Review changing perspectives in marketing planning

INTRODUCTION

Review changing perspective in marketing plan is an all-purpose tool that enables the management to know everything related the company it is an indication that shows management what is the glows of their plan, how to succeed in their galas and redefine the direction in a new market or new product against the competitors. It shall be responsive that a good marketing plan must contain with the consideration of changing perspective. Marketing can seem like a science, but is also requires creativity and instinct when you create a marketing plan, you can benefits from looking at your marketing resources, goals and methods from several different angles.  

DEFINATION

According to Lamb, Hair McDaniel, they states marketing planning is a plan involves designing activities relating to marketing objectives and attach with the capability of changing marketing environment. It contains with the issues of product lines, distribution channels, marketing communications and pricing.

The case study (company) I have chosen for this assignment would be Prada, a luxury fashion company. I would hereby explain the elements and importance of a marketing plan to enable Prada enhance competitiveness and successively helps to increase their market share.

1.2      EVALUATE AN ORGANISATION'S CAPABILITY FOR PLANNING ITS FUTURE ACTIVITY.

Organisational capability defined in terms of its core competence, synergistic effects, strengths, weaknesses and resources and behaviour. It represents a capacity of an organisation to use strengths and create an opportunities and face in its external environment.

·        Brand effect

·        Weaknesses

·        High prices

·        Lack of information

In the view of finance's prospect, Prada should control usage of funds with a budget and limitation. In marketing's prospect, Prada should increase their brand awareness and understand with the factors would affect marketing capability in price, promotion, product which would enhance their sales turnover and maintain the brand loyalty. Besides, Prada should be alert with product waste and loss control and limitations, and ensure there is nothing wrong with the productive system to produce a good quality product.

Organisational capability is the approach to the management of an Organisational or firm. Organization capability seeks to manage the stock of capabilities within the firm to ensure its on-going profitability and survival.

1.3      EXAMINE TECHNIQUES FOR ORAGANISTIONAL AUDITING AND EXTERNDAL FACTORS THAT OFFECT MARKETING PLANNING

MEANING OF ORGANISATIOAL AUDITTING

Every organisation will conduct an audit activity to examine and determine any mistake or opportunity that is happening around the company. External factor evaluation is defined as the strategic tool to evaluate external environment or macro environment of the firm include economic, social, technological, government, political, legal and competitive information.

Two external factors that affect oiv marketing planning

·        Technological Environment

·        Economic Environment

Technological Environment

·        One of the factors in external environment is technological environment. The level of technology, speed of technology, researches and development budget technology transfer are included in technological transfer are included in technological environment. These elements also directly affect business decision due to rapid growth in technology systems.

Economic Environment 

·        Environment is an important element of external environment factors. Inflation, interest rate, and unemployment are its main elements. As these elements directly affect the business organisations, decision should be taken after having deeply studied and analysed them. The business organisation decision should be taken after having deeply studied and analysed them. The business organisation cannot affect these elements, rather the organisation are affected by them. This is because these elements are not under control system.

1.4      CARRY OUT ORGANISATIONAL AUDITING AND ANALYSIS OF EXTERNAL AFFECT MARKETING PLANNING IN A GIVEN SITUATION

MEANGING OF AUDITING AND ANALYSIS

The process of analysis as part of the planning process involves both an external audit and an internal audit.

SWOT ANALYSIS

The marketing audit is completed with the predation of a SWOT analysis.

·        Strengths

·        Weaknesses

·        Opportunities

·        Threats

Strengths

These could include a strong brand a broad customer base, customer loyalty, high level of customer, engagement online, and an active sales team.

Weaknesses

examples could be poor marketing skills, low product quality, and a lack of innovation.

Opportunities

There might be strong growth in the market, new markets and mediums to exploit, or the disappearance of a leading competitor.

Threats

New low-cost competitors could be emerging whist the bargaining power of buy ers is increasing. At the same time overall growth in the market may be slow 

AC2:   Understand The Main Barriers To Marketing.

