Describe about the Marketing Plan for Business Organizations Emphasize.
In this current business environment, all the major business organizations emphasize on the healthy and industrial safety owing to the organizational health and industrial safety policies that prevails in the country that they operate in. Industrial safety products are necessary in many major sectors within an economy. Some of the major areas where industrial safety products are used include aviation industry, constructions, mining, chemical industry, facilities and maintenance industry, food industrial safety and microbiology, where the health and industrial safety of the workforce is given much needed importance. This marketing plan intends to market its Protective Coverall product range to the business houses that deals with hazardous chemicals and radio-active elements (3m.com.au 2016).
Below list are some of the unique properties of the product:
Breathable rear section to enhance air ventilation to reduce building of heat.
Knitted cuffs to provide soft closing to increase comfort as compared to other materials.
Three panel covering to enhance comfort.
Strengthened gusset in between legs to enhance flexibility while squatting or bending.
An environmental analysis is essential for any business or an organization to assess and analyze its macro environment i.e. its external environment which is composed of political and legal factors, economic factors, social factors, technological factors. Its micro level environmental internal focuses on analyzing its customers, investors, suppliers and partners, competitors, employees and media.
Political and Legal Factors: It includes various government guidelines and legal concerns and define both informal and formal policies, which are required be adhered by the corporate. While doing business in Australia, it is a legal responsibility of a corporate to adhere to the competition laws, consumer laws, product accountability guidelines, environmental guidelines, privacy laws, free trade agreements, tariffs and duties, import guidelines set by the Australian government. The aforesaid factors have been taken into consideration while developing the marketing plan to promote our Protective Coverall range of protective covers for its use in business areas where there is probability of exposure to radioactive elements, paint industry, aviation industry, pharmaceutical companies, biotechnology labs (gov.au 2016).
Economic Factors: Australia has a well administered and flourishing economy backed by strong macroeconomic structure and institutions. The government also encourages businesses across various sectors by promoting competition, reducing regulatory burden While developing a marketing plan for our Protective Coverall product range we have considered the economic factors that might affect our functioning. Factors such as change in the government, tax reforms, current economic trend, exchange rate, inflation rate, and industry trends, cost of manufacturing the product, fixed and variable cost, overhead costs, cost of advertising and promotion has also been considered while developing the marketing plan for our above mention product portfolio. Apart from the above mentioned factors, the number of accidents and fatalities in various industries have been considered and to reduce the occurrence of such instances, the company emphasizes to promote companies towards the usage of protective gears to ensure higher standards of industrial safety of employees of the customers (org 2016).
Social Factors: Business is a part of society and it is responsibility to respond to the growing needs of the society from time to time. There have a rise in the growth of population and people are becoming very much conscious towards their health and industrial safety. Taking into consideration the growing consciousness of the Australian population towards their health and industrial safety, and spending of various businesses towards the industrial safety of its employees as a part of corporate social responsibility, the company intended to develop a marketing plan for our selected product i.e. Protective Coverall product portfolio so that it can improve its present product portfolio for industrial safety products, thereby enhancing its product portfolio and expanding its customer base (Cavusgil et al. 2014)
Technological Factors: The company is known worldwide for its consistent innovation practices since its inception. It has always emphasized on offering latest technology and products with latest modifications in its products for its customers to retain the existing customers and attract new customers and expand its market span. The company seeks to capitalize on its latest technology to develop new products for organizational health and industrial safety (Kotler et al. 2015).
Customers: The primary objective of every marketing plan is to assess the changes in the changes in the consumers’ behavior and competitors’ strategies and develop their own marketing strategy to outclass its rivals in the race of attracting new customers and retain its loyal set of customers and to analyze loopholes in the previous marketing plan. This marketing plan aims to market and expand company’s industrial safety products portfolio in the Australian market. Since the company is already a established brand in Australia, it would be an added advantage for 3M to attract the loyal customers. Considering the growing consciousness of businesses towards industrial safety and health of its employees, it would be quite an added advantage for the company to market its Protective Coverall products (Westwood 2013).
Employees: Total number of four people has been employed by the company as marketing consultants to develop the marketing plan to reintroduce its present product portfolio of industrial safety products. The number has been kept in order to keep the cost as low as possible in the process of marketing.
