Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Analyzing a Marketing Plan

The goal of the tourism strategic marketing plan for Connecticut is to direct and coordinate marketing efforts. The levels in which a marketing plan operates are strategic and tactical. Strategic focuses on target market and the company’s value proposition. Tactical market plans specify marketing tactics such as product features, promotions, pricing, sales channels, and service. The salient features of the Connecticut marketing plan include its overall goals and objectives. The State is looking to gain visitors by introducing awareness of its history, activities, and art and culture. Additionally, the marketing plan has a solid understanding of its desired consumer and marketing goals.
 
Overall, the plan has a good idea as to what is needed to generate awareness. The objectives are simple and seem achievable by the company. The plan, however, has no detailed strategy for achieving the desired results. Marketing implementation should address the who, where, when, and how of a marketing goal. To address the desired segment of users, the plan suggest building the brand through marketing efforts and industry partners. The goal of the plan is to influence visitors to the State by increasing the State’s relevancy and attractiveness to potential visitors. The plan suggests that in order to communicate to the desired market segment, the company should focus on markets that have the greatest visitor potential. Those markets include women who are between the age of 25 and 54, individuals who live within surrounding areas, and individuals with a household income of $80,000 or more. 
 
To improve the current marketing plan, the marketing company should create an actual strategy that can be followed to implement the plan. Marketing implementation is the process that ensures the strategy accomplishes the stated objectives. For instance, the plan refers to building search engine optimization into its production. However, it does not mention which keywords to optimize for and why those keywords are best suited for the task. Additionally, the plan has no mention why this plan will be effective at producing positive results. Furthermore, there is no mention of competition and market potential. A marketing strategy should address the what and why of marketing activity.
 
Marketing plans are the starting points for successful companies, and the plan often includes dozens to hundreds of pages worth of data analysis. The difference between a marketing plan and a business plan is that a business plan focuses mainly on defining the company, its history, mission, and goals. A business plan includes more than just a marketing plan or strategy. It also includes discussion regarding staffing, locations, finances, and strategic alliances. A marketing plan focuses on creating keys to success. Additionally, the marketing plan tells the story of how to achieve goals and generate success. Each of the company’s leaders and managers should see the plan and give insight into whether the plan is achievable. Marketing plans are best when there are many people involved in its creation. Gaining feedback is important considering most all ideas will affect each department within the company. Leaders and managers can provide realistic data, experiences, and share insight into market opportunities. 
 
Marketing plans are crucial for starting and growing a business. A good marketing plan will help organizations identify there target customers, and generate a plan to reach and retain those customers. The marketing plan is the roadmap to gain customers and improve organizational success if done properly. A Key section of the marketing plan includes the executive summary, which is helpful for providing an overview of the organization and the plan. Additionally, the plan describes the desired customer by targeting their precise needs based on their demographic profiles. This is helpful for identifying targeted customers and creating pinpointed advertisement aimed directly at those prospective customers. 
 
An additional crucial point of the marketing plan is its plan of distribution. The distribution plan details how customers will purchase or buy in to the organization. The promotional strategy of the plan is considered one of the most important sections of the plan. The promotional strategy details how new customers are to be reached. Examples of an affective promotional strategy include distribution and promotional tactics on television, at trade shows, and through online advertising. A marketing plan includes everything from understanding the desired customer, to determining how to outperform and strategize the competition. A marketing plan is paramount to achieving business success and the time taken to develop a marketing plan, is an investment worth making considering it defines who to connect with customers and generate sales. 

Private Label Brands

By providing product to private label retailers, national brand owners may be concerned about competition and losing revenue. However, if the national brand chooses not to provide their product to private label retailers, another brand likely will. It may seem like a no-win situation for national brands working to achieve maximum profits. An online study consisting of 1,600 consumers, found that brand imitation by private labels increase a consumers’ preference relative to the imitated brand. The study also found that if the private label retailer uses its own name on the imitated national brand, it does not hurt the sales or reputation of the national brand, but may negatively affect the private labels’ brand image and reputation.
 
In addition to national brands, the international marketplace is also being affected by private label brands. Private label products account for more than 30% of global grocery sales. Although there are individuals who are cautious about their purchasing decisions, there are also many shoppers who shop based on name recognition and perceived value. Within the United Kingdom, for example, private label production rose from 21.5% in 1980 to 39.3% in 2003. The success of private labels throughout the globe has presented challenges to international brands concerning budgets, advertising, and sales.
 