2.1      Access the main barriers to marketing planning

A strong marketing strategy and planning is essential and vital component for any organization. But every now and then sending useful message to customers become puzzling and complicated because the scenes during market planning

There are a few barriers that effect the marketing plan

·        Demographical Factors

·        Economical factors

·        Technological factors

·        Political factors

Demographical Factors

These comprise of the demographic changes, trends in the manner people live, work and think. These factors affect on customers desires. A poor marketing planning affect them badly on any organization.

Economical factors

Every business is affected by economic factors locally and internationally. Economic factors affect the purchasing power of prospective customers, hence it affect company sales and profits.

Technological factors

Technological factors can reduce barriers to entry, decrease minimum efficient production levels, and affect outsourcing decisions.

Political factors

Political factors comprise of government regulations and legal issues and describe both formal and informal set of laws. Changes in laws and regulations may affect marketing strategy and policy.

2.2      EXAMINE HOW ORGANIZATIONS MAY OVERCOME BARRIERS TO MARKETING PLAN

            Marketing planning is "a reasonable series of events leading to the setting of marketing objectives and making of plan for achieving them." The complication of marketing planning means that when organization embarks on it, they should expect to meet a number of organizational, attitudinal, process difficulties.

To better understand the barriers that have an effect on marketing planning in any organization, a marketing manager must recognize online initiatives that produce the best results as well as techniques that are simple to exercise. Inside the plan a methodical system should be developed to promote objectives and interlink them. Marketing managers of many companies get so tired with daily emails, webinars and online analysis that they cannot spotlight on making their marketing strategies.

Conclusion

Organizational culture and management unawareness are the main barriers in execution of a marketing plan. Some companies appear to not merit the likely benefits of strategic planning; they reduce marketing budgets and detach the department.

AC3:   BE ABLE TO FORMULATE A MARKETING LAN FOR A PRODUCT OR SERVICE

3.1      Write a marketing plan for a product or a service

            Marketing is a key part of business success. You need to decide which customers to target. You need to work out how you will reach and win new customers. You need to make sure that you keep existing customers happy. Your marketing objectives clear and explains how you will achieve them

OBJECTIVES SHOULD ALWAYS BE SMART

Specific

for example, you might set an objective of getting ten new customers.

Measurable

Whatever your objective is, you need to be able to check whether you have reached it or not when you review your plan.

Achievable

you must have the resources you need to achieve the objective. The key resources are usually people and money.

Realistic

Targets should stretch you, not demotivate you because they are unreasonable.

Time-bound

You should set a deadline for achieving the objective. For example, you might aim to get ten new customers within the next 12 months.

SWOT ANALYSIS

A SWOT analysis combines the external and internal analysis to summarise your Strengths, Weaknesses, Opportunities and Threats. You need to look for opportunities that play to your strengths. You also need to decide what to do about threats to your business and how you can overcome important weaknesses.

3.2      EXPLAIN WHY MARKET PLANING IS ESSENTIAL IN THE STRATEGIC PLANING PROCESS FOR AN ORGANIZATION

            Marketing plan provide information that enables stakeholders to measure the progress and highlighted the most appropriate marketing strategies. An effective marketing plan helps to increase product sales and enhance company profit margins. There are several advantages of market plan, it contains

·        Focus on your target market

·        Identifies consumers' needs and wants

·        Determines product demand

·        Identifies potential customers

·        Identifies competitor and analyse competitive advantage

A measurement for generating the daily cash operational activities and how to make profit. A good marketing plan will also benefit an organisation with the analysis of how to achieve the company objectives and capability to create a new opportunities for organisation. Therefore, it is essential in the strategic planning process for an organisation.

3.3      EXAMINE TECHNIQUES FOR NEW PRODUCT DEVELOPMENT   

The new product development process has the potential to be haphazard because of the inherent uncertainty in the process as well as the myriacl methods available for product development 

The new product development techniques process is shown in diagram below

 

           

IDEA                             FEATURE                PRODUCT               PRODUCT

GENERATION          DEVELOPMENT     DEVELOPMENET         TESTING 

 

               SMART              PAIRWISE MAS DIFF      CONJOINT              CONJOINT

             INCENTIVES                KANO-SEM        CONFIGURATION   CONCEPT TESTING

                                                                                                            OPTIMIZER  

This is a straightforward way of looking at the process that starts with idea generation, moves to development of individual features and then to full product development and finally into product testing. Of course, this is one example of how the process can be viewed and not a rigid framework.

