Question

Marketing Plan Project

Part 4 (covering chapters 7–10)

Your goal: To focus on your customers and understand their behavior, in preparation for developing marketing strategies to meet their needs.

Earlier in this project, you considered who your likely customers might be. You also thought about how to use research to better understand customers’ needs. Now you’re going to look below the surface for additional insights into how your customers make buying decisions. You’ll also consider whether to market in other countries, and how to plan for digital marketing and social networking. Save your answers as you continue with your marketing plan.

A table, labeled Components of the Marketing Plan, shows two columns, the first labeled Plan Component, the other labeled, Component Summary. Under the Plan Component column lists out each of the components of the marketing plan. Executive Summary. Environmental Analysis. SWOT Analysis. Marketing Objectives. Marketing Strategies. Marketing Implementation. Performance Evaluation. Under the Component Summary columns describes each of the components of the marketing plan respectively. One- to two-page synopsis of the entire marketing plan. Information about the company’s current situation with respect to the marketing environment. Assessment of the organization’s strengths, weaknesses, opportunities, and threats. Specification of the company’s marketing objectives. Outline of how the company will achieve its objectives. Outline of how the company will implement its marketing strategies. Explanation of how the company will evaluate the performance of the implemented plan.

Marketing Strategies

If you’re targeting consumers, what level of involvement do customers typically have with products like yours? Consider your product’s price, the amount of effort needed to search for it, time spent on the buying decision, and brand preference. When and why might customers be most interested in your product? Is price a very important consideration for your target market? Write a paragraph about the likely decision-making process for products like yours (use a competing product as a model if your product doesn’t yet exist). Then write a second paragraph explaining the implications for your marketing plan, such as needing widespread distribution for a low-priced product that consumers won’t spend much time or effort searching for.

A table, labeled Consumer Decision Making, shows three columns labeled Routinized Response. Limited. and Extended. with four rows beneath labeled Product cost. Search effort. Time spent. and Brand preference. Under the column Routinized Response are the words Low. Little, Short. and More than one is acceptable, although one may be preferred. They respectively relate to each of the four rows. Under the column Limited are the words Low to moderate. Little to moderate. Short to medium. and Several. They respectively relate to each of the four rows. Under the column Extended are the words High. Extensive. Lengthy. Varies, usually many. They respectively relate to each of the four rows.

Of the five situational influences on consumer buying, which one might be the most important for your product? For example, if you’re planning to market a new car or a digital gadget, physical surroundings (in dealerships or electronics stores) might be critical to shaping a positive buying situation. Choose one situational influence and write 2–3 sentences explaining its importance and how you can include it in your marketing plan.

A figure tilted, Situational Influences, has 5 bullets point under it. Bullet 1, Physical surroundings. Bullet 2, Social surroundings. Bullet 3, Time. Bullet 4, Purchase Reason. Bullet 5, Buyer’s mood and condition.

Turn your attention to the six psychological influences on consumer buying decisions. Although more than one of these will probably have an effect on your customers, select one and analyze its implications for your marketing decisions. For example, will your product tap into consumers’ desire to express individuality and personality? Or does your product have clear benefits that fit your customers’ lifestyles? Write 2–3 sentences explaining this influence’s importance and how you can include it in your marketing plan. 

A figure tilted, Psychological Influences, has 6 bullets point under it. Bullet 1, Perception. Bullet 2, Motives. Bullet 3, Learning. Bullet 4, Attitudes. Bullet 5, Personality and self-concept. Bullet 6, Lifestyles.

Social influences are also a factor in consumers’ buying decisions. Of these six influences, which one do you think is the most significant for products such as yours? As an example, if you’re marketing fashion clothing, would opinion leaders like models or performers be a key influence for your target market? Write 2–3 sentences about one important social influence and how you can include it in your marketing plan. 

A figure tilted, Social Influences, has 6 bullets point under it. Bullet 1, Roles. Bullet 2, Family. Bullet 3, Reference groups. Bullet 4, Opinion leaders. Bullet 5, Social classes. Bullet 6, Culture and subcultures.

If you’re marketing to business customers, consider how environmental influences might affect their buying decisions. Of the six environmental influences, which one is likely to be the most significant for buyers of products like yours? For example, would buyers be especially interested in your product because it can help them compete more effectively? Or are two closely-related influences (such as political forces and legal/regulatory forces) significant for marketing purposes? Write 2–3 sentences about this environmental influence and how you can incorporate it into your marketing plan.

