Example Of Business Plan On Marketing Plan
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Bio pet is an Australian company producing natural and organic dog food. They have a range of products for the dogs. Bio yogurt is a product of the Bio pet which has features of adding immunity to the dog. It is a diet rich in protein and helps in promoting skin of the dog. It also features to help the dog in digestion of the food. The profitability of an organization is dependent upon the revenue level of an organization, while the sales are dependent upon the promotion and marketing of the products and services of an organization. The marketing plan for Bio Yogurt is given below
Situation analysis can be divided into four parts. The first step through which situation analysis starts is the identification of the trends in industry. According to the statistics the number of pets in Australia is crossing 65 million. 62 percent of the households have a pet and some have more than one. The pet industry is growing at a much faster pace. There is an increase in the pet store, kennels and pet food suppliers. The growth in the pet industry is speculated to increase at an average of 4 percent over the next five years.
Second step of situation analysis deals with competitor’s analysis. There are many models that can be used for the external analysis of which one is the Porter Five Forces Model. This model is suitable for the analysis of the companies working in an environment, which can be classified as the hyper competition. Porter Five Forces Model have five core areas, it includes: new entrants, supplier’s bargaining power, customer’s bargaining power, substitute products and rivalry. There are number of other players in the market that produce dog food. Therefore the competition among the rivalry brands is enormous. The technology required to is also easily accessible and there are a few regulations. Therefore, new players can enter the market easily. The supplies can also be found easily giving a decreased power to the suppliers, therefore, company can negotiate with the suppliers at own terms. Different players in the market give customer an edge and customer can choose among several products. In this way the bargaining power of customer is high. These factors should be kept in mind to create competitive advantage.
The third step or the third part of situation analysis is the assessment of own company. SWOT can be used for this purpose. The strength of the Bio pet is that it has a large number of products and customers as well. There are loyal customer of the company which will also purchase the Bio Yogurt. The weakness of the Bio Yogurt is that its premium features make it a bit expensive. Therefore the customers will switch to other brands. The company has an opportunity to make liaison with the dog kennels to promote their product. The enormous competition in the market is a threat for the company. Bio pet has to be responsive to the competitors’ strategies to flourish in the market.
Marketing goal of a company is to increase the growth by 10 percent by the end of the year 2015. This growth will be achieved by penetrating into untouched marketing areas in order to ensure increased marketing share.
There are different marketing strategies that can be applied by the Bio pet company in the market for the advertisement and promotion of its products in the market. Ans-off Matrix can be used for the analysis and the evaluation of the available strategies for the company that can be applied by the company in the market in order to increase its sales. It includes the marketing penetration, marketing development, product development and diversification. Diversification is not recommended, while one strategy will be selected from the available three strategies and it’s the “marketing penetration. Marketing penetration can be used by the Bio pet company for the promotion of its products and service in the market.
There are two essential elements of the marketing goals of the company like the Bio pet company of which on is the focus that has discussed above that the company should be focused towards its target and the goal should be achievable. The other elements, that is also part of the Marketing goal is the Benchmark of the company. The company like Bio Pet can target another company of the market as its benchmark, which have more resources as compare to the Bio pet company and which have high profile in the market in term of its financial performance in the market along the revenue levels earned by the company.
Marketing penetration deals with the promotion and advertisements of the existing products in the 4xisting market. In this process the Bio pet company have to increase its production and its efforts to increase its sales unless until the market got saturated. As Bio pert company is operating since last 25 years in Australia, so the Bio Pet Company has already achieved the brand enhancement in the market so the company will not have to put extra efforts and utilize its extra resources in applying the marketing penetration.
In market penetration strategy the Bio pet company just have to focus on the channels and patterns that can increase the access of the customers to the products. Company can also afford to charge low prices on its product like the dog food so that the any new entrant in the market can be discouraged. If company will charge low prices as the part of the marketing penetration strategy then the Bio pet company will be success full to stop the customers of the market to not attracted toward the other substitute products available in the market.
These all steps by the Bio pet company will increase the demand of the Dog food provided by the Bio pet company so the customers bargaining power will be reduced as there will be increase in the demand of the Dog food. While charging the low prices or while adopting the marketing penetration strategy that the quality of the products of Bio pet company should not be reduced because the reduction in the quality of products of Bio Pet company will have adverse effects on the brand image of the Bio pet company ion the market
The primary objective or goal of any marketing plan is the promotion and advertisement of the available products and services of the company in the market so that the market share of the company can be increased. The other objectives that can also be achieved through marketing and advertisement are the brand enhancement is the Bio Pet Company. Bio pet company can be in better position, while competition with its competitors in the market if Bio pet company is cleared about its goals and the patterns that can channelize the Bio Pet Company to the success.
Even in highly competitive environment the company can get higher level of revenues by incorporating the proper marketing plan for the promotion of its products like the dog foods which the company is going to introduce in the market. the point that should be consider by the Bio Pet company while deciding about its goals and objectives is that the targets should be based on the realistic and tactical assumptions rather than based on the hypothetical and theoretical approaches towards the markets by the Bio Pet company.
4 P’s of Marketing Mix
Bio product has a wide range of products. The company deals with all kind of dry and wet dog food. This marketing plan is about a newly introduced product name Bio Yogurt.
The product is priced high due to the premium features of the product. Price is one of the other important factors which the organization should consider while offering its products in the market. The price should not be beyond the power of the customers and also not so cheaper which creates perceptions as it is an inferior product. It should be reasonable and satisfy the needs of the customers. The company should use penetration pricing strategy to penetrate the existing market with the new product.
Bio yogurt is available at major retail outlets throughout the country. Bio pet has a vast distribution network and delivers the products to a large area through established network of retailers in the country. The company should focus on increasing the network by adding more retail stores into the network. It should cover the southern parts of the country and should make their product available at the major retail stores. In this way company will be able to cover the untapped market areas. Place is a very important element of the marketing mix because it helps the organization to produce or provide the products and services for its targeted customers only to enjoy the absolute sale in the market. Place can also provide assistance to the Bio Pet company while deciding its distribution channels or sources to provide the goods and services to its customers at lower costs. It enables the organization to take the competitive advantage in the market.
Promotional strategies are very important to send the right messages to the targeted audience regarding the products and services offering by the Bio Pet Company in the market. Promotional strategies are connected with the means of communication that the company requires to have the conversation with its customers. the various means or channels of communication can be used which includes Television, internet, radio, billboards and all the other sources that enable the organization to create awareness among the customers regarding the products in the market.
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