The organization should always need a view on the position of competitors in the market and also should recently review the growth of competitors. Marketing plan should always be a reference document for executing marketing strategy. Business should need a clear cut idea about the leadership style or competitive position such as the competitor is a leader, follower or a defender. As identifying the position of the competitor assures you to define how to enter the market and how to convince customers. Strategies are the backbones of a business especially marketing strategy. Marketing strategy helps to achieve organization goals and better survival in the market There are some factors which can break or make the marketing strategy:
TO DEVELOP A MARKETING PLAN FOR HOTWELL
● TO UNDERSTAND THE TARGETED MARKET
The company’s target market study is vital since it aids in reaching out to customers. The organization may create their products and service quality by evaluating client demand. Toyota, for example, is a vehicle manufacturer that has designed its product for people aged 25 to 50 and incorporated road safety features for drivers. Hotwell must first identify the segment or sorts of clients who are most likely to purchase the company’s products. To come up with a viable approach, Hotwell must first analyze the demands and preferences of the clients. The organization should need information on the market which they want to reach. The market is selected according to the product and the demographic division like age, income and gender. Having greater information on which consumer should be focused will increase the amount of sales or profit and also reduces the cost of advertisements or other unnecessary expenses which are used for promotion.
● COMMUNICATION TO THE CUSTOMERS
The greatest method to keep a strong relationship with clients is through value communication. The value communication helps the firm to retain clients while also contributing to the company’s brand image. As a result, it has been determined that the value ratio aids the organization in expanding its business on a worldwide scale by gaining consumer trust. It’s critical for Hotwell to convey the value of its products to its target market. Highlighting Hotwell packaging items, for example. The marketing strategy’s value must be relevant to the wants and needs of the target consumer segment. The better relationship or communication with customers helps in increase of success in the implementation of marketing strategies. The organization should always communicate the value of their product and services. Also the customers should always be bothered about the value, use, and other benefits of the products.
● SOCIAL MEDIA CONTENT AND STRATEGY
Social media content refers to online advertising that aids in the company’s brand recognition. It aids in the connection of customers with the company. As a result, it may be concluded that client purchasing behavior is influenced by social media content. It’s a two-way communication platform where the business may also collect client feedback. Hotwell must think carefully about how it will utilize social media to reach and interact with its target audience. Social media has a large reach and allows you to interact with them directly. To guarantee greatest efficacy, target audiences must be carefully studied.
● PERFORMANCE INDICATORS
The primary performance indicator aids the corporation in assessing its present market performance. As a result, it can be said that the performance provides an overview of the organization, allowing it to enhance its performance. It is critical for Hotwell to establish performance metrics in order to assess the marketing plan’s efficacy after implementation. This can include things like improved organic traffic, product inquiries, and purchases, among other things.
● CORPORATE OBJECTIVES
The company’s corporate goals serve to define the company’s vision and mission. The company’s goal must be customer-centric, which aids barn popularity. As a result, it can be concluded that the company’s corporate vision and purpose contribute to the company’s worldwide expansion. Hotwell’s marketing approach must be in line with its objectives. In this regard, Hotwell’s marketing strategy should support and encourage environmentally friendly behaviors, as well as make efforts to promote and publish items.
● INFORMATION REQUIREMENTS
Customer data analysis is vital since it aids in understanding the consumer’s purchasing habits. By evaluating client behavior and presence, the firm may target them and offer them specific discounts in order to keep them in the target market. Hotwell must choose the sorts of data that will be acquired or purchased to assist marketing initiatives. This might contain information about the sorts of packaging items that customers are looking for, as well as the most popular designs.
● ENVIRONMENTAL ANALYSIS
The SWOT and PESTLE analyses are used to analyze the external and internal markets, respectively. Both analyses are critical since they aid in providing a picture of the company’s success. The SWOT analysis aids the firm in assessing the current string points and risk factors. PESTLE analysis, on the other hand, aids in the evaluation of political and other environmental issues that might affect corporate success. The marketing strategy must be in sync with the macro environment. Social conventions and legal constraints must be respected in marketing messaging, content, and data gathering methods
Strength: Hotwell is a well-known company, and their goods are dependable and inventive in nature; they are simple to use since they are environmentally friendly, and they are long-lasting and of excellent quality.
Weakness: Some of Hotwell’s goods are not cheap; they normally cost more than a comparable competitor’s product. Furthermore, owing to metal price fluctuations and the acquisition of high-quality items.
Opportunities: Due to the increased need for these packaging items as a result of the new technology era, Hotwell may exploit this to boost its sales year after year by meeting changing client wants. Furthermore, they can utilize the proceeds from the sale of their items to engage in research and development of new products.
Threats: With firms like Falcon, Hotpack, and Ducon in the market launching their own goods at lower prices, Hotwell faces a threat of losing clients since these competitors may provide identical products at lower prices, posing a challenge to keeping and gaining customers.
Product: Aspects of goods such as price, design, functionality, and quality expectations can have a significant impact on purchasing decisions and customer loyalty. Markets may understand their buying behavior by studying the specific product qualities that are desirable to certain client categories. This will necessitate an effort in relationship marketing to increase client loyalty through product value.
Price: Relationship marketing is cultivating client loyalty, which may help persuade people to buy a product despite its high cost. Firms may establish customer loyalty by knowing the factors that various types of customers value over price.
Place: Customers’ relationships and loyalty may be strengthened by providing convenience. As a result, the point of purchase is a crucial aspect in gaining client
loyalty. Stores may be put up at handy locations. Creating an e-commerce platform and an online location is a good way to create a relationship with customers who are looking for convenience. Consumer behavior may be studied by discovering elements that make distinct client segments more convenient.
Promotion: Customers’ relationships may be strengthened by rewarding them for recurring purchases. Brands should improve consumer relationships by giving discounts on frequent purchases of the same brand. Furthermore, customer behavior may be examined by tracking how various categories of consumers participate in promotional offers.
Main factors which affect marketing strategy
- Social factors.
- Economic factors.
- Regulatory factors.
● SOCIAL FACTORS
Social factors are the basic factors that affect lifestyle of an individual like buying potential, family, and religion these factors are not permanent it may change according to time. The strategy developers should always be well bothered about these factors due to it playing an important role on the needs of consumers.
● ECONOMIC FACTORS
Interest rates, taxes, inflation and exchange rates are included in economic factors which affect marketing.
Interest rate: Increase of interest rate results in less amount of money to spend. So if people have to pay a high rate of interest the buying behavior changes. So it badly affects marketing plans.
Taxes: The demand and supply of a product will vary according to the tax due to high tax amount results to increase the price of the product.
Inflation: The rise of the price of various products according to a period of time. The price of the product will be equal to the cost of production.
Exchange rates: Exchange rates mainly affect the companies who do business globally. Exchanging goods and services between two countries and the currency rate changes results in the profit and loss of the company.
● REGULATORY FACTORS
The laws and regulations provided by the state, federal and local government also make changes in the rules and regulations of the organization and play a heavy role in strategy planning or formulation of strategy.