The paper "Marketing Plan for Joey’ s" is an outstanding example of a case study on marketing. Joey is a start-up company in Australia that offers sushi rolls. The company has been operating in Brisbane since 2008 and aims to differentiate its services by embracing the highest levels of safety and health standards and offering authentic Japanese sushi taste. Although the company is committed to increasing service quality, its revenue is slightly small. This is because of the company’ s small scale and the management’ s failure to implement effective marketing strategies.
Nevertheless, the company’ s management has invested enough resources to ensure that it offers high-quality products. The company’ s increased profitability since 2010 is a testimony to these efforts. 1.2Marketing Planning Market planning refers to the processes that yield information for making decisions on how best a business can compete in the market it serves (Pratley, 2001). A well-implemented market plan has a number of components which include pricing strategy. An important business process that impacts the pricing strategy and hence the overall marketing pan is distribution. Distribution refers to the method and procedures that a business uses to get its products and services to the market.
Successful market planning has to look at both intensive and exclusive distributions. Sims (2003) has explained that a successfully designed and implemented market plan is key to the overall success of a business initiative. Its purpose is to maximize a business’ s profits and increase market share for long-term growth and survival. As the business environment changes or new opportunities crop up, business marketing requirements and strategies tend to change. Without a comprehensive, succinct and well-thought plan that serves as a guide in the marketing program, a business cannot compete effectively or realize short-term objectives. When developing a marketing plan, the first thing that a marketing manager should do is extensive market research (Smith, 1999).
This process involves collecting information about various aspects of the business environment, both internal and external. This can involve information on existing and potential customer needs, preferences, desires and wants. It also involves collecting information about any other characteristics that can help identify the right target market such as geographic distribution, age, religion, sex and buying behavior of customers.
Thorsten (2000) has explained in his book that the more extensive the market research is the easier and more effective the market planning. The main reason why market research is done is to know who the customers are (both current and prospective) and what their needs are so that the business can best fulfill them. Once the market research has been done successfully and the marketing manager and planners have a clear view of the nature of customer needs, the product can be orientated to the market (Pratley, 2001).