Discuss about the Marketing Strategy and Plan for 3M Safety.
Process of the marketing is a crucial element for every organization. Marketing can be defined as an action of selling product and services by identifying the needs and wants of the customers. It also includes research, development and advertising. Every organization needs marketing to sell its products to its targeted customers. This report is basically provides the framework of marketing strategy and plan of the 3M company. The report is on marketing analysis of the company for developing marketing plan. Along with this, factors i.e. competitor’s analysis, SWOT analysis, target market, marketing mix of the company is also analyzed for making marketing plan. 3M Company is a well known technology company which serves customers and society with innovative products and services in Australia. One of the products of 3M Company is 3M Safety (hard hats) for which marketing plan has been done in this report. The company has strong market position in the Australian market. The company has around 650 employees and 11 locations in the Australia. Product lines of 3M Company are liquid filtration, car repair, microbiology products and automatic products (3M, 2016). The customer service department of the company gets around 80,000 orders of the product in every month. The services of the company include automotive, commercial, communications, consumer, design and construction, electronics, energy, health care, manufacturing, mining, oil and gas, safety, and transportation markets in Australia. Today 3m has its operations in more than 60 countries with more than 40 business units. Strategic values of the 3M Company are:
Target market includes attracting the customers from different market. Target market is most significant part of marketing which includes research on consumer’s hobbies, tastes, interests and needs is done. Basically the concept of target market is that market where any company wants to sell its product and services including set of customers who are targeted. Target market is very crucial part for a company’s marketing strategy. 3M Company serves globally with unique products that have been divided into different target markets. The product 3M safety is for the engineers to protect their head and face. For this product, hard hats, target market can be engineers and contractors who work of the constructions. The aim of this product is to deliver protection, safety and comfort (Marketwatch, 2016).
Macro Environment
Macro environment refers to the external environment of the business that cannot be controlled by the company. These factors impact on the performance and strategies and also influence its decision making power of the company. These factors include global, economic, demographics, legal/political, socio cultural, technologies factors. There are also some major internal and controllable factors in macro environment such as industry environment and competitor’s environments that affects organization’s decision making (Turnbull & Valla, 2013). There are two types of macro environment:
A company’s external environment consists of all those factors and influences from outside of the company while launching new product. Simply, it means those important factors which affects on company’s directions, goals, business model, & strategy. External environment includes four major aspects i.e. political aspect, economic aspect, social aspect and legal aspect (Penaloza, Toulouse, & Visconti, 2013).
Political aspects: 3M Company operates globally and there are different policies and rules imposed by different government in different countries where it is operated. The company adopts and follows each of the regulation imposed by the government. By doing this, company ensures that it is able to launch new product 3M safety successfully and effectively in different political environment. Along with this, company also has its own business strategy to overcome the government limitations and restrictions.
Economic aspects: 3m Company is largest and competitive company with many product lines in the market. It has different product line such as electronic and health care, energy, industrial, safety and graphics etc. So, the company has stable economic stability for launching new products. Although there are many risks while operating globally but 3M Safety is able to do struggle to get good economic condition in the market.
Social aspects: Every company has to face the some situations created by the society. 3M Company is also affected by the situations in the society where it is launching its new product. Company does not differentiate any customer from other customers. Company always tries to give equal chance to take advantage of the services in the society. The product 3M safety is for the engineers to protect their head and face.
Technological aspects: 3M Company always tries to develop new products with the help of current technology such as IT system and internet so that it may be able to reach to its customers across the world. Company has used advanced technology for making this product. Advanced technology helps the company to know the latest development of the business. Along with this, company uses such technology which is suitable for its customers.
Internal environment includes insider f actors of the company and these factors can be controlled by the company itself. There are main two parts in the internal environment. Those parts are industry analysis and competitors’ analysis (Ghuman, 2010).
Industry analysis: It means the production of the group of products and services by the company where substitutes of those products and services are available. 3M Safety is well known for its services in the Market. The product offers safety and protection to the engineers and workers. Along with this, company has first developed wireless tracking technology named Radio frequency identification (Havaldar, 2005).
Competitors’ analsysis: This environment refers to the collection of information about competitors business, strategy, strength, weakness, and capabilities to operate the business (Brumfitt, 2001). Hard hats named 3M Safety have made a strong image among the customers in the market which makes it different from the competitors. This company is famous because it serves its customers with the same services but in the better quality from the competitors. Because of its quality services, company gets competitive advantages. There are many branches of the company across the world and they serve their customers effectively.
Today’s world is now being so much competitive. Micro environment is an important factor for any company. This environment plays a significant role in the business operation for generating profit and revenue and fulfilling the customer’s needs and expectations. Macro environment includes three main factors i.e. competitors, public and customers.
Competitors: Competitors refer to those people who make the business environment active and identify new ideas of doing business. They always create a good competitive environment and maintain a cooperative situation of business. 3M Safety has been made with unique quality compared to its competitors. 3M directly deals with customers and sometimes through numerous wholesalers, retailers, distributors, and dealers. Main competitors of the company are Johnson & Johnson, Reece Australia, Queensland sugar, Ruralco Holdings, JK international etc.
Public: It includes the community and society of the people by which company seeks for the success in the market.3M is trying to offer which is better for the public. The strategic goal of the company is to get success with the people that may be connected directly or indirectly with the company. Public includes customers, employees, media, partners and investors.
