Question

Assignment No.: 3

Marketing Plan

From the real international market, select a company of your choice wishing to start its activities in Saudi Arabia. The Company hired you as Marketing Manager of Saudi Arabian Region.

You have to establish a marketing department starting from the Analysis of the market, formulate overall marketing goals, objectives, strategies, and tactics within the context of an organization's business, mission, and goals designing and planning the entire function.

Write a Marketing Plan considering the following points (2x5=10 Marks)

1. Introduction, Goals and Objectives

To introduce this section you should include the "mission statement" of the business; an idea of what its goals are for customers, clients, employees and the consumer.

1. Introduction about the business.
2. Business vision and mission
3. Business objective.
4. Products and services offered

2. Environmental Analysis

Conduct an environmental analysis that looks at and comments on your local area and your network of business contacts, competitors and customers.

3. Target Market Analysis

Identify the target market, describing how the company will meet the needs of the consumer better than the competition does.

4. SWOT Analysis

Conduct a SWOT analysis for your chosen company based on your research.

Strengths: List the strengths of the business approach;

Weaknesses: Describe the areas of weakness in the company's operations;

Opportunities: Examine factors that may improve the business's chances of success;

Threats: List the external threats to the business' success.

5. Marketing Mix (4 P’s ) Analysis

Describe each of the 4Ps of your chosen company.

Product or Service

Identify the product or service by what it is, who will buy it, how much they will pay for it and how much it will cost for the company to produce it, why a consumer demand exists for your product, and where the product sits in comparison to similar products/services now available.

Place

Identify the location of the business, why it is located there (strategic, competitive, economic objectives), the expected methods of distribution, and timing objectives.

Promotion

Describe the type of promotional methods that will be used. Identify techniques such as word of mouth, personal selling, direct marketing, sales promotion etc. television, radio, social media and newspaper ads.

Price

The prices of the products or services that reflects the overall company strategy. Should be competitive as well as a reflection of the quality, costs and profit margin.

Answer 1

The Company I chose is Canon KSA which is trying to expand in Saudi Arabia.\

SWOT

Strengths:

• Canon Delivery and Reach: Canon has a large number of stores in virtually every territory, backed by a robust logistics network that means that a vast number of consumers can conveniently access their goods in a timely fashion.
• Cost Structure: The low-cost structure of Canon allows it to manufacture at a low cost and to market its products at a reduced price, making it attractive to its users.
• Dealer Community: Canon has a good association with its dealers that not only stocks them but also works on selling the products and training of the company.
• Financial status: Canon has a good financial profile with consistent earnings over the last 5 years, along with accrued income savings that can be used to fund potential capital spending.
• Canon has a wide base of assets which makes it greater solvency.
• Return on Capital Spending: In the past, Canon has succeeded in producing good returns on capital expenditure on different initiatives.

Weaknesses

• Research and Development: While Canon invests more than the industry's average spending on research and growth, it invests fewer than a few industry competitors who have had a major edge as a result of their creative goods.
• High Day Sales Inventory: The time required to purchase and sell goods is higher than the industry average, ensuring Canon builds up inventory and brings extra costs to the company.
• Leased Property: A large percentage of Canon's land is leased instead of bought. It needs to pay huge sums of rent to add to the expenses on those.
• High current ratio: The current ratio reflecting the willingness of the company to meet its short-term financial commitments is smaller than the normal sector. This could mean the company will have issues with funding in the future.
• Compared to existing liabilities, the company has small rates of capital assets and this will cause financial issues in activities for it.
• Cash flow problems: Canon lacks proper financial preparation for cash flows, leading to certain situations where cash flow is inadequate as expected, leading to needless unplanned borrowing.
• Integration: The present structure and history of Canon have contributed to the collapse of many mergers targeted at vertical integration.

Opportunities:

• Internet: The number of internet users around the world has been growing. This means this Canon has a chance to broaden its web presence; by using the internet to connect with its clients.
• E-commerce: The e-commerce industry has undergone a new phenomenon and a surge in revenue. This means a lot of consumers are making internet sales today. Canon can gain money by opening and allowing purchases across these online shops.
• Social networking: The number of social networking users worldwide has grown. The three social networking sites platforms; Facebook, Twitter, and Instagram have recorded the highest amount of monthly active user changes. Canon can also use social media to advertise its goods, communicate with clients and collect feedback.
• Technological advancements: Technology has many benefits for other departments. To minimize costs, the processes can be streamlined. Technology makes it possible to obtain more data on consumers and to boost marketing activities.
• An increase in average family income, along with a rise in consumer spending since the recession, resulted. This will lead to growth in the consumer audience for Canon, with new clients who can be drawn to the company.
• Population: The population has increased and is projected to rise at a high pace in the years ahead. This is advantageous for Canon, as the number of future clients it may attract will increase.

