Table of Contents
Establish Yourself in the Industry 7
IDENTIFICATION OF SEGMENTATION, KEY TARGET AUDIENCE AND POSITIONING (STP) 8
Project management tools and techniques 9
Project communication and stakeholder management 13
SPECIFYING TACTICS AND ACTION REQUIRED (MARKETING MIX 7P’S) 14
Measurement and evaluation of project performance (control) 15
Entertainment planning and project management
Entertainment planning in the market and especially in the launch of new product in the market is critically vital as it enhances the capture of attention of new customers and thus provides a good platform for product awareness. The project management is equally important to help the marketing team achieve its objectives and goals. It helps the marketing team to keep track with trends and initial plans as intended by the marketing team. Marketing is a management process by which goods and services are circulated or moved from the point of production to the customer or final consumer of that good or service (Grewal and Levy, 2011). What we are going to do as a marketing team will entail;
Identification, selection and development of a product
Determination of its price
Selection of a distribution channel to reach the customer’s place, and
Development and implementation of a promotional strategy.
For instance we are planning to launch a new product in the market (NIKE). These product is the iPhone and iPhone accessories, thus marketing include improved applications and systems, are set at different prices depending on how much capability the customer desires, and our products will be sold in all places where other products serving the same purpose are sold. This plan covers and clearly elaborates on how the company will achieve its marketing objectives by selling the maximum products compared to our competitors. Our marketing team comprise of people with experience and varied knowledge on the aspects of capturing attention of customers using various entertainment and proper project planning and thus we have confidence in them that we are going to out-do other players in the field (Rimscha, 2010). The market analysis here-in outlines all strategies that will be employed by our company will use to maintain the current profile of customers we have and also bring on board other customer
In project planning, communication is vital in the product launch, we will use various means to pass information in our plan to launch this new product in the market. Communication is a two-way process of reaching mutual understanding, in which participants not only exchange information, news, ideas and feelings but also create and share meaning. Thus in general, communication is a means of connecting people or places. In business, it is a key function of management–an organization cannot operate without communication between levels, departments and employees. Information is power, thus we will ensure that all the communication channels in our company are efficient and effective (Percy, 2008). The communication within the company employees such as between the management and the subordinate staff will be interactive so as to enhance customer problems directly. We will ensure that the communication network between the company staffs and our customers and members of the public in general is reliable and effective.
We will explore all channels from the face book marketing, online marketing, media advertising, newspaper adverts and sales people marketing. All these will ensure communication is efficient and anyone willing to get information from our company will have several avenues to their convenience to choose from. The following will help us breakdown and put the entertainment and project planning strategy in reality.
Our major objectives in the market are,
Improve Product Awareness
This involves creating awareness of an existing product in the existing market for a long period of time to people with longstanding attitude.
Establishment in the Industry
New organizations find it difficult to adapt and be noticed in a crowded and noisy market place full of many distractive stimuli.
Brand Management
To ensure that a brand remains in the minds of people is not easy, intensive marketing and advertisements are needed to ensure that the brand remains in a public place.
When making our market objectives we will rely on the SMART model
Specific –Measurable –Actionable –Relevant –Time-bound. Marketing objectives are essential for any organization that wants to raise awareness about itself, its products, or its services. Great marketing objectives should help build organizational awareness and grow customer loyalty
As we are entering the market, we understand that there are myriad uncertainties, thus budgeting for a new product launch is a daunting challenge under the best of circumstances. The marketing plan will guide us through the unfamiliar terrain of introducing our product. Just but to mention, forces we are to address issues critical to the success of the new product launch. For instance, our target market. We will need a target market description to develop strategies and tactics to communicate to that target market. The marketing budget for a new product launch in the age of the Internet typically includes several major spending categories: public relations, advertising, Internet marketing and social media, trade events — including travel and entertainment, face-to-face meetings with prospective buyers, direct marketing — including sales letters and brochures, channel marketing.
Fig. budget expense
| S/N0 | ACTIVITY | COST |
| 1 | Public relations | $ 500 |
| 2 | Travel & entertainment | $ 420 |
| 3 | Advertisement | $ 460 |
| 4 | Internet marketing | $ 200 |
| 5 | Face-face marketing | $ 320 |
| TOTALS | – | $ 1900 |
Segment marketing
Grewal and Levy (2011) argue that market segment is identified after the market is identified. A market is a group of people or institutions with enough authority, willingness to buy and sufficient purchasing power. Also, a market can be referred to as an aggregate of people with a particular origin and a common need for a certain product and are willing and have the authority to buy the product. For this reason, the aim of product positioning is to ensure that our product remains top in the market to ensure that we compete favorable with our rivals in the industry. As we target our customers in the market, we will make our products differentiated from that of our competitors, we will channel the usage of our product to address vital needs our customers compared to that of our competitors.
