This article wants to provide an overview into 1 what marketing is, 2 the importance of a marketing plan, 3 the components of a marketing plan, and 4 common frameworks used when writing a marketing plan.
What sort of advertising should you use? By far the most far reaching of these strategies is Television advertising.
A large amount of people watch TV and this type of advertising will reach many social groups. Although this type of advertising is very expensive and even more so during peak times, TV advertising should be seen by the masses and encouraging a lot of new customers, so in time, TV advertising will pay for itself.
This will prove to be a very effective form of advertising media and should be adopted in the Pakanawa situation.
To boost sales even more, and to prolong the life of the Pakanawa product line, another form of advertising should be taken aboard.
Newspaper advertising would also be a good idea. Newspaper advertising would reach another section of the consumer market and would also be very effective in the right context. A full page newspaper advert is a lot of money but would bring in a lot more customers and make many more people aware of the product.
It is important to make people aware of the product so they will buy it, there are many advantages of the Television over the newspaper, such as the fact that TV is a captive market and if you can vary the showing times of the advertisement then you can vary the consumer group that will be receiving them.
A bad point, however, as is with most forms of advertising, is the delay between seeing the advertisement and buying the product. There is also a delay similar to this with newspaper advertisements but the delay is not usually as long as is the one with TV advertising. Below the line promotion Below the line promotion refers to advertising that does not rely on large scale media such as TV or Radio.
Forms of this are direct mailing, exhibitions and trade fairs, sales promotions and product placing. In the case of Pakanawa it would be sensible to follow some of these ideas but not all of them.
For example, it would not really be a good idea to exhibit the product at a trade fair without first having a sales promotion or product placing.
The only form mentioned that would not be suitable would be direct mailing, to which the general public refer to a junk mail. The question arises whether you would mail the children that are likely to want the product or whether to mail the parents that would buy the product for their children.
If you were to mail the children then the parents could get very annoyed at the fact that you went directly to the children instead of through their guardians. Although if you were to mail the parents there would not be a very large chance that it would also reach the children, who would be the driving force of the sale of the product.
Sales promotion or endorsements would be a good idea as this would ensure that more people heard about the product and it would be more appealing if a well known children's presenter was to endorse the product. Branding Multiple product branding would be the best idea for Pakanawa as with multiple branding the firm is not always known as the same one and with Pakanawa's toys, the different products under different brands could inhibit the sale of the other brands.
With multiple product branding the company would be recognised as selling all these products and with a well established market this would benefit the company although multiple branding has one advantage over this, if the company has had bad publicity, with the other brands, a knock on effect of the other products is limited.
Therefore, I think that the best form of branding for Pakanawa's toys would be multiple product branding.
Product Development We must also consider product development to extend the product life cycle and retain interest in the series of products produced by Pakanawa. To fully conduct a product development scheme we must conduct some market research into the attitudes of the customers and what they think can be done to improve the products provided by Pakanawa.
We must come up with new ideas fairly frequently and brainstorming should be encouraged. Safety must always be improved on in Pakanawa products and a team of designers must be considering product development all of the time.
Merchandising and packaging Merchandising is an attempt to influence customers at the point of sale. The point of sale is anywhere that a customer buys a product. Customers are intended to buy based on what they see rather from a sales assistant. Therefore at Pakanawa a vital factor in influencing customers is the way in which the items are displayed.
To sell the products effectively we must take into consideration the effect that the packaging should have on the customers and the way in which displays of this particular product are arranged.
A good idea would be to have a 'space ship' or something similar to encourage people to look and to buy the product. To influence customers at the point of sale, a number of tactics must be employed as we must first draw the customers attention to the display and to the product, and finally, to the price of the product.
Why a sales team? The job of a sales team is to create interest in the product with the public and retailers. The overall aim of a sales team is to create the highest level of distribution of the product and to promote the product so representatives of a firm are interested in purchasing this product to sell it in their shops.Report for the attention of Mr Pakanawa Why launch an advertisement campaign?
To start off, when your company is just becoming established in the British market, consumers will have no knowledge of your product, we must encourage or market, consumers will have .
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Let me give you an example: has been the year of Facebook Advertising. But we’ve all been in that year before, with another tool . COMPONENTS OF A MARKETING PLAN.
A good marketing plan should include the following components. A) EXECUTIVE SUMMARY. Usually the last part to write, this component of your report will contain a summary of all the other sections. The figure seems about right. From the Wall Street Journal article Fast-Paced Best Seller: Author Russell Blake Thrives on Volumes “In , self-published books accounted for 32% of the top selling e-books on Amazon each week, on average.”.
Jun 29, · It's usually a good idea for those preparing a financial report to understand some of the objectives of doing so and the potential limitations that might arise.
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