Business and Commercial Awareness Implementation Plan - Essay Example

?Business and Commercial Awareness (Marketing) - Implementation plan Overview This is an implementation plan for the proposed Eagle’s Nest Investment to establish a new 5-star premium hotel in Australia, Germany, Spain, Singapore, and South Korea. This plan shows the role that the marketing department will play in the implementation of this project. To market the investment we decided to rebrand the premium hotels and call them “White Dove”. According to Dann & Dann (2011), rebranding helps in placing a product or service in a specific location in the mind of the target consumers. Rebranding also strengthens the brand image, improves, and expands its private label range (Perrey & Spilleckle, 2011). Our objective as the marketing department is to make sure that this project will be successfully implemented to provide present and future opportunities for Eagle Nest Inc. to generate more revenues. 2. Impact on your department As it is well known, it is the responsibility of the marketing department to gather as much information about the market as possible. This information is crucial as it helps the organization to compete with other organizations providing similar goods or services (Hiebing et al, 2011). To obtain necessary information my department will need to undertake several market analyses. We will also need to identify a competent team of marketing consultant and retail shopping planner to assist us with marketing implementation. Due to venturing into new markets we will need to adjust our policies and. We will need our hotels to have a competitive advantage in the new mark. The best way to achieve this is by using cost leadership and product differentiation (Kumar & Phrommathed, 2005).The project will actually strain my department due to the large area of operation but I believe it is necessary and that it will yield good results. 3. Time plan To ensure success in marketing all members of marketing departments like sales, marketing communication, customer service, product or service development, internet and research must work together (Luther, 2011). For this to happen a proper time planning should be done. Stephenson &Thurman (2007) suggests that if a marketing calendar is designed it can help in coordinating marketing activities as well as marketing ideas. All the activities of this department will be undertaken simultaneously for the first six months. These activities will include research, rebranding, publicity, and promotions. The reason for undertaking them simultaneously is because they are interconnected and they depend on each other. As Luther (2011) state, it is important to be cautious when selecting an advertising agency and to do this we have to undertake some research. 4. Links and dependencies For effective implementation of this project, this department has to collaborate with several other departments. The finance department will be providing as with the necessary fund and will also be assisting us with the budgeting and drawing our financial plan. This department will be monitoring the use of funds allocated to my department since they are mandated as account department. We will also work hand in hand with the human resource department, which will be providing us with staffs and training necessary for project implementation. We will also depend on the procurement and logistics department to provide us with the necessary materials for publicity. 5. Mile stones Some market research will have to be completed before other activities begin. We will have to complete test marketing in the first month of operation. This know the degree of success of our business undertakings (Boone & Kurtz, 2011).We must have completed publicity before the completion of the construction and renovation process which is expected to take about six months. We should also have been designed the marketing approach we will use before this time. We should also make sure that we have the necessary staff to undertake marketing and make sure that they are well trained to be able to handle the new environments. 6. Risk plan According to McDonald et al (2011), risks might result from the market not being as large as we expected, not getting the market share we hoped for, or not realizing the profits we aimed. Whatever the cause of the risks is, they must be managed for the organization to move forward. Four ways of managing a risk are to avoid the risk, to transfer it, to insure it or to assume it. Whichever method we use, a careful planning is needed (Burrow & Bosiljevac, 2011). We will first undertake a risk analysis in which we will divide our risk sources to various subdivisions and estimate them separately. We will then combine them to obtain the overall risk estimate. After this, we will device the best method to use in order to manage the risk and thus minimize its effect to the organization. 7. Resource requirements From within Eagle’s Net Hotels The resources require which will come from within the organization are generally manpower which includes sales and other staffs and funding. We will also need to use the organization’s logo in designing publicity material and the organization’s website to put some adverts of our new undertakings. These are key requirement and without them, the project implementation cannot kick-off. Thus, as a result I would like to urge the departments responsible for these resources to provide them adequately and on time to avoid delays in the process of implementation. From outside suppliers In additional to resources from within the organization we will require other resources from outside the organization. This will include advertising media space and the telephony services. We will also need to use internet-marketing website. For this kind of resources the organization should provide them to us on time or contract other organizations even if it is at a fee. 8. Financial plan According to Moyer & McGuigan (2012), a financial plan lays out the financial resources that are needed to achieve the operational objectives of the organization and can include financial forecast and cash flow analysis. It can also include financial budgeting (Ehrlich & Fanelli, 2012). My department will undertake a financial forecast to determine the amount of revenue we expect from the new hotels. It will also undertake financial budgeting to determine the amount of funds to allocate to different types of publicity programs. Reference Boone, L., E. & Kurtz, D., L. (2011). Contemporary Marketing. Mason: Cengage Learning. Burrow, J., L. & Bosiljevac, J. (2012). Marketing. (3rd Ed.). Mason: Cengage Learning. Dann, S. & Dann, S. (2011). E-Marketing: Theory and Application. Hampshire: Palgrave Macmillan. Ehrlich, E. & Fanelli, D. (2012). The Financial Services Marketing Handbook: Tactics and Techniques that Produce Results. (2nd Ed.). Hoboken: John Wiley & Sons. Hiebing, R. et al. (2011). Successful Marketing Plan: How to Create Dynamic, Result Oriented Marketing. New York: McGraw-Hill Professional. Kumar, S. & Phrommathed, P. (2005). New Product Development an Empirical Study of the Effects of Innovation Strategy, organization Learning and Market Condition. New York: Springer. Luther, W., M. (2011). The Marketing Plan: How to Prepare and implement It. New York: AMACOM Div. American Mgmt. Assn. McDonald, M. et al (2011). Marketing Plans for Services: A Complete Guide (3rd Ed.). West Sussex: John Wiley & Sons. Moyer, R., C. & McGuigan, J., R. (2012). Contemporary Financial Management (12th Ed.). Mason: Cengage Learning. Perrey, J. & Spilleckle, D. (2011). Retail Marketing and Branding: A Definitive Guide to Maximizing ROI. West Sussex: John Wiley & Sons. Stephenson, J. & Thurman, C. (2007). Ultimate Small Business Marketing Guide. Irvine: Entrepreneur Press. Read More