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Marketing Plan for a Business Plan Proposal - Entrepreneurship Course - Essay Example

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Marketing Plan for a Business Plan Proposal - Entrepreneurship Course Table of Contents 1.1 Target Market Strategy 3 1.2 Product Strategy 3 1.3 Pricing Strategy 4 1.4 Distribution Strategy 4 1.5 Advertising and Promotion 5 1.6 Sales Strategy 7 1.7 Sales Forecast 9 References 10 1.1 Target Market Strategy The product that has been chosen for the study is “The Track Tablet”…
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Download file to see previous pages Later, “The Track Tablet” company can expand into broad geographical areas. 1.2 Product Strategy Anything that is received by a person in exchange for the money that is paid by him is a product (University of Texas Arlington, “Product Decision”). The product has been designed to permit the guest to make use of the hotel services such as the room service, book spa appointments, enjoy the concierge services, restaurant reservation and order the taxis. Renting of the movies, virtual library, and downloading of the newspapers and magazines will also be possible. However, it has to be mentioned that the product will not replace the reception and human contact since it is the key for success in the hospitality sector. 1.3 Pricing Strategy Pricing can be considered as the most vital aspect of any marketing plan. However, it is vital to keep a watch upon the pricing strategies since the business environment is volatile. In addition to this the move of the competitors need to be gauged. Pricing of the new product needs to consider various aspects to remain competitive (Cravens, W. C. & Piercy, N. F., “Strategic Marketing”). Initially, it would be better for “The Track Tablets” to adopt the penetration pricing strategy. ...
Strategy Distribution strategy is considered to be one of the vital aspects of marketing that tends to identify the marketing activities that need to be followed by the companies in order to deliver the products to the customers of the firms. Decision regarding the warehousing, choice of the marketing related channels, order processing and inventory control need to be considered (Boone, L. E. & Kurtz, D. L., “Contemporary Business”). Initially, the product will aim at providing the services to the higher luxurious hotels. After a certain period of time when the product gains awareness amid consumers, it will be beneficial to introduce the product towards the less luxurious hotels. The product will be provided at a few chains all over the world. A few intermediaries can be employed in order to distribute the product to the target market of the world. Intermediaries can assist in smooth flow of the product and thus can reduce the time gap between the consumers and the producers. 1.5 Advertising and Promotion Initially, the focus of the advertising campaigns will be upon targeting the high luxurious hotels. The campaigns will assist in gaining awareness among the target customers. Since the products are quite complex in nature and requires investment, it would be prudent for the marketers to send the products for test marketing. The products will be distributed at a few selected hotels that aim at providing their guest with a different experience. This will assist the company to learn the reaction of the customers towards its products. Test marketing will provide the company with the abundant of information. Later, the product can be made available to the customers requiring it (Graham, H. & Et. Al., “Marketing Strategy and Competitive Positioning”). Through ...Download file to see next pagesRead More
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Business opportunities 10 1.1 Sales 11 1.2. Cost 11 1.3. Market share 11 1.4. Customer 11 C. Conclusion 12 Reference List 13 A.1. Introduction The entrepreneurship concept was propounded in the 1700s. At that time entrepreneurship meant only “starting of one’s own business” (Sobel, 2008).
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