A marketing plan refers to a project that represents an overall business’s strategy and objectives. It is the most vital element of a business that keeps track of its mission and sales tactics. It incorporates products, services and the financial situation on the market. This plan creates awareness of strengths and weakness via an external and internal analysis and also by assessing market opportunities. The marketing plan is a tool designed to assist the organization to compete in the market for clients and competitive advantages. For this plan to be effective, it should be revisited, recreated, and reworked in a regular manner.
The project that I select is to establish a platform where customers can access furniture in an easy way. Based on this research, I learned that in a marketing program, it is essential for the business to analyze products and services from the customer’s perspective. This plan should incorporate significant details such as taste preferences and needs that benefit the client. Additionally, study indicates that in a marketing plan, it is mandatory for the business to gain knowledge concerning the market place from its clients.
Concerning this program, I also learned that it is important for the business to analyze its target market. This contributes to the plan by aiding the identification of additional markets, products, and services that the business can invest in. Research indicates that through a marketing plan, the business should be aware of its competition, whether potential or current. Identifying its strengths and business enables the project to advance its position at the market place.
The marketing plan that suits my project is the one which facilities the business to make decisions on ways to apply its resources to the target markets. This plan will also incorporate measurable goals and information concerning customers and the market. To accomplish the needs of the project, this business will select marketing tactics and sales to surpass its goals. My program will also entail an established budget to measure its success and determine whether it meets its goals.
This marketing plan targets the market segment where it attempts to satisfy a wide range of clients in their different groups. It is evident that a business that incorporates furniture fulfills the needs of a market segment by marketing its products and services which are most profitable. This program also targets the market segment by locating existing customers when it analyzes groups that have the same traits. In my case, that involves the sale of furniture; I will target the market segment by focusing on factors such as income, age and gender. In addition, this will also consider the breaking down of different customers into various industries by size. Practically, location in furniture enterprise will be a key aspect that will determine if the sales are targeting local customers or whether it is in search of opportunities to export its products.
Segmenting this furniture market enables me to realize similarities that exist between different groups of customers. This will assist the organization to understand clearly the aspects of our offer that appeal to all groups. As a result, market segment enables the business to adapt products and services in a close manner to fit our requirements. This plan will also target the market segment by ensuring that the organization modifies its furniture products. To operate effectively in a market segment, the furniture business will serve clients by working on delivery and reliability. Furthermore, we will also adjust the manner in which we market our offer to change our pricing policy. This can be achieved by using distribution channels to reach target customers in an effective manner.
The positioning statement for this project will reflect a concise description of my target market and how it should perceive its brand. For instance in my case, a positioning statement serves as a guide that depicts marketing efforts to promote the furniture business. This will also aid to maintain focus of the brand and its value as we articulate on tactics and market strategy. The positioning statement for this furniture project will be simple, tailored to the target market and memorable. It will offer information concerning the brand and how our furniture products to differ from those of our rivals in terms of quality and durability.
In this project, the product that I will offer on the market is furniture to serve the nearest learning institutions, residents, and business premises. I will also incorporate delivery services to assist clients who are far from our stores by supplying their ordered products on time. The pricing strategy will depend on the type of product that I offer at the market. For instance, I will sell commodities such as bookshelves for $45 and a dinning set for $86 to make it affordable for all buyers. To gain more profits, I will implement a promotion plan that will create awareness of my brands to potential customers through advertising on billboards, TV and radio stations. The target locations for this business will include regions that are near schools, homes and enterprises that require furniture. These venues are viable for furniture business because they are essential to target clients to facilitate their operations and promote our products.