Marketing Plan: Strategy, Tactics, & Projections - Essay Sample

Executive Summary

The aim of writing this report is to do research on the market on the basis of mapping the channels of marketing. The channels will be used by Culver Bell company to reach the old and new customers in a more efficient way. Another purpose of this report is to construct a market plan for an upcoming product that will be launched later on in the year. The market plan will utilize the most recent strategies and tactics which will help the company increase its sale.

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This report entails the mission statement of the company as well as its objectives (both the corporate and marketing objectives). This has helped in breaking down the needs of the company and put them in the forefront when drafting the plan. The overall strategy to be adopted by the company is also included in the report and this in line with the general objectives of Culver Belle Company.

Marketing tactics and policies are an essential part in every company, Culver Belle being one of them. The report has therefore provided an in-depth focus on the different areas of the marketing tactics. These are the product strategy, pricing of the product, its location and the promotion of the product. The four areas are the most factors to consider in every marketing plan. The report has highlighted how the production strategy will be used to come up with the best products which have a competitive advantage. The pricing strategy done in the report shows how the company will be able to price its products at a realistic price, which will benefit both the consumers and the company. The report has also focused on the location strategy because it will help Culver Belle in deciding on the best place to locate its branches. Lastly, the promotion strategy in the report will help the company in coming up with the best promotion method for its products.

The report also includes the projected budget for the promotion of the products as well as the financial projections of the products' net sales in the next three years. The report concluded by providing a contingency and control plan which will ensure that all the projections have been achieved.

Marketing Plan for Culver Belle Company

Introduction

The Culver Belle company is one of the well-known manufacturers, distributors and assemblers of automotive throughout the world. The firm has been performing well because of its operational management strategy. There are other significant factors which have helped the company in attaining its position in the car market. One of them is the fact that the company sales a wide range of cars, from the small cars to big trucks. The company aims at introducing two models into the market and this report will project the models' performance in the next three years. Culver Belle Company has been performing well in the previous years and this product will work to the advantage of the company. The purpose of this report is to provide a 3-year marketing strategy for Culver Belle. The scope of this report is within the Culver Belle Company, which is based in Europe and the overall car market in the world.

Overall Strategy, Rationale And Objectives

Mission Statement

Culver Belle seeks to ensure the creation of a thriving community, through the manufacture of automotive (Accur et al., 2003). Hence, the company aims at attaining a future long-term growth which will be stable and this will have to be in relation with the worldwide economy, internal stakeholders environment and the important environment.

Corporate Objectives

The corporate objective of the company is to achieve the desired profit. This can be achieved by having the products discounted so as to attract a lot of customers. In addition, having effective kinds of facilities will increase profitability as well as enough size and good character of the staff. Additionally, it is essential to consider different funding sources because they are a huge part of the company's growth. There are also other essential corporate strategies like sustainability, social responsibility, stock image market, and the image of the employees (Emawati, 2015).

Marketing Objectives

The objective of Culver Belle Company is to increase the number of sales by bringing new models in the market. Sustaining the recent recovery in the car market will depend on the stability of the European economies. It will also depend on the likelihood of the product attracting new clients and retain the old ones. The achievement of this objective will be through the launching of new models and setting them at an affordable price with the purpose of attracting new customers and enticing the old ones (Saleh,70-76)

The company also aims to beat its competitors by offering attractive deals. The available profit margins and sales have been experiencing pressure from all sides and this has made the companies necessitate the need to develop promotional strategies and strong pricing so as to uphold the in the market, which is unstable despite experiencing notable improvements. A robust weight on the reduction in cost and product improvement has been existent for a reasonable amount of time (Fatimah, 2019). This emphasis states that companies should set reasonable prices which will be favorable to both the company and the customers.

