Market research identifies these factors and anticipates how they will affect people’s willingness to buy. As the economy and social attitudes change, so do buying patterns. In addition, it considers everything that affects buying decisions. These buying decisions can often be affected by wider factors than just the product itself. Although you have not specifically have been asked to produce PEST analysis, you should consider outlining some of the key important points that will have a direct impact on your company’s marketing effort. You can do this either as bullet-point or add it to your appendix.
Internal environmental factors, particularly competition from other businesses, as well as economic, legal and technological changes, social factors, the retail environment and many other elements affect your chosen company’s success in the market. Once the strengths and weaknesses are determined, they are combined with the opportunities and threats in the market place. The business can then determine what it needs to do in order to increase its chances of marketing successfully.
So, you need to outline here:
- Brief background info about your company.
- Some financial information, such as market shares, sale figures, market position, etc.
- Your company mission, vision and corporate strategy.
- Relevant brief macro-environmental insight (pest)
- An analysis of your internal environment (swot)
Segmentation, Targeting & Positioning Should Include:
- Review what you know and understand about your customers and their buying behaviour. Think about outlining how your company has identified and categorised the market based on segmentation criteria. Spell out their key targeting strategies, aimed target market and how they try to position themselves in the market against their competitors.
- Look at levels of customer satisfaction.
Marketing Objectives Section should cover:
A marketing plan must be created to meet clear objectives. Objectives guide marketing actions and are used to measure how well a plan is working. These can be related to market share, sales, goals, reaching the target audience and creating awareness in the marketplace. The objectives communicate what marketers want to achieve. Once marketing objectives are set the next stage is to define how they will be achieved: (via marketing strategy and marketing communications planning).
In this section, if you have managed to find out your company’s real marketing objectives, you need to outline them. If you have not been able to access this data, you need to write your own logical marketing objectives based on the research you have conducted. For this see the attached document where you can find examples regarding with marketing objectives setting. Once you have done this, you need to spell out the “issue(s)” where you can identify them by looking at your micro analysis (particularly pay attention to your company’s weaknesses and opportunities).
Marketing Mix (3Ps) should cover:
- Product Strategy: you need to identify the existing strategies of the company. Product strategies include decisions such as product design, packaging, branding, support services (such as maintenance), if there will be variations of the product, and what product features will provide the unique benefits targeted customers want. So, outline the actual, core and augmented product features.
- Pricing Strategy(ies): you need to identify the existing employed pricing strategies of the company by using some advert examples to illustrate your understanding on the topic. Alternatively, you can write a brief description of the employed strategies.
- Promotion: The promotions aspect of the marketing mix covers all types of marketing communications. The methods include advertising, sometimes known as ‘above the line’ activity. Under this section, yu will be talking about your promotional mix elements. In other words, marketing communications campaign planning. So, you should devote a separate section to outline your Marketing Communication Campaign Planning.
Marketing Communications Campaign Planning
This section is about the promotional strategy: how marketers communicate a product’s value proposition to the target market. Marketers use promotion strategies to develop the product’s message and the mix of advertising, sales promotion, public relations and publicity, direct marketing, and personal selling that will deliver the message.
This section will outline “how to we get there?”,
After identification of the main issue(s) for your brand or product, then break down each marketing communications element that you are proposing to employ to solve the issue, which will enable the company to achieve their marketing objective(s). First, set out your promotion or marketing communication strategy, thereafter, provide your employed promotional tools’ by breaking them down as:
- Advertising objectives.
- Sales promotion objectives.
- Public Relations Objectives.
- Direct marketing objectives.
- Experiential marketing objectives.
- Web development objectives, etc.
Note: Do not forget, you will not need to addressed all of the above, just choose the appropriate promotional tools that will enable you to achieve the company’s marketing objectives. You can justify this by demonstrating your understanding each promotional tools’ objectives in your writing.
Advertising is conducted on TV, radio, cinema, online, poster sites and in the press (newspapers, magazines). Other promotional methods include sales promotions, point of sale display, merchandising, direct mail, telemarketing, exhibitions, seminars, loyalty schemes, door drops, demonstrations, etc. The skill in marketing communications is to develop a campaign which uses several of these methods in a way that provides the most effective results. For example, TV advertising makes people aware of a food item and press advertising provides more detail. As the purpose of most marketing communications is to move the target audience to some type of action, such as to buy the product, visit a restaurant, recommend the choice to a friend or increase purchase of the menu item, you need to identify which communication strategy (tools) you are going to employ to achieve your stated marketing objectives and why?. In addition, based on your chosen communication strategy, you need to provide your medial planning which is about outlining ‘where and how’ you will use them.
- Whom you want to reach (think your target audiences or new target audience group)
- How you will communication (your promotional mix elements that you will use to reach your various target audience groups like advertising, email marketing, PR, trade shows, direct mail, etc.)
- What you want to communicate (your media messaging strategy, slogan, creative brief example may be example of advertising design or PR)
- Where and when, which specific media you are planning to use to reach your target audiences, i.e. newspapers: The Times & Guardian. (as these newspapers’ readers reach your company’s target audiences.