An example of national and private label products are over-the-counter medicines. While the national brand may present a televised commercial or a print advertisement, the private brand offers little or no promotional efforts. In this regards, the national brand should do fairly well based on their marketing efforts. In regards to the private brand, individuals who purchase private brands, likely do so because they are not affected by marketing efforts. Consequently, if the national brand can earn revenue by providing to the private labels, the national brand does not necessarily lose a customer or profits. Whether the national brand loses money is determined by the real value of the product. In regards to private labels, retailers are responsible for product sourcing, advertising, warehousing, and promotional efforts. If the national brand is making profits from private labels with no marketing or promotions, the results are good results.
 
The main difference between private labels and national brands awareness is the brands marketing and advertising efforts. Marketing generates familiarity to consumers, and the assumption is that the perceptual response patterns are different toward private labels than national brands. The factors include the private labels lack outside advertising, which affects product knowledge and sales. Consumers are likely to purchase a national brand if they believe the private labels are of lower quality. National brands often sell more product than private labels considering consumers perceive that national brands have a better quality than private labels. However, there is often very little difference between the two if any difference at all. For example, Wonder bread may not use the same quality materials for private labels as it does for its national brand. Additionally, the company may use a different formula, or may use material that is not as fresh.
 
Large National brands seek consumers with a higher level of knowledge than private labels. By promoting their brand, national brands enjoy consumers that are loyal and who are likely to promote their brand. In addition, national brand consumers often purchase based on cues from their memory of the brand. For instance, if a consumer were to arrive to a retail shelf to purchase a box of cereal, they are likely to purchase the box that reminds them of something they have seen or have a positive perception of. In this instance, the national brand is the likely choice of the consumer considering the national brand generally has a larger marketing budget and will be more familiar to the shopper. The important difference between understanding the private label and national brand consumers is with the consumers’ perception of the product and brand.

Personal Branding

Important of organizational branding
Brands are often an organization’s most valuable asset. A strong brand can generate a loyal consumer and positive sales. It is the responsibility of the marketer to create a brand that consumers view as positive and valuable. In order for the brand to be valuable to the consumer, it needs to simplify the decision making process and reduce the risk for the consumer. Positive branding can influence consumer behavior. Having a strong brand will result in better earnings and profit performance, which will generate greater shareholder value for the organization.

Personal brand in 21st century
Personal branding is important within the 21st century. Many hiring organizations research employees on the Internet and find unsettling information that could have been prevented by the individual had they monitored their personal brand. Personal branding can have a tremendous affect on how an employee, celebrity, or public figure is viewed. A negative brand can cause job loss, rejection, or public humiliation for individuals. To create a successful personal brand, individuals can research their name online to find and remove negative information associated with them. In addition, they could enhance their current online presence and create content that promotes their best assets. Furthermore, individuals could promote their brand by having peers and organizations recommend and bolster their positive skillsets to others. This can be done by networking and creating friendships with industry influencers.

Branding process
The term personal brand was first introduced in an article by author Tom Peters in 1997. The process was developed to help individual’s use critical thinking and analytical reasoning to enhance their career planning. Within brand credibility, third-party endorsements have a tremendous affect on generating credibility for individuals as well as businesses, which assist with spreading positive brand awareness. Individual branding is different in that it requires a positive attitude and relationship building. Unlike business branding, which recommends posting a social ad or banner on a webpage, billboard, and in magazines, personal branding requires networking. Networking can be done via social networks, local group meetings, and events. In addition, during these networking sessions the individual needs to be likable and must present good character.

Branding involves creating, maintaining, and enhancing brand awareness. Marketers can purchase advertising targeted at audiences based on behavioral indicators and key performance indicators. This method is often used in online social media spaces by large brands. This practice does not differ based on the type of product or if that product is a person or an intangible asset. In addition, endorsements help enhance consumers’ attitudes and behaviors toward the brand. Attitudes toward the brands message have an impact on the consumers’ purchase and behavioral intentions. To promote the brand, marketers could invest in advertising, which is a more general means of communication for promoting the brand.

A perfect example of marketing based on consumers’ brand attitude and publicity is the beats headphone brand. The brand was introduced without a large budget and focused on building credibility through celebrity and word-of-mouth. As the consumers accepted the credibility as positive, they spread word about the product as being a commodity to those interested in owning the popular brand. With the help of social promotions, celebrity credibility, industry targeted publicity, and brand messaging; the brand has developed into a multi-billion dollar company.

Marketing-oriented publicity enhances positive and negative cognitive responses of a buyer. A positive cognitive response enhances the brand messaging for the consumer, which has an impact on their purchasing decision. Consequently, a negative attitude and cognitive response toward the brand messaging reducing the likelihood of a consumer purchasing.