Overall Strategy Adopted and Rationale

Culver Belle Company wants to introduce two new models into the market and increase its overall sales. The rationale behind the introduction of these two models is to target new customers as well as retain the old ones. Another reason behind the introduction of the new models is to keep up with other car manufacturers who are always producing new designs and models. Customers love having a variety of products to choose from and the new models will increase the number of available products for sale. In order to achieve this rationale, the company will need a strategic approach, which will help in analyzing the market and predict the penetration of the product into the market. The situation analysis of the company is the best strategy towards achieving the objective of the company. To provide an in-depth situation analysis, a SWOT analysis is necessary, as well as the industry analysis, company analysis and customer analysis.

SWOT Analysis

The general analysis of the strengths, opportunities, threats, and weaknesses is a method of making an observation of both the internal and external environments. The potential of a company's profits is dependent on the micro and macroeconomic factors because they make a recognition to the essential trends in the industry (Brady et al., 2012.) A successful marketing strategy incorporates existing opportunities.

Strengths

The Culver belle company is a small-size company and this means that the bureaucracy level is low. Emerging issues can be handled easily and in a short time because the employees are also few. Another strength of the company is that it has workers who are experienced in different sectors (Collins, 1991). This helps in the production of quality products because the company will incorporate specialization. The company also has a strength in the essence that its products are well known globally especially in Europe. The company has in the past years cooperated with renowned wholesalers and this makes its products to be readily available to the customers' disposal.

Weaknesses

The company is small and so are the decision-makers. If an employee or a client raises an issue, the management may take ages before replying to the issue (Cooper & Hiebing, 1997). Secondly, the company is well-known in many places and it being small, it has inadequate personnel and this makes it hard to have close contact with all customers. The inadequate personnel results in a high chance of human errors during the various transactions because the workers are overloaded.

Opportunities

Globalization will result in global growth in the economy. This will increase the disposable income of people throughout the world. During this time, the company will maximize its profits and sales because people will want to buy quality products since money will not be an issue (Fieldman, 2002). Globalization will also make it easy for the company to open branches in many parts of the world because the legislations will not be as complicated as it is now. It will be easier to import and export goods. Secondly, tourism is also an opportunity for the company. When people visit European countries or the countries where the company has its branches, they will get to see the company's new and existing products and purchase them (Fill, 2005). The new customers will tell their friends and relatives about the products, and they will be interested in purchasing them too, and that is how the chain will keep growing. Another opportunity is the 24/7 warehouses. These warehouses will help in ensuring that the company's stock is ever full. Lastly, the new incentive policies are also an opportunity. Several people have speculated that the policies will bring relief to the existing and upcoming companies. The government might make the business environment more favorable for companies and other manufactures (Findlay, 2015). In a favorable business environment, the company will be able to increase its profits and also deliver quality products to its customers.

Threats

One major threat to the company is its competitors. Many competitors who produce quality products and have a wide range of customers have dominated the car industry (Gilad et al., 1993). Culver Belle might be producing quality products, but it is not the only company in the market. Globally, companies are constantly making mind-blowing innovations that make their products penetrate easily in the market.

Another threat that a company might face is the social changes. Some changes in society and tastes can reduce the popularity of some products (Gil-Pareja, 2003). This might result in huge losses because the company will have to do away with outdated products. Culver Belle might face the threat of future business regulations. Some future laws might be unfavorable to the business and this will affect its operations negatively. Such laws are the increase in the tax paid by the companies to the government. An increase in such costs will affect the amount of profit gained by the company (Cooper, 1997). Lastly, international laws might pose a threat to the company because the imports and export processes will be affected.

Industry Analysis

Culver Belle Company will be able to use its strengths and opportunities to gain a competitive ability in the car market. For example, the company has gained a global acknowledgement because of its diverse products. The company can also analyze the markets in other countries like China and U.S and sell its products there (Head& Mayer, 2004). Penetration of other markets will help the company in increasing its clients as well as maximizing its profits. Culver Belle is well known for being sustainable in its production and it can use this to sell itself to other countries and other firms.

Customer Analysis

Culver Belle's customers are diverse as the company targets the rich people and also the low income earners. The company also manuf...