Good Essay On Strategic Plan
Ethan D’Souza, Michael Daum, Badur Muzaffar, Danielle Szalkowski
MKG631 - Strategic Marketing
Dr. Paul Richardson
Section 1: Customer Analysis
The firm MktMstrs does presumably apply a couple of strategies that are vital for its survival in the market globally. The strategies include marketing analysis and marketing mix. The strategies engage in becoming fast-growing demographics and economic segments. The firms have been extended into a wide array of shoppers across the various stratums of customers. The customers are in the various platforms: online platforms, retail shops, mass specialty and mass merchandise shops too. The markets that have experienced economic growths are visible in the mass merchandise shops platforms. The growing population in target markets offered a wide market for the MktMstrts branded products, (Company Overview, 2015).
Current Customer Segment
The segmentation of products is both geographically and demographically. Demographic targets were children for explorers, shoppers, professionals, high earners and the savers too. The products aim for this sort of stratification, in every market is always done with a view to meeting different regional needs for goods and services especially in terms of tastes and packaging.
The current market in terms of thousands of tonnes, in the current period, amounts to 702,000 units. The data is representing in the illustrations below in figure 1.1.
The stratification of the current segment in the market is as follows:
The above table the savers represent the section that consumes the highest percentage out of the groupings of the customers that are representative of the customer segment. The probable explanation represents the easiest way that the one can get access to goods and services for there is less logistic that have to be dealt with by both the client and the firm too.
The Potential Customer Segment
This refers to the method of singling out the applicable odds for a marketing mix and those specific choices that are related to them. The idea is essential to the specific business for it is what defines the course of action the company seeks to encompass as it ventures into the market environment (to find new clients).Maximizing the potential that bears the numbers for the company is always a challenge for the marketing arm of MktMktrs, and it is the major goal for the firm as a whole. The firm, MktMkrts identifies respective strategies that allow the stipulated markets to be the basis to reap a capital gain from which all its expenses are sourced. The firms is based on the proffered analysis can adapt its product towards accommodating the specialty groups, the social classes, and the different levels of income brackets.
The potential market in terms of the projected markets is as follows:
The projections above are a good indication that the firm bids on a mission to review their marketing and more specifically the platforms of choice. They are targeting to lower the segment that goes to the savers, and instead they boost the shoppers and the explorers segment instead. The segmentation strategy is guided by the business’ goals and objectives.
In this light, for this reason, it is evident that the firm is looking forward to a different way of running the business. The business goal is always towards ensuring that the respective entities within the society while also ensuring that the business objectives are also safeguarded, and the firm in question is no different. The preceding analysis encompasses the respective objectives under each of the stipulated categories.
Section 2: Competitor Analysis
The sales volume for MktMkrts, just like in all the cases and the scenarios of competition analysis, is a clear indication of how well or otherwise a business is doing. The firm fares substantially well in comparison with its completion.
The existing competitors by segment are best illustrated in figure 1.4 below:
The above illustration shows that there are various brands that are substitutable with the firm’s products. The product is manufactured and distributed by firms like Royal and Tycoon. The competition branding is almost similar, and the margins of market segmentation are very thin. The market share is reasonably stratified, but there are sections whereby the firm is losing out to both Royal and Tycoon. For instance, the Royal can push their brand product named, Rock on the specialty store. Royal has a 26% share of the market share. Tycoon has a 21% of the market in the specialty market for its product referred to as, Tone.
The sales, market share, cost structure and the profits for the other competing firms are important when looking at the competition. Their sales and the market share is indicated in figure 1.5 above. The cost structure is shown below:
Section 3 Market Analysis
The markets do evolve especially in terms of the product life cycle. The concept is very much so when the projections of the products sold is laid out. For instance, the projected trend for the products of the firm MktMktrs portrays an upward trend. The trend is illustrated in figure 1.3 above.
The competition and the R&D are changing because they are dynamics in the line of business. The most notable of this is that the firm shows that it’s shifting to online marketing, and this is most likely driven by the impact resonating from the competition and the market trends.
The elements of the marketing mix evolve due to the dynamics that are at play, just as mentioned above. The firm will reach out to more customers through a change in the marketing strategy.
The industry’s profitability looks to be on the rise. The reason it is on the rise id because there is a substantial increase in the platforms that the customers get their goods from, the immediate future. The sales volume has hence risen substantially as a result of this increase.
The cost structure becomes the only factor that will draw the lines between the competing firms in the market. However, this does not guarantee that lower prices will ensure that the firm will make a cut. Instead, the best possible strategy as a result of the high stratification that is visible in the case at hand, is tethered to the sole concept of having varied prices for each consumer group.
Section 4 Environmental Analysis
Every firm is faced with its environmental threats, opportunities, and trends. The major environmental threat that is facing the firm MktMktrs is that of establishing itself in the specialty market. The largest opportunity that has presented itself for the firm is that of the largely unexplored online market. The online market has not been exploited by its competitors and hence this is an opportunity that MktMktrs needs to use a stepping stone into the future.
The major strategic uncertainties and information need areas for the case at hand needs to be focused on the future and emerging trends of the market. The trends are too vital to be ignored. The firm needs to get to react to these trends by making it hard for competition.
Section 5 Internal Analysis
The current segment is the basis of the internal analysis, and it is well laid out in the graphical representation in the figure (). The current segment is as a result of a study that was conducted by the marketing and research team of the firm in the Sonite market. The research found the current market is not very evenly balanced in terms of the target and the actual distribution of the products. The study is based on a sample of 3000 subjects who are sourced from the market segment. The sample is arrived at using the various strategies that would be ideally applicable in the scenario like the one below. The other strategy is developing consumer loyalty among the customers to prevent them from switching to other similar products and narrowing down to those that are responsive. This has been achieved through building brand name and offering discounts to different market segments such as the professionals, the high earners and the like.
Section 6 Strategy Development
The promotion strategies in marketing involve various platforms such as online advertisements and media to reach the targeted customers. The print media also plays a role in Mktmstrs brands. These have been supplemented with consumer campaigns through direct and personal selling.
The major current segment is derived from the regions that consume more of the firms’ goods, for those are the ones that would ideally depict a clearer indication of the real consumption pattern. The current segment is dependent on the brand awareness, the purchase, consumption intentions and the general shopping habits of the target market.
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