Purpose of the Marketing Plan
The main reason why I am creating this marketing plan is to outline the strategies and tactics of my company. A plan helps to direct a business owner through each step of setting up and developing an enterprise. The plan makes it possible to organize all the steps and details of the future company (Ferrell & Hartline, 2014). It allows the manager to concentrate on the details of the business and its current state.
Also, a marketing plan helps to identify the target market by evaluating the most likely customers for the services or goods provided by the company. A rather crucial element of the plan is calculating the company’s budget. While it may take some time to create, a marketing plan is an invaluable part of any business’ success. It is necessary to approach the question of making a plan thoroughly and constantly update it based on the innovations and feedback from the customers.
Organization Mission Statement
The mission statement is the company’s opportunity to define its culture and goals (Ferrell & Hartline, 2014). I will include the following aspects in my organization’s mission statement:
- providing the best quality of services for each customer;
- organizing the most favorable working environment for the employees;
- conforming to the rules of sustainable development and environmental protection;
- taking care of high customer satisfaction;
- developing the organization constantly to correspond to the highest clients’ expectations.
Competitive Advantage
The competitive advantage of our company is constituted by several factors. First of all, we suggest quick service due to having modern equipment and well-trained employees. Secondly, we offer a comfortable waiting zone as opposed to our competitors’ usually small offices with no convenient place to wait to be served. Thirdly, we offer bonuses for the clients who recommend our services to their friends and acquaintances. Every customer who refers us will receive a 10-percent discount for the next service.
Situational Analysis using SWOT
Situational analysis is employed by the company manager in order to evaluate the company’s strong and weak sides. SWOT analysis incorporates investigating the strengths, weaknesses, opportunities, and threats of the organization (Grünig & Kühn, 2015). The following elements of SWOT analysis are identified for our organization.
Strengths
- our company is small, which is rather suitable for individual clients and small organizations;
- our company suggests bonuses to loyal customers, which is a great promotional approach;
- we have modern equipment and suggest quick services so that the customers do not have to waste their time waiting.
Weaknesses
- because the company is small, we cannot compete with large organizations, and thus we lose potential clients;
- because of the bonus we promise to the customers, we lose a considerable part of income;
- the company is new and not widely known to the potential customer, so we have to dedicate time and efforts to advertising.
Opportunities
- we can open a few branches after some time and thus make our organization more stable in the market;
- we can suggest some new services and thus gain customers’ trust and loyalty;
- when we gain a good reputation and stable income, we will be able to open a big office and have several minor branches.
Threats
- bigger competitors may close the way to clients to us if we are not persistent and hardworking enough;
- if we do not sign contracts with large organizations, we might not get sufficient attention and acknowledgment in the area;
- companies that provide services similar to ours may try to use some black public relations technologies to make us lose the reputation.
Opportunities Using STP
Market Segmentation
Market segmentation is a rather helpful tool for defining the most probable groups of customers that are going to use the company’s products or services (McDonald, 2012). For a Help Desk Service repairing computers, the following segments may be identified: home users and office users (small and big business). Two segments present the most probable client groups of our Help Desk Service: small business offices and big business offices.
Target Markets
Out of the two identified segments, it is expected that small business companies are more likely to be the most suitable target. They do not have many computers, and it will be easier to deal with them. However, we should not forget about the second segment that may develop into another significant potential segment in the future. Still, for now, small business companies are our target market. It is possible to arrange cooperation with them due to their size. Our possibilities are enough to satisfy the needs of a small number of computers in a short time.
Positioning
Positioning is the third stage of the implementation stage of the marketing plan (Capon & Go, 2017). It enables the company to outline the ways in which it will pursue the target and distinguish itself from the competitors.
In order to address the target group, we will employ advertising techniques. Since the company is small and does not have a big budget yet, we will concentrate on print ads that will be placed in local newspapers and also on information boards in special places.
To distinguish ourselves from the competitors, we will suggest a comfortable waiting zone and a system of bonuses. We need to create a good image for the company that will eventually start working for us.