A personal brand is a presentation of an individuals unique skills, knowledge, experience, and expertise that make the individual memorable to other. These unique assets influence employers to hire and professionals to want to work with individuals. In order for individuals to expand their social brand and generate brand awareness, they can start by creating or cleaning up their social media pages. On social media pages individuals should not post anything that they don’t want employers to see. This includes both text and images. In addition to social media pages, individuals should create digital portfolios and personal websites. The benefits of these are that employers can easily find websites and it allows the individual to present themselves in favorable conditions.

In addition to creating and enhancing the personal brand, the individual should always monitor their brand activity. For instance, the individual can google their name and see what content shows. If the content is something unfavorable, they should contact the content poster or website and ask for it to be removed. Or remove it themselves if they have access.

Consumer and Business Markets

Consumer and Business Markets
Business markets are task focused, while consumer market buyers may have an emotional factor when making purchase decisions. Moreover, in both business and consumer markets, the purchaser often does not have the final authority to make purchase decisions. In the consumer market, marketing methods may include advertising and promotions, while business markets can include necessary meetings before the final transaction. In addition, once a business purchases, there is the possibility of generating a brand loyalty for future purchases. In a consumer market, the consumer may base their future purchase on price, availability, and those continued emotional and personal factors. Furthermore, businesses often purchase in larger volumes. Consequently, the business market will likely generate more sales per customer.

Marketing Efforts
In creating a marketing strategy, product managers should be directly involved. To build a successful marketing strategy, the marketer should understand the consumers’ daily life and target their emotional needs. Consumers often purchase based on influences such as culture, social, and personal factors.  Marketing efforts should focus on building an emotional connection with the consumer to satisfy the consumers’ needs. In addition, marketers need to be aware of the consumers’ perception of the brand. Marketers can use integrated marketing communications to help with observing the marketing process. The company could focus on marketing to consumers from home by focusing more on their online marketing efforts. Consumers enjoy a comfortable setting when shopping, including having the ability to shop from home. Businesses prefer face-to-face sales meetings. To gain more customers within the tradesmen market, the marketer can advertise in electronic media and focus on e-commerce.

Marketing Approach
Consumer market purchases are likely made by individuals. An example of a consumer market is a husband wanting to purchase a new home. In order to do so, he would need to get his wife’s approval before making the decision. His wife will likely introduce personal factors, which may hinder his decision such as kids, bills, and other priority items. Consequently, he will not be able to make the purchase immediately because of these personal reasons. The marketer should create a campaign that addresses these personal concerns. The strategy could focus on the personal and family benefits that a new home would produce. It should mention the affordability, safety, and other family oriented concerns and then provide positive solutions for those concerns. In regards to a business market, this same strategy could be used to focus on the business benefits of purchasing a new business. The business marketer could showcase a better location, statistics surrounding the local traffic, and the return on investment. Within the business market, the purchase decision is made by many individuals and groups. A marketer needs to be aware of who has the buying power within the group. Once this is determined, the marketer should address each of the individuals’ concerns.

When determining the market, the business needs to know not only who are buying and why they are buying the product or service. The market purchasing decision for a business may be easier as there is a larger need. For consumers, there are other factors in to consider such as financials, family, personal, and priority items for example. For large purchases, there often needs to be a collective decision made by the family. Business markets often focus more on sales and purchases that are sold directly to other businesses, which may use those products to re-sale directly to the consumer. Consumer markets are markets where the consumer purchases an item to use for their own use. The strategies necessary for these markets are determined based on their needs and wants of the market. In a business market, purchases may also involve a collective decision, but there may also be a larger plan ahead for the company and the purchase may be one small item on a larger scale.

Within both business and consumer markets, the market must always be aware of the service strengths and needs of the purchasing organization. The products must provide value to the target market. To target consumers, the organization could use mass marketing and advertising methods to reach a wider audience base. Businesses are likely to also purchase larger volumes of items compared to consumers. Business markets may also have purchasing agents who are responsible for buying company items. These agents may already know the price they are looking to spend. In targeting the consumer markets, marketing agents should look to move online into e-commerce as it gives consumers the opportunity to make purchases directly from home or while on the go. Businesses often use more traditional purchasing methods such as face-to-face meetings. If market agents do desire to grow their online market, they have many options, which include services from Facebook, Godaddy, Google, and thousands of tools that can assist with targeting their desired consumers.

READY TO GROW YOUR SMALL BUSINESS ONLINE?
Click for Book Offer