“Our success is a direct result of knowing how to market a brand and having the right people representing the brand” (Norman, 2009). Marketing is a key element in the success of any business. The elements of marketing incorporate: situational analysis, market objectives, the target market and marketing strategies. Most marketing plans begin with an executive summary, providing a brief summary of the current issues affecting a business. It is crucial in identifying key features of a marketing plan. Following the executive summary a business finds out its current position in the market using a situational analysis.
A situational analysis is an exceptional way to open the marketing plan as covers four components in a market analysis, a product analysis, competitor analysis and SWOT analysis. A market analysis is fundamental in determining the internal and external factors that impact any business positively or negatively. For example economic activity, an economic downturn will affect a business such as OrotonGroup due to its high pricing strategies. This linking back to a plunge their overall success. A product analysis is essential in examining a business’s current position of goods or services within a marketplace environment.
It is essential a business knows when a products time is up and needs renewing or replacing. OrotonGroup during the maturity stage (1990’s) of its fashion designs failed to recognise trends and were viewed as an old demographic. This limited its appeal to the younger demographics which impacted on the success of their overall sales. Businesses also need to keep an eye on competitors. In doing so they must investigate the marketing objectives and strategies of major competitors and assess how successful their operations are. This is called a competitor analysis. It helps a business to catch up in area where competitors may be seen as stronger.
In the case of OrotonGroup its competitor analysis linked directly with its product analysis. OrotonGroup during the 1990’s failed to identify trends and therefore struggled to compete with businesses that attracted a younger market. A SWOT analysis is effective as it identifies the strengths, weaknesses, opportunities and threats that help marketers focus on the major issues. If a business is able to identify threats and weaknesses beforehand they are given the opportunity to prevent or reduce some of the resulting consequences. For example Nike, Inc. viewed Reebok’s sponsorship of the Atlantic games as a viable threat.
However in foreseeing this, countered Reebok’s move by acquiring sponsorship of some of the most top athletes, hence gaining valuable coverage time. (Nike, Inc analysis, 2005) A market objective is a subordinate of the overall corporate objectives and is the overall objective for the marketing department in a business (Marketing Objectives, 2008). Identifying market objectives is very crucial in the future success of a business. Setting goals and objectives helps to encourage and motivate everyone involved as it sets an overall aim and focus. They use the SMART principal to construct these objectives.
For example Kellogg’s objectives are: increase the association between Kellogg and physical activity and another being encourage and support physical activity among all sectors of the population. (Kellogg’s 2000) These all being clear, specific and measurable were set to be complete in a three year period. These objectives generated success as they gave the company a specific and positive direction to move in. Identifying a target market is crucial in bringing the specific or sought customers to any business. There are 3 types of markets that businesses need to place their products in.
Mass markets consist of all consumers, taking into account all factors market. Segment markets target one area of the market and need to focus greatly on price and promotion. Niche markets being the smallest are very specific in what they sell and have a tight customer base. Imax theatres use market segmentation to attack and promote their films to all of the market. For example in using geographical locations they target Sydney siders as a major segment accounting for 60% of sales. This is then broken further down into more specific areas such as schools and tourists.
In doing this they have the ability to target consumers more specifically. They may target schools by screening educational films or by giving them a discount for an entire class. The final component used to achieve success in the marketing business scenarios are strategies. These are market strategies or methods that are used to achieve the previous component; market objectives. The main strategies adopted by business are the marketing mix. This consists of the four P’s, product, prices, promotion and place. An ideal way to demonstrate how these are crucial in success is the expansion on the Imax case study.
Elaborating on the Imax target markets are the strategies it uses to achieve its objectives. Its strategy in relation to the product side of things is a release 6-8 new film in each market over a year period. It pricing strategies target the schools and function groups in offer sales for large groups. The promotion is the most crucial part of Imax’s marketing campaign. This includes advertising new upcoming films, providing leaflets, giving snippets of new movies before the one they about to watch and finally premiere nights in which receives a lot of media.
The marketing elements are dynamic and need to be adapted to varying conditions. If a unique amalgamation of all these components of marketing is seen to, a business is much more likely to succeed. The situational analysis is vital in identifying the businesses position, the market objectives proves useful in providing futures goals giving visible success to strive, target markets are essential in differentiating customers in choosing the correct consumer and finally market strategies which are critical in achieving the objectives and profit levels of a business.
The cohesion of the situational analysis, market objectives, target market and market strategies will surely be one of the most effective and successful practices that any business will adhere to. References Professional SEO solutions, 29th October, 2009, Definition of Branding: Brand and Branding Definition by Experts http://www. seobloggingsolutions. com/definition-of-branding-brand-and-branding-definition-by-experts/ SWOT Analysis Nike, Inc, 2005, http://www. marketingteacher. om/SWOT/nike_swot. htm Marketing, Market Objectives, 2008 http://tutor2u. net/business/presentations/marketing/marketingobjectives/default. html OrotonGroup, textbook Billabong study http:// Case study? Imax Case www. imax. com. au/content/resources/Big%20Screen%20Business%202007. pdf Nike mini case study, http://www. cfar. com/Documents/nikecmp. pdf Kellogg’s- http://www. thetimes100. co. uk/case-study–using-aims-objectives-to-create-business-strategy–6-267-3. php