Components of a Marketing Plan Part 1: Product, Target

Components of a Marketing Plan Part 1: Product, Target, Strategy Planning, Positioning, and Brand Student’s Name Institutional Affiliation Components of a Marketing Plan Part 1 Marketing is one of the most fundamental pillars of a profit-making organization. Marketing is the art and process of making the customer of the organization’s new or existing product and services to buy them. The process of marketing should start even before the product is produced. Well-crafted strategies should be put in place, tested and approved for use when the products and services are made available by the production sector. A good marketing strategy should aim at convincing the customers why they should buy the organization’s product and services and not that of the competing organization in the same industry (Baker, 2014). For this reason, a good marketing strategy should accurately identify the characteristics of the customers, what they need and the that the marketing strategy will face while being implemented in the real market. The customer’s characteristics include the age, sex, occupation, social and economic class, religion and other factors that explicitly influence and determine the marketing of a product or a service. What the customers want are the contemporary preference and trends that the customers are experiencing and what the customers will prefer the product or service to be like. The marketing strategy will face several challenges when it comes to the implementation. These obstacles reduce the effectiveness and success of the strategy making the marketing process lead to reduced sales of the products (Chaffey, & Ellis-Chadwick, 2016). Such obstacles include may include the cost of the marketing strategy, economic environment and other social and cultural constraints that exist in the real market. Launching a new product needs extra carefully designed marketing strategy which will make the product or service to launch on a high note in the market. This paper will put in place the strategy that a new product should employ and become a very profitable venture for the organization. Easy Phone is a local telecommunication company that was founded in 2001. The company has had a very successful and profitable environment since it was started having increased their total revenue to 12 times their 2002 revenue. The success of the company can directly be linked to the way the management and stakeholders have been keen on venturing into new and prospective services and products. The company has invested a lot of time and resources to maintain the good reputations that the founding fathers of the company left behind. Quality of services and credible and reliable products is at the core of the company. With more than 20 million subscribers who are active at least once per week, the company has a big responsibility in ensuring the customers are satisfied with the quality of their work. The company’s mission is to provide quality telecommunication services and products through listening and caring for their customer’s needs. Becoming the biggest and most reliable telecommunication that is recognized worldwide is the company’s vision statement which every worker and administrator strives for in their every day’s endeavor in the company. To realize their vision, Easy Phone’s management and stakeholders have set a culture of introducing a brand-new service or product to their ever-growing list of services...