Tootsie Roll Industries is a company that has been in the market for quite a long period of time. From the operation procedures it has embraced since it started the operation it has prospered well in the market.
In enhancing superior operation and for it to remain competitive in the market, the industry has been compelled to have a marketing plan which will enable it have quality marketing strategies.
From the corporate principles, it is very evident that the company is very unique on how it handles its employees (Tootsie Roll Industries, Inc. 2009)
The marketing plan which the industry should embrace from this is that it should be able to retain those employees who are very competitive in their line of duty. It will be able to retain them by having employees’ welfare which will involve, good salaries, besides offering favorable environment for them.
Tootsie industries are future-oriented as it is not aimed on immediate results, it would therefore be essential for the company to lay down operation strategies and goals which are also future-oriented.
In Its strategy, the company embraces ethics which is of high standards and also reliable. Code of ethics is compatible with the operations of the business. This is justified by the fact that the industry has already codified this in its memorandum.
As it has been justified from the industries annual report, in 2009, Tootsie was able to execute its sales and marketing procedures to a greater number of its customers as compared to the year 2009 as outlined by the New York Stock Exchange.
Therefore, the industry should be very strategic on the targeted customers it aims to reach. The marketing plan in this case should aid the company in having a frequent supply of it is products and thus empty their retail shelves. The industry is able to produce and sell a wide and variety of products.
Therefore, the industry initiates a strategy that aims at making the branding of its product to be highly recognized and popular in the marketing field.
In enhancing its market base, Tootsie employs a variety of distribution channels. The middlemen in this case are aimed at distributing the products to all the places which are not accessible to other competitive industries.
Another strategy that the company embraces is having an advanced packaging and display of its products. The products are unique and different from the competing industries. In realizing this, the industry should also go for the viable, affordable and reliable advertising procedures and media and this should be within the reach of the industry.
The marketing plan might be a difficult objective to be incorporated and initiated and thus may call upon the industry to opt for the external sources in order to initiate the program in the industry.
The external sources-loan may be borrowed from other organizations and this will depend on the history on the industrial background. Tootsie industry is justified to acquire loan from other organizations and this will be justified from the cash dividends it was able to maneuver in 2009 as compared to 2008.
This shows that the company is a growing business. During the same year (2009) the industry was to repurchase the shares it had offered to the public. This is clear evidence that the capital structure of the company is very strong (Annual meeting, 2010).
The amount borrowed will be used in increasing the labor force and also offering incentives to them in order to enhance their working conditions. This would mean that the sales will definitely increase due to the improved conditions.
Another justification for the loan advancement is that in 2009 the industry’s financial position was very strong and this was from the net earnings the company was able to consolidate.
The loan in this case might be used to open new branches and also add the production facilities. If the company is able to meet this demands then it will be able to retain its name in the market (Annual meeting, 2010).
Annual Meeting. (May 3, 2010).Mutual Building, Room 1200 909 East Main Street Richmond, VA 23219.
Stock Exchange, (1922).New York Stock Exchange, Inc. (Since 1922)
Tootsie Roll Industries, Inc. (2009). Annual Report. Chicago.