Marketing Strategy and Elements Of Marketing - Example

Marketing plan for Emilia’s Recruitment Agency Name: Course Instructor’s name Institution Date Marketing plan for Emilia’s Recruitment Agency Executive summary Emilia Money penny, a Human Resource management graduate from University of Canberra, is setting up a recruitment agency with the help of her partner, Alan Silver. The recruiting agency will specialize in serving contemporary companies, especially those with an interest in technology firms. The company is to rent an office working space either in Civic or Deakin at the central city of Canberra. The two areas have a viable market environment as they fall under the economically developed regions (Central Business District). Through a vast and well networked group of clients in the upcoming company market niche, the recruiting firm will steadily gain market share. Mission and vision The recruitment agency’s mission is to facilitate emerging companies with exceptional executives. Its vision is to attract and maintain customers by adhering to the adage, and offering high class services to the expectation of the clients. Goals and Objectives To maintain a positive and steady growth in the market. To escalate number of clients who come back or those through referrals by 5% each quarter. Maximum profitability by the end of year one. To reduce customer attainment costs by 7% a year. To Increase number of account managers by at least one per year. To Decrease working limits by 2% a year. Target market The central city in Deakin provides an economic market to various business activities. This has ensured that the city maintains a high population of people. Thus, the target clients of the recruitment agency are divided into two different groups: High tech Organisations and Non high tech organisation. High-tech organisations: These are organisations that deal with some aspect of technology for instance manufacturing, design, ICT management and others. They are contemporary companies that constitute over 80% of the top 20 fastest growing companies in Canberra. Non-high-tech Firms: it is a much smaller emerging group of companies. It should however not be neglected. The agency’s top target is the emerging companies, for the reason that emerging companies need employees more often than already existing and dormant companies (Frontier People, 2010). As a company continues to grow, demand for recruitment and leadership grows. High technological companies also have a tendency to add its executives as a way of trying to adapt to new technological changes in the market Examples of high tech companies include, E-bay The marketing mix The agency’s marketing mix comprises of various approaches. These approaches have the following concepts: pricing, placement (distribution) promotion, and product/service (Kotler and Keller, 2006). Pricing  The money with which a buyer pays for a product is known as the price for the product. The price of a product is indirectly proportionate to its availability in the market. The Lesser product is available the more its price is, and vice a versa (Kotler and Keller, 2006). Retail stores which stock unique products quote a higher price from the buyers. The pricing scheme at the recruitment agency will be placed at a competitive position comparative to other recruitment services. Distribution:  The Place refers to the location or setting where the products/services are made available and can be sold or purchased. This can either be a physical markets or a virtual market. In a physical market, buyers and sellers can interact with each other whereas in a virtual market buyers and sellers meet through mediated sites like the internet (Clow, Kenneth E & Donald Baack, 2007). The agency services are tailored to address the needs of Canberra. This will be through a rented office space at Civic or Deakin. Promotion:  This refers to the various plans and designs executed by the marketers to make the consumers aware of the products. It includes various techniques used to promote and make the brand known by the people. The agency will rely on advertising campaigns, word of mouth, tactical networking to raise awareness, new media and online marketing and build brand equity. Other methods of advertising include advertising on sign post and bill boards along the streets, use of catchy words and phrases, newspapers, flier’s etc (Adcock and Dennis, 2001). quality products also promote the coffee bar through referrals and come backs. Use of growing technological trends like the internet and social media platforms for promotion and online marketing. Product/Service:  Goods manufactured by organizations for the consumers are called products while those serviced to customers are called services. The only way to grow a business is to ensure that customer's expectations are fuilfiled. Services offered will be unique and of high quality (Kotler and Keller, 2006). The services include: Stable and long lasting recruitment and placement of business professionals. Contract and temporary recruitment and placement. Senior personal headhunting services. Budget The agency, being a new organisation will have strategic and tactical spending levels. Only 10% of total sales will be used on marketing. A budget plan ensures that all marketing tasks are coordinated accordingly and also allows modification of