Final Marketing Plan

YOU NEED TO FOLLOW THE STEPS…

Throughout this course you have created different sections of your marketing plan. Now it is time to pull everything together. You will complete your marketing plan in two steps.

Step 1 of 2

For step 1, please do the following:

  • Update and finalize your Executive Summary
  • Create a Table of Contents

Step 2 of 2

  • Submit your entire Comprehensive Marketing Plan (including every project assignment, starting with the Executive Summary and Table of Contents, and ending with your Controls).

Save your assignment as a Microsoft Word document.

Running Head: MARKETING STRATEGY 1

MARKETING STRATEGY 5

Marketing Strategy

Name

Institution

Marketing Strategy

Marketing strategies are plans of action plans put in place by a company in its bid to promote and sell its goods or services. It is an overall plan of the business on reaching as many people as possible and converting them into potential customers of the company (Gupta, 2017). A marketing strategy is designed with the aim of increasing company revenue through increased sales. This paper discusses the marketing strategy adopted by beauty clad collection.

Product Positioning

In order to attract more customers on board, the company would adopt a price discounting strategy whereby customers will pay less for durable products. However, the discount package would be available is goods are purchased in quantities. Elsewhere, the company would use product differentiation method such as producing a variety of clothes for all classes of people including children. The company’s market segment is the women who are working. Elsewhere, the company’s value proposition would the cheap way to look smart. In order to make our products different from others, the company would begin producing customized products that meet the specific needs of different customers.

Product Strategy

The company’s main products are clothes; therefore, in order to build a strong brand, the company plans to zero in the potential customers to its products by creating a brand name and advertising it to potential customers and being consistent in enforcing the brand message to customers.

Pricing Strategy

The company would adopt a penetration pricing strategy so as to attract more customers. This strategy would enable the company to have many customers and remain competitive in the market thereby relying on the big number of customers to earn its return on investment. The price set by the company would more attractive compared to the competitors whose prices remain high in the market. Based on this pricing strategy, the company would factor in the variable costs which are not very significant to affect the profit margins. Moreover, the fixed costs of the company remain the same and do not affect the profit margin depending on the price floor of the company.

Distribution Strategy

The company has the intention of getting its products to the customers through online shopping where the goods would be displayed on the social media platforms and distribute them through sales representatives who would deliver them to customers who give a special request (Racz-Akacosi, 2017). In order to cut down the costs, the company would adopt a direct channel of distribution whereby products go directly to the customers and avoid middlemen who would increase prices. Equally, the distribution channel chosen by the company gives it an opportunity to directly engage with customers and know their preference.

Marketing Communications Strategy

The company would use the social media platform as its main communication strategy since it has a bigger influence on many people thereby making it easy to attract many customers. Equally, the traditional marketing methods such as the use of sales representatives would be used to reach more customers directly. Moreover, the company would use promotion mix such as advertising both in print and television media channels (Racz-Akacosi, 2017). This would enable the company to increase its customer base and remain on a competitive edge.

Marketing Research

The main plan for market research is to identify what the customers feel is not desirable and how to improve it with a new feature or do away with it. In order to do this, there is the need for a good approach to the problem. It would be good to sample customers and listen to their views. Moreover, it is a good idea to use such market research tools as a one-on-one conversation where one is able to get quick feedback from the customers. The market research studies can be conducted by interviewing customers on a one-on-one basis or via telephone conversation. This would enable the company to measure the customers’ preferences and be able to change so as to suit their needs.

In summary, marketing strategies are plans of action plans put in place by a company in its bid to promote and sell its goods or services. The company’s market segment is the women who are working. In order to remain competitive, the company sets a penetrative pricing strategy so as to attract more customers.

Reference

Gupta, V. K. (2017). Marketing Strategy: A War to Win. Journal of Management Science, Operations & Strategies (e ISSN 2456-9305)1(1), 21-24.

Racz-Akacosi, A. (2017). Differentiation between the Differentiated and Concentrated type of Marketing Strategy. Small.