Marketing Plan C
市场营销作业代考 By concentrating efforts to understand the target audience, Forever Young can better reach out to them by creating a marketing plan
The feedback provided on Part B of the marketing plan will be utilized for conducting more research about consumer behavior and explain the brand strategy clearly. The feedback on Part B also helps in explaining why certain terms and explaining related to the brand have been selected.
The feedback will be used to carry on more in-depth research and strengthen the marketing plan. Certainly, a strong marketing plan is really important to successfully introduce a product and create robust brand activation strategy that the brand – Forever Young – would need to introduce its product range in the market. Moreover, the feedback also put great emphasis on understanding consumer behavior and defining target audience.
By concentrating efforts to understand the target audience, Forever Young can better reach out to them by creating a marketing plan that appeals to them. Lastly, the feedback demands to analyze the competition. Which again is important to know where Forever Young lies in the market and what can be done to improve its position and brand image. To implement this, not only international but also many local brands will be taken into account to make Forever Young’s position clear. 市场营销作业代考
Pricing and Distribution Strategy
Whenever creating a marketing plan for a new business. A company must also focus on developing strategies to face any challenge that may arise due to any situation. Strategies in a marketing plan, according to Akaka & Alden (2010) are not only limited to promotion or defining the best way to reach customers but cover pricing as well as distribution strategies. Creating such strategies, Armstrong, Kotler, Harker & Brennan (2015) believe give you leverage to ward off any threat from any company and face any unforeseen risk without affecting the business.
The distribution strategy that Forever Yong needs to adopt is making its products accessible throughout the market. The best way to go about it is going online and creating an online store. Forever Young should partner up with logistic companies that deliver the product in 2 to 3 working days. Forever Young can also create its store on Amazon if it does not want to spend money on creating a website.
However, having an Amazon store also has its own disadvantage. 市场营销作业代考
For instance, Forever Young’s customers will then be able to see other products which may appear cheaper than your product. As part of retail distribution strategy, Forever Young should partner up with retail marts like Wal Mart and make its products accessible to a majority of its customers.
Initially, it would not be a wise decision to invest in big warehouse across the country only to make products accessible to other products. Therefore, the best strategy is to be online where customers are looking for such products and be visible in retail marts where target audience shop frequently.
One of the 4 “Ps” of marketing is pricing which is a very important element of any marketing plan.
It tells where the product is positioned and which price point is feasible for customers and good enough for the company to make decent profit. Moreover, Forever Young should also focus on delivering great value to its customers, only then it will be able to justify the pricing of its products (Hatch & Schultz, 2008). As mentioned in the plan B. The products of Forever Young will be sold as affordable health and fitness solutions, thus its pricing should be lower than that of The Body Shop but higher than local solutions available.
Forever Young’s pricing will be set at mid-level while marketing it as a product that delivers high value and give a premium feel. This will make people feel that they are getting products of high-value at cheap prices. Thus, it will also help in boosting the sales. When consumers, according to Townsend, Yeniyurt & Talay (2009), feel that they are getting a product of high value in lower prices. Then they tend to buy it. However, the packaging and branding of the product should give a premium look. 市场营销作业代考
This price point can be justified, because it will be lower than other health and fitness solutions available in the market. Moreover, the market will be ready to pay for it. This will support Forever Young and will help the brand achieve its revenue goals while maximizing profits. Forever Young’s prices will be average for the best quality of products being offered.
According to Keller, Parameswaran & Jacob (2011), before creating a pricing strategy a company must analyze how price sensitive their customers are. But as identified by Polonsky & Jevons (2009). People are ready to go above and beyond just to get good health and fitness solutions and in this industry there is huge price fluctuation. Thus Forever Young in future can introduce a premium range if its products become successful in the mid-price range.
Integrated Marketing Communications Plan 市场营销作业代考
According to Doole & Lowe (2008), an integrated marketing communications plan work wonders when the marketing message is consistent across all the platforms – whether it’s traditional media or digital media. The message that Forever Young is focusing on is enhancing inner beauty of its customers. The company believes that every person is beautiful and thus should only work on keeping their skin and body in the best shape. Rather than following the stereotypes of beauty set by the society.
The company wants to break stereotypes so that people can embrace their true beauty rather than following a cosmetic one. This message will be communicated via every platform along with the benefits of each product. It should in fact become the part of brand guidelines and everyone in the company should know that whenever communicating the brand’s message through print media, television, or digital media. As part of the plan, the company should market its products on social media and build a community around its products (Armstrong, Kotler, Harker & Brennan, 2015).
The best digital media platforms available are Instagram, Facebook, Pinterest and display network marketing.
However, traditional media like TV, billboards and digital billboards should be used to reach out to customers. However, print media like newspaper and magazines must not be used initially. The company should rely heavily on digital media platforms as they offer great retrun on investment. The company should buy spaces on popular beauty and fitness blogs while also marketing its products on social media.
The message should revolve on enhancing inner beauty and boosting self-confidence rather than outer beauty that many brands still do. These messages should be conveyed using digital media as primary marketing medium and TV. Billboards and digital signage as secondary tools. The company can also use static media creatively to advertise its products and gaining word of mouth.
Public Relations, Sales Promotion, and Personal Selling Plan 市场营销作业代考
Forever Young should reach out to social media influencers and beauty experts/ consultants as part of its public relations strategy to influence the opinion of its customers. Since, the primary target audience is on social media; therefore using social media influencers is the best public relations strategy (Clifton, 2009). Secondly, taking on-board well-known or celebrity beauty experts/ consultants to convey the benefits of Forever Young’s products, will certainly influence customer’s decision.
For promoting sales, the company can introduce discount coupons. Which can be availed on the second purchase. This will ensure that the customers will repeat the purchase and sometimes a health or fitness product may take a bit time to show results.
Plus, continuous use of any skin care or fitness products that too 100% natural will show results in the longer run. Thus this strategy will make people use Forever Young’ products regularly. As far as personal selling is concerned it should be done at a later stage once the brand is activated. Personal selling should be accompanied by a discount voucher so that sales can be increased. 市场营销作业代考
Online and Direct Marketing Plan
As mentioned above, digital media should be used heavily by the company. As it helps reach the right audience that too at a fraction of cost. Digital media marketing should include posting regularly on social media for organic reach and displaying sponsor posts that sells products.
For branding purposes, display network marketing will be used where only brand banner and 100% natural ingredients will be highlighted. Other medium of marketing will also be utilized like TV commercials, billboards, digital signage and other out of home techniques to increase brand awareness and brand recall (Armstrong, Kotler, Harker & Brennan, 2015).
Cause Related Marketing 市场营销作业代考
Since the company is already using only natural ingredients in its products, therefore, a message along the same lines should be devised. The company should plant trees for every 100 products sold and put this information on their packaging. Once the company plants over 10,000 saplings. It should add this information in the promotional material as well as on packaging. This message will show the world that the company cares about the environment it operates and will certainly project a good image of it among customers.
Moreover, with the passage of time, other causes should be introduced like eco-packaging, environment friendly manufacturing process among others so that message doesn’t become boring or too repetitive. This is also true that initially. The number of trees may attract customers but in the longer run the company cannot change packaging on every 10,000 trees. Thus, a variety should be there for people to understand how sensitive the company is towards the environment.
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Doole, I., & Lowe, R. (2008). International marketing strategy: analysis, development and implementation. Cengage Learning EMEA.
Hatch, M. J., & Schultz, M. (2008). Taking brand initiative: How companies can align strategy, culture, and identity through corporate branding. John Wiley & Sons.
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