A figure tilted, Environmental, has 6 bullets point under it. Bullet 1, Competitive factors. Bullet 2, Economic factors. Bullet 3, Political factors. Bullet 4, Legal and regulatory forces. Bullet 5, Technological changes. Bullet 6, Sociocultural issues.

Still looking at marketing to business customers, consider how organizational, interpersonal, and individual factors might influence the business buying decision for your product. These three types of factors affect the buying center, the group of people who make buying decisions for companies and other organizations. What do you know about the buying center and the factors that influence this group’s decisions about products like yours? For example, if you’re marketing computer repair services for corporate offices, would purchasing policies (such as becoming an approved supplier before submitting a proposal) be important to research? At what level in the organization would decisions about your goods or services be made? Write 1–2 paragraphs about these influences and how you should include them in your marketing plan.

A figure shows 3 boxes. The boxes have the following headers. Organizational. Interpersonal. Individual. The box entries are as follows. Box 1, Organizational, Objectives, purchasing policies, resources, buying center structure. Box 2, Interpersonal, cooperation, conflict, power relationships. Box 3, Individual, age, education level, personality, tenure, position in organization.

One more question about marketing to businesses. What are the main concerns of business customers when they buy a good or service like yours? For instance, are businesses, nonprofits, or government agencies most interested in buying at the lowest price? Or does your product have to meet strict specifications or performance standards established by business customers? Write 2–3 sentences about these concerns and how you can make your offer competitively superior.

Environmental Analysis

At this point, consider the possibility of operating in global markets. Do you think global demand exists for your product? If so, how might the six global environmental forces (sociocultural, economic, political/legal/regulatory, social and ethical, competitive, and technological) influence your ability to market a good or service in another country? If you were to enter an international market, would you use exporting (or importing of supplies), licensing, franchising, or another entry method? Whether or not you think global marketing is right for your product during the period covered by your plan, write 1–2 paragraphs about the possibility, highlighting the implications for your marketing plan, including possible schedule and budget issues.

Marketing Strategies

Most marketing plans today include digital marketing and social networking. How can you use digital media, including the internet, mobile devices, and interactive channels, to market your product? Which social networks do customers like yours typically use? Write 1–2 paragraphs about your approach to e-marketing strategy, knowing you may have to update these ideas as you make decisions about your product, distribution, pricing, and promotion during this project?Optional, as your instructor directs: On your own or working with one or more classmates, conduct a search of social media and websites to see what consumers or business customers say about goods or services like yours. Look at a few product reviews, comments about businesses marketing products like yours, and news articles about these companies and the industry. What problems do customers appear to be solving by buying a product similar to your own? What do customers say they like and dislike about other products, what value do they perceive, and what does this mean for possible pricing strategies? What trends in competition can you identify from your research, such as customer complaints plaguing a competitor or new products being introduced to address new needs? Plan a brief (ten-minute) presentation or write 2 paragraphs about your findings and how you can use this information to improve your marketing plan.Building your marketing plan: Transfer your answers to Questions #1 through 7 to the “Marketing Strategies” section of the plan you’ve been creating, adding to your “Target Market” comments. Transfer your answer to Question #8 to the “Environmental Analysis” section. Place your answer to Question #9 in the “Marketing Strategies” section, within the heading of “Marketing Mix.” Any schedule or budget information should be included in the “Marketing Implementation” section.

 

 

 

Expert Solution

1.Consumers may employ extended or restricted decision-making, depending on the kind of task they need to be done. Cost, time commitment, and brand choice influence the degree of engagement. Although costs might vary based on the services and materials utilized, they are often in the mid to high range (Tuten, 2020). Because confident services are quite expensive and various businesses provide varying cost estimates, prices are crucial for our target market. A customer may spend a considerable amount of time researching their available alternatives and possibilities (Kamath, 2021). For instance, an issue might be found if the customer's desire is considered in light of the restricted Harley-Davidson motorcycle market and the then-presented sales strategy. This suggests untapped potential since buyers would never learn about their goods or services due to a lack of advertising in the market (Tuten, 2020). But brand preference isn't necessarily what drives the market's untapped potential unless a customer has had a positive experience with a particular business and is willing to do business with it again.

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