Marketing Plan Analysis And Presentation Part 2 Research Tea

Marketing Plan Analysis And Presentation Part 2 Research Templatedi

Using the company and research sources from the Topic 2 assignment as a starting point, conduct additional research to acquire information related to consumer behavior, product or service, and price associated with the company you selected. In the “Research Summary” section, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company marketing objectives and business needs.

Research Findings

  • Describe the customer segments and target markets. Describe characteristics of the target markets that will affect product/service and pricing decisions.
  • Describe how the company differentiates its product and positions its brand.
  • Describe a consumer buying behavior model for this company and brand.
  • Describe the product mix.
  • Describe the product lines.
  • Describe the service processes.
  • Discuss physical evidence of service, service scape, and ambiance.
  • Discuss the roles of company employees in service delivery.
  • Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented. Provide an example of current company pricing strategies.
  • Describe pricing tactics (discounts, etc.) that are used to drive short-term demand.

Research Summary: In 250 words, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company's marketing objectives and business needs.

Paper For Above instruction

Effective marketing planning relies heavily on thorough research about consumer behavior, product offerings, and pricing strategies. For the selected company, understanding the target market segments and their characteristics provides critical insights into how the company should tailor its products and pricing to meet customer needs and preferences. Demographic factors such as age, income level, geographic location, and lifestyle influence consumers' purchasing decisions and thus directly impact product development and pricing strategies (Kotler & Keller, 2016). By segmenting customers based on these characteristics, the company can identify high-value segments and tailor its offerings accordingly.

The company's differentiation strategy and brand positioning are vital to creating a competitive advantage. Differentiation can be achieved through unique product features, quality, branding, and customer service, which help position the company’s offerings favorably in the minds of consumers (Aaker, 1996). For instance, a company that emphasizes eco-friendly products positions itself as environmentally conscious, appealing to eco-aware consumers. A clear consumer buying behavior model, such as the decision-making process involving need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior, guides the company in designing marketing messages and touchpoints (Engel, Blackwell, & Miniard, 1995).

The product mix includes a variety of product lines tailored to different segments. These might include main product categories, sub-brands, or variations to serve different consumer needs. Service processes, including delivery methods, quality assurance, and after-sales support, are essential to ensure customer satisfaction. Physical evidence and service scape, such as store layouts and ambiance, influence consumer perceptions and enhance the overall experience (Bitner, 1992). Recognizing the roles of employees in service delivery emphasizes training and empowerment to foster positive customer interactions.

Pricing objectives can vary; some companies focus on profit maximization, while others prioritize market share growth. For example, a company might adopt a market penetration strategy with low initial prices to attract customers, or it may target high-end consumers with premium pricing for luxury products (Hinterhuber & Liozu, 2017). Current pricing strategies often include discounts, promotions, and bundling tactics to stimulate short-term demand and clear inventory (Nagle, Hogan, & Zale, 2016). By analyzing these findings, the company can craft a marketing plan that aligns product offerings, pricing strategies, and brand positioning with customer expectations and competitive dynamics, ultimately achieving its marketing goals and business objectives.

References

  • Aaker, D. A. (1996). Building strong brands. Free Press.
  • Bitner, M. J. (1992). Servicescapes: The impact of physical surroundings on customers and employees. Journal of Marketing, 56(2), 57-71.
  • Hinterhuber, A., & Liozu, S. M. (2017). Pricing strategies and business models: A framework and case studies. Routledge.
  • Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
  • Nagle, T., Hogan, J., & Zale, J. (2016). The strategy and tactics of pricing: A guide to profitable decision making. Routledge.
  • Engel, J. F., Blackwell, R. D., & Miniard, P. W. (1995). Consumer behavior. Dryden Press.

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