Week 3: Submit the Marketing Strategy & Action Plan
The marketing strategy should include the following elements:
Methods to engage customers, create customer value, and build customer relationships
Strategies for the marketing mix (4Ps)
Solutions for SWOT assessment
The Action Plan should include the specific tasks that answer the following questions:
What will be done?
When will it be done?
Who will do it?
Where will we do it?
Why are we doing it?
How much will it cost?
Week 3 Assignment: The marketing strategy & Action Plan
Method to engage the customer
There are various methods to engage the customer and some of them are stated below-
Create a good customer experience– To engage the customer in the product one needs to make sure that the customer gets a good experience from the organization. If the customer is satisfied with the work which is provided to them then it is quite easy to engage them in the work as well. If the customer gets a good experience in work they will automatically be engaged in the organization.
Sharpen social media marketing– To engage the customer one of the most used strategies which are done nowadays is to sharpen their social media marketing so that customers can be aware of the product and the company. Social media has a great influence on the customer nowadays and if social media marketing is good then more custom, er will be engaged in the work
Provide a good product– Customer engagement in the organization can be sustained only when a good product is provided to the customer (van Algemene Zaken, 2021, p.2). If the food product is provided and the customer is satisfied with it then they will automatically engage in the organization.
Method to create customer value
The value of the customer can be created by following the things stated below-
Became authority– When a consumer feels that you are the authority in your field, then the value increases tenfold. You, therefore, have to do things that make this come to life. If the customer feels that they are the authority and they think that they are being valued then the customer value is increased
Listen To them– If we discuss with the customer related to the product and listen to them what they are trying to tell then it creates a positive impact on the customer and it can be said that the customer value is been created.
Listen to their feedback– It should be the top priority to listen to the feedback of the customer. If their customer feedback is listened to then the customer thinks that they are valued and their value is created.
Surprise them– Customers like the surprises they get from the organization for their specific occasion as it creates value for them as well.
Method to build customer relationships
Communicate regularly– To maintain a good relationship with the customer the organization needs you to communicate with the customer daily so that it can be easy to understand them
Ask for feedback– Asking the feedback related to the experience that the customer had creates a positive impact and strengthens the customer relationship (Yen, Teng & Tzeng, 2020, p.5). As the customer will think that their opinion also mattered to the organization
Reward loyal customer– The reward should be given to a loyal customer who is part of the organization or the company for a long period and is loyal to the brand as well. It motivates them to be the customers of the company.
Marketing Mix
The four marketing mix strategies are stae3d below-
Product- Creating a marketing campaign starts with an understanding of the product itself. The job of the marketer is to define the product and its qualities and introduce it to the consumer (Nikbin et al. 2021, p.5). Here the strategy is to introduce the product to the customer so that the customer has the proper knowledge of the product. Here the information related to the product is been given to the customer.
Price– Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product’s real and perceived value, while also considering supply costs, seasonal discounts, competitors’ prices, and retail markup. Here the strategy is to fix the price of the product which are to be sold and the product is kept low to gain more customers from the market
Place– Place is the consideration of where the product should be available, in brick-and-mortar stores and online, and how it will be displayed. The place is where the product is been kept before it sold to the customer. The place can be any place or the shop where the customer sees the product and purchase it or the place where the stock of the product is been placed and the online selling of the product is done.
Promotion– The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product. For the selling of any product, promotion is an important thing it helps to create awareness among the customer related to the product so that customers can purchase the product.
Contribute to SWOT
The SWOT analysis is the method of identifying and analyzing the strength, weaknesses,
opportunism, and thread of the organization (Hajizadeh, 2021, p.661). It is mainly done to acknowledge this thing so that the organization can run efficiently and the problem can be handled beforehand as well. It is done to take control of the organization. The SWOT analysis is not only limited to the companies but is done by any organization that wants to know detail about the company so that it can be helpful in the future as well.
Strength– As per the strength, I can say that my biggest strength here is my experience and
knowledge in the work. The knowledge will help me to go through any situation and provide
benefits to my work. Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations (Benzaghta et al. 2021, p.55). These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes.
Weakness– The major weakness which can take place from my side is hiring the workers for the
completion of the task. As sometimes it became more tiring to hire a worker and the workers
sometimes do not work properly in the business which will ultimately affect me. In the work One of the weaknesses of the company is that the company has many competitors in the market.
Opportunities– The greatest opportunity from my side is the US country because here the
availability of all the materials will be there which will be helpful for the step-up of the business
Threat– The threat which can take place in the market is the competitors because in the US there
are different manufacturing companies with similar businesses so competition is high. Threats include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits (Sota et al. 2018, p.278). It’s vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.
The Action Plan
The action plan is made related to completing the task on time and providing the customer with the product on time.
What will be done?
Here the information is provided that what is done. In this case, they see and track that the product reaches the customer at the right time so that the customer did not get the problem. Here the management of the product is done in the right way to reduce the time taken as well as the completion of the task.
When will it be done?
This task will be done when the product reaches the stores the product is properly arranged and make sure the product is packed and reached the customer at the right time. It will be started as soon as the product reaches the store.
Who will do it?
All the management will be done by the people who are hired to perform the work (Ansari et al. 2019, p.95). The supervisor will also be there who will see that all the work gets completed within the time so that the work gets reached the actual customer within the time limit provided by the customer.
Where will we do it?
The arrangement will be done in the warehouse or the store so that it can be easy to acknowledge and segregate the product according to the description. It saves time and when the product catches the customer it will not take more than the top to rearrange it one more. It reduces the time consumer and the motion of arranging.
Why are we doing it?
Arranging the product in the right way is an important factor in the organization. It is because if the product is properly arranged then it can be easy to identify the product according to the need and can be sold to the customer without any wasting of time. We do it so that the actual product reaches the customer without mismatching the product.
How much will it cost?
It will not cost anything. It will merely cost anything. The cost will be just the wages or the salary of the person who does the work and arranges the product properly so that it can reach out to the actual customer without any problem.
References
Anshari, M., Almunawar, M. N., Lim, S. A., & Al-Mudimigh, A. (2019). Customer relationship management and big data enabled: Personalization & customization of services. Applied Computing and Informatics, 15(2), 94-101.
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.
Hajizadeh, Y. (2019). Machine learning in oil and gas; a SWOT analysis approach. Journal of Petroleum Science and Engineering, 176, 661-663.
Nikbin, D., Iranmanesh, M., Ghobakhloo, M., & Foroughi, B. (2021). Marketing mix strategies during and after COVID-19 pandemic and recession: a systematic review. Asia-Pacific Journal of Business Administration.
Sota, S., Chaudhry, H., Chamaria, A., & Chauhan, A. (2018). Customer relationship management research from 2007 to 2016: An academic literature review. Journal of Relationship Marketing, 17(4), 277-291.
van Algemene Zaken, M. (2021). Revision of the National Action Plan on Business and Human Rights-Responsible Business Conduct (RBC)-Government. nl.
Yen, C. H., Teng, H. Y., & Tzeng, J. C. (2020). Innovativeness and customer value co-creation behaviors: Mediating role of customer engagement. International Journal of Hospitality Management, 88, 102514.