Threats:

• Rivals' technical advances; emerging technological innovations from a few business competitions present a challenge to Canon because buyers drawn to this new technology will be lost to rivals, and Canon's total market share declines.
• Manufacturers: The suppliers' purchasing power has risen over the years with the number of manufacturers rising. That means that Canon's input costs will increase.
• New entrants: various competitors have joined the industry and are gaining market share by purchasing a market share from established firms. It is a challenge to Canon because it will lose these potential competitors to its customers.
• Increasing demand: Increasing rivalry within the market has put downward pressure on costs. This could result in reduced sales for Canon if it adapts to pricing increases, or loss of market share if not.
• Exchange rate: the rate of exchange tends to fluctuate and this impacts an overseas exporting business like Canon, while its vendors are local.
• Political instability in the world tends to be an obstacle in industry, at times hindering efficiency and creating excessive costs for the company.
• The country's fluctuating interest rates will not offer a healthy financial and economic climate.

4Ps of Cannon:

Product:

The sales approach and balance can be explained as follows in Canon marketing policy: Canon Inc has always been recognized for its technological quality and uniqueness. It's also enjoyed the benefits of the first-mover edge. Canon's brand blend commodity approach can be understood as follows. Canon first launched the movie camera in 1958, using canon flex and a zoom lens, which was an immediate success. Before 1958, a concept emerged of an indirect X-ray camera that substituted cameras that used the Nikkor lens. This has also produced video imaging, the first of its kind, laser printers, calculators, etc. Another of Canon's innovative goods appeared is the Green Calculator. The whole tool consists of recycled materials. Also, the handbook is of recycled content. This is powered by solar energy and has replaceable battery solar panels. And battery life also decreases. They have produced printers with PGI-5 BK ink cartridge. The consumers greatly valued this commodity because of its high-quality photographs and texts which do not fade away. We also have canon cameras i.e. DSLR camera which uses sensor 18MP, high-quality video, and a three-inch LCD screen. Canon goods are both robust and affordable. Perhaps the best thing is that it is recycled i.e. the items are good for the community.

Price:

To win buyers Canon has always relied on product consistency and longevity. Canon never sacrificed on any of its goods. And they've even applied their clever pricing policy to keep their consumers faithful. Canon has also sought to find a way to achieve a compromise between product level and level of sale. They do their hardest to take the least advantage from their user. Canon has maintained its prices in such a manner that as part of their product blend policy, large numbers of customers will afford it. By theory, they are pursuing a sustainable pricing approach. Since several rivals are present in these categories, including Nikon in cameras and HP in printers. And due to the changing demand and patterns, it needs fixing its prices. Clubbed with the highest content and lowest size, Canon is giving customers eye candy.

Place:

Canon Inc guarantees its products are freely and conveniently available to dealers, suppliers, and consumers at a low cost. They have established transport relationships with different organizations and a dedicated team watches after this chain for products to start to run smoothly. Canon has therefore very carefully and scientifically set up its stores so that goods are readily accessible and are visible at a shorter distance. The goods are quickly delivered to retailers and showrooms from here. They do have all forms of discount outlets, i.e. solely and along with other items. Canon also has its own website and is described quite well. You can consider all of the items connected with their photos along with explanations and price tags. It's done in a professional way. E-commerce, such as Flipkart and Amazon, is another sales outlet from which canon profited. They have special discounts for each group of items.

Promotion:

Canon is one of the world's top brands. Promotions and ads are important things for any business focused on a product like Canon. Customers will use twitter, twitter, blogs, magazines, and YouTube to get more information about the items. They have put up a commercial show that generates curiosity about it in different malls. Detailed details about their packaging are also relevant. They also offer gifts and discounts to lure buyers along with lucky coupons. They also introduce brand ambassador models such as Maria Sharapova, Anushka Sharma who advocate canon products. Hence, this finishes Canon's marketing blend.