Strategic Market for C1 Optimum Company - Business Plan Example

Strategic Market Plan C Optimum Company Strategic Market Plan Executive Summary C Optimum is a company which specializes in dealing in Total Spectrum Television (TST), Computerized Video-DVD Editor (CVE), and Safe Shot Laser (SSL). These are products which are aimed at making a great contribution to the entertainment industry. After being in the market for some time now, we deeply understand that it is a very challenging endeavor. As a company, we are planning to supply our products to a defined market with its uniqueness (Christensen, 2007). However, despite the stiff competition in this sector, we still have a room to exercise our dominance if we come up with well-thought and viable marketing strategies. This will encompass conducting a SWOT analysis and ascertaining any challenge which might bar us from accomplishing our goals (Scott, 2008). Upon making such situational analyses, it will be easier to come up with recommendations which can be relied upon to enable the company to achieve its short and long-term goals (Pinson, 2004). Strategic marketing plan is crucial for the management of this company. It will enable it to accomplish its development objectives. Situational Analysis C 1 Optimum Company has been operating for quite some time now. The financial records from the past year demonstrate that it has made tremendous progress as far as sales are concerned. With a proper management, the company has been greatly exploring its opportunities to sell its commodities to the target market. Because of the diversities of our products, we have managed to adequately supply TST, CVE and SSL services to our target market in R1, R2 and R3. By reaching the clients in all these regions, the company has been able to widen its clientele base and volumes of sale (Adcock & Halborg, 2001). With the lucrative of this industry, it is for sure that the entertainment sector is so competitive. In this market, we are facing a very stiff competition from three companies. These are Company 1 and Industry C. These are well established organizations which have been in operation for some time and have gained ground. Thus, it means that the market is shared amongst all of them. However, based on their financial statements, it is clear that their performances have not been much better (Drake, 2008). Although the market is shared, the financial statements of these our competitors are a clear proof that they need to make the necessary adjustments. However, it is such a loophole that we will rely on as part of our strategies. Because of this, our company has a chance of realizing a growth. Currently, C 1 Optimum Company is distributing its products to all the potential customers in all their locations. The sales are appearing appreciative since the company has managed to exercise its control over the market (Goldstein & Lee, 2005). With a proper management, the organization has been improving the volume of its sales over the last period. For instance, in the last financial year, it increased its net revenue to a record figure (McDonald, 2007). Hence, it implies that if feasible plans are put in place, the company stands a chance of realizing a remarkable growth as intended by the management. However, the external environment in the market is very important in determining the success of the company. Since it is meant to serve the clients, several environmental forces can play a significant role in determining its success. For a long time now, the socio-cultural climate has been conducive for the business. First, the TV and gaming services are highly embraced by the society in totality (Marder, 2006). With the increasing urge for information and entertainment, several people are looking for these services. In other words, the industry has received a warm reception from the rest of the society which has been viewing its services to be of great importance (Stuart, 2005). This is a necessary condition for our development as a company. It can be a major determining factor for our growth and success. SWOT Analysis Obviously, any business investment is confronted with opportunities and threats. However, the successful maneuver depends on the strengths of the organization and how the management deals with the weaknesses and challenges faced in the course of its operations. The current situation in the video industry is that there is a very stiff competition. Very many players have come up with a lot of alternative services to satisfy various demands of their clients. Therefore, it means that as a company, we have to take a lot of measures to ensure that we also enjoy our share of this market. In order to achieve this, we need to be more creative and come up with innovative ideas to surpass those of other suppliers. This will give us an upper hand in the market. By knowing about our threats and weaknesses, we will be in the right direction of looking for measures to tackle them. The same scenario applies to the gaming sector. With the promising returns, a lot of investors have put their moneys into this business. Thus, it has become flooded with competitors. However, we still stand a chance of succeeding depending on the management strategies adopted. Because of this, we have to prove that we can do much better than we have been doing for the last years (Kerin, 2012). This will of course enable us to make a significant step in the television sector. However, as it is now, there is need for the management to adequately strategize on how to enjoy a larger share of the market. The cable subscription television service is a very popular product with many people. Therefore, by investing a substantial share of our resources in it, we are assured of a growth. Objectives Just like any other business, C 1 Optimum Company has set short and long term goals which the management has committed itself to achieving. With such objectives, the company will be in the right path of