Describe the Company and brand very Clearly You Should Include Accurate, up-to-date, and Honest Information about the Current Operations of the Company: Principle of Marketing Essay, TP, Singapore

Marketing Plan Structure:

1. Introduction: Company, Brand, and Product

The introduction should describe the company and brand very clearly. You should Include accurate, up-to-date, and honest information about the current operations of the company. Following this, provide a description of your new product idea together with justifications as to why this idea is deemed to be viable.

2. Internal (Micro) Analysis: Customer, Competitor and Company

This is all about the marketing elements related to the current situation internally and with direct competitors and existing customers over which the company could potentially exert some control or influence. It presents and describes research from relevant, up-to-date and credible sources (like Newslink) on customers and competitors and builds on research on the Company from section

2. Competitors’ Strengths and Weaknesses (relative to ‘your’ company/product) are presented. Customers’ Social and other media feedback on the company is described and analyzed in relation to company/ product’s strengths, weaknesses, opportunities and threats.

3. External (Macro) Analysis: PESTEL

This section presents and describes research from relevant, up-to-date and credible sources (like Proquest) on all parts of the external environment or matters over which the company has no direct control. The analysis will come in the form of the PESTEL Analysis.

PESTEL stands for: Political, Economic; Socio-cultural; Technological; Environmental (Natural Environment) and Legal issues. These findings are to be applied to the product in question. Opportunities and Threats for the product/ company that come from the research need to be explored.

4. Marketing Strategy (S,T, D and P) and Recommendations

This section outlines the proposed segmentation, targeting, differentiation and positioning of the product and moves on to provide recommendations for the future. Chapter 4 of the module is a good source of knowledge to understand what is required here. Market segments should be clearly defined using the various bases of segmentation (e.g. Psychographic Segmentation) and based on research presented in earlier sections.

Ensure the target market/s is/are measurable and accessible and that a clear picture of the ideal customer emerges. The product should be clearly differentiated from its competitor set and a positioning statement analyzed or recommended. Recommendations demonstrate innovation and relate the product to market and come from research.

5. Marketing Mix (the 4 P’s) and Recommendations

This section outlines the proposed Marketing Mix – Product, Place, Price and Promotion – of the product and moves on to provide recommendations for the future. Product branding, packaging, labeling and support (augmented) services should be succinctly and clearly described.

A recommendation on strategy for sustaining the product life is well made. The key attributes of the product/product-category/ levels of product and stage in the Product Life Cycle need to be introduced here. Channel types and levels need to be described with a clear diagram.

A recommendation on a more effective channel shows the relationship of product to market to channel. The proposed pricing strategy (one of the 5 main) is defined with examples. Recommendations might argue for another pricing strategy or defend the current one.