The Marketing MIX Plan
To launch the new ladder product into the UK market, the marketing mix plan specifically tailored to address the market variables was the first requirement to be fulfilled. That was typical because of several variables that included the current budgetary allocation to meet the marketing of the new product, the supply chain, profit projections, the approach to implementing the marketing mix and associated costs, product review, the entry-level, the use of IT as a new marketing tool, and the market overview (Doyle, n.d).
These and other factors were critical elements in influencing the design of the marketing mix plan. It is important to note that a radical departure from the traditional marketing mix was first identified by incorporating other elements into the plan (Farrall & Lindsley, 2011). In theory, there are four critical components of a marketing mix plan, but due to the dynamic nature of the market, new components have been added to the marketing mix plan. The marketing mix plan components incorporated into the new invention are discussed in detail below.
The Product
A detailed analysis of the ladder will have to be conducted before it is released for sale into the market to prepare well in meeting various forces in the market with their effects. Typically, the ladder is a new invention made of lightweight plastic that was first tested and approved against established product standards in meeting user needs in the market. Therefore, in matters of quality assurance, the ladder is already a certified product (Farrall & Lindsley, 2011).
Detailed research will be conducted into the attributes of other competing ladders to establish the best strategy to offer a competitive edge for the new ladder. In addition to that, research into different manufacturers and their likely reaction to the new product will have to be evaluated before making an entry into the market. Therefore, a strong need to conduct a comparative analysis of influencing variables related to the product and its acceptability and use in the market (Farrall & Lindsley, 2011).
In matters of quality, several tests conducted revealed that the ladder could support within considerable weight limits several kilograms of weight without breaking. Thus, the weight support ratio is competitively satisfactory. In addition to that, it was identified to be flexible to the user when climbing on it, an added advantage against conventional ladders (Weightman, 1999). Another added advantage associated with the ladder is its weight.
Weight is comparatively lower than conventional ladders in the market, giving the ladder a further advantage against other iron or aluminum alloy ladders. With these advantages, several benefits are bound to be experienced with the new ladder. One of the typical advantages is a strong brand name that results from the new invention (Farrall & Lindsley, 2011).
Branding will be another issue to consider when taking the ladder into the market. Typically, that will be influenced by focusing on the plastic ladder as a product, the use of communication as an important tool in the marketing process, the market environment, and characteristic behavior of the new market. However, to differentiate the plastic from similar products in the market, branding will be used as a tool to uniquely identify the ladder in the market. Another differentiating element in the ladder will also include unique features descriptive of the ladder. These features are also distinct and physically observable (Farrall & Lindsley, 2011).
On the other hand, branding the plastic ladder will be used to create a perception in the customer about its quality. In addition to that, other attributes that are identifiable advantages include the weight factor of the ladder, making it positively worth its usage. Customers will also be made to understand the comparative difference in costs between the new invention and already existing ladders in the market, serving as a driving force towards the ladder gaining a strong market share and a strong brand (Turban & King, 2002).
On the other hand, the quality of the ladder will be an influencing variable and an important element that will be incorporated to characterize the new product. With these elements, it is projected that product attributes will enable an intensity in branding that will create strong customer perceptions leading to a strong market share. It will however be important to conduct further research into the branding activity and strategy to enable further information about new perceptions about the ladder(Farrall & Lindsley, 2011). Pricing as another important component to be considered is discussed below.
Pricing
Pricing will be used as a tool in determining the level of profitability, ladder turnover, current pricing, and projected profits. Typically, after rigorous price considerations and comparisons, considering all other costs, the market price settled on is ÂŁ7.37. The following table compares different prices for different brands that have been identified in the market.
A drastic difference in prices was identified for different ladders competitively putting the ladder in a better position than competing brands. Having done a comparative analysis on the prices of other brands perceived to offer competition, the next level towards entering the market will involve identifying various market distributions points and accessibility of the new ladders to the market.