Partners and Suppliers: The company emphasizes on sourcing quality suppliers who can meet the standards set by the company so that it can fulfill customers’ demand. The company believes in the fact that a quality supplier is the key to achieving quality output. Close suppliers relationship is an effective way to stay competitive in the business. The company sources high quality raw materials and semi-finished products from its trusted suppliers to meet the growing demand for the individual protective gears from some of the major business customers of the company in Australia (com.au 2016).
Competitors: The main objective of any marketing strategy is to analyze the strategies used by competitors to attract customers and develop new strategies to differentiate its product from its competitors. It is important to ascertain whether the product being offered is better than the competitor or not, whether it has a unique selling perspective. Competitor analysis is very crucial in determining the success of any product, and for maintaining its market position. If a business undertaking is unacquainted about the activities of the competitors, then they might find it hard to beat its competitor. The following marketing plan has been developed to differentiate its product portfolio from its competitors’ products in aspects such as design, quality, standards, durability (McDonald 2013).
Shareholders: A business requires investment for its growth and expansion. They may raise money by floating its shares in the stock market i.e. moving from private to a public limited company. The company aims to provide its investors a healthy return on its investments through sustainable growth and technological advancements (Hollensen 2015).
Media: In the twenty first century, media has become one of the strongest driving force that can make or a business or its product. Media has become one of the most critical success factors for a product. Therefore, various organizations need to manage the media so that it can promote its positives facts about the organization and trim down the influence of negative incidents. In the recent times, many organizations have hired public relation consultants to deal with a particular event. Various modes of communication for advertising and promotion have been shortlisted with a major chunk going in favor of television advertisements. The company also intends to promote its Protective Coverall product range through giving promotional sample to its existing business clients (Papadopoulos and Heslop 2014).
Current Vision
The current marketing plan has been developed with the following vision for next twelve months with primary objective to gain competitive advantage over its competitors and gain more market share.
To revamp the existing individual protection gears portfolio of the company.
To provide the businesses with superior individual protection gears at a competitive price that would exceed customers’ expectations.
The main objective of this marketing plan is to develop a feasible marketing strategy in order to revamp its credibility in the growing market of protective gear segment.
To gain market knowledge regarding the buying behavior of business customers i.e. frequency of purchase, its suppliers, quality of product being offered by the rivals in the current scenario.
It aims to make a thorough assessment and analysis of its competitors so that it can differentiate its product from its competitors (com.au 2016).
For this marketing plan, an amount of $3000 has been allotted with an objective to cover various expenses and costs that would be incurred in the process.
Total number of four people has been assigned to do the task of developing a marketing plan to re –launch.
Segmentation
The company has segmented the customers on the basis of:
Geography: Major business houses around the country are putting greater emphasis on the welfare and safety of its customers due to stringent laws and regulatory framework set by the government. The company aims to capitalize on the major health and safety regulations laid by the government to motivate its business customers towards investing in protection of employees at work and therefore marketing plan undertaken by the company aims to target is major business houses in industries like mining, construction, food labs, microbiology, paint industries to promote and market its Protective Coverall products and encourage them to use wide range of safety products. It aims to reintroduce its product line to draw the attention of its existing customers and retain them as well as attract new customers.
Demography: The company aims to target business across various industries throughout the country irrespective of the size of the business because protective gears are necessary in each and every organizations where heavy goods are transported, or hazardous chemicals are handled in their operations.
Psychographics: The major factors that are taken into consideration while formulating the marketing plan are the attitudes of the business towards organizational health and safety and the buying behavior of the business clients i.e. their frequency of purchases, amount of spending on individual protection gears.
The current marketing plan intends to target its existing business customers in the individual protective gears segment and to attract new set of business customers by offering superior products than the competitors. Protective gears segment is expanding at very fast pace and due to the government’s initiative to promote organizational health and safety for the welfare of the employees, competition and relaxed business regulations many domestic players have come into play. This marketing plan seeks to capitalize on the opportunity of fast growing protective gears segment in the industrial safety products market and business customers’ awareness towards welfare of its employees by providing them a wide range of safety products that would meet their needs on the grounds of quality, design and standards thereby achieving the customers’ confidence and lost market share. (Mullins Walker and Boyd 2012).
