Discuss about the Marketing Laws and Marketing Strategy.
An effective marketing plan leads an organization to attain their business goals with ease and efficiency. The marketing team of an organization is in general tasked with chalking out marketing plan. After the task has been assigned to the marketing team it is then their responsibility to chalk out marketing plan which would be effective enough to establish a strong foundation for the product or service based on which the marketing plan was created in the first place (Alexis, 2012). In the course of developing a marketing plan the marketing team requires to perform various sets of analysis regarding the organization’s attributes, resources, funds, competitors, and the market itself where they would find an attractive market for the business. This is essentially the primary objective of this particular paper and a demonstration of a marketing analysis and plan has been incorporated in this paper to provide an understanding of the vital aspects required to carry out such. For the purpose of the study 3m’s Australian business operations has been chosen. Here, a product line from the company has been selected and a marketing strategy has been presented as to provide prospect to the product line in a new market.
The following objective has been chosen for the marketing endeavor:
The product line 3M TEKK Protection has been chosen for this discussion. The product line primarily consists of efficient safety products like eye protection, ear protection and dust protection. The product line is typically designed for the individuals employed in carpentry, construction, engineering works etc. characteristically provides reliable amount of protection to the sensitive organs of the human face which get exposed to harm while working in the above mentioned employment sectors (Cherington, 2007). The product line consists of:
ust protection masks: The Company is looking forward to promote a total number of 23 different types of the said product in the market. These products are different from the typical masks which are available in the market. The protective gear consists of a respirator and dust filter which filters the dust and harmful substances in the air so that the individual wearing it is not exposed to anything harmful or contagious. In addition, these protective gears are designed to offer comfort to the wearer (Christian, 2011).
Ear protection: The Company has introduced 6 varieties of ear protective aids in this category which range from disposable and reusable earplugs to noise cancelling headphones and noise muffling headphones.
Eye protection: this product line of the company consists of various sorts of eye protective gears which offer protection from chemicals and impacts and hazardous radiations which affect the human eye when working in severe conditions (Cooper and Madden, 2013).
The business environment of 3M consists of the macro and micro business environment which has been presented in this paper in the form of SWOT analysis and Pestle analysis. Both the analysis provide a comprehensive understanding on the company’s standing and the prospect the proposed product line shall have in the market.
SWOT Analysis
The SWOT analysis indentifies the strengths, weaknesses, opportunities and threats the company possesses. In this regard the analysis has brought up the following:
Strengths: the commendable strength of 3M is that the company has a very reputable brand name and credible company profile. It has been observed that the reputable brand name of the company has been quite the influence in creating dominating markets in both domestic and international markets. It is evident that the reputable brand name would serve to be a determinant factor in the company’s marketing endeavor and significantly impact the market against its new product line (Dann and Dann, 2004). In addition, the company has been known for manufacturing and launching products based on considerable evaluation of the market and branding the products in an excellent manner based on excellent market orienting concepts. Along with this the company brings about technical marketing aspects such as advertising, branding and e-commerce, which would certainly make an impactful impression on the prospective customers. Making use of its excellent distribution system to ensure the availability of the product in the most prospective stores the company already possesses a strong supplying strategy in its inventory. These are going to be the strong aspects of the company based on which the company can hope to dominate the market with its new product line.
Weaknesses: after assessing the strengths the company possesses in this particular marketing endeavor it can be ascertained that the company does possess certain amount of weaknesses which can affect the company in accomplishing its goals. For instance the product line that the company is introducing is characteristically oriented for the individuals who are engaged in hazardous working conditions. In general these sorts of customers look for affordable prices, and special offers through which they could obtain a good deal out of their transaction (Dencic-Mihajlov, 2013). As the company is yet to set a good offer on multiple purchases and single purchases this could be counted to be a weakness. Another weakness would be that the company’s recent lack of endeavor towards a direct advertisement. The product is oriented for a working class of people who respond to direct advertisement like posters, billboards, television broadcast, and radio broadcast etc.
Opportunities: the most lucrative opportunity 3M has in regards to this particular product is that the company is the sole branded company which is launching such kind of product in the market. Although the company’s competitors such as Seton Australia Pty ltd had previously launched a similar product which initially had gained success in the market but gradually lost its success rate as a result of durability issues (Global Marketing, 2011). Most of the products which are similar to the product line that the company is looking forward to launch into the market, are either imported from the international brands or are from small brands and do not offer the guarantee 3M is providing against its product. As a result the timing is opportune and the product and the policies set by the company for the product have the potential to be a success in the market.
Threats: The immediate threat that the product line faces at this present moment is the threat of recession. This is due to the reason that the product is typically designed for the purpose of using it in the course of the profession and a recession would most certainly be disastrous for the success of the product. Another threat for the product is the imminent monsoon season during the time which the vocations for which the products would be utilized by the customers would come to a halt (Grimm and Peterson, 2007).
A marketing mix essentially assesses the role the product would have in a certain market. In this regard therefore, prior to launching the product in the market it is vital to analyze the marketing mix of the product.
Product: In this case the product that has been selected shall be witnessing its promotion in the Australian market, and the product is a product line consisting of safety accessory products. The product line 3M TEKK Protection is being launched in the Australian market which is similar to the protection and safety accessories which have been introduced to the market by various smaller brands but, this particular endeavor can be counted as a major breakthrough for a big brand like 3M (Hugstad, 2007). The product line has gained significant amount of success in various other markets and can be assumed that the success streak would continue as along with bringing quality product 3M has offered the product at price rate which is easily affordable by regular customers.
