Discussion – Marketing Plan Overview
Introduction
The modern business environment is characterized by stiff competition among businesses across various sectors. One of the strategies companies use to deal with the stiff competition is marketing their products and services on various channels, including social media. The main impact of proper marketing strategies includes increased market share and profit maximization. Companies can use marketing plans to develop a proper marketing strategy and improve their marketing efforts to reach more customers. This report discusses the role of marketing plans in enhancing the overall business planning process, the similarities and differences between various marketing plans, and the use of readers and graphics in marketing plans to guide the reader. The report also includes a brand analysis of Epic Exploration Travel Agency.
How Marketing Plans Enhance the Overall Business Planning Process
A marketing plan is a document that outlines the marketing strategy that a business intends to use to reach its target audience. According to Hutchison (2010), a marketing plan improves communication within the company and enables the marketing team to examine past decisions and understand the impact of the decisions to prepare for the future. Businesses can also use marketing plans to increase their customer reach and improve the business planning process. For instance, a marketing plan can be used to support new market entries and pricing decisions. A marketing plan can also be used to select a service or product promotion strategy that aligns with the selected target audience. For example, a business can use a marketing plan to determine whether its products and services should be marketed through digital marketing, television, and radio, or a mix of various marketing methods based on the demographics of its target audience, such as age. A marketing plan can also improve the business planning process by providing the metrics that measure the results of the marketing strategies used to reach the target audience and their timelines. Businesses can also use marketing plans to enhance the overall business planning process by determining the marketing activities that should be completed to achieve the business’s goals and creating a budget based on the activities. A marketing plan can also enhance the overall business planning process by enabling a business to set key performance indicators that can be used to track its progress toward meeting its goals. For example, a marketing plan can be used to create key performance indicators for customer acquisition and brand awareness, thus enabling the business to plan the actions that should be taken to achieve the desired marketing objectives and other business expansion goals and objectives.
Similarities and Differences Across Various Marketing Plans
Marketing plans vary based on purpose, timeframe, scope, and channel (Nakić, 2016). Marketing plans are also categorized into business, brand marketing, marketing, digital marketing, multichannel marketing, and marketing campaign plans. The purpose of business marketing is to define the strategies that a company will use to increase profitability. The purpose of brand marketing is to define the audience that the business needs to target to meet its objectives. The purpose of marketing is to engage the audiences that the business is targeting to meet its objectives. Multichannel marketing on the other hand includes an integrated communication plan that a business intends to use to meet its sales target. Businesses also use marketing campaign plans as integrated communications plans to engage their target audience on different digital platforms. Marketing plans may also be designed based on the scale and type of business.
The main types of marketing plans include time-based, social media, and new product launch marketing plans. A time-based marketing plan is used annually or quarterly based on the current business condition, time of the year, and best strategies within a specific period. Social media marketing plans are used to advertise a product or services on social media platforms. Businesses also use social media marketing plans to plan how to engage their customers on various social media platforms. New product launch marketing plans outline how a new product will be introduced in the market, the specific target audience, and the best advertising strategy.
One of the main differences between time-based, social media, and new product launch marketing plans is their application within the business marketing strategy. For instance, social media marketing plans only focus on social media marketing. Conversely, new product launch marketing plans are only applied when a business is introducing a new product in the market. Time-based marketing plans, on the other hand, are only applied during a specific time. The second difference is the purpose of the marketing plan. Time-based and social media marketing are used to advertise an existing product or service. Contrariwise, new product launch marketing plans are used to advertise a new product or service. The main similarity between the three marketing plans is that they are all used to advertise products and services to a specific target audience based on the demographics of the target audience and their location. Another similarity between the three marketing plans is the purpose. Notably, the three marketing plans are used to inform the target audience about a company’s product and service.
How to Section Headers and Graphics Guide the Reader
Marketing plans include various section headers summarizing the content in each section. The main section headers in a marketing plan include the business’ current marketing position, marketing objectives, market research, target market, marketing activities, marketing mix, key performance indicators, marketing budget, and competition. Marketing objectives include the measurable and attainable goals that the business intends to meet. The current business marketing position includes the business’s current state in terms of the marketing position. Market research includes the information the business has gathered concerning customer needs, current market trends, expected direction, and industry sales volume. Marketing activities include the list of actions relating to marketing goals that the business intends to meet for indicated timelines and a scheduled period. Further, the marketing mix includes various factors that may influence the target customers to buy a product or service. The headers help identify key information within the marketing plan and organize the information in the marketing plan. A marketing plan may also include graphics that are used to summarize key information, such as competition and marketing mix. The graphics guide the reader by providing a summary of the key information in specific sections within the marketing plan.
Brand Analysis
Product
Epic Exploration Travel Agency provides travel services across the United States. The company operates under the brand name Epic Exploration. The company’s product line includes hotel bookings, sightseeing, and car rental and transfers. The products are customized based on the customer’s needs to increase customer satisfaction. The company also recommends places that customers can visit through its travel consultation services. The recommendations are based on the customer’s specifications and their travel needs. The company also engages its customers through social media platforms to identify places that people may be interested in visiting and get ideas on the travel programs that can be used to increase revenue and attract more customers.
Industry
Epic Exploration Travel Agency operates within the tourism industry. According to Premkanna (2016), the tourism industry includes international and domestic activities that people undertake for social, business, or leisure. The main categories within the tourism industry include food and drink services, accommodation, entertainment, and transport. Epic Exploration Travel Agency faces competition from key competitors within the industry, such as Direct Travel, Expedia, Booking Holdings, and Travel Leaders Group. According to Jesse (2020), the competitors have a large market share and have established a strong brand name in the tourism industry, leading to a high competitive advantage over companies such as Epic Exploration Travel Agency. Figure 1 below indicates the key competitors’ market share. Epic Exploration Travel Agency also faces competition from local hotels and travel companies providing similar services. However, the company has managed to maintain a competitive advantage by providing quality services to its customers and providing a wide range of products.
Figure 1
Top Travel Companies in the World by Sales
Note. From “Top 10 Travel Companies in the World By Sales in 2020 | Travel Industry,” by Jesse, 2020, Bizvibe Blog. https://blog.bizvibe.com/blog/top-travel-companies
Figure 1 above indicates that Booking Holdings has the largest market share, followed by Expedia. The two companies play a significant role in the growth of Epic Exploration Travel Agency’s market share since the company competes for customers with the two companies. Epic Exploration Travel Agency also competes for customers with local hotels and online travel agencies that dominate the global travel and tourism industry.
Target Market
A company’s target market can be classified based on the customers’ demographics, location, and psychological attributes. Epic Exploration Travel Agency’s target market includes customers of various ages. However, the primary target customers are young people between 28 and 35 years old. The company provides services that meet the needs of this group of customers based on recommendations on social media platforms and the information shared by the customers concerning their ideal travel destination. The company also targets people who love adventure and exploring different locations. This group of customers is targeted through various travel programs, including camping and hiking travel programs. The company also offers services that appeal to people who love traveling in groups and making social connections through travel. The company also targets customers from different places across the United States. Target customers in different geographical locations across the United States are reached through the company’s social media platforms and website.
POP and POD Analysis
Epic Exploration Travel Agency has focused on various points of parity and points of difference to create a competitive advantage over major competitors such as Expedia Group. One of the points of parity is the wide range of services. Epic Exploration Travel Agency provides a wide range of travel-related services, thus giving customers a variety of choices based on their budget. The second point of parity is a good selection of travel vehicles, including fuel-efficient vehicles. The company also offers electric cars that customers can recharge and use to travel across the United States. The company also provides unlimited miles for cars in the car rental category to reduce unexpected charges for customers renting the vehicles.
Epic Exploration Travel Agency uses various points of difference to increase its competitiveness. One of the points of difference is using a reward program to reward loyal customers. The reward program includes accumulating points that can be renewed to pay for the company’s services. The company has also introduced a referral program that includes rewarding customers who refer other customers with a discount when they purchase the company’s services. Another point of difference is offering a discount for customers who subscribe to get the company’s marketing content through email. The discount is applied to all services the customer purchases from the company.
Rationale For Marketing Concept, Total Market Segmentation, and Target Marketing
Epic Exploration Travel Agency’s marketing concept focuses on communicating the value of the services offered to customers to existing and potential customers. The brand uses various channels, including social media platforms, to market its products. The brand also uses total market segmentation to expand its market share by offering services that meet the needs of customers across different ages and locations. Total market segmentation also helps the brand enhance its brand awareness through word-of-mouth marketing among customers in different segments. Epic Exploration Travel Agency has also embraced the use of target marketing to market specific services to customers in different segments. This increases brand awareness, which increases market share.
Conclusion
Epic Exploration Travel Agency has established a strong brand name in the tourism industry by offering quality services to its customers. However, the company faces stiff competition from key competitors such as Booking Holdings and Expedia Group. The stiff competition can be overcome by developing a good marketing plan to market the company’s services to customers across the United States. The company can also use the marketing plan to improve the overall business planning by creating key performance indicators that can guide it in tracking its performance and market expansion. The company can also use the marketing plan to define the measures and metrics that can be used to determine whether its marketing strategy is appropriate. Epic Exploration Travel Agency can also use its marketing plan to determine the right marketing strategy to increase brand awareness in the tourism industry.
References
Hutchison, T. (2010). The marketing plan. Record Label Marketing, 419–433. https://doi.org/10.1016/b978-0-240-81238-0.00020-4
Jesse. (2020, April 22). Top 10 travel companies in the world by sales in 2020 | Travel Industry. Bizvibe Blog. https://blog.bizvibe.com/blog/top-travel-companies
Nakić, S. (2016). Marketing plan. Sveučilište Hercegovina, Fakultet društvenih znanosti Dr. Milenka Brkića.
Premkanna, P. (2016). Impacts of several factors in the tourism industry. Corporate Social Responsibility in the Hospitality and Tourism Industry, 239–246. https://doi.org/10.4018/978-1-4666-9902-1.ch018
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Question 
Discussion – Marketing Plan Overview
Write a 4- to 6-page paper in which you complete the following:
• Write a 2- to 4-paragraph introduction about your observations of various marketing plans. Address the following, and provide specific examples to support your answers:
• How do marketing plans enhance the overall business planning process? • Discuss the similarities and differences across the various marketing plans. • How do the section headers and graphics help guide the reader?
Select the brand you will use as the focus of this project.
Compile the following information. Provide a reference for any real-world data you collect, and identify any data that you must estimate.
• Product: Provide the brand name, logo, product line, packaging, and other relevant information.
• Industry: Name the industry, list key competitors with market share, and give special emphasis to the category leader.
• Target market: Provide the primary consumer group profile (demographic, psychographic, and geographic information).
Conduct a POP and POD analysis in which you compare your brand with the category leader. This should be written from the consumer’s perspective.
Provide a rationale for the brand’s marketing concept, total market segmentation, and target marketing.