Customers: Customers are the key parts f any business. If a company targets right customers for the product then it will lead success in the market. 3M safety offers safety and protection to its customers. The aim of this product is to retain existing customers and acquire new customers such as contractors, engineers from the market. The making company always focuses on the quality of products which is suitable for the customers. The product has got higher customer satisfaction level compared to its competitors.
SWOT analysis refers to the analysis of strength, weakness, opportunities and threats which identifies the helpful and harmful factors of the company. These four aspects for the product 3M safety are described below:
Strength: 3M Safety has strong and diversified business in the local and international market with best services. It always tries to give best services to the customers. The product has strong brand image in international market. Because of the quality of this product, company generates good revenue and profit every year. This is a product with brand loyalty (Richards, 2010).
Weakness: despite of strengths, the product has some weakness also. One of the weaknesses is that there is little weaker performance of 3M safety in the segmented areas. There is a lack of synergy in the business unit of the company. The company is more focused on the competitors and their activities. Along with this, company has weak marketing strategy to promote the product compared to competitors.
Opportunities: continuously global expansion may be an opportunity for 3M safety. By the mergers and acquisitions, company can expand its business of 3M safety in the international market. Apart from this, company can invest more in other market for this product.
Threats: Rules, regulations and policies imposed by the government may be one of the major threats for the 3M safety because the success of the product is affected by the legal and regulatory processes. Another threat can be cost of raw material in the country. Difference and fluctuation in the costs of labor may be affecting the operations of the business. Currency rates may also affect the success of the product because most of the sales of the 3M safety are in foreign market. Thus, currency rates may be other threats for the company.
3M Company has made the product for the safety of working persons named 3M safety. It is hard hats which are mainly designed for the protections of head and face of the engineers. The product hard hats provide comfort, safety, security and protection. This marketing plan of hard hats is to promote this product among the people. Objective of making this product is to ensure the safety and protection of customers. The hard hats are light weighted with different customization pattern. The hard hat is easy to adjust on the head and it has lens which protect the eyes. The main goal of the company by making hard hats is to provide safety and protection the engineers and construction workers.
Marketing mix is one of the tools of marketing which is used for the marketing purpose by the company in the market. Marketing mix includes four Ps i.e. Product, Price Place and Promotion (Baker, 2003).
Product: 3M safety hard hats have wide range of benefits i.e. safety, protection, comfort of eyes head and face. Now, company should focus to innovate in this product rather than introducing new products.
Price: Price is a crucial factor which determines the future of any particular product or service of the company. 3M Company should focus on competitive prices with attractive offers for hard hats to acquire more and more customers. For targeting new customers, company should move in the pricing compared to competitors (Keegan, 2002).
Place: The place refers to the appropriate channel to deliver the products and services to the customers. For targeting the customers for hard hats, 3M Company should use strong channels such as internet marketing, smart phones, computers etc. Company should include the best possible technology in its business operation to target new customers.
Promotion: Promotion is very important for a business. Without promotional activities, a company cannot sale its products. To promote the product 3M safety hard hats, it is necessary that 3M Company should include new innovations in the promotional activities. Company can focus more on social media marketing through facebook, twitter to promote its products. Company can send e-mails to the consumers and can increase engagement of customers in the business (Pride & Ferrel, 2008).
Conclusion
From the above discussion, it has been analyzed that 3M Company has maintained its brand name globally. It has wide range of products and services to serve the customers. This report has been basically discussed about the marketing strategy and plan of the hard hats. The report is on marketing analysis of the company for developing marketing plan for a product named 3M safety. By the SWOT analysis, it has been analyzed that 3M safety has strong position and strong revenue in the market. But, there are some weaknesses of the product such as weak marketing strategy and only focus on competitors’ strategy. These are the weaknesses from which company has to overcome. By adopting new strategies like social media marketing and shifting in price, company would be able to get success in its new product.
References
3M, (2016), About 3M, accessed on 21st September 2016 from https://www.3m.com.au/3M/en_AU/company-au/?WT.mc_id=www.3m.com.au#pBus
3M, (2016), 3M Business Groups, accessed on 21st September 2016 from https://solutions.3m.com.au/wps/portal/3M/en_AU/about-3M/information/about/businesses/
Turnbull, P. W., & Valla, J. P., (2013). Strategies for international industrial marketing. USA: Croom Helm
Richards, B., (2010), 3M: Strengths, Weaknesses, Opportunities, Threats, accessed on 21st September 2016 from https://www.fool.com/investing/general/2010/08/03/3m-strengths-weaknesses-opportunities-threats.aspx
Marketwatch, (2016), 3M targets new products to aid sales growth, accessed on 21st September 2016 from https://www.marketwatch.com/story/3m-targets-new-products-to-aid-sales-growth-2016-03-29-144852358
Brumfitt, K., (2001), The Competitive Business Environment, UK: Nelson Thornes Ltd.
Baker,M.J., (2003), The Marketing Book (5th), Burlington: Linacre house, Jordon hill
Peñaloza, L., Toulouse, N., & Visconti, L. M., (2013), Marketing management: A cultural perspective, USA: Routledge
Ghuman, K., (2010), Management: Concepts, Practice & Cases, USA: Tata McGraw-Hill Education
Havaldar, K. K., (2005), Industrial Marketing: Text and Cases, USA: Tata McGraw-Hill Education
Keegan, (2002), Global Marketing Management, IND: Pearson Education India
Pride, W. & Ferrel, (2008), Marketing, USA: Cengage Learning
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