfaction from the delivery of the services.
Major Company Competitors
Competition in the technology industry is stiff, and this is especially from the firms that are fully established in the market. The main rivalries that the company is likely to face are Amazon, IBM, and Apple, and they are classified as intra- competitors as there is a similarity in the products offered. The competitors are giants in the market, and this means that there is need to observe the different strategies that they use to meet the needs of the customers. The identification of the strengths and the weaknesses that the competitors have is important as it helps in the evaluation of the strategies that the company is likely to use. Some of the strengths of the competitors include the image of the brand that they have built as this goes a long way in ensuring that there is the maintenance of market share in the market (Ishtiaq Ishaq & Munazer Hussain, 2016). The margins of profits for the competitors are also high, and this means that they have increased chances of increased production of the software and the hardware meaning that they meet the demand in the market. There is also the growth in the innovation of the products, and this means that they get to meet the needs of the market.
Some of the weaknesses that the competitors face are the increased number of entrants in the market, and this means that they face the challenge of the decreased sales. The customers might prefer to deal with the new entrants due to the personalized services that they get. The networks of distribution that are also used by the competitors might have limitations on the policies that they use, and this means that there is the creation of the opportunity for the company to grow where the strategy of distribution is efficient. The increased prices of the competitors discourage the customers creating an opportunity for the entrant to capture the market.
Differentiation Strategy
The differentiation strategy that Gravity Technology uses is important as it ensures that the services that the company offers the clients are unique. It enhances the quality of the products sold, and this makes sure that the company remains competitive. The positioning of the Gravity technology products will ensure that there is a distinction between those that Apple produces and this is through offering of the goods at an attractive price. The establishment of the cost analysis ratio is critical in the identification of the features that the product should have. It ensures that there is effective decision making on the pursuing of the strategy and the identification of the additional features.
The differentiation of the products also looks at the process of production where there is the use of the unique technology that helps in the creation of value of the products. The focus is on the identification of the target market and the characteristics that they show as through the goods offered to continue to gain profitability. Competition is also important in the identification of differentiation where it focuses on the positioning of the products in the market (Shao, 2015). It creates the importance required to enhance the reflection of the company in the market. The design of outputs is also unique and attractive as it helps in making sure that there is the practicality of the strategy that the company uses in differentiation. The constant observation of the changes in the market ensures that there is the continuous innovation of the strategies to use.
Leader or Follower
The intention of the company is to become a leader in the market, and this is where there is there is the constant update of the processes of the company to get a market share in the enterprise. The maintenance of the leadership position requires that there is an increase in the efforts of the company in making sure that there is the determination of the advantages in the market. It means that the company has to stay focused on the methods that they use in the production of the goods and services and to remain radical on the different processes. The enabling of the processes is important as it ensures that there is the evaluation of the revenues and the expenditures that the company incurs and this assists in the adoption of the new technologies helping to gain the leadership in the market.
The representation of the different concepts of the business is important as it ensures that there is need to build a robust market. The company abilities to identify the complexities that exist in the market help in the creation of strategies that enhance the innovation in the enterprise (Ejdys, 2015). The coordination in the company is strategic for the leadership of the company as it ensures that there is an evaluation of the chain that is important to the success of the business. The discovering of the different opportunities in the market and the strategies that the competitors use in the capturing of the competition ensures that there is the creation of relationships that are sustainable with the consumers. There is a need for the market to identify the processes that they should use gaining the biggest market share.
Social Media Strategies
Social media marketing is important as it enables the company to reach a wider target market. It helps increase the interaction of the customers with the brand in the market and in this case ensure that there is the meeting of the interests of the target group. Internet marketing helps the company to meet the goals of branding and allows for the sharing of the purpose of the business (Sztangret, 2016). It is important that there is the incorporation of the tools of social; marketing while developing the plan of the company as it is through this that there is the reaching to a broad target market.
The use of Facebook in planning creates the awareness of the existence of the products, and this ensures that there is the popularization of the products that the company sets to launch. The use of Twitter is also an important tool that helps in increasing traffic to the enterprise websites and the attraction of the potential clients to the enterprise. The content that the company uses in the creation of the site ensures that there is proper planning and that the links are given direct the clients to the enterprise's website. The social networks also help in portraying the company in a positive light giving value to the brand.
Integrated Marketing Communications
Integrated marketing communications are the tools that the firm uses in reaching out to the potential customers. The aim is to ensure that the customers are aware of the products that the company produces. With the utilization of the integrated marketing, there is the linking of the messages and the communications that the company wants to pass. Advertising by the firm is linked to the prospects that the customers make on the different products, and this is important as it ensures that there is the meeting of the needs of the market. The use of public relations by the company ensures that there is the maintenance of the relationships that are meaningful in the building of the enterprise. It helps in portrayals of the vision and the mission of the organization, and this is critical for the improvement of the perception of the public towards the company (Keller, 2016). The use of mailings targeted to the specific clients is an advantage to the business as they get to see the response from the advertising that the firm does. It ensures that there is sending the messages that meet the clients’ needs by answering the different queries on the products of the organization. It is linked to advertising for the company as there is the provision of the website link and as such people are in a position to make decisions regarding their consumption of the products.
The development of the different strategies such as the distribution and the branding and pricing strategies are critical in ensuring that there is the creation of competition in the market. The focus on the needs of the consumers in the market and the goods that they require enhances the competitiveness of the company. It means that they are in a position to fight competition in the market and at the same time deliver on the promises of the enterprise. There is focus on the innovation strategies that ensure that the company becomes a leader in the market and this together with the integrated marketing communications used help in positioning the company in the market.
References
Ejdys, J. (2015). Marketing Orientation Vs. Innovativeness Of Smes Of The Podlaskie Province. Business: Theory & Practice, 16(4), 353-361. doi:10.3846/btp.2015.563
Ishtiaq Ishaq, M., & Munazer Hussain, N. (2016). Creative Marketing Strategy And Effective Execution On Performance In Pakistan. Rae: Revista De Administração De Empresas, 56(6), 668-679. doi:10.1590/S0034-759020160608
Keller, K. L. (2016). Unlocking the Power of Integrated Marketing Communications: How Integrated Is Your IMC Program?. Journal Of Advertising, 45(3), 286-301. doi:10.1080/00913367.2016.1204967
Moorman, C., & Day, G. S. (2016). Organizing for Marketing Excellence. Journal Of Marketing, 80(6), 6-35. doi:10.1509/jm.15.0423
Shao, X. (2015). Product differentiation design under sequential consumer choice process. International Journal Of Production Research, 53(8), 2342-2364. doi:10.1080/00207543.2014.951091
Sztangret, I. (2016). Social Media As A Just-In-Time-Marketing- -Knowledge-Diffusion Tool On The Example Of It Sector. Acta Scientiarum Polonorum. Oeconomia, 15(4), 157-169.