Question

Marketing plan is for New vegan restaurant

Marketing (Topic 5) Consider if your strategic plan is a market entry plan (entrepreneurial), a market expansion plan for an existing organization, or a mergers and acquisitions plan. Deciding who the target market is and determining their demographics, behaviors, motivation, needs, and goals is essential because the target market drives the marketing plan. This is typically done through studying research and data related to how potential customers are willing to invest their time and energy. Additionally, by deciding who potential customers are, deciphering their needs, and likes and dislikes, learning about their lifestyle, and observing how the target market behaves, creating a brand that appeals to these customers is possible.

Address the following:

What resources do you believe would be required to implement your plan?

How will you reach your plan?

How does your marketing strategy seek to achieve your vision?

Answer 1

Resources at all levels must be involved for successful implementation of plan. The top management will take the decisions and develop the action plan. The lower management and workforce will be required to execute the action plan and the middle management will monitor and facilitate the execution.

Marketing is any process or initiative taken by the company to bring customer’s attention towards the product or service offered. Marketing also aims at creating awareness about the business’ offerings. A strategic marketing plan is developed in a way that it is aligned to the vision and mission of the company and works to facilitate and achieve the company’s strategic goals and objectives. There are 4 primary processes involved in the marketing process for a product:

• Situation Analysis
  • It is the process used to analyze the current market to identify the customer requirement and the demand patterns. This process also aims at conducting an internal analysis of the company to identify the demand handling capability of the firm.
• Marketing Strategy
  • Based on the analysis conducted, the company must decide its marketing strategy. The marketing strategy must aim at grasping the market opportunities by the firm. The company involves into the following processes while developing the marketing strategy:
    • Market segmentation
    • Market selection and targeting
    • Product positioning
    • Creating the value proposition
• Marketing Mix Decisions
  • Detailed decisions regarding product positioning and market attack by the company is considered in this process. Some of the primary decisions revolve around:
    • Product pricing decisions
    • Product development strategy
    • Distribution strategy
    • Marketing campaigning plan
• Implementation and Control
  • The market decisions and plans implemented by the company are monitored carefully to identify any kind of deviations. Consumer behavior pattern is studied thoroughly and any change in the demand pattern must get incorporated in the product development.

Market analysis techniques which can be used to study a market are:

• Consumer Segmentation analysis: This analysis helps in analyzing the consumer preference and their purchasing characteristics. Some of the consumer characteristics which help in defining their segmentation are: age, sex, gender, educational level, lifestyle, attitudes, etc.
• Direct competition analysis: This analysis helps in identifying the major competing firms in the segment. Also the direct competition analysis highlights the best practices which are prevalent in the industry.
• Purchase situation analysis: This analysis helps in identifying the prevalent practices which define the purchasing decisions of the consumers in the market. The primary questions asked in this analysis are when do people prefer to buy products and services, what defines their need for the same, how do they pay for buying the products, etc.