Market Strategy, Marketing Channels, Implementation, and Monitoring

Market Strategy, Marketing Channels, Implementation, and Monitoring

New Customer Segments

According to Chernev (2020), customer segmentation guides the marketing team on the appropriate marketing approaches. The new customer segments for the proposed marketing strategy will be occasion-based customers, eco-friendly customers, impulse buyers, and customers who leave products in their carts without checking out. Occasion-based customers are customers who purchase products at specific times or occasions. Eco-friendly customers are mindful of the environment and how a company’s activities, products, and services affect the environment (Chhetri & Kumar, 2022). These customers purchase products and services from customers they perceive to be mindful of the environment and those who protect the environment by adopting environmentally friendly practices. Impulse buyers are customers who purchase products without planning.

Marketing Mix for New Customer Segments

• Products

The company will create a product category for specific occasions such as travel, sleeping, dining, celebration, and swimming. This will make it easier for occasion-based customers to view the products they may seek for selected occasions. The company will also introduce new products on special occasions such as Christmas, Thanksgiving, New Year’s Eve, and Halloween and offer flash sales to attract more customers.

• Price

The company will create discounts to attract impulse buyers who may purchase a product due to the expectations that the price may change, thus taking advantage of the discounts. Price will also be used to attract occasion-based customers during occasions such as Thanksgiving, Halloween, New Year’s Eve, and Christmas. The company will sell selected products at discounted prices during these occasions.

• Distribution

The company will distribute its products online and through its physical stores. The main adaptation in distribution will be using electric cars to attract eco-friendly customers. The company will offer same-day and free delivery charges to encourage customers to check products in their carts.

• Traditional Promotion

The company will advertise the company’s products through newspaper ads and flyers and provide information on available discounts and flash sales to attract impulse and occasion-based buyers. The company will also adapt word-of-mouth marketing to reach occasion-based buyers, including celebrity referrals, during festive seasons.

• Online Promotion

Online promotion will include content marketing and infographics indicating the products offered at discounted prices, flash sales, and other offers on unique products that are back in stock after being out of stock for a while. The company will adapt video marketing to reach occasion-based customers by streaming events and videos of customers giving their reviews about the event and the products offered.

Marketing Implementation

The marketing plan will be organized by geography. The company will begin by identifying the distribution of the selected segments in different regions based on comprehensive market research and implementing appropriate marketing strategies. For instance, the company shall not use traditional marketing channels such as flyers in areas dominated by eco-friendly customers to avoid environmental pollution, which may occur when the flyers are not correctly disposed of, leading to littering the environment. The implementation of the marketing plan will include assigning responsibilities to a team of marketing experts who will be responsible for marketing decisions. The experts will include the chief marketing officer, marketing manager, social media manager, marketing analyst, and marketing strategist. The chief marketing officer will decide about the company’s advertising initiatives, such as selected advertising channels and the marketing message. The marketing manager will decide how to enhance the effectiveness of the chosen marketing initiatives.

Further, the social media manager will make decisions relating to appropriate content to post on the company’s social media platform and proper feedback to questions and concerns raised by customers on social media platforms. Similarly, the marketing analyst will decide the appropriateness of the selected marketing channels and recommendations to improve the company’s marketing approaches. Finally, the marketing strategist will make decisions relating to adjustments to existing marketing strategies to enhance the marketing plan’s effectiveness.

Marketing Communication Channels

Channel	Target Market	Advantages	Disadvantages
Direct mail	Customers who leave products in their carts without checking out	·         The company can target a specific group of customers ·         Enables the company to provide detailed information about its products and services	·         Email recipients may find the emails annoying and redirect them to spam emails ·         Low response rate
Print ads	Impulse customers Occasion-based customers	·         Reach a broad customer base because people from various generations read magazines and newspapers ·         The company can target customers from a specific geographical region	·         High cost due to publication payments ·         Possibility of advertising overload because many organizations and brands use print ads that are often printed on one page
Events	Occasion-based customers	·         Creates an opportunity to reach new customers, thus increasing brand awareness. ·         Strengthens existing relationships with customers	·         Time-consuming to plan and execute. ·         High cost due to expenses such as the event venue’s payment, licenses, and branding
Telemarketing	Eco-friendly customers	·         Allows the company to respond to customer questions or concerns. ·         Building trust by addressing customer concerns and providing the information requested by customers	·         The company has to train telemarketing agents on the required code of conduct. ·         Low conversion rate due to the difficulty finding the right potential customer to contact
Social media platforms	Impulse customers Eco-friendly customers	·         Wide customer reach because each social media platform has potential customers ·         High customer engagement by responding to customer concerns and product reviews	·         Customers have more control over the company’s reputation based on their reviews and feedback ·         Exposure to competitors thus creates stiff competition
Company website	Impulse customers Customers who leave products in their carts without checking out Occasion-based customers	·         Access to the global market because customers worldwide can access the website and check out the company’s products and services ·         Increased customer engagement because customers can contact the company through the website chat platform. Customers can also post product reviews on the company website and receive feedback.	·         Website format may limit access to critical information if a client cannot navigate different sections on the website ·         Poor website maintenance may affect its marketing effectiveness, particularly if customers cannot access the website due to security restrictions

