Marketing Plan of Grace Kennedy Company Limited - Term Paper Example

Marketing Plan Companies plan for the future to ensure profitability and a share in the market. For a company that deals in tangible goods to consumers, management must take the necessary steps to ensure that the public is getting the best for their money. A marketing plan must center on making money for a company and so to accomplish its goals the means dealt with. It is important that you have a budget developed for your marketing plan (Lake). Grace Kennedy Company Limited has been around for the past eighty-two years. The company with its staff of well over two four hundred persons sells tangible goods locally as well as internationally. Grace Kennedy manufactures consumer products such as tin mackerels, sausages, sardines, cooking oil, tin beans, tin vegetables, corn meal, and flour as well as other necessary products the public needs. With staff of over four hundred persons, the company’s management team works to ensure that production is of the best quality while service is of the highest standard. The aspects of the company’s business consist of various areas. Operations, manufacturing, research, financing, personnel, marketing, business analysis and counseling, planning, presentations and project management are some of the ways by which the company fits into a number of its different aspects of business. A combination of all of these factors will help to ensure the financial success of Grace Kennedy Limited, which is its primary objective. The operations of Grace Kennedy consist of the day-to-day functions of the business especially in the areas of accounting and procedures for the sole purpose of making a profit for the stakeholders. While practicing business operations, the management of Grace Kennedy must realize that this should be a continuous process. The reason why this must be a continuous process is because in times of recession, terrorist attacks, fires or floods the business will be able to bounce back. It is always best to start planning now to improve the likelihood that the company will recover from any setbacks whether these setbacks are by man or acts of God. Business operations take into account three areas. These three areas are, to generate recurring income, to increase the value of the business and to secure the income and value of the business. When generating recurring income, the management of Grace Kennedy must have in mind one goal and that is to make a profit. They may do this by cutting cost on some items that they sell to their customers. Increasing the value of the business rests squarely on how profitable Grace Kennedy is. The more profitable a business is, the more valuable it becomes to its owner/s. The income that Grace Kennedy generates compare to the assets the business employ, as well as how much income it generates for the amount of revenue it realizes all adds up to how broad its profit margin is. Grace Kennedy Company Limited secures its income and value by adopting a number of measures. These are namely, the uniqueness and competitiveness of its products, the ability of its customers to pay for tangible items, the demand for its goods, its respect in the community of which it resides and any public regards for the business on the part of the community where it is situated. Manufacturing involves the process of utilizing machines, tools and labor by which to produce goods for sale and that will eventually lead to the company’s increase in profits. Grace Kennedy manufactures goods and selling them locally and abroad. There are a number of outlets owned by the company and these are strategically place across the island. Because of the quality goods manufactured by Grace Kennedy, the company is able to enjoy competitiveness in the market and at the same time attract foreign investors. Because of the amount of profits generated regularly, the company is able to finance its operations easily while at the same time providing funds for charitable causes. In addition, funds put back into the business for research purposes are utilize. Grace Kennedy employs a number of skilled workers thus decreasing the unemployment level in the country. Workers employed by the company required using their skill in the manufacturing of goods and so there is specialization of labor, which helps to increase productivity. The company employs strong marketing strategies that enable it to remain competitive in the market. This is to help to design its business goals as well as to develop plans to achieve them. To enable competition in the market, Grace Kennedy approaches this step in five different ways. First, they describe the company’s unique selling proposition. Second, they define the target market. Third, they make note of the benefits of the products that they have to offer. Fourth, they describe how well they will position their products and fifth, they define their marketing methods. The company continuously research new products to meet consumer demand and thus is always acquiring new knowledge. True research never gives a definitive answer but encourages more research in another direction (Shuttleworth). Because of continuous research, Grace Kennedy is able to provide new products at reasonable cost to its customers. Grace Kennedy easily identifies the needs of the business and carefully puts strategies in place to meet those needs. They do this by employing a group of business analysts to develop new components, to bring about organizational changes and develop strategic planning. While standard approaches need to be laid out and acknowledged, there is benefit in seeking to go further (De Bono). With a three to five years attainable business plan implemented, the company is able to achieve its goals. Because targets are plan, the business must focus internally as well as externally. This is because targets are design to increase profitability and the demands of stakeholders. Grace Kennedy makes annual presentation to its stakeholders where new plans presented and dividends announced. This