Call toll free:

Marketing Plan

  1. Marketers must consider the following factors while deciding whether to become involved in international marketing.
  • Physical and demographic factors.
  • Economic environment.
  • Cultural and social barriers.
  • The legal environment governing marketing in the host countries.
  • Political atmosphere.
  1. In the first stage of a product life cycle, introduction, innovators are using the product. For this reason, the profits are very low, because there are low sales and high expenses. In the second stage, growth, early adopters start using the product. Sales and profits begin to grow and reach the peak towards the end of this stage. In the maturity stage, the competition becomes fierce. However, high profits are realized at the beginning of the maturity stage. At the end of this stage, profits decline. During the last stage, companies start abandoning the market and only those able to maintain profits are left in the industry.
  2. Line extension is introduction of a new product to the already established brand name. Line extension differs from product modification in that the latter means changing one or more characteristics of a product. Southwest Airline uses a unique product development strategy. The company perceives completion not only to be competitive towards other airlines, but also to accept other modes of transportation. The company has achieved this by ensuring that it offers the cheapest rates in the travelling industry.
  3. Branding is very beneficial to consumers in that branded products are undoubtedly better than unbranded ones. Branding also ensures that a consumer spends a little time on shopping. As for marketers, branding makes advertising easier, and competition becomes easier due to brand loyalty. The branding strategy utilized by J. P. Morgan Chase is that of brand building campaigns aimed at increasing customers’ consciousness of the company’s products. The campaign was known as “chase what matters”.
  4. Products with inelastic demand have the following characteristics:
  • The demand and supply of a product are unaffected even when the price changes.
  • Consumers will be willing to pay any price so as to obtain the product.
  • The product is a necessity item in the lives of people.
  • Quantity demanded is not affected by changes in price.

Some of the products established to have inelastic demand include salt, fuel, antibiotics, bread, and milk.

  1. High prices are aimed at making huge profit margins. They mostly target wealthy consumers. Competitive price is used to ensure a marketer’s product remain in a highly competitive market. Low prices are used mainly by monopolistic marketers who want to keep others out of business. There is a limit for high pricing, because consumers may feel that the price is exaggerated. There is also a limit in low pricing, because a manufacturer may not be able to meet the demand of a product. Washburn Guitars Inc. has adopted competitive pricing.
  2. To ensure an effective distribution network, a firm should add facilities beyond the cost minimizing point. A company should ensure that it overcomes the volatile forces at play in the market that can cause delayed delivery of products to consumers. A company also should make the necessarily geographical shifts in consumption and production, learn all government deregulation and regulation and know everything about costs involved in all aspects of distribution. Additionally, a company should follow events in the economy and conduct competitors’ adjustments.
  3. Integrated marketing communication is a concept aimed at ensuring all aspects of marketing communication are working together as a unified force. The first key factor that can provide a success of an IMC plan is ensuring that there is a strong communication and collaboration between the teams in an organization. All teams involved in the marketing should work as a unit so that all activities are harmonized and run as one. Another key component of IMC is the marketing strategy adopted. Marketing strategy should be based on the competitive landscape, customers’ needs and ensuring the best channels are being used. Vans Inc. has adopted a diverse integrated marketing communication. The company ensured that consumers are aware of the company’s presence through the robust promotion and advertisements.
  4. High involvement purchases have three following characteristics. They are inexpensive, reflect one’s social image, or can have serious personal consequences. In low involvement, consumers do not form resilient attitude to a brand. However, they chose it because it is familiar. Promotion in low involvement is also simple and repetitive. Travelocity has overcome consumer resistance in the online travel purchase was by helping consumers get rid of their fears and doubts. Travelocity was able to do this by identifying the benefits available for customers.
  5. There is an intricate relationship between the four elements of marketing mix. Price is the amount a customer is supposed to pay for a product. Setting an unacceptable price influences other elements of marketing mix. A product affects its price. Namely, if it is of high quality, the price will also be high. Customers cannot buy a product unless they are made aware of its existence. Actually, this is where promotion plays a role. Finally, even with a successful promotion, consumers must know where they can get the product at a given price.
  6. Brand managers are involved with consumer products, while product managers concentrate on the value propositions or a product. A brand manager is associated with perception and perceived value. A product manager is associated with the measurable and tangible value of products in a company. The primary role of a product manager is to represent the end user and product owner. A brand manager is tasked with the role of creating awareness of the brand in the market.
  7. The Internet is characterized by the wide geographical coverage. Marketers can thus make use of the Internet by ensuring their presence is felt. Marketers can use the Internet to promote their products and explain customers where they can get products and at what prices.