Part C: Your Marketing Plan - Branding, Pricing, and Distribution

Marketing Plan
Student’s Name
Institutional Affiliation
Marketing Plan
A marketing plan is a blue bring of how a company plans to achieve its objectives. It outlines that marketing strategy and techniques the company will use to create awareness of its goods and services to the target market. Marketing is equally important as the product or service a company provides. Without it consumers cannot find about the existence of the company and if they do not know, they cannot buy resulting in losses. Marketing plays a significant role in the success of an organization implying that a firm has to consider the various aspects of marketing it will like to integrate into its strategy. The importance of marketing cannot be overstated because it enables a company reach its target customers. Having a framework of how the company will reach its target market increases it efficiency and ensure that the goals of the organization are achieved.
Branding, Pricing, and Distribution
Branding
The company is planning to utilize the manufacture branding strategy because the product will be directly linked with the organization. The company finds this strategy to be necessary and equally important because it will enable in creating a strong and positive image. Consequently, operating in an industry with products not well-differentiated, branding them with our company name will help in differentiating our products from those of our competitors.
Pricing Strategy
The company will utilize the penetration pricing strategy to attract customers. Since the organization will be releasing its first products into the market, the prices will be low as compared to those of our competitors to lure customers away. Offering the products at low prices makes the customers aware of the product and more willing to buy it. This strategy is important because it increases competition in the market, making the customers aware of the new product (Moornan & Day, 2017). Increased competition in the market improves product familiarization, which increases the chances of enlarging the market share.
Distribution Strategy
The company plans to utilize the intensive distribution strategy, which is in line with the penetration pricing strategy. Being a new product to the market, the organization wants to ensure that it covers as much of the market in order to create awareness. If the company utilizes the other strategies such exclusive or direct distribution, product awareness objectives will not be achieved in time. It is anticipated that the combination of penetration pricing and intensive distribution strategies will increase the sales and ensure that customers get their products in time. It will also ensure that the needs of the customers are met as well.
Company Competitors
There is stiff competition in technology sector due to the well and fully established companies. The major rivals the company expects to face are Apple, HP, IBM and Toshiba which are classified as intra-competitors due to the similarity in the products that they offer. These companies are market giants implying that the company will need to observe the strategies they are utilizing in reaching their customers. To identify our competitors’ strategies, it will be important to conduct a SWOT analysis to establish some of the strategies that can be integrated as well. Some of the strengths that have contributed to the company’s branding strategy, which ensures that the market share is maintained (Ishtiaq & Munazer, 2016). Another strength is their high profit margins meaning that they have increased production that meets the market demands. They are also innovative ensuring that new products that meet the market demands.
On the other hand, the competitors face various weakness as increased number of new players in the market, this stiffens competition which may result in decreased sales. Sometimes, customers may decide to deal with new players because of the new experience and personalized products and services that they offer. The competitors offer their products and services at high prices, which discourages those who cannot afford them. This creates an opportunity for the company since it will offer the products at lower prices.
Differentiation Strategy
The differentiation strategy that the company uses is important because it ensures that the products are set apart from those of the competitors. It ensures that the products that the company offers are of high quality giving the organization a competitive edge in the market. To position the company in the market, the products have to be of lower prices than those of competitors. To determine the best price for the products, cost analysis ratio will be important in determining the features of the product. This ensures that the decision-making is effective in identifying the additional features.
Product differentiation also considers the production process, which utilizes the latest...