Implementing the Marketing Mix
Product and Value Creation
Creating value is one of the crucial phases of developing a business. When the company has revenue, it is considered to have value (Ferrell & Hartline, 2014). For our organization, the way of creating value is work. When we gain a sufficient number of customers, and when the money we earn is bigger than the money we invest, our Help Desk Service will obtain value.
Price and Value Creation
Pricing is another important aspect of business that allows entrepreneurs to build a successful strategy (Johansson & Andersson, 2012). The Help Desk Service will begin operating with pricing for marketing penetration (Schwager & Etzkorn, 2017). This type of pricing presupposes setting a low fee for the services in order to attract customers. In a few months, the company will change its pricing policy by establishing the fees that will be still suitable for the clients but, at the same time, will bring the relevant profit for the organization.
Place and Value Delivery
Not only is it significant to set competitive prices and create value but it is also crucial to choose the most appropriate ways of delivering value. Since the Help Desk Service suggests services and not products, its placement is somewhat limited. We can only provide our services in our office. However, in order to expand the client base, it is a good idea to have a team of specialists who can visit customers at their offices and repair computers right there.
Promotion and Value Communication
To promote its services, the company will employ two approaches: public and strategic advertising. Public promotion is concerned with placing the information about our services in local newspapers and websites. Strategic advertising helps to grow the client base and enhance revenue opportunities. This kind of promotion can be employed with the help of placing the information about our services in the offices of local companies.
Evaluating Performance
Evaluating whether the Goals and Objectives Are Being Met
To determine whether the company’s goals and objectives are being fulfilled, it is necessary to perform a regular measurement during a continuous period. The organizations should take into consideration the customers’ opinions who will say whether or not they are satisfied with the services. Also, it is necessary to analyze whether all mission statement points have been achieved (Ferrell & Hartline, 2014). Incorporating all marketing activities in measurement raises the possibility of objective evaluation.
Determining Success or Failure
The major measure of the company’s success is whether it meets the goals and objectives. However, there are other crucial issues to take into consideration. One of such factors is customer satisfaction. If the clients are happy with our services, it means that we are on the right track. Another significant element of success is the financial side of the enterprise. If the profit exceeds the expenses considerably, the business may be considered successful. Also, it is necessary to evaluate the prospects of the company’s development (Cokings, 2013). A possibility of opening new branches will indicate that the organization’s activity has been successful.
Accountability for Performance
To a greater or smaller extent, every person within the organization is responsible for its performance. The most accountable position is that of a manager. He is in charge of the company’s overall performance (Capon & Go, 2017). He arranges the connections and makes sure that the goals and objectives are achieved. The financial manager also plays an important role since he takes care of the budget. All financial operations and employees’ salaries depend on this person. Finally, each employee is highly accountable for creating a positive image of the company. They have to be diligent and prompt.
Financial Performance Metrics
To measure profit against sales, we will subtract the costs spent on business from the money earned on sales.
To evaluate market growth, it is necessary to perform market analysis and trace the customers’ needs (Grünig & Kühn, 2015).
Customer relationships will be considered good if the level of customer satisfaction is high, and their feedback is mostly positive.
To measure our social responsibility, we will evaluate the company’s impact on the environment.
References
Capon, N., & Go, F. (2017). Frameworks for market strategy. New York, NY: Routledge.
Cokings, G. (2013). Strategic business management: From planning to performance. New York, NY: AICPA.
Ferrell, O. C., & Hartline, M. D. (2014). Marketing strategy: Texts and cases (6th ed.). Mason, OH: South-Western Cengage Learning.
Grünig, R., & Kühn, R. (2015). The strategy planning process: Analyses, options, projects. New York, NY: Springer.
Johansson, M., & Andersson, L. (2012). Pricing practices and value creation logics. Journal of Revenue and Pricing Management, 11(1), 64-75.
McDonald, M. (2012). Marketing segmentation: How to do it and how to profit from it (4th ed.). Hoboken, NJ: Wiley.
Schwager, J. D., & Etzkorn, M. (2017). A complete guide to the futures market: Technical analysis and trading systems, fundamental analysis, options, spreads, and trading principles (2nd ed.). Hoboken, NJ: Wiley.