Marketing Planning Analysis Essay Example

will be marketed through channels like TV ads or online platforms (Newman, 2002). Price determination plays a crucial role in marketing as it involves deciding the price at which a product will be offered to customers. Similarly, the place aspect of marketing involves identifying and planning how the product will be distributed in the market via physical stores or other methods.

Kea benefits from adopting this marketing approach, as it focuses on home and office furniture users in the UK and Europe. They have implemented effective strategies to provide quality products and satisfy customer needs, including efficient customer care for building long-term relationships and trust. It is important to note that ineffective marketing can lead to product failure or a less effective response from customers. Kea's marketing decisions are influenced by both internal and external factors, such as identifying and fulfilling customer needs, wants, and benefits crucial for survival. Satisfied customers are vital for Kea's success, as failing to meet their needs can result in business failure. Employees are also valued assets for Kea, ensuring customer satisfaction is essential for a successful business. Maintaining good relationships with suppliers helps Kea develop effective product quality since changes in raw material prices and quality directly impact their marketing mix. Stakeholders' expectations and relationships have both positive and negative impacts on Kea's strategies (Newman, 2002).The media's advancements and modifications have a significant impact on organizational communication and marketing strategies, but successfully embracing these changes can yield positive outcomes. In marketing, differentiation is essential as it leads to business success by establishing a competitive advantage over rivals. Kea is influenced by external factors beyond its control, which can be analyzed

through PESTLE analysis to understand their impact on marketing and business strategies. Political factors, such as UK government regulations, or economic factors like inflation rates affect Kea's operations including sales and consumer spending patterns. Furthermore, the diverse population in the UK with varying linguistic and cultural backgrounds influences customer preferences that shape Kea's business strategies. Technology in the UK market is continuously evolving and being implemented. The organization has the option to propose segmenting two products for different markets based on their understanding of segmentation. Market segmentation plays a crucial role in developing business products as it involves identifying customers with similar needs and preferences through behavior analysis. This segmentation aims to create groups with identical needs and purchasing behaviors, such as home users versus business users in separate market segments requiring distinct requirements for a sofa set. When choosing a targeting strategy, the organization should consider factors such as the financial capability of sponsorsTargeting strategy involves analyzing target groups through market segmentation and developing approaches to target potential customer segments. The goal of this strategy is to increase the market share of the business's new product. Kea utilizes a targeting strategy for their marketing efforts, which includes various steps such as developing and identifying an effective market segment, selecting the appropriate segment for the product, and analyzing the specific market segment in which the product will be offered.

Unlike generic marketing, Kea has developed a target marketing strategy to develop and offer multiple products for different segments. The financial capability of sponsors plays a significant role in affecting the business. The financial aspect of a business is vital for marketing strategies and maintaining competitiveness as

it serves as the backbone, particularly in a changing business environment.

Buyer behavior significantly impacts marketing activities when comparing two buying situations. Understanding customer behavior towards a product, including selection, purchase, and consumption, is essential for satisfaction. This understanding is key to developing effective strategies and products.

Cultural factors strongly influence customer buying decisions; an example being McDonald's struggle with beef burgers in India due to cultural factors.Social factors such as reference groups, role, status, and family also impact buying behavior.Personal factors such as age, occupation, income levels, lifestyle, and economic status are also taken into account. Psychological factors also have an impact on customer buying behavior towards Kea products, either positively or negatively benefiting the organization. Kea employs a product development strategy to achieve sustainable market growth. The process starts with idea generation, where new product ideas are developed and shared. These ideas can be internal innovations or responses to competitors' concepts. Next is the idea screening phase, which involves analyzing market acceptability, customer satisfaction, and demand to determine the potential success of the idea. If favorable results are expected, the idea progresses further.

Concept development and testing follow suit. Once an idea is approved, it is transformed into a concept and its feasibility for product development is evaluated. This evaluation includes analyzing the necessary skills, abilities, and resources required for creating the product. After this step comes the execution of the concept into an actual product that undergoes testing to assess its features and quality. During this stage, target markets and customers are also identified.Marketing plays a vital role in introducing the product to the market through various strategies and tools.Test marketing is an important step

in analyzing the performance of a product in real-world scenarios before its official launch. The final stage involves centralizing the product to ensure sustainable growth and success for the organization. Distribution management encompasses various aspects such as obtaining raw materials, selling and delivering products to customers, packaging, inventory, supply chain, and logistics. Effective distribution strategies are designed to efficiently develop and distribute products to end users. Wholesalers and retailers serve as intermediaries in distributing products and services to consumers.

Kea utilizes wholesale distribution by directly selling to buyers and establishing stores in the UK and Europe. This approach allows for flexible and affordable product development and distribution. Setting prices according to an organization's objectives is crucial for success. Kea has pricing objectives that determine product prices in the market, including profit minimization, maximizing sales revenue, improving cash flows, increasing sales volume, maintaining/growing market share, building brand image.

In addition to pricing objectives, Kea integrates promotional activities with its marketing goals. Traditional print media and broadcast channels have faced challenges resulting in a decline in audience for newspapers and television networks. Research conducted by Forrester Jennings in 2007 indicates a shift in audience attention towards online channels. In Europe alone, 52% of people regularly access the internet from their homes.The rise of the internet, mobile technology, and social media has resulted in a decline in television viewership (36% decrease), newspaper and magazine readership (28% decrease), and radio listening (17% decrease) among European Internet users. This transformation in communication methods is significantly impacting traditional marketing campaigns. However, these campaigns can be adjusted to integrate these new technologies. Recent research demonstrates that social media has had a noteworthy influence on

marketing practices, with 88% of marketers now utilizing various forms of social media to promote their business. Moreover, this study examines how and why marketers employ social media for expanding and advertising their business. The primary social media tools employed by marketers include Facebook, Twitter, LinkedIn, and blogs. Palmer and Koenig-Lewis define social media as online applications, platforms, and media that facilitate interactions, collaborations, and the sharing of intent (p.165). The text underscores the significance of using social media to foster consumer-community interaction while enabling asynchronous, immediate interactive communication at a cost-effective rate. For instance, it highlights Victoria's Secret's Facebook page as an illustration of a company leveraging social media to engage with its followers through videos, photos quizzes ,and printable coupons.The text highlights the importance of social media in the 2008 United States presidential election, specifically how Barack Obama's campaign utilized platforms like Backbone, Youth, and Twitter for online promotion. In order to successfully enter a specialized market for consumer products, a company should focus on market segmentation and develop a marketing mix that allows them to gain an effective market share. For example, when introducing a new soft drink brand called "Nix Cola," it could be initially launched in specific consumer markets such as app or pound land that already have established retailers. Once successful in these segments, expansion into other segments like restaurants and coffee shops can occur. This approach would result in significant marketing cost savings while increasing brand penetration within the market. International marketing differs from domestic marketing by focusing on meeting the needs and demands of customers worldwide. Kea gives priority to international marketing because it involves targeting a

global audience instead of just a domestic one. Before engaging in international marketing, organizations must analyze the values, customs, languages, and currencies of various countries. Advertising should be done in the local languages of countries like Nepal and ChinaFurthermore, it is vital to evaluate various factors like market size, competition levels and types, pricing strategies, promotional variations, product distinctions, and trade barriers. Additionally, the cost-effectiveness of different transportation methods should be taken into account during this analysis process.