Strategic Actions

Action	Date for Completion	Person/Role Responsible	Standard/Metric
Pay for newspaper ads and begin posting ads in local newspapers	15/9/2022	A.Rein, marketing manager	Approval by the chief marketing manager
Design flyers for a direct mail campaign	1/10/2022	T.Sloan, graphic designer	Approval by the chief marketing manager
Design infographics for online content marketing	1/10/2022	T.Sloan, graphic designer	Approval by the chief marketing manager
Update the company website to include occasion-based product categories	1/10/2022	T.Sloan, graphic designer	Approval by the chief marketing manager
Plan events that will be used to advertise specific products	15/10/2022	J.Griffin, marketing strategist	Approval by the chief marketing manager

 Monitoring

Action	Target	Person Responsible	Inter-measurement
Pay for newspaper ads and begin posting ads in local newspapers	20 new inquiries per week	Regional marketing manager	Three new inquiries per day
Design flyers for a direct mail campaign	100 new email responses	Marketing analyst	Ten email responses for every 15 emails sent per day
Design infographics for online content marketing	1000 new inquiries	Marketing strategist	500 new inquiries within a month
Update the company website to include occasion-based product categories	1500 new web visits	Marketing strategist	1000 new web visits within a month
Plan events that will be used to advertise specific products	Ten new event attendees for every event	Marketing strategist	Five new attendees in the first event

References

Chernev, A. (2020). The marketing plan handbook (6th Ed.). Cerebellum Press.

Chhetri, S., & Kumar, A. (2022). The attitude of customers towards eco-friendly practices. International journal of health sciences, 9247-9256. https://doi.org/10.53730/ijhs.v6ns1.7091

 

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Company Description

Describe the company for which you are designing the plan. Include:

• Mission Statement
• Vision Statement
• Product line description
• Company information, such as the size of the company
  

  Market Strategy, Marketing Channels, Implementation, and Monitoring

Environmental Analysis

Analyze the forces that affect the company and marketing efforts.

Competitive Forces

Analyze the company’s key competitors. You may use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors.

Economic Forces

Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to reduce or eliminate plastic waste in your county drastically.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues affecting your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.

Technological Forces

Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries.

Social Forces

Analyze social trends and how they may affect your business. Considerations may include whether your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in how things are done or changing social values.

Current Target Markets

Define the company’s current target markets. Describe these targets’ demographic, geographic, psychographic, and product usage.

Review Current Marketing

Review the company’s current marketing tactics. Consider how people find out about the product, get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing.

SWOT Analysis

Assess your company’s strengths, weaknesses, threats, and opportunities, and then evaluate how to address these in your marketing plan.

Strengths

Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc., distinct in how the organization meets its customers’ needs.

Weaknesses

Assess what limits the company may have in its current marketing strategy. Consider if a company’s weakness needs to be addressed through Public Relations or Marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or marketing plans.

Strengths to Opportunities & Converting Weaknesses and Threats

Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, changing the product line or managing new markets.

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate goals, modified by the company’s resources. Goals should include a date for the completion of the goal and how success will be measured. For example, the company will expand its marketing efforts to reach a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address this age group’s specific psychographic and technological needs. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%.

Part B: Marketing Data Analysis

Internal Data

Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed.

• Source
• What it Measures
• Data
• Potential Usage

Secondary Data

Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed.

Primary Data

Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed.

Customer Relationship Management

Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed.

Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring

New Customer Segments

Determine any new customer segments for your strategy and describe how you will provide value to each segment.

Marketing Mix for New Customer Segments

Determine adaptions for each new customer segment.

• Products
• Price
• Distribution
• Traditional Promotion
• Online Promotion

Marketing Implementation

Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be managed by market, geography, and who is responsible for marketing decisions.

Marketing Communication Channels

Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey critical messages. Describe the advantages and disadvantages of each channel you choose. Insert or remove rows as needed.

Strategic Actions

Develop specific activities required to implement the marketing plan. Please identify the person or role responsible for each action, when it will be complete, and what standard or metric indicates that the activity is complete. Insert or remove rows as needed.

Monitoring

Develop the measurement to identify how you have succeeded with each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed.