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Marketing Planning Assignment Help
This is a solution of marketing planning assignment help in which we discuss marketing plan for the new launch company and product in Australia.
This report has been prepared so as to prepare a marketing planning for an international IT company for the launch of a new product in Australia. For this purpose a company has been selected named as “Odecee Pty Ltd” an IT company of Australia. A new product has been developed which is a wearable accessory that looks like a wrist watch, which incorporates computer and advanced electronic technologies for fitness and exercise. For evaluating the effectiveness of the gadget in the market there is a need to conduct a market survey so as to gather information regarding the product. This program discusses the analysis of the environment in which business is offering the product so as to analyse the factors affecting the success of the product. Marketing mix has been used which is an effective tool used in marketing that helps in determining the product’s feasibility (Smith, 2016).
For launching a product, an organisation needs to analyse and evaluate the factors present in the environment so as to evaluate the effectiveness of the product. For this purpose Odecee need to evaluate the internal and external factors that affects the launching of the new product.
Analysis of the internal factors: internal factors includes the availability of the resources required for the production of the product, availability of the capital for the purpose of executing the activities of the business, culture of the organisation, management changes and effective planning. All these factors need to be analysed in an effective manner so as to ensure the launching of the product in an effective manner. These factors can have positive as well as negative impact over the feasibility of the product and its effectiveness (Mitchell, 2015).
Analysis of the external factors: external factors include competition, market conditions, trends or conditions of the industry and industry. These factors are outside the control of the business and these factors can affect the launching of the product in the market as it affects the market and product. Analysis of the competition in the market helps in enhancing the performance of the product offered to the customers in the market (Casas, et. al., 2011).
Opportunities and issues statement
Odecee need to identify the threats, opportunities, strengths and weaknesses which creates issues in the launching of the product in the market including competition, availability of resources, human resource, capital, market surveys for the purpose of evaluation of the ability of the product to meet the requirement of the customers. Identification of the threats, opportunities, strengths and weaknesses helps Odecee in adopting effective measures which helps in reducing or minimizing the impact of these issues over the performance of the product and of the business. The main threat to Odecee can be the technological changes which are occurring on frequent basis. And identification of the strengths and weaknesses helps in building a strong base in the internal environment of the organisation. Opportunities have helped in the development or inventing or making innovation in the product so as to match up with the needs of the customers or trends of the market (Calantone, et. al., 2012; 2011).
Marketing can be understood as promoting the product in the market and conducting research for analysing the success of the product in the market. The main objective of marketing is to evaluate the effectiveness of the wearable accessory for fitness and exercise in attracting the customers and satisfying the customers and their wants (Smith, 2016).
For the attainment of the objectives there is a need to implement marketing strategy. Odecee can use these strategies for conducting the market survey so as to analyse the impacts of various factors over the performance or success of the product in the market. Before offering the product in the market Odecee need to target the population. And surveys will be conducted for the purpose of analysing the pricing policies for the product. For the purpose of promotion of the product Odecee can use the various mediums of mass media which includes television, radio, newspaper andpamphlets for attracting the customers and making them aware about the product and its features.Or Odecee can offer the products as samples or at discounted prices for analysing the behaviour or reaction of the customers towards the product. All these measures can be effectively used by forming a strategy for the proper adoption of these measures. Marketing strategies helps in gaining a competitive advantage over the competitors in the market (Kim, et. al., 2011; 2012).
There are 7 P’s of marketing mix which need to be considered for the preparation of the marketing planning process. These 7 P’s helps in the determining the brand’s offer or a product. These P’s helps in the identification of the different aspects which can affect the marketing planning process and its implementation in an effective manner. These are discussed below:
What is to be done
Cost involved ($)
During deciding the pricing policies and discount policy
While deciding the place for offering the products.
Before starting the marketing planning process (Brooks, et. al., 2012).
During the formulation of the ways for promoting the product.
During the marketing planning process.
During the market survey for the identification of the consumer’s behaviour
7) physical environment
During the evaluation of the place (Brooks, et. al., 2012).
Brief budget/ profitability analysis
Market survey for identification of the requirements of the customers
Procurement of resources for the production of products
Transportation, packaging and storage expenses
Help of experts for preparation of marketing plans
Implementation of marketing plans
Monitoring and control
For the purpose of ensuring the achievement of the objectives there is a need to monitor the activities involved in the business related to the launching of the product. So that effective measures can be applied for controlling the flow of activities in the right direction. Odecee needs to monitor the marketing planning process and implementation process at every stage so as to ensure that the activities are moving in a right path.This will ensure the launching process in an effective manner. Monitoring the various stages will help in identifying the issues in the implementation of the launching process and adopting measures for controlling the activities. Monitoring and controlling process ensures the attainment of the objectives of the business.Monitoring and controlling process helps in the evaluation of the different aspects related to the marketing planning process so as to ensure the launching of the product by Odecee in an effective manner (Smith, 2016).
Summary and conclusion
This program has been conducted for preparing a marketing plan which helps in evaluating the success of a product in the market. Launching a new product in the market is a complex task which needs evaluation of the various internal as well as external factors that can affect the launching process. It covers the role of marketing strategies in achieving the marketing objectives of the business. Marketing mix helps in the evaluation of the different factors including price, place, people, product, process, physical environment and promotion over the launching of the product in the market and its ability to satisfy the needs of the customers. It also covers the monitoring and controlling activities so as to ensure the effectiveness of the marketing planning process so as to generate the desired outcomes.
- Brooks, N. & Simkin, L. 2012, "Judgingmarketing mix effectiveness", Marketing Intelligence & Planning, vol. 30, no. 5, pp. 494-514.
- Calantone, R.J. & Di Benedetto, C.A. 2012;2011;, "The role of lean launch execution and launch timing on new product performance", Journal of the Academy of Marketing Science, vol. 40, no. 4, pp. 526-538.
- Casas, R. & Dambrauskaite, V. 2011, "Factors of the innovation-friendly external business environment in Lithuania, promoting the emergence of the "Born Global" companies/Inovacijoms palankios isorines verslo aplinkos veiksniai lietuvoje, skatinantys "Born Global" imoniu atsiradima", Business: Theory and Practice, vol. 12, no. 4, pp. 303.
- Kim, K.H., Jeon, B.J., Jung, H.S., Lu, W. & Jones, J. 2011;2012;, "Effective employment brand equity through sustainable competitive advantage, marketing strategy, and corporate image", Journal of Business Research, vol. 65, no. 11, pp. 1612.
- Mitchell, D.T. 2015, "Internal and external factors affecting the perception of entrepreneurial opportunities", American Journal of Entrepreneurship, vol. 8, no. 1, pp. 0_7.
- Smith, R.T. 2016, "Just Between Us", The Southern Review, vol. 52, no. 1, pp. 60.