is in keeping with certain rules made by government. The company employs qualified project managers that are responsible to organize and secure resources to bring about successful completion of jobs. These managers report to the managing director and give updates on ongoing projects regularly. The management of Grace Kennedy Company Limited has as its concept a policy, which is to explain the value that a product will bring to consumers. In doing so they explain to the public why the company is qualified to offer the particular product. In addition, they describe any uniqueness and growth potential that the company may achieve in a given time frame. Grace Kennedy has a vision for its future endeavors, which emphasizes the need for making good profits. In the vision of its directors and managers, they give value to their customers while increasing productivity. They are ethical in their business conducts and see themselves responsible to the communities that they serve while presenting a true international standard. The vision has led to an ongoing process of adaptation and change to meet a rapidly changing local and international environment (“Company Profile” 2004). For those who are not savvy in business, the company explains such terms as accounts payable, accounts receivable, amortization, asset category, its bad debts expenses as well as minutely discusses its balance sheets with them upon request. Persons who are desirous of owning a part of the business are able to seek out a shares broker because management has given correct information concerning the performance of the business. Based on my analysis of Grace Kennedy Company Limited, for future directions I would advice its directors in a number of ways. The first advice I would give to the company directors is to review their business strategy more often. The reason for this is because the world is changing and the strategy used yesterday might not be applicable for today. Although the company has been in business for the past eighty-two years, the directors must be determined to stay in business for much longer. Terrorist attacks, fires, floods, and earthquakes are all things that sometimes stop a business from continuing. In order for Grace Kennedy to continue operations in the face of these difficulties, its directors must be determined to remain in business no matter what might come. This means that there must be funds set aside for such contingencies. Key persons such as directors and managerial staff who may die suddenly are to replace quickly. Unlike some businesses, whenever a key person such as the managing director dies, the business comes to a standstill. The directors of Grace Kennedy must never allow this to happen to company as many consumers depend on them for food items and workers for their livelihood. Grace Kennedy Company Limited should get regular feedbacks from its customers. Without these feedbacks, the company will not know consumer preference. These feedbacks may take the form of questionnaires or personal interviews. The protection of the company’s investments must be of paramount. Grace Kennedy’s asset category is into not only land, motor cars, buildings and start-up cost but also in their staff as well. In order to keep profits soaring, increase in production maintained. This involves seeking out new markets locally as well as overseas and new branches may be open at home or abroad. Training of staff must be undertaken regularly. The world is changing and knowledge is on the increase so for Grace Kennedy to keep up with changes they must be responsible for ongoing staff training. The company may send its staff on courses or conduct in-house training. When this done, production will increase and the staff becomes more confident while conducting their duties. While conducting business in a competitive market, it is to the company’s best interest that they know the competition. This knowledge will help them to better strategize their efforts. Businesses that are without competition tends to get sloppy as well as take advantage of consumers and thus in the end lose the confidence of the public. To continue increasing profits Grace Kennedy Company Limited should be willing to charge reasonable prices for its products. This will also increase trust and respect in the mind of the public. Companies that do not charge reasonable for their products often discourage customers. In order to develop new products for consumers, ongoing research done regularly. Because of ongoing research done in its product line, consumer needs are better able met and thus there will be an increase in sales. For the company to continue to enjoy growth, it needs to develop stronger ties with its retail and wholesale customers. For a business to survive it needs customers. Without its customers to give the necessary support the business will die. To create customer value, corporations should focus on the needs of individual customers as well as market segments and target industries, not product-or commodity-based priorities of the internal organization (Basu, Muylle 29). Developing a marketing plan is not difficult; however, it takes effort and future planning may just be what is necessary for one’s business to succeed. For a business to succeed, proper marketing plans adhered. Works Cited Basu, Amity & Muylle, Steve “How to Plan E- Business Initiatives in Established Companies,” MitSloan Management Review, 49 vol. 2007 < www.sloanreview.mt.edu/files/saleable-pdf5/49110.pdf > “Company Profile: Grace Kennedy and Company LTD. – 82 Years of Continuous Growth” The Jamaica Diaspora Conference Center 2004, (2004), < www.jamacandispora.org/profiles/grace.htm > De Bono, Edward “Business Concepts” Edward de Bono and Robert Heller’s Thinking Managers (2008) n. pag. Lake, Laura “How to Develop a Marketing Strategy in 5 Easy Steps” About.com n. d. < www.marketingabout.com/cs/advertising/ht/5steps2strategy.htm > Shuttleworth, Martyn “What is Research? Experiment-Resources.com, (2008) < www.experiment-resources.com/what-is-research.html. > Read More