realizing the development it requires. Therefore, in order for them to be accomplished, it should be upon the management to come up with strategies on how to effectively implement them (Siegel & Bornstein, 2003). Amongst these objectives are to increase the supply of TST, CVE and SSL to all our clients wherever they are located. In simple terms, the company will adopt a distribution system to ensure that our products are evenly channeled to all our clients irrespective of their physical location. By doing this, we will maintain our reliability as we seek to venture into this lucrative, but challenging business (Bradley, 2000). The other objective of the company is to supply high quality gaming and TV services in the market. As part of our internal policies, the company should always consider quality delivery as the cornerstone our progress. Hen e, because of this, we will strive to become the company with the highest level of quality products in this sector. If implemented, we will emerge to be the leading company in this industry. As a result, we will definitely have to enjoy a competitive advantage over our competitors and dominate the market. This is necessary for us since it will determine exactly the kind of direction we will take. If quality service delivery is upheld, the company will stand a better chance of exercising its existence in this market (Kotler & Keller, 2009). Otherwise, it will be swept away with the wave of competition which it will not manage to overcome. It will help in winning the confidence of our clientele. Lastly, the company is aiming at expanding its market coverage. Although we currently serve a fairly larger market, the management is convinced that R1, R2 and R3 are not enough. The entertainment industry should not be limited to only one geographical location. Further more, it is a universal sector which is welcome by everyone from whichever society. Because of this, the company plans to introduce its services to new markets. This will enable it to expand its services and grow to become bigger than it is now. This will put it in a better position of growing and enjoying a competitive advantage over other firms. Marketing Strategies Since the company is committed to supplying the target market with its products, deliberate measures should be put in place to ensure that they are accessed. The best way of achieving this is to formulate marketing strategies to adopt. After understanding the target market, the management should adequately plan to ensure that it is optimally exploited. First, there should be market segmentation. The target market should be sub-divided into section depending on factors like geographical, cultural, economic, gender, religious, political, age and any other form of identified diversity which determine who the clients are. A part from segmenting the market, the management will be committed to creating awareness about the company’s products. Meaning, sales promotions will be conducted by placing adverts in the broadcast, print and online media (Kotler & Keller, 2012). This will be a wise idea since it will enable the sales and marketing department of this company to inform the potential clients about the existence, nature, uses and excellences in their commodities. Because of this, the company will be able to increase the volume of sales in the market. At the same time, the company will have to formulate a pricing policy for our products. Meaning, after understanding the prices of the competitors, it will come up with its charges which will not be higher than theirs. Instead, the management will set fairly lower prices since it will help in attracting the clients to consider buying from the company. By doing this, the company will be assured of creating a large pool of customers who will purchase from its stores. Once this happens, it will be easier for the company to accomplish its goals. Financial Forecast Based on the performance of this company, it is evidenced that it stands a better chance of improving its performance. As a result of the good management and feasible strategies, the company will obviously accomplish its realist goals. Meaning, it will not only exist, but also enjoy a larger and dominant share of the market. Hence, it implies that if measures are taken to effectively serve it, it will be in the right path of growth. Unlike its competitors, it has been making promising progresses based on the figures and statistics from its sales, revenues and profit. It has been making progressive and steady profits after each and subsequent fiscal year (Kotler & Keller, 2012). Hence, in this financial forecast, the company is projected to make a lot of profit in the next financial year. In fact, when compared to this year’s, its profitability will increase by 21%. This is because the marketing strategies planned here will be of great benefit to it. A part from increasing its market coverage, it will enable it to increase the volume of its sales. By advertizing the company’s products, giving them a unique branding and improving their quality, the rate of stock turn over will obviously increase (Drucker, 2004). This will translate into high profitability and growth. In other words, the company will grow and expand its operations beyond R1, R2 and R3. Making huge profits will enable it to be financially stable. Conclusion C 1 Optimum Company has established itself as a major player in this sector. With this market plan, it is clear that it will increase its dominance in this highly lucrative industry. However, the management will have to ensure that they follow this plan since it is realistic and can help in improving the company. With the high level of competition in this sector, there is a need to do all that it takes to enjoy a competitive advantage over other rival firms. This will ensure that the company increases its profitability and growth. References Adcock, D. & Halborg C.R. 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