Running head: MARKETING PLAN A Marketing Plan Stephanie Cooper April 24, 2020 MKT500 MARKETING PLAN 2 Introduction Success is one of the many things that sums up the mere importance of the genesis of every project. A successful project pays out to the people behind it through accomplishment of its main goals and one of which is growth and development. For this reason, firms too will always eye for success in every situation. To succeed, it is important to come up with goals and objectives before igniting a business organization. This generally calls for any business to come up with a marketing plan. Research has shown that every systematic goal need proper plans towards its achievement. In relation to that, ninety-five percent of firms that appreciate and enhances the use of a market plan always succeed and strongly thrive in the economy with ever existing competition and other business destructors. A marketing plan aids a firm in planning for future activities, future business inhibitors, setting the business goals and how to achieve them. Without it, it is not easy to determine the strengths of the firm which should be encouraged, weaknesses of the same firm which ought to be worked on to strengthen its foundation (Wood & Jobber, 2016). It is a marketing plan that ensures that customers are well served and satisfied, this ought to be one of objectives of every firm in the world. Sorez Company In this paper, we will look at a hypothetical firm located in California, United States of American. The business name is Sorez Company, it focuses on distributing electronic devices throughout the United States and also extends their market to the international level. Despite of the existing thousands and thousands of types of electronic gadgets, the company is set to produce and distribute them globally. This explains how big the Sorez company is and how MARKETING PLAN 3 much it requires a marketing plan, research have proved that the larger the firm, the more it needs a marketing plan. Over the last few years, there has been claims that there is continuous production of fake electronic gadgets in United States, the report also stated that few of the firms producing quality devices supplied them at very high prices. This is one of the main reasons for the existence of Sorez Company, to produce quality products and supply to the market at a relatively low price. Sorez Company’s Statements Every firm must have a vision and also a mission that mostly acts as the engine to its growth and development. Sorez mission is to provide good and quality products to Americans and people all over the world at very affordable prices. This statement will see to it that the firm has always produced the best quality product which will in return earn customers' royalty, hence increasing the market base. Sorez Company also has got a vision statement that also has a point in shaping its future. The statement have it that Sorez Company would like to be the leading producer of electronic devices across the globe and be regarded by a great multitude of customers. The vision also extends to seeing the electronic production evolve gradually through innovations and inventions at the company. This will see to it new products in the market. Definitely, this would act as a very big plus on the company's market and fame. Both the mission and the vision statement ought to be well monitored to ensure they are achieved. According to Fursov (2017), Failure to reach to these statement simply shows how a firm is not focused hence putting the future of the firm in doubt. Due to this reason, several MARKETING PLAN 4 planned directions has been given out by the Sorez Company’s leadership to ensure the achievement of these two statements. Goals of Sorez Company A saying goes, that failing to plan is planning to fail, due to this fact, every firm ought to set up standard goals to enable development. Sorez Company is not an exemption in this, the company has established both long-term and short-term goals. Eccles & Krzus (2010) feels that establishing goals, both short-term and long-term, is the best option a firm can take for successful growth and development. Short-term goals are meant to be achieved in not more than a year while long-term goals are meant to be achieved in a period about one year. Short-term Goals Sorez Company has put in place the following goals to be achieved in the first year of production 1. To ensure increase the in number of customers to three times the current number. Customers are very vital in any business and that’s why Sorez Company will put in place more and more marketing tools such as advertisement to in an effort to attain more customers. 2. The company expects to attain funds that will employ over five hundred workers before the year ends. 3. Another goal that ought to be attained in the first year of production is hiring of market researchers to study the electronic devices market and get to know of the taste and preferences of consumers. This will be of great aid because the company will major its production in the customer’s desire. MARKETING PLAN 5 4. The company plans on giving back to the community programs through helping the aged and needy in the many societies across the globe. In the first year of production, the company focusses of helping over ten thousand needy families in the world starting with the United States. Long-term Goals From the proposed short-term goals, the company wishes to base the foundation of long-term goals on them. These long-term goals may take time but they are of great aid towards the achievement of the company’s vision and mission. They include the following 1. To be the leading company in the production of electronics devices. Through establishing of good producer and consumer relationship and production of quality devices, the company aims to be the most regarded electronic company in the world some years after its start. 2. Sorez Company aims at obtaining not less than ninety-five percent positive feedback from their customers, concerning their products. 3. On the revenue making part of the company, it aims at doubling the total revenue gained on the first year in a period of five years and keep it increasing in the years to follow. This will ensure that the financial position of the firm is secure. 4. The company also aims at extending their boundaries to at least ten countries in a period of five years. The extension gives the company an opportunity to increase the rate of capital formation through increased customer base. Goals Measurements MARKETING PLAN 6 After setting up goals, whether long-term or short-term, it is important to find ways through which, it is easy to tell whether the company is headed to the wrong or the right direction towards goals achievement. In case of the above short-term goals, the company must make sure, by mid-year, the goals are half way achieved and there is the required resources to fund the goals. Analysis are also very vital such as the increased customers and the rate of capital formation. If all these are positive, then the struggle towards goals achievement is in the right direction. Measuring long-term goals is not as complicated as short-term goals. Research shows that ninety percent of firms that are able to attain short-term goals also attains long-term goals. This simply means that the company just need to ensure the achievement of all short-term goals to have assurance of positive progress towards achievement of long-term goals. Environmental Analysis Environmental analysis is one of the most important section of a marketing plan. It shows the strategic position