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Choose a companyIdeally your choice will be in trouble or experiencing a period of change Develop a marketing plan Essay Example

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Choose a companyIdeally your choice will be in trouble or experiencing a period of change Develop a marketing plan

The company’s capability and existing resources to start up a new business, introduce new product or change the marketing strategy for an existing brand or product. Ideal product planning should be concise, measurable and practically achievable. Hence, existing facilities, cost of production as well as breakeven analysis should be done in this part of the marketing plan (Applegate and Johnsen, 2007).Identification of potential challenges and threats existing in the business environment should also be analysed before finalising the product or product line. Opportunities should be calculated in terms of sales figures, strategies and company wise goals etc (Assael, 2005).The situation in terms of internal and external business environments must be analysed taking into consideration the social, economic, and political settings in which the company is operating, as well as the internal strengths and challenges of the company itself (Batey, 2012). The main parameters of the analysis are:The best way for climate analysis is to adapt the PEST evaluation system. PEST stands for the political, economic, and social and technological environments of a company. The study of political and legal environments includes changing regulations and legislations that may affect the business. Economic environment analysis puts emphasis on whether there are any opportunities for economics of scale, understanding imposition of tariffs, trade barriers and regulations for international trade. Social and cultural environment analysis ensures the demographics and hence scope for acceptability of the product whereas technological environment includes requirement for implementation of latest technologies and technology used by the competitive firms (Donald, 2007).SWOT Analysis refers to analyzing the internal Strength (competitive advantages) and Weakness of the company as well as external Opportunities those exist in the business environment and threats, having potential to destroy the business (Doole and Lowe, 2008).In order to select the best marketing strategy for a product or services, all possible strategies should be considered before arriving at the current strategy. Decision for changing strategies may lead to elimination of a particular product line or change in pricing strategy etc (Franzen and Moriarty, 2008).After analyzing all such factors, the decision should be taken for selecting best possible strategy that will fetch good return in terms of product

References

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Franzen, G. and Moriarty, S., 2008. The science and art of branding. New York: M.E. Sharpe.

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preview essay on Choose a companyIdeally your choice will be in trouble or experiencing a period of change Develop a marketing plan
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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