3.4      JUSTIFY RECOMMENDATIONS FOR PRICING POLICY, DISTRIBUTION AND COMMUNICATION MIX

Distribution mix (Place) represents the way of distribution, the methods of transportation, and also the on-hand inventory level and lastly outlets selection.

Furthermore, it is importance to consider the following options of the product distribution:

·        Retailing

·        Internet sales - website

·        Mail order - throughout brochure

·        Wholesaler

After selected a distribution way for the product, it should be concentrate with the product price. Price policy would directly affects the product sales, how much profit or loss company gain, to whom it is sold and what types of services should be attach.

The only recommendation in pricing strategy is to be sensitive, sensitive with the production cost, marketing cost. The communication mix includes advertising, personal selling, public relations, online promotion, sales promotion and also direct marketing.

3.5      EXPLAIN HOW FACTORS AFFECTING THE EFFECTIVE IMPLEMENTATION OF THE MARKETING PLAN HAVE BEEN TAKEN INTO ACCOUNT

            In order to maximize profits and minimize risks in a business, the only reliable way is to tailor a suitable marketing plan with the particular needs meanwhile using available marketing tools and information to enhance the flexibility. The factors would affect the progress have listed down below

Management not supportive

With the assumption of the director of the company do not agree with the element of the marketing plan and decided not to support it, manifestly, the marketing plan would not be suffice as a pathway to the success.

Budget limitation

Without sufficient financial support, the marketing team might not able to complete an appropriate market research.

Illegality

If a marketing plan is against with the law or regulation, it might lead a legal action to the organisation.

As the factors mentioned above will affect the effective implementation of the marketing plan, it may concluded as it is essential to taken factors would impair the marketing plan into account in order to draft out a good marketing plan.

AC4:- ETHICAL ISSUES IN MARKETING

4.1      Explain how ethical issues influence marketing planning

Ethics is a very significant area for business .ethics can be seen as morality as well. According to crane and Mitten business ethics is the right or wrong by morality in relation to business activities. Sometime to maintain ethics, law  interrupts to practices it Sometime manages face the conflict between right versus right rather than wrong versus right . Health and safety of customers and workers is a major factors of ethical factors. Its reputation is majorly depend on the health and safety of customers. Once our economic system has successfully fulfilled consumer’s wants and heeds. En short, unethical marketing practives would directly influence a good marketing process and effect marketing plan    

4.2      ANALYSE EXAMPLES OF HOW ORGANISATIONS RESPOND TO ETHICAL ISSUES

Adler and Bird and Stead suggested few strategies to enhance ethical behaviour and avoid unethical behaviour in organisations. They suggested that, firstly, top managerial should encourage ethical consciousness to their subordinates by providing support and care upon ethical practices. Secondly, it is recommended that top managerial level should focus on the institutionalization of ethical norms and practices that are incorporated into all organizational levels.

Organisations should be avoiding these unethical issues happen in their institution:

Product

Misleading product information, lack quality control and deliberately produce poor quality product, unfit product description.

Price

Expensive price with a poor quality product

Place

Different product price in different location

Distribution

Control the product supply and increase the product selling price when out of stock.

4.3      ANALYSE EXAMPLES OF CONSUMER ETHICS AND THE EFFECT IT HAS ON MARKETING PLANNING

Environmental issues, animal issues and ethical issues, including oppressive regimes and armament when shopping. In order to proceed with a good marketing plan, the organisation shall take consumer's right into account. As being immoral in product sales and product purchase, it may cause bad attitude or situation.

For example

if customer purchasing product which is illegal or against the law, obviously the organisation would not consider about customer's right for the sales. It would directly affect to the market itself and unethical behaviour will be spreading around.