The marketing plan aims to position its Protective Coverall products in the niche market of business customers as safe, non-hazardous, environment friendly, and highly reliable product. As the product is associated with one of the world renowned name in the field of industrial safety products, which is also a very well established international brand in Australia, it becomes a primary responsibility of the company to maintain the reputation of the company and interests’ of its customers. The marketing plan aims to promote its new Protective Coverall products at point of sales at various departmental stores, its dealers and retailers outlets and through print marketing and television advertising to increasing the brand awareness (De Mooij 2013).
For a marketing plan and the product to succeed, it is very important for the marketing manager to formulate a right marketing mix with minimum utilization of available capital and rersources.
– Product: The company has launched a new marketing plan to revamp its existing line of Protective Coverall products. Since the products are reintroduced in the market, it can be said that it is in the introduction stage of a product life cycle. Initially, the sales will be grow at a slow rate but will gradually increase with the passage of time. It will a considerable amount of capital infusion into research and development, consumer testing etc (Armstrong et al. 2014) (Huang and Sarigöllü 2014).
– Price: In order to achieve greater market share in the protective gears segment, the penetration pricing strategy has been determined, because the main objective of this marketing plan is to boost the sales and expand our market share by attracting more customers. The pricing strategy also aims to discourage various new entrants from entering this business segment and to gain competitive advantage over its rivals (Armstrong et al. 2012) (Rahmani Emamisaleh and Yadegari 2015).
– Promotion: The company seeks to promote its new range of Protective Coverall products through its dealers and retailers and through various point of sales at several departmental stores in the country. During the promotional campaign the company aims to offer its business customers with a promotional sample to encourage them to buy company’s high quality protective gears (Shimp and Andrews 2012) (Gordon 2012).
– Place: The company seeks to offer its products to all its existing business customers and attract new customers of the country with an objective to retain its existing customers and attract new customers through various offers during the promotional campaign (Liozu and Hinterhuber 2013)
Through proper marketing mix, the company would be able to gain a competitive advantage over its rivals and also increase its brand loyalty.
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Strengths – The brand name associated with the product give the company an added advantage. – Strong business ethics. – Cordial relationship with its customers and suppliers. – High quality of products at a competitive price. – Highly skilled workforce. |
Weaknesses – Highly competitive market. – Diversified product portfolio does not allow the company to focus on a particular product. – Complex cost composition. |
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Opportunities – New government regulation which emphasizes on employees safety and welfare has paved way for the company to develop new products for various industries it caters. – Opportunity to capture new market by catering to the demands of small and medium business units. – The growing revenue of various businesses encourages them to make a spending on the safety and welfare. – Acquisition of some small businesses that specializes in manufacturing industrial safety goods. |
Threats – Rising cost of raw materials leads to increase in the cost of final product. – Consistent threat from small and medium business units. – Unstable currency rate. |
Source: (3m.com.au. 2016)
Conclusion
This report deals with the marketing plan for re-introducing the company’s Protective Coverall product portfolio being undertaken by the marketing consultants. It emphasizes on the analysis of the macro and micro environmental factors that are necessary to consider while making a marketing plan.
It further focuses on the situational analysis of the company that includes it vision, goals and objectives and also focuses on its strategic objectives. After that a customer analysis is being done to segment, target the customers and to position the product in the market. After that a proper marketing mix has been developed to meet the identified goals and a SWOT analysis has been done to identify its strengths, weaknesses, opportunities and threats.
References
3m.com.au. (2016). 3M Australia: Who We Are. [online] Available at: https://s3m.com.au/wps/portal/3M/en_AU/about-3M/information/about/us/ [Accessed 12 Sep. 2016].
3m.com.au. (2016). 3M/en_AU/company-au/all-3m-products/?N=5002385+8711017&Ntt=protective+coverall&LC=en_AU&co=cc&gsaAction=scBR&rt=rs&type=cc. [online] Available at: https://3M/en_AU/company-au/all-3m-products/?N=5002385+8711017&Ntt=protective+coverall&LC=en_AU&co=cc&gsaAction=scBR&rt=rs&type=cc [Accessed 14 Sep. 2016].
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Austrade.gov.au. (2016). Australian business and environment laws – Austrade. [online] Available at: https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-business-regulation/Australian-business-and-environment-laws [Accessed 12 Sep. 2016].
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