Mkt600 Marketing Plan - Free Assessment Answers

Marketing strategy

Target market can be defined as the group of customers that the company usually targets so that it can increase its sale of products and services. The company needs to identify its target market properly, which will increase the profit level of the company. The use of the right target market will help in the repetitive buying behaviour of the customers as well, as they will want to purchase the product continuously (Baker, 2014).

The target market for the company can be divided in to different sections such as the age of the customers, their income, gender and the geographic location of the customers as well. The age of the customers play an important role for the company, as chocolate products are liked mostly by children. The company needs to attract children along with adults so that it can help them in increasing their sales. The income of the customers also play an important role, as the economic status of the customers will help in determining the sales of the company (Armstrong et al., 2015).

The gender of the customers along with the geographic location is also important for the company, as it helps in understanding the type of customers who are interested in the products or the services. The location of the company plays an important part in attracting the customers as well (Schimdt, Spann & Zeithammer, 2014).

Thus it can be stated that the company needs to target customers who are between the age group of 5-18 years of both the genders. This is due to the fact that most of the children like to have chocolates apart from the adults as well. The company is situated in Melbourne, which is a highly populated area leading to the increase of the sale as well.  The location of the company will result in increasing customer attraction towards the brands. The products that are available in the company can also be consumed by adults, as the sugar content is very less so that it does not harm the health of the consumers. This will help in attracting not only the children but the adults as well so that the sale can be increased (Borland & Lindgreen, 2013).

Market positioning

It can be defined as the place that the company will take up in the market so that the products can be different than the ones that are being sold by the competitors. The positioning of the brand will help the customers in identifying the types of products that the company is dealing in so that features of the products can be identified (Shariff & Lah, 2014).

The approaches of market positioning that the company can take up is that the characteristics of the products need to be provided to the customers. This will help in providing a better knowledge to the customers regarding the ingredients that are being used in the products. The price of the products of the company also need to be competitive enough so that it can attract the customers. The setting of the price by the company will help them in attracting the customers from the rival companies as well due to the fact that the same product will be available in the company at a cheaper price (Azar, 2014).

 The process and class of the product is also important for the company in determining the positioning strategy in the market, as it will help the customers in associating with the products. The class of the products will help in determining the varieties with which the company is dealing (Afoakwa, 2016)

It is also important for the company to place themselves in a better position than its competitors, which will increase the profit levels at a substantial manner. The quality of the products along with a low price will ensure that the company gets a competitive advantage in the market. The advantage against the competitors will also help the company in dominating the market so that then positioning strategy can help them in increasing its share in the market (Shekhar & Raveendran, 2015).  

The company will position itself in the ‘High quality, Low price’ quadrant so that it can help in increasing its profits by selling more number of items to the customers. This can only be done with the help of reduction in the price rates of the to increase the customer attraction towards the products. The increase in the rate of the products, which will attract the customers towards the products and result in giving a competitive advantage to the firm who are also operating in the same market. The high rate of attraction of the customers will also help in gaining feedbacks from them so that it can help in producing the items according to the preferences of the customers (Paharia, Avery & Keinan, 2014).

Marketing mix

The company is operating within the service industry and wants to be famous for the products that are being provided to the customers. The products that will be provided by the company will help in creating memories within the customers, which will increase the customer base. The products that are being delivered by the company are confectionery, drinking chocolate, marshmallows, candied nut and popcorn, which will satisfy the customer’s needs and preferences. This will also help in increasing the sales of the company to a great extent (Matti et al., 2015).

The products will be targeted mainly towards the younger group of people, as they are more attracted towards chocolate products. The adults as well can try out the Products, as the purchase level of the company will increase to a great extent. This will help the company in increasing its base of products in the market, which will result in better rate of returns. The feedback from the customers regarding the products after being consumed will help in changing the attributes as well so that it can be liked my most of the customers. This will help in increasing its sale in the Australian market (Fromm, 2014).  

The company will try to maintain the price of the product and ensure that better quality is being provided to the customers so that it can help in earning better level of profits. The purchase of the products can be increased in the market by keeping the prices of the products low, which will result in increasing the level of customer attraction. This would result in increasing the base of customers as well. Since, most of the products would be made within the company, it would help in saving the cost of travel and bringing the raw materials. This will play an important role in keeping the process of the products at a minimum level (Dagevos, 2016).

