This is a solution of Marketing Plan Management Assignment part 1 in which we discuss market segment to introduce its products among the customers.
Execution and management of the marketing plan
An effective strategic marketing plan is the best way to achieve the objectives and gain maximum profitability out of it. It is also important for the management of Morrisons to monitor the planning and thus make use of the feedbacks to assess the effectiveness of the plan. There are various elements of marketing mix which affects the marketing mix activities of Morrisons such as price, product, place, promotion, etc (Cachon and Swinney, 2014). With respect to the products and services of Morrisons the customers are more inclined towards the low prices products having high quality. Thus it becomes more essential for Morrisons to focus on the pricing levels of the products and make them available at the best possible lower costs to the customers. The products are the basic elements as these are the only the sources of income. Morrisons must focus on delivering the best quality products and bringing innovations and improvements in the existing one which would surely attract the maximum number of customers towards the brand. Selecting the right market segment justifies the place for the products and services of Morrisons. It is very important to evaluate the best choice of market segment to introduce its products among the customers. It could be accomplished through carrying out market research and identifying the exact target market, distribution channel and other related factors (Christopher.et.al, 2013).
The Promotional techniques of Morrisons assist in spreading proper awareness about the brand and the products being offered in the market and attract the maximum number of customers towards it. These elements play an important role in an organisation as supports with all the elements which are essential in making an organisation profitable and achieve success in its way. Morrisons basically lays emphasis on these 4ps with respect to identify the right target market and the right prices over the products and services for the customers. This initiative provides a benefit of having more satisfied customer segment and maximisation of the profits.The organisation analyse the external and internal factors and lays an emphasis on the aims and strategies about the marketing and corporate activities (Goel.et.al, 2010).
The corporate level objectives are concerned with the set vision and mission of the company for the next 8 years approximately. The corporate objective of Morrisons for about next 5 years is enhancing the profits nearly about 6% and which could be possibly achieved with the help of effective marketing activities. The corporate objectives are entirely dependent on the marketing objectives and is been framed by the marketing department of Morrisons by keeping in minds the expectation of both the aspects. Both marketing and corporate objectives must move with each other as it would help them assist in achieving the goals eventually. The marketing strategies of Morrisons include various factors like advertisements, promotions, offers, discounts, schemes, etc. and entirely focus on the definite achievement of goals and develop a brand value and profits in the market (Hill, 2013). There are several marketing techniques being utilised by the marketing department of Morrisons which helps in making the products and services more effective and attract the customers towards it. There are several marketing tactics such as online marketing, digital marketing, direct marketing, promotions, advertisements, print media, etc which are used at Morrisons. Morrisons had initiated to move towards the marketing techniques like online marketing and digital marketing. The marketing activities through the online sources like social media, emails, advertisements, etc. are much effective nowadays and also lead to profitability to the organisations. The organisation had planned to attain a presence online as well by making various innovations and improving the existing framework (Jeffs, 2010). By making the use of digital marketing techniques Morrisons would be creating, integrating, targeting and communicating with the customers and retail them by building a relationships among them. Digital marketing basically includes an ownership of the brand, engagement, intelligence, budgeting and the content of promoting the products and services over a large platform of internet. Morrisons also adopts some of the promotional activities like social events, providing the products with special discounts or offers to the customers.
The organisation also provides the customers with various schemes and offering to make them delighted (Chaffey and Ellis-Chadwick, 2012). The digital marketing in Morrisons is entirely based on the internet and had also introduced special ads through digital marketing devices like Smartphone, tablets, computers, etc to make the customers aware about the products and services. The organisation had made use of search engine optimisation which enables it to list the brand name of Morrisons at the top. This initiation highlights the name and people tend to observe at least once when using the search engines. To develop and attain growth in the brand image and the products and services Morrisons could make use of the Ansoff’s matrix strategy which suggests four alternatives of marketing strategies to be used in the existing or any of the new products. With the help of these strategies the organisation could overcome with the threats and attain competitive advantages among the rivalries. It manly includes the market penetration, market development, product development and diversification. The basic purpose of this matrix in Morrisons is to set an idea about how to grow the business operations on the basis of either existing products or the new products in the markets (Jobber and Ellis-Chadwick, 2012). The organisation also acquires adequate information about the best suitable way to develop the brand with the optimum utilisation of the resources. Morrisons had been assisted with this strategy in many ways like bringing improvements in the food products being offered at present, changing the packaging of the products to make them more attractive and increase the sales outcome. Morrisons focuses on providing the fresh food products with valuable services to the customers and bring a diversified range in the products and services in the market. In addition to this, Morrisons has a vision to become a food specialist for everyone and tries to approach large number of customers in the market.
To acquire a successful recognition in the market it is very important for Morrisons to analyse the market conditions and position with respect to the products and services and thus needs to carry out a market research so that to gain the actual picture of the market and the related factors. With the help of conducting a market research the organisation would be able to avail the information about the current market trends, the taste and preferences of the people, presence of alternative choices or the substitutes in the market, etc (Lee and Kotler, 2011). The process of market research in Morrisons is normally concerned with the study of different factors of marketing and the outer environment to find out the most efficient manner of running the operation within the market.The basic purpose behind the market research is to assess the information about the market needs, trends and alternatives.
Cheap Assignment Help UK provide assignment writing service based on marketing requirements in affordable prices and we are providing most flexible online assignment writing help, so book your Assignment with us, order now