This report includes the second part of the marketing plan. It outlines the various marketing activities to be accomplished by the brand (Baker, 2016). The initial section emphasizes the received feedback. The succeeding part focuses on developing the branding strategy including brand name, logo, slogan, and branding extension. It also comprises of the detailed customer profile, perceptual mapping of Reliable Retail Corporation. Besides these, it also includes the customer behaviour based on branding.
The given feedback based on the initial part focuses on each aspect of my marketing plan. According to the feedback, marketing plan fulfils the rubric requirement. It is based on a proper introduction, effective mission statement. The listed goals were SMART as required. It is analyzed that Environmental analysis forms a key part of Environments analysis. Therefore, it is learnt that it should not be ignored. It states the appropriate knowledge of academic references. Thus, it is stated that almost requirement of the marketing plan has been successfully fulfilled.
The feedback will help me in moving forward and easily carrying out the succeeding part of the marketing plan. Additionally, it will benefit in eradicating future mistakes based on the creation of marketing plan.
It is an action of marketing a brand in the market. This marketing practice includes developing an effective and unique brand name, logo, and slogan and brand extension (Okonkwo, 2016).
Brand name
It is a name given by the owner to its business enterprise like ‘Reliable Retail Corporation’.
Logo
It is an eye catching graphic, symbolic or designed focused representation of a company name. This visual representation is used for the marketing and familiarizing the customer with the brand. It aims at leaving an unforgettable impression over the second party (Kerin & Hartley, 2015).
Slogan
It is a short and noticeable phrase use for the marketing of a brand (Jobber & Ellis-Chadwick, 2012). The slogan of Reliable Retail Corporation is ‘Reliable, the secret of happiness’
Brand Extension
It is a strategy used in marketing of a brand. It is used to launch a new product and enhance the brand awareness in the market. It is closely interlinked with the core product of a brand. Successful creation of brand extension gave rise to high brand recognition among the customers (Hollensen, 2010). Following are the brand extension strategies for Reliable Retail Store
The target market is a group of customers at which a product is aimed (Baker, 2016). Reliable Retail Corporation primary target market includes customers opting for low priced products. The secondary target market includes customers that lay prior attention towards trendy merchandise.
A customer profile is a set of characteristics defining the customer. It is developed based on multiple elements including demographic, psychographic, professional and geographical factors (Rust, Moorman, & Bhalla, 2010). Based on the segmentation variables, the customer profile of Reliable Retail Corporation is described below:
Demographic profile
It includes quantitative elements to describe a customer. It focuses on factors such as age, gender and income of the population (Day, 2011). The Reliable Retail Corporation emphasizes on customers of each gender (men and women) middle and higher age group. This is because its products are developed for both the gender. It laid attention on customers of middle and lower income group. This is to gain high customer strength and to align the customers with its pricing (Discounted pricing).
Psychographic profile
It is a qualitative method used for describing the customer based on psychological attributes. It includes factors such as personality, values, opinion, attitude, interest and lifestyle (Menzly & Ozbas, 2010). Based on personality, Reliable Retail Corporation emphasizes on customers that are elegant and stylish in their approach. It prioritizes customers that highly value the qualitative aspect of a product. Its major focus is on customers of mediate lifestyle that attains high interest on trendy products.
Professional profile
It focuses on customer skills, strength and experiences. It focuses on customers that have adequate judgement skills to determine the right and most suitable product (Menzly & Ozbas, 2010). Focusing on strength, its customers must have mediate purchasing power to buy the products of Reliable Retail Corporation. Its customers should have quality product experience to select the appropriate product.
Geographic profile
It focuses on the geographical aspect of a customer (Menzly & Ozbas, 2010). It includes countries, cities, and regions. It mainly relies on customers living in urban areas of United States.
Behavioural profile
It is based on the buying behaviour of the customer (Menzly & Ozbas, 2010). Reliable Retail Corporation prioritizes customers that depict high brand loyalty, mediate buying power, high product user and low price sensitivity.
|
S/N |
SEGMENTATION VARIABLES |
KEY ASPECTS OF CUSTOMER |
|
1 |
Demographic factor |
Men, Women, middle age group, middle and lower income group |
|
2 |
Psychographic factor |
Elegant, stylish, trendy, quality focused |
|
3 |
Professional factor |
Mediate purchasing power, judgment skills, quality product experience |
|
4 |
Geographical factor |
Citizen of United States of America, resident of urban area |
|
5 |
Behavioural factor |
High brand loyalty, mediate buying power, low price sensitivity, high product user |
For individuals that are trendy and quality focused, Reliable Retail Corporation provides wide range of merchandizes with a combo of quality product with attractive price. It inspires satisfaction and makes a positive difference in customer lives by offering need-focussed products.
It is a diagrammatic representing used by the marketer to display a brand in the market. It is highly beneficial in comparing a brand with its rivals (Nestrud & Lawless, 2010). The figure depicted below showcases the position of Reliable Retail Corporation in comparison to its key competitors in the market.
Reliable Retail Corporation is a business enterprise offering ‘high quality’ merchandizes at ‘low pricing’.
The brand name ‘Reliable Retail Corporation’ is suitable for the target market. This is because ‘reliable’ word of the brand name directly gains the attention of the customer. They will try to seek as why it is termed as Reliable. Therefore, it will generate a force among the customer to try out the product of Reliable Retail Corporation. Focusing on the brand logo, the green colour specifies the growth, freshness and safety. Similarly, Reliable Retail Corporation logo is best suitable for target market. This will attract the customer and build energy among them to try to Reliable Retail Corporation. Additionally, the simple design will help the target market in easily recognizing the brand. Emphasizing on market extension, its strategies based on ‘expertise in quality’ and ‘featured as chic’ will be best suitable. This is because middle-income group faces issue based on quality. Additionally, it fails to attain chic and stylish products at a discounted price. Thus, its strategies will represent as fulfilling the needs of its target market. Its positioning statement is appropriate to attract the target market. This is because middle and lower income groups looks for brands that will provide them high quality products at low price. The similar positioning statement of Reliable Retail Statement will benefit the brand in easily aligning and representing itself to the needs and wishes of the target market.
Conclusion
The marketing plan summarizes the various activities that Reliable Retail Corporation should adopt to attain a specific position in the market of United States. The above discussion concludes that Reliable Retail Corporation can successfully attract the target market (Middle Income and lower income group) if it adopt the use of elements of branding mentioned above.
Baker, M. (2016). What is marketing? Routledge.
Day, G. (2011). Closing the marketing capabilities gap. Journal of marketing, 75(4), 183-195.
Hollensen, S. (2010). Marketing management: A relationship approach. Pearson Education.
Jobber, D., & Ellis-Chadwick, F. (2012). Principles and practice of marketing. McGraw-Hill Higher Education.
Kerin, R., & Hartley, S. (2015). Marketing: the core. McGraw-Hill.
Menzly, L., & Ozbas, O. (2010). Market segmentation and cross?predictability of returns. The Journal of Finance, 65(4), 1555-1580.
Nestrud, M., & Lawless, H. (2010). Perceptual mapping of apples and cheeses using projective mapping and sorting. Journal of Sensory Studies, 25(3), 390-405.
Okonkwo, U. (2016). Luxury fashion branding: trends, tactics, techniques. Springer.
Rust, R., Moorman, C., & Bhalla, G. (2010). Rethinking marketing. Harvard business review, 88(1), 94-101.
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