Fine Tuning a Company Marketing Plan to a Specific Location - Free Essay Sample

Introduction

According to Cohen (2005), a marketing plan is a description of the various strategies for conducting marketing within a specified period in the future, such as next year, quarter, or decade. A marketing plan outlines some of the most critical aspects of the operation of a business such as the current position of the business in terms of marketing, a description of the target customer of the business, the time required to implement the laid strategies, objectives of marketing expansion and the key indicators of performance which are also referred to as KPIs (Key Performance Indicators). In other terms, a marketing plan is just a deliberate roadmap that businesses develop and use to implement their marketing plans (Cohen, 2005). A marketing plan is, therefore very essential when planning to expand business by venturing into a new location to ensure that the new enterprise succeeds. This paper discusses Susan’s expansion marketing plan.

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Objectives for Expansion

Whenever expanding, businesses have to formulate various objectives for expansion. These objectives can be classified into three main categories. These categories include area coverage, increase in product awareness, and improved service approach (Vignali, 2001). The first reason for market expansion is to increase the coverage area and hence the number of customers. By increasing the number of customers, a business can gain popularity and thus improve the revenue. Revenue is the main reason why enterprises start, and hence any venture that increases revenue is worth pursuing (Vignali, 2001). With the location being stand-alone, Susan is bound to face less competition and thus the opportunity to get more customers.

The second reason for expansion is to increase the popularity of the product (Vignali, 2001). By expanding the locations of the business, the product sold will be exposed to more people and hence increasing its demand. Increased demand will increase the sales for the product and therefore increasing the business’s penetration into the market. Lastly, the other reason for market expansion is to improve on the service approach (Vignali, 2001). As one moves into a new market, the method of approaching customers might considerably change due to a change in the demographic factors and the type of customers being dealt with.

Location

When making a marketing plan, the location is very vital. When the location changes, various aspects of the plan are liable to change for the plan to remain viable. Such elements include competition, physical location, and consumer demographics. Since the situation is in an upper-class neighbourhood, Susan will have to alter the mode of advertisement and shift towards the use of newspapers and email-newsletters ("Special Report: How to Market to the Super Rich -- 4 Challenges and 8 Must-Know Strategies", 2006). General internet advertisements will not be appropriate since most upper-class populations do not stay on the internet for long. The business will also have to target economic advisors, for they are the ones who influence most of the purchase decisions of the upper class ("Special Report: How to Market to the Super Rich -- 4 Challenges and 8 Must-Know Strategies", 2006). The second factor is the location. Since the shop is stand-alone, Susan has to set some funds aside for advertisements on magazines, newspapers, and TV, among other platforms, since the area doesn’t benefit from the advantage of having other businesses close by. Lastly, as pertaining competition, the site doesn’t have as much competition, and therefore, Susan can maintain the products being sold only that she has to ensure that she keeps up with the current trends in the market.

Conclusion

As a result of the changes the business will experience due to the expansion, the initial investor will have some issues concerning the development (Vignali, 2001). The first concern is an increase in the required capital and running costs. The second issue is the need for change in the management of the business. As a result of the expansion, the CEO of the business will have to be alienated from the direct operations of the companies. Such changes are crucial and must be analyzed carefully to mitigate future challenges (Vignali, 2001).

References

Cohen, W. A. (2005). The marketing plan. John Wiley & Sons.

Special Report: How to Market to the Super Rich -- 4 Challenges and 8 Must-Know Strategies. MarketingSherpa. (2006). Retrieved 31 July 2020, from
https://www.marketingsherpa.com/article/how-to/how-to-market-to-super.

Vignali, C. (2001). McDonald’s:“think global, act local”–the marketing mix. British food journal.