Place: the company is evidently looking forward to expand its prospects in almost all sorts of business categories and typically being a manufacturing company in Australia the product line the company has introduced would be an exemplary initiative. Apart from making the product available for purchase from its online e-commerce site the company has made the product available in a number of stores strategically located across Australia (Lancaster and Reynolds, 2009). For instance, 3M has availed the product in stores in the Western Australia where a large number of industrial and mining operations are carried out. The workers in these employment sectors would be potentially prospective customers of the safety accessories.
Price: as a new entry to the Australian safety accessories market the company has set considerably low price compared to the quality of the products. This is empirically because of the reason that the targeted customers of the company consist of low to average earning groups. Therefore, people belonging to such financially constrained group would not be able to spend extravagantly on stuff like this (Lynch, Ross and Wray, 2014). The prices set by the company have been set exclusively keeping the income factor of the customers in consideration.
Promotion: 3M has a reputable brand and strong customer base in Australia therefore, in order to promote the product the product the company is going to engage an all encompassing marketing activity which would intimate every customer in the company’s database regarding the product that is being launched (McDaniel, Lamb and Hair, 2011). Engaging promotional activities in industrial zones would also be incorporated in the marketing campaigns which would enable the company to communicate with the prospective customers in the best possible manner.
Political: It is quite important to understand that the political influence significantly assess the launch of the new product that is outlined by 3M. The products that the organization is targeting to launch in the Australian market are impacted by various political factors (Rewoldt, Scott and Warshaw, 2013). These include the political stability within the country along with the domestic market lobby groups as well as the industry’s attitude towards the government.
Economic: 3M products sales are basically impacted by the economic aspects which are beyond the control of the organization. The factors significantly includes the economic growth level in the industry as well as in Australia, tax rates, interest rates, labor rates and currency exchange rates. In terms of economic instability i.e. recession the organization can be negatively impacted and the operating margin can prolifically fall (Rewoldt, Scott and Warshaw, 2013).
Social: The rapid increase in the consumer health concern can be prolifically assessed as the major social change which holds a significant impact on the operations of 3M. Dust protection masks, eye and ear aid prolifically evaluates the level of concern that has crept in within people of Australia (McDaniel, Lamb and Hair, 2011). The products launch can be an effective aspect and it is the sole responsibility of the organization to have a hold on the demographic and social factors with media perception of health and wealth of the customers.
Technological: The health sector is one of the most important sectors in a country and in a country like Australia where the people are too keen on their safety it is important for organizations like 3M to implement specific technologies that would enhance the growth and innovation and help the citizens of the nation (Smallbone, 2008). The health sector prolifically strives to gain competitive advantage in possible technological advancements. Thus it is also important for 3M to evaluate these aspects and providing quality products with the newest technological advancements.
Legal: 3M is liable to follow the health regulatory frameworks along with health safety and service. Providing and producing new products like eye and ear aid analyzes the health concern of the citizens of the country. Thus, the organization needs to work as per the guidelines of the legal framework.
Environmental: As per the environmental act it is important for organization to follow the save the environment framework which is against polluting the environment directly or indirectly. It must be assessed by the organization that 3M is producing eco-friendly products and must also be a part of the global ecosystem check initiative (Staudt and Taylor, 2015).
The type of product line the company is about launch in the market has already been capitalized by brands like Seton Australia Pty ltd. this particular company has been manufacturing and supplying the market with safety products for a considerable span of time. As a consequence Seton Australia Pty ltd is the prime competitor in this business segment for 3M (Strydom, 2004). However, the competitive advantage that 3M possesses is that 3M is a bigger brand than Seton Australia Pty ltd and has a stronger reputation in the market. Therefore, it can be presumed that the product line introduced by 3M with its affordable price range would be preferred by the customers in comparison to the similar product line of Seton Australia Pty ltd.
Conclusion
Developing a marketing strategy is an intricate activity, which consists of multiple levels of performing analyses and observation of the market. After carefully observing the market, analysis is required to be performed on the company itself based on the attributes that the company has and the potential that the product has on the market. Subsequent to such detailed analysis the marketing strategy can be made effective (McDaniel, Lamb and Hair, 2011).
References
Alexis, M. (2012). Marketing Laws and Marketing Strategy. Journal of Marketing, 26(4), p.67.
Cherington, P. (2007). Marketing Marketing. Journal of Marketing, 1(3), p.223.
Christian, R. (2011). Marketing for Non-Marketing Executives. Journal of Marketing, 25(6), p.74.
Cooper, M. and Madden, C. (2013). Introduction to marketing. New York, NY: HarperPerennial.
Dann, S. and Dann, S. (2004). Introduction to marketing. Milton, Qld.: Wiley.
Dencic-Mihajlov, K. (2013). Marketing of initial public offering. Marketing, 44(2), pp.137-148.
Global Marketing. (2011). Marketing Education Review, 1(3), pp.62-62.
Grimm, J. and Peterson, R. (2007). Marketing: A Contemporary Introduction. Journal of Marketing, 41(3), p.149.
Hugstad, P. (2007). Marketing the Marketing Major. Journal of Marketing Education, 19(1), pp.4-13.
Lancaster, G. and Reynolds, P. (2009). Introduction to marketing. London: Kogan Page.
Lynch, R., Ross, H. and Wray, R. (2014). Introduction to marketing. New York: Gregg Division, McGraw-Hill.
McDaniel, C., Lamb, C. and Hair, J. (2011). Introduction to marketing. Mason, Ohio: South-Western.
Rewoldt, S., Scott, J. and Warshaw, M. (2013). Introduction to marketing management. Homewood, Ill.: R.D. Irwin.
Smallbone, D. (2008). An introduction to marketing. London: Staples P.
Staudt, T. and Taylor, D. (2015). A managerial introduction to marketing. Englewood Cliffs, N.J.: Prentice-Hall.
Strydom, J. (2004). Introduction to marketing. Cape Town, South Africa: Juta.
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