Marketing plan is a complete marketing map which helps to increase the business. It helps the decision-making process which helps the organization to set the mission statement and also can analyze the market situation. The company can evaluate their 5C’s (Climate, Collaborates, Company, Competitor, Customer). The organization uses the PESTEL analysis tool for internal and external analyses. The marketing mix(4ps) are planned using SWOT analysis with the help of marketing tools to understand the situation of the organization. It also derives strategies regarding budget developing, market segmentation, target market, allocation of resources and setting marketing goals.
Hotwell is a Dubai-based manufacturer of aluminum food containers. They were continuously seeking for new ways to push the boundaries of what goods could do. They make advantage of aluminum’s properties to increase the quality of their goods for everyone, today and in the future. to protect and enhance natural resources. Three pillars underpin Hotwell’s strategic success: great quality, strong marketing, and competitive pricing.
● Marketing Strategy Models of Hotwell
Hotwell uses marketing models, which are a series of actions, to transmit its products to end-customers in a systematic manner. A wide range of marketing operations must be carefully handled to effectively promote items in the confectionery markets through marketing channels. Hotwell analyzes the following strategic aspects when selecting a marketing model:
- Has an impact on Hotwell’s pricing approach
- Bringing Hotwell’s consumers closer
- Selling, marketing, and advertising
- Use willingness to stock, branding policies, and profit customisation to influence product
A variety of factors influence Hotwell’s judgment on the optimal marketing plan. As a result, Hotwell’s marketing strategy should be viewed as a pre-determined action plan aimed at assisting the company in meeting its strategic goals and objectives. Hotwell’s long-term marketing strategy prioritizes global development and promotion of technical packaging (based on the Ansoff matrix). Alternatively, the firm could develop and sell new items in order to expand its global market reach (e.g. aluminum Containers). More questions have been raised about whether Hotwell’s strategic intentions for the near future are reasonable.
Hotwell’s management places a premium on implementing marketing strategies that would best increase demand for the company’s products, as well as aiming to improve product quality. Hotwell has recognized the following strategic marketing models:
- Maximization of profits.
- Sales have increased.
- Product offering
- All of the goals aim to improve the product’s image.
● Industry’s position & strategic decisions
Hotwell’s pricing initiatives determine its strategic position. The company uses a competitive pricing approach to ensure that adjusted prices are not higher than those of competitors, while also focusing on product quality, effective marketing, and value for money. This method is suitable and required, regardless of personal preferences or other considerations. This method is reasonable and justified since, independent of individual quality or other relevant criteria, buyers perceive product value as one of the most important considerations in purchasing decisions. Hotwell will be able to develop and market a new product as a result of the Market-penetration price strategy. In instances where demand is inelastic, this method can be applied.
● Competitor’s Reaction
In the United Arab Emirates, Hotwell must develop new products and promote them. The firm will have a large range of things available and well-known in many countries throughout the world as a consequence of this product/market expansion plan. This strategic move will give the company a considerable competitive advantage over its competitors and will enable it to better deal with the global economic crisis’ issues. Hotwell should first examine the demand-side of its target markets before inventing fresh things and breaking into new markets abroad. The following are some of the most critical requirements:
- Amount spent on a single trader purchase on average.
- Customers’ average willingness to spend money on packaging materials.
- A PESTLE analysis of the target market, taking into consideration the global economic collapse’s negative effects.
- An examination of the target market by
Hotwell will gain a competitive advantage and expand its market share in overseas markets as a result of its comprehensive covering of strategic concerns.
Tracking progress and resolving deviations from the original aims
Revenue, costs, customer happiness, and new product innovation will be the primary performance measures. If sales dip or slow, Hotwell might provide lower rates to its consumers, particularly the frequent and loyal ones, in order to increase the number of customers and make the product more accessible. Furthermore, in order to strengthen client relationships, Hotwell will deliver high-quality products and take their recommendations and opinions into account while developing new items. In terms of social responsibility, to please customers. To be competitive and on top of the market, a significant amount of money (25 percent of sales) must be put into research and development so that the workforce can create novel and original items that will attract customers.
IMPLEMENTATION PLAN FOR HOTWELL
Hotwell’s marketing approach should include marketing and emotive advertising that everyone can relate to, as well as offering high-quality items at reasonable rates and selling mostly via dealers. This should be done as soon as possible so that ongoing procedures are not disrupted. The organization’s marketing approach should also focus on empowering viewers and promoting emotive messages of strength, equality, and diversity. As a result, Hotwell’s campaigns should elicit stronger responses from customers, grabbing attention and building ties between the company and its customers. The business could use influential professional restaurateurs to help promote its products, using their perceived authority in the culinary industry to boost sales. Hotwell’s environmental purpose should be to eliminate plastic waste in their commercial operations in order to develop the company’s green footprint in the environment. The company’s goal should be to manufacture environmentally friendly products while also building business procedures that protect the environment.
DEVELOPING FUTURE PLAN FOR HOTWELL
- The marketing goal is to use digital marketing to target customers by interacting in social media posts. Hotwell will increase its online sales to lessen its dependency on merchants. As a result, mass customisation will result in a rapid increase in sales and profit margin.
The marketing campaign’s purpose will be to convince potential consumers to buy aluminum items, which are the main product. Marketing movies that encourage clients to live a more environmentally friendly and safe lifestyle will be a successful marketing strategy.
● Action Plan
Marketing films and social media postings should be developed ahead of time to achieve the above-mentioned objectives. Then, in each nation, a schedule should be devised based on peak consumer hours on social media platforms like Facebook and Instagram.
The marketing mix is a component of the marketing strategy. Components of the marketing mix are examined in order to develop a strategy that is most suited to a company’s resources and other criteria such as audience, social norms, and geographic location, among others. As previously stated, the company’s goals include developing ecologically friendly products and reducing plastic emissions throughout the manufacturing process, as well as growing its brand and profit margins. Hotwell must complete the following tasks in light of the SWOT analysis and company objectives:
Product: Hotwell’s products should be designed only to be more portable. Furthermore, items must be manufactured in a sustainable manner to meet the firm’s low-waste corporate objective.
Place: Because Hotwell loses margins from its strong dealers, it should concentrate more on internet sales. All major e-commerce platforms must have access to the products. Hotwell will have to expand its sales through its own channels.
Price: Hotwell offers a low production cost advantage. As a result, the company should consider using a value-based pricing strategy, in which consumers are charged based on the perceived worth of the items.
Promotion: Hotwell should use both online and offline methods to advertise its products. For boosting sales, discounts might be provided.