The proper decisions that will be taken up by the owner of the company regarding the price of the products will help the company in generating better level of revenues so that the cost of manufacturing can be covered. This would result in decreasing the level of competition in the market as well. The competitive pricing that will be taken up by the company will result in providing the products to the customers at a lower rate than most of the established companies. This would result in switching of the customers towards the new products and increase the loyalty of the brand as well (Pride & Ferrell, 2016).

Promotion of the products and services by the companies play an important role, as it helps them in raising awareness among the customers regarding the types and varieties with which the company is dealing. This also helps the customers in gaining proper level of knowledge regarding the products before they are making the purchase. The company will be promoting its products with the help of advertisements. The utilization of advertisements will increase the attraction rate within the customers, which increases the level of sales as well (Shekhar & Raveendran, 2013).

The company will also be using the means of media such as radio and newspapers so that it can help in educating the customers regarding the type of products with which they are dealing. The promotional activities will result in attracting the target audience so that the company can be beneficial as well. The products will also be promoted through the supermarket stores that are present in Australia, as it is a strong foundation through which the products can be distributed. The benefits of the products can also be identified by the customers so that proper level of feedbacks can be shared with the company. The promotional activities will also help in increasing the level of sales for the company (Gabrielle & Baghi, 2016)

Place

Place plays an important role for the company so that it can help them in being situated in a competitive environment that will increase the volume of sales. The company will be situated in the Melbourne market in Australia, which will result in increasing its level of sales. The placing of the company is important, as it will help in ensuring that the right products can be distributed to the customers at the right time. The company has also taken up the decision to distribute the products through the well-known supermarkets that are present in Australia so that it can reach out to different places as well (Yamoah, 2013).

This will help the company in increasing its base of customers as well the level of attraction. The supermarkets will be in a better position to market the products to the customers, as they have a higher number of loyal customers. This will help the company in maintaining a smoother level of flow of goods in the market as well. The products will be placed at a better level so that the knowledge of the customers can be increased (Alhawsawi, 2016).

Extended marketing mix

This tool in the marketing strategy will help the company in gaining better insights regarding the employees and the customers who are involved in the business. It is also inclusive of the stakeholders, as they have the right to be informed regarding the progress of the company. The company will be hiring two employees that will help in the process of making the products and provide the additional help of handling the customers as well. The employees will be rewarded based on the level of skills that they have so that it can help in improving the products that will increasing the rate of attraction in the market (Renton et al., 2015).

The customers will be able to provide valuable feedbacks to the company after they have consumed the products so that it can help in making additional changes according to the preferences of the customers. The customers will also enjoy different discounts so that it can increase their loyalty towards the firm as well. These people will serve as important stakeholders to the company, as they will be able to provide proper insights regarding the goodwill of the company in the market. It will also help in increasing the image of the brand in the market (Dulea, 2013).

It is the process in which the service that is being provided is essential in nature and will help the customers in informing them regarding the type of products that are being made available by the company. The employees who will be working in manufacturing the products will be reviewed on a continuous manner so that the progress of the work can be identified as well. This will help the company in gaining a better knowledge regarding the level of skills that is being possessed by the employees. The evaluation of the employees will ensure that the company can operate in a smoother manner and the products can be delivered to the customers as well (Majaro, 2013).

The company will also keep a track of the customers who are loyal to them so that these customers can be provided with certain advantages such as discount coupons and loyalty bonuses. The feedback that will be provided by the customers through mails and personally will also be taken in to account so that it can result in improving the products in a better manner. This will increase the profit levels as well, as the feedbacks will help in developing the products according to the needs and preferences of the customers (Yamoah, 2013).

Physical evidence

Since the company will be dealing with products, it is important for them to serve the customers properly so that it will increase the loyalty among the customers. This will result in increasing the customers towards the company, as they will be interested to purchase the products due to the high level of hospitality that will be shown by the company. The goodwill of the company in the market can be increased as well. The customers will be able to experience the products as well as the service that will be provided by the company towards them in an effective manner (Gabrielle & Baghi, 2016).

Conclusion

Thus it can be concluded that the company will be in a better position in providing better products to the customers by increasing the attraction rate. This will help in building the goodwill of the company with respect to the products that will be supplied by them. The prices of the products will be competitive in nature so that the company can be able to gain an advantage over the rivals that are operating in the same market.

Reference List

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