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Market Planning and Control - Essay Example

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Marketing is a very important aspect of business venture since the main aim of any business is to make profits. The process of planning and implementing the concept of price, promotion and supply of products and services is very complex and requires a plan; market planning…
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Market Planning and Control
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Download file to see previous pages In addition, marketers need to know any other information that would persuade customers such as health claims, celebrity and expert information. In marketing food products like sandwiches and soft drinks, the marketing strategy has a direct connection with the buying and eating habits. An example is about what the scientists say about eating high fibre foods and reducing cancer risk or eating foods with saturated fats and heart problems.
Developing the format of a marketing plan is the first step in making a marketing strategy. The plan should include; the objective and business mission; situation Analysis; the aims of the marketing strategy; strategic and tactical procedures; the budget and means of analysing performance; and contingencies (Aitken 2004).
The first step is to describe the challenge i.e. product to be marketed; in this case, the products are sandwiches, cold and hot drinks. Situation analyses include several aspects, competitor analysis, SWOT analysis, company analysis and customer analysis. The food industry in London is usually very efficient focussing on the customer requirements in terms of culture, taste and other aspects like scientific information about foods and eating habits. ...
All these are obtained through market analysis of market share and position. As London develops even more, diversity and consciousness on food is also increasing, the city has many restaurants with many educated and middle class people adopting healthy eating (Aitken 2004). On the other hand, the poor are getting worse.
Market Analysis
Market analysis is very complex undertaking especially in the current society where people are more educated, health conscious and open minded. It is therefore very important to study all aspects that lead to purchase of food ranging from nutrition information buyer behaviour, price and event psychological aspects. The best place to find information is from the company's SWOT analysis where market segmentation can be determined by the way the buyer use the products, their requirements, pricing, and how to access them(Aitken 2004). In business it usually very hard to come up with a distinct marketing strategy however the best strategy should involve the use of a "Marketing mix" that addresses the 4 P's i.e. Price, Place, Product and Promotion.
Making decision about the product should bear in mind the advantages and method of control. Quality is most important feature of any product and should not be compromised upon; other aspects would include branding, and packaging. Pricing is also a factor and when making the price tags, it may have to include discounts or offers to attract more customers. Fast foods in London market have a variety of delivery form hence distribution is not so difficult however sandwich and soft drinks business can opt for delivery services and takeaway services. (Aitken 2004) Nutritional information, culture and other scientific data play a very critical ...Download file to see next pagesRead More
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