Place
The use of modern marketing tools to act as access points into the market was identified to be integral and vital in reaching the market. According to the plan, the budgetary allocation of ÂŁ 20,000 will be used to allow e-marketing by creating a website as one of the advertising and promotional activities. According to the budget, ÂŁ 2500 will be used for creating the website platform to enable the use of the e-marketing strategy to reach a wide market audience (Farrall & Lindsley, 2011).
The next step will incorporate strategic methods of identifying other areas where ladders can be sold. In the plan, target areas include the construction industry which includes several construction firms that build houses and other structures, the water and sewerage industry, hospitals, for home use, and other areas that may be identified with time. That will lead to the next activity of promoting the ladder (Farrall & Lindsley, 2011).
Promotion
Promotional activities will include using adverts, the internet, and the TV. It is projected to cost ÂŁ 2500 for hosting a website on the internet, other forms of advertising such as providing free samples will cost ÂŁ5000, and TV advertisements are projected to cost ÂŁ 3000. The total cost of promotional activities will be ÂŁ10, 500. However, it will be important, as mentioned elsewhere, about other marketing mix plan elements that make the new the new marketing plan a radical departure from the traditional Ps (Farrall & Lindsley, 2011). That shall include people or the human resource factor (The Marketing Mix, n.d) and (Thomas, 2006).
People
Employees will be a strong component determining the productivity, the goodwill, and the quality of services that will be offered to customers intending to purchase the new ladder. In addition to that, the measure of service quality offered to customers will be identified by a service gap existing between the new employees of the new company selling the new ladder invention compared with services offered by other companies (Farrall & Lindsley, 2011).
To achieve service provisions, several motivational approaches will be used on employees. That will include promises for future promotions to higher positions in the company based on their performance and the performance of the new company in terms of profitability and other performances index. In addition to that, an attempt to understand how other competitors, particularly those firms which perform well in the market, motivate their employees and the best methods adopted and integrated into the new company to achieve higher levels of service quality (Marketing Plan, n.d). One of the best marketing approaches is active listening. The next level will be a physical presence.
Physical Presence
To make a physical presence of the new ladder, several measures were identified as important tools to be used to achieve the objective (Murphy & Conrad, 1994). One of the tools includes the use of a graphical description of the ladder on the new website. Another tool will be the new outlet (Farrall & Lindsley, 2011). The physical design of the new supply point will reflect the new ladder and be informative of its attributes that may endear customers to call in and examine the ladder to influence their buyer behavior positively (The Marketing Plan, n.d). In addition to that, it will be important to identify a distribution chain as discussed below.
Process
The ladder is environmentally friendly, cheaper than other ladders in the market, can be obtained directly or shipped and the manufacturing process meets all standards outlined in international standards organizations for plastic products. To enable other customers to access the ladders, physical evidence will be made of the ladder by mimicking on the internet its actual usage and brochures supplied detailing the physical description of the ladder (Exporter Information Tools, 2007).
Other issues to consider will be legal marketing issues, patent rights, copyright laws, and consumer protection issues as enshrined in the laws of the UK.
The following is a summary of the elements and relative costs considered in the marketing plan.
It is important to consider other noise variables in the marketing mix plan to ensure the successful implementation of the marketing plan. Different websites, business magazines, and different marketing models significantly contribute to the right marketing mix in the new marketing environment.
References
Doyle, S. n.d. Which part of my marketing spends works? – Marketing Mix Modeling may have an answer. Web.
Exporter Information Tools. 2007. Marketing Plan Checklist. Web.
Farrall, Cate & Lindsley, Marianne. 2011. Professional English in Use Marketing.
Cambridge University Press. Web.
Marketing Plan. n.d. Web.
Murphy, S. E & Conrad, L. (1994). The Role of Team Leaders in a TQM Environment. Human Resource Professional 7 (4). 15-19.
The Marketing Mix. n.d. The challenge: Use the right blend of techniques. Web.
The Marketing Plan. n.d. Web.
Thomas, J. W. 2006. Marketing Mix Modeling. Web.
Turban, E. & King, D. 2002. Introduction to E-Commerce. New York. Prentice-Hall.
Weightman, J., 1999. Managing People. 2nd edition. London: Chartered Institute of Personnel and Development.