Marketing2 Essay Example | Topics and Well Written Essays - 500 words

Marketing2 - Essay Example Consider, then, a business which creates childrens toys which has suddenly experienced a staggering drop in sales, which is impacting the business future longevity in relation to job creation and profitability. In this situation, identifying potential opportunities to increase these lowered sales, while creating a more stable production environment, would be two sizeable goals for this marketing company. Thus, the first step in creating a competent marketing plan would involve identifying the mission and goals of the organization (Boone & Kurtz, 2007). For example, this hypothetical company might determine that its three year goal is to boost sales by 25%, while also expanding globally. Once these options are identified, the marketing plan highlights the specific steps that will be taken in order to secure these goals, while also identifying various competitor-related risks to the plan of action. A marketing plan does not only identify specific goals, it also performs a situational analysis, identifying various strengths, weaknesses, opportunities, and threats to the business. For instance, this same hypothetical toymaker may realize that its strengths are in its supportive labour force and various legislation which provides tax-related breaks for businesses wishing to go global. At the same time, it may recognize that huge levels of competition exist in a particular market environment, thus the marketing plan creates a plan of action to combat competitor activities or enhance the labour pool. The marketing plan becomes more complicated as it identifies the strategy of distribution, the appropriate target market for its toy products, and further creates a pricing plan which will work for the business needs. For instance, the leadership team at the toymaker might realize that sales have dropped because consumer attitudes toward the current pricing policy are leading to less