Marketing Plan Of X Ped Company Essay

Question:

Discuss about the Marketing Plan Of X Ped Company.

Answer:

Introduction

X Ped is an IT industry which is situated in Australia and it is considered as the largest industry in the IT sector. This report gives main focus on the situation analysis and on The SWOT analysis that will help the organization to achieve its objectives and also access in launching new product in the market. To perform this function, the main responsibility is given to the marketing team to outline the marketing plan and give it to the top management so that accurate decision can be taken in effective manner. This report will also include the effective marketing plan of the X Ped Company for the Australian market that will access the company to expand its market.

Situational analysis

The situational analysis consists of methods and techniques that are used by the management of the organization to determine the internal and external factors. The company deals in various technologies that give customers a platform to connect and control devices that are found in the everyday market. It helps to make the technology easy and effective to be used by the customers. There are many competitors in the Australian market that gives high level of competition to the company. The level of competition is high in the Australian market (Orel and Kara, 2014). The company takes into consideration marketing function to launch new product in the market so that the public can be attracted towards the product and can compete with other competitors that are prevailing in the market. (Hollensen, 2015). Many approaches are there that can be taken into consideration such as SWOT analysis. As per the current scenario of X Ped Company, the accurate information that can help in analysis can be done by using SWOT analysis. The detailed analysis of X ped Company is as follows:

Strengths

X ped is present in this sector from many years. The resources and capabilities are strong enough of the company. The company has a loyal and efficient management team that maintains the goodwill of the company. The employees are considered as an important part of the organization so that the level of satisfaction can be enhanced effectively. The company provides compensation plans to its employees so that they can easily retain them in the organization. The human resource professionals maintain the tracks that are concerned with the change in demand and laws so that the policies can be developed by taking into consideration legal boundaries. X-ped is considered and recognized among its customers that offer the good range of products with the high quality product. The products that are launched by the company are in the range of the people, so that they can easily purchase it in effective manner (Khan, 2014).

Weaknesses

Since every company has some weak areas, so it is essential to keep the record of each of them so that it can be minimized in effective way. The image of X ped is affected by some events on which the company should take corrective steps so that it can be converted into the strength of the company. The main drawback of the company is that it has ineffective supply chain and distribution channel that gives direct impact on the sales. There are many customers that believe that the company does not provide good shopping experience so the mindset of the customers should be changed by taking effective methods into consideration (Ryan, 2016).

Opportunities

There are many opportunities that are available for the company. To enhance the image of the company it should take into consideration the products and services that offer various products in the market. The X ped company has an opportunity to meet the requirements of the customer by analyzing their needs and wants in effective manner. By targeting the middle level people, the company can easily enhance the product line (Hanssens,Pauwels, Srinivasan, Vanhuele and Yildirim, 2014).

Threats

The competition is increasing day by day and the companies are focusing on developing the marketing strategy plan. The purchasing patterns of the customers are reducing and they are considering the goods that are available at low price. The customers are focusing on the products that have many features and are of low price. Also the main threat that is faced by the company is concerned with increasing the rules and regulations of the government. There are many companies in the market that offer the products that consist of the same features (Jahanshani, Hajizadeh, Mirdhamadi, Nawaser and Khaksar, 2014).

Objective of the plan

The objective of marketing plan is clear and the marketing function is considered to launch the wrist watch in the Australian market. By considering the scenario it is seen that the company is already established in Australian market and they are planning to launch new product in the market. This is the main objective of the company and various steps are taken into consideration like developing strategies to beat the competition, market research so that the organization can easily expand its business. By this the goals and objectives can also be achieved in effective manner (Hoang and Ruckes, 2017).

Marketing strategies

The company should take into consideration the teenagers who are regularly in touch with gym. The promotion of the product should be done in different gym. This product is useful for those people who are regularly engaged in gym or exercise. For the promotion the gym or the exercise place where yoga is done should be taken into consideration so that people get to know about the product. The benefits should be explained to the people so that people get induced to buy the product (Huang and Sarig?ll?, 2014).

Marketing mix

The product should be launched in the market by the company by explaining the benefits of the product. The benefits and advantages should be explained in effective manner through advertisement. As the company has a good image in the market, it will attract more customers towards the product. The cost should be low as compared to other competitors at the time of launching a product. It should be launched in different gym or in yoga centers so that the growth can be achieved in effective manner (Armstrong, Kotler, Harker and Brennan, 2015).

Profitability analysis

The main objective of the company is to earn profits. So profitability analysis should be taken into consideration in which the analysis of cost and revenue is done and it tells about the profitability of the company.

Control

To promote the product the control should be done by considering the cost of the product. The performance should be measured by taking into consideration the sales. The objective can be determined by influencing people to buy the product. The people can only be influenced if the product provides benefits to the customers (Flammer, 2015).

Conclusion

In this report it is concluded that marketing plan is very important for launching a product in the market. The company should give main focus on the teenagers to promote the product in the market then only the company can easily achieve its goals and objectives. The company should focus on the yoga centers and gym so that the company can achieve success in launching the product.

References

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Flammer, C., 2015. Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), pp.1469-1485.

Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014. Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), pp.534-550.

Hoang, D. and Ruckes, M., 2017. Corporate risk management, product market competition, and disclosure. Journal of Financial Intermediation, 30, pp.107-121.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Huang, R. and Sarig?ll?, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.

Jahanshani, A.A., Hajizadeh, G.M.A., Mirdhamadi, S.A., Nawaser, K. and Khaksar, S.M.S., 2014. Study the effects of customer service and product quality on customer satisfaction and loyalty.

Khan, M.T., 2014. The concept of'marketing mix'and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p.95.

Orel, F.D. and Kara, A., 2014. Supermarket self-checkout service quality, customer satisfaction, and loyalty: Empirical evidence from an emerging market. Journal of Retailing and Consumer Services, 21(2), pp.118-129.

Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

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