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¶ … marketing plan is essential to help to establish goals and objectives and to fulfill these goals and objectives. In order to successfully implement a marketing plan, one must first determine the direction the marketing plan is going to take. Marketing plans are often utilized during times of economic downturn and help to take advantage of opportunities that will benefit a company in the long-term. In order to determine the best marketing plan and approach for a company there are several factors that must be looked at including growth and non-growth strategies, the determination of objectives, and the use of marketing support.
Growth strategies are intended to help an organization increase their profits, market share, and customer base. This can be achieved through market penetration, market development, product development, and diversification. Market penetration is the sale of existing products...
On the other hand, market development requires that an organization analyzes and identifies new segments or markets into which existing products can be introduced. Diversification utilizes the same premise, however, focuses on the introduction of new products into new markets and takes advantage of opportunities that arise through product development or the introduction of a new business into an existing market.
Non-Growth strategies are utilized when an organization does not necessarily want to grow, but rather when said organization wants to maintain current sales or achieve a higher profit margin through current products and current customers. Non-Growth strategies are often implemented when a company is…
Marketing Plan Description of the Product The product is coffee, or specifically it is high end coffee, expertly roasted and made available to coffee shops, institutional customers and retail customers over the Internet. There are several elements to the product. The first is the beans, which are sourced from equatorial regions around the world. There are different breeds and cultivars of coffee available on the market. Coffee, like wine grapes, picks up
As their actions will have ripple effects upon the entire distribution channel, having an impact upon the success of the product. Discuss how the distribution strategy fits the product/service, target market, and overall marketing objectives for the company. The distribution strategy that is being utilized will help to identify a target market for the MLX and allow the company to achieve its different marketing objectives. What is happening is the competition
Second, the reliability and ruggedized nature of the device needs to further be underscored to show that it is trustworthy and can still function even under adverse situations. Third, the ingenuity of the design and its creative use needs to be brought out more. The suction cup bracket is a case in point as is the continuous power saving feature of the RSP-150 Solar Power Maintainer. Re-launch to All Sales
The strategy is not unlike that applied by Apple with the iPod, which brought millions of new customers to the company. The organization's broader strategy is to utilize the MLX routers to bring in these new customers. When the customers are impressed with the superior performance of the MLX, they will look to Brocade for other solutions as well. In this manner, the company will leverage its new customers to
As a result of huge growth, the company's management may lose focus of the scope of their business. Miller Inc. has a highly centralized hierarchy of management and lacks the managerial backup to promote creativity amons the employees. Single-sourcing which is the characteristic of Miller Inc. could be a recipe of disaster should the supplier fail. Contingency plans for supplies need to be considered. The constrant production nature of the product leads to
It also competes with some renowned brands in the United States and other major markets of the world. The it and consumer electronics industry has been showing a rapid growth for the last few years. Anticipating huge potential of growth in this industry, numerous new companies are entering the market. These new entrants are manufacturing same quality products for the same target customers. Therefore, they are also a big