of the firm in the society by carefully studying the surroundings. It helps the firm to plan on how to cope up with the challenges in the society and carrying on with production even if the conditions are not encouraging. The following is the environmental analysis of Sorez Company a) Competition Electronic device production is one of the most evolving business in the market. Improvement of technology is day by day affecting the production and firms need to cope up with this. Failure to do that, the company experiences a noticeable decrease in consumer demand. Competition from other electronic companies is obvious and there company is well MARKETING PLAN 7 equipped to ensure consumers’ loyalty is maintained through production of quality and affordable products. The company has planned to beat the rival firms in competition in and out of United States. b) Economic Forces In United States and specifically California, the economic situation is not that bad. Due to current worldwide difficulties and pandemics, the economic situation is worsening day in day out, and that why the company will be forced to produce what the consumer will be able to afford at ease. The company is then advised to consider the social classes while producing these devices, both luxurious and basic considerations. c) Political Forces California is one of the most peaceful states in USA, due to this reason, political instability is not a common feature here. Any business can thrive for years without much distractions from the political arena. The firm is only required to follow several business laws, as pertained by the ruling constitution of the land. d) Technological Forces In this state, the technology applied is of a higher class altogether. The firms compete mostly in the technological world. Due to this reason, the Sorez Company is advised to apply the highest levels of technology as possible for it to be steps above the competitors in the market. e) Sociocultural Forces MARKETING PLAN 8 The place is well known to have an influential market that shows a lot of cooperation to electronic companies. Their culture does not inhibit them from accessing electronic devices hence it is a good place to start such a company. SWOT Analysis of Sorez Company In my own opinion, SWOT analysis forms the backbone of a marketing plan. It enables the company to detect its weaknesses, strength, threats and opportunities for effective planning (Phadermrod, Crowder & Wills, 2019). The strengths analyzed makes the firm realize where has the highest level of perfection and hence producing more on it for its prosperity (Brohi et al., 2016). On the part of weaknesses analyzed, the company is made to know of its weak point hence able to work hard to improve on the same. The threat part is also important as upon knowledge of the company’s threats, plans to curb them are put in place to enhance protection. a) Strengths of Sorez Company The following facts about the Sorez Company makes consumers best prefer it to other producing companies. 1. The company has invested huge amount of capital in research and development which has made the company become one of the best quality producing electronic companies. 2. There are facts to prove that products from the company can easily be accessible in the market and their repairing material are also in plenty. 3. The production of high quality and durable products makes the company to be regarded by many. The company understands that the secret behind customers’ loyalty is quality and durability and that’s why the company invests in seeing to it that this is achieved. MARKETING PLAN 9 4. At Sorez, one is treated with a lot of care and also services such as issuing of warrant on their products which makes it to be ranked among the best. The company also has promotions through which their royal customers are able to benefit. b) Weaknesses These are setbacks that keep on holding the company behind despite planned progress, these are enemies to development. The following are weaknesses of Sorez Company 1. Advertisement of the firm is not done in the right way which affect the company negatively. Electronic gadgets such as phones needs to be properly advertised for people to know the kind of property supplied in the market. Increase in advertisement and such promotions lead to increased sales, the vice versa is also true. 2. Poor financial planning. In some cases, the company have experienced financial constraints that have seen some of the company’s development projects inhibited. 3. Most of the products of the Sorez Company are only compatible with products from some other few companies. Electronic devices ought to be compatible with others so that the market of these devices is enlarged. c) Opportunities These are favors that exist naturally that upon proper usage, they can be of great advantage. Some of these factor includes the following 1. Low rate of inflation. Currently, there is low inflation rate in the state, this provide Sorez Company with a very ample opportunity to invest and develop gradually. MARKETING PLAN 10 2. Government policy. The states leadership allows the spread of a firm anywhere and support start of infinite number of branches of a firm. Sorez can use that opportunity to initiate several branches of the company hence promoting development. 3. The shipping price has of late gone down which means that exportation fee has reduced. This is likely to cause decrease in prices of the gadgets due to reduced cost of production. d) Threats These are what puts the company at a risk which might mitigate its existence. The following are some of the threats in the associated with Sorez Company. 1. Rising wage rate in the economy which the company might not be able to pay in the future. 2. There is general decrease in the supply of skilled workforce I the economy which puts the development of the firm at a risk. 3. It is in a way seems that other economies are isolation the American economy which will affect the company’s international market 4. Rising competition among electronics companies is also a threat to the existence of Sorez Company. This marketing plan is a very vital document for the daily functioning of Sorez Company, it will act as a point of reference whenever decision is to be made. The company is encouraged to carry on majoring on its strengths and also try its best to work on its weaknesses for the welfare of its existence and achievement of the set goals. Above everything, consumer demand should be maintained and if possible increased through efforts that are ought to be carried out by the firm itself. MARKETING PLAN 11 References Brohi, H., Prithiani, J., Abbas, Z., Bhutto, A., & Chawla, S. (2016). Strategic Marketing Plan of Nike. Eccles, R. G., & Krzus, M. P. (2010). Integrated reporting for a sustainable strategy: One Report has the potential to significantly change how companies operate and investors think, shifting the focus from that of meeting short-term financial goals to developing a longterm business strategy that not only makes a commitment to corporate social responsibility, but also to a sustainable society. Financial executive, 26(2), 28-33. Fursov, V. A. (2017). Marketing planning in industrial enterprises in the context of import substitution strategy. Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, 194-203. Taiwo, A. A., Lawal, F. A., & Agwu, E. (2016). Vision and Mission in Organization: Myth or Heuristic Device? The International Journal of Business & Management, 4(3). Wood, M. B., & Jobber, L. (2016). The marketing plan handbook. Pearson.
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