the marketing plan to fit in changing trends (Abrams and Rhonda M, 2003). A sample budget is as follows: Activity Total yearly cost Advertising campaigns $10,000 New media implementation $1,000 others $500 service expense $ 500 Total expense $12,000 Implementation The agency is only likely to make a successful marketing strategy by ensuring full implementation of the marketing plan. To ensure full implementation several factors must be followed. Staff involvement assures full monitoring of the marketing process. Staff involvement means that the staff members are aware of what is happening so the strive to make it happen. They need to have full confidence in the information and plans outlined in its marketing plan. They should also be made to understand the plans, objective and goals of agency. The marketing plan should be referred to as many times as possible (Clow, Kenneth E & Donald Baack, 2007). This will ensure no plan is forgotten or foregone. To make implementation successful, the marketing plan should be adjusted regularly to fit in the changing trends. They should stay aware of changing trends not only in technology but also within the market. They should also be aware of changes in competition, and any other external factors. Implementation may call for need to develop contingency plans, and extend the time needed for action to take place. Seeking advice about marketing standards and ethics is a good way the agency can use to implement its marketing plan (Gronstedt and Anders, 2000). Professionals can go a long way in assisting this to happen. For example an effective implementation strategy has a clearly defined start date, total budget, the duration to be taken and the person in charge. For instance service delivery will take a duration of four weeks with a budget of $9000 and silver will be in charge. Conclusion Poor managements in any organisation may lead to failure of the marketing plan. Lack of reliable communication and interest may also be a declining factor. The implementation phase requires close monitoring; the organization that does not watch itself closely will miss cues that indicate necessary modification Internal cost factors will enable the agency to determine the profitability and sustainability of any business, thus the overall overhead cost are instrumental in guiding the marketing plan. This is a clear show that the economic condition is reliable and a business recruitment agency can succeed with a viable and workable marketing plan Recommendation The agency plans to continue operations into the near future, with no plans to quit this market. Instead, they plan to rise up and go deeper into the market. For this, they should plan to increase their social media usage, to expand marketing online. This is because most people have now gone online. The Internet is one of the most significant marketing tool for any growing market. It is cost-effective, fast and simple reaching a wider target of people. Many customers send and receive information online. They are using the internet due to its unending and increasing benefits. This means that the agency has to take use of the online presence for maximum results. This new methods, will overtake old methods in the market over time. References Abrams, Rhonda M. 2003 The Successful Business Plan. Palto Alto, Calif.: Planning Shop, Print. Adcock, Dennis 2001. "Introduction" Marketing: Principles and Practice (4th Ed.). Anonymous 2009, Research and Markets: 2009 Worldwide Human Resources & Executive Search Consulting Services Industry Report, Normans Media Ltd, Coventry. Anderson, Michael L. and David A. Matsa. 2010.“ Regulation, and the Supersizing of America.” Regulation Fall. Business Source Premier. Web. 27 Sept. 2011. Clow, Kenneth E & Donald Baack. 2007. "Integrated Advertising Promotion and Marketing Communications," 3rd Edition, Upper Saddle River. Gronstedt and Anders 2000. The Customer Century: Lessons from World Class Companies in Integrated Communications. Routledge (Taylor & Francis). Guiltinan et al., 1996 marketing management: strategies and programs. McGraw-Hill/Irwin. Kotler Philip, and Kevin Lane Keller 2006. Marketing Management: . Prentice Hall. McGrath, Jane. 2008 "How has technology changed the way we conduct business?" .HowStuffWorks.com. http://money.howstuffworks.com/technology-changed-business.htm 28 April 2015. PCA People 2003, enviable reputation for quality of service, Australia, viewed 28 April 2015,http://pcapeople-px.rtrk.com.au/-330230/recruitment-specialists Mantel, Susan Powell, and Frank R. Kardes. 1999. "The Role of Direction of Comparison, Attribute-Based Processing, and Attitude-Based Processing in Consumer Preference." Journal of Consumer Research. Murthi, B.P.S., and Kannan Srinivasan. 1999. "Consumers' Extent of Evaluation in Brand Choice." Journal of Business. Solomon, Michael R. 2003. Consumer Behavior. New York: Prentice Hall 6th Edition, September. Converse, Paul Dulaney, Harvey W Huegy, and Robert Victor Mitchell, 1998. Elements Of Marketing. Englewood Cliffs, N.J.: Prentice-Hall. Print. Fuller, Donald A, 1999. Sustainable Marketing. Thousand Oaks, Calif.: Sage Publications, Print. Zaltman et al., 2003. Innovations and Organizations, New York, Wiley. MR(7V) Frontier People, 2010. Recruitment, Australia, viewed 28 April 2015, http://www.frontierpeople.com.au/home.html Read More