Against a Competitor:
Positioning our product directly against competitors typically requires a specific product
Superiority claim.
Away from a Competitor:
Positioning ourselves as the opposite of our competitor can help us get attention in a market
Dominated by some other product.
Benefits
This strategy will majorly focus on the benefit our product provides to the target audience.
Product Attributes
Highlighting a specific attribute of our product can also be compelling
Product Categories
Comparing our product to a product in a different category can be an effective way to differentiating our self
Employing project management technologies will minimizes the disruption of routine business activities in many cases by placing under a single command all of the skills, technologies, and resources needed to realize the project. The skills required depend on each specific project and the resources available at that time. The greater the amount of adjustments a parent organization must make to fulfill project objectives, the greater chance exists for project failure. The form of project management will be unique for our project endeavor and will change throughout the project
Project management is a challenging task with many complex responsibilities. Fortunately, there are many tools available to assist us with accomplishing the tasks and executing the responsibilities. Some require a computer with supporting software, while others can be used manually. We will choose a project management tool that will best suit our management style. No one tool addresses all project management needs. We will have public address system with at least three comedians to grace the occasions, we will organize a caravan all over the county to sensitize people some days before the official launch.
Situational analysis is the identification and evaluation of the current internal and external factors that play a critical role in an organizations quest to meet its objectives. SWOT analysis is also part of situational analysis which involves assessment of strengths, weaknesses, opportunities and threats. For this case, situational analysis involves SWOT analysis, competitor analysis, industry analysis, and customer analysis. My research team, through primary and secondary research, was able to internalize the weaknesses and strengths of the customers and differences of our products. From the research, the outcome was based on the analysis of how microenvironment affects the industry and how macro environment affects Nike in particular. Also, the situational analysis shows the management of the company the position of the product and the overall business survival of the business and all its activities.
As a result, our company has to make a summary of opportunities and weaknesses in the environment so that they can have a better understanding of the organizational capabilities and position in the market while taking into consideration the distribution of the product in the market. Furthermore, it is our belief that the 5Cs of the business will enable the business to gain more control of the business as it will be able to monitor customer feedback and act accordingly in response to the customer needs and wants. The 5Cs analysis will be considered to be most effective in the analysis of the market environment because it provides reliable information it is expected to deliver.
The company analysis involves evaluation of the company’s objectives, strategy, and capabilities. These indicate to an organization the strength of the business model, whether there are areas for improvement, and how well an organization fits the external environment
The competitor analysis takes into consideration the competitors position within the industry and the potential threat it may pose to other businesses. The main purpose of the competitor analysis is for the businesses to analyze competitor’s current and potential nature and capabilities so they can prepare against competition.
Customer analysis can be vast and complicated. Some of the important areas that a company analyzes include;
Collaborators are useful for businesses as they allow for an increase in the creation of ideas, as well as an increase in the likelihood of gaining more business opportunities.
To fully understand the business climate and environment, many factors that can affect the business must be researched and understood. An analysis on the climate is also known as the PEST analysis.
This is a market assessment tool that is designed to provide a business with an idea of the complexity of a particular industry. This analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power applied by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants. For our company, we realize that, mobile phone usage is on the rise as the industry growth is projected to reach $90.48 billion by 2020. Thus we have a golden opportunity in the line of this business as we will be handling complete customer needs.
The competitor analysis considers the competitors position within the industry and the potential threat it may cause to other businesses (Betteridge and Edmonds, 2011). The main purpose of this analysis is for the company to analyze competitor’s current and potential nature and capabilities so they can prepare against competition Looking specifically at key competitors and there customer profile, identifying the loopholes on their strengths and capitalizing on them at our advantage
Our Project Management team will include the Project Manager and the individual for each of the team roles. Together they will share the responsibility for planning schedules and resources, assessing risks, and tracking the project performance for the better results altogether. Because each team must deliver on its commitment by completing its set of tasks, each team should participate in project planning and management. The following items describe examples of this participation.
For us to set realistic strategies for our enterprise, there are two major questions will ask ourselves, “How can we play our current hands of cards better” and “How is the world changing around us and why? “These questions are essential for they will help us identify a winning business strategy that we may later on integrate it into our business. The answers won’t be about product features, relative costs or capacity utilization (Bladen, 2012). Instead words like trust long-run relationships, superior benefits solutions, and valuable partner may come to the fore. Your team will be thinking about the changing needs of your customers as well as your competitor’s intentions and capabilities. Our strategy will help us find our moments of truth. For instance If our strategy involves locking up important distributor relationships, our moments will involve reputation and relationship building, creating the perception of value to the distributors, and establishing negotiating leverage to capture an exclusive relationship.
To any business organization, the tactics required to make it succeed is vital. Recently there are several models that have been unleashed and being used by the companies to climb the ladder of success in their business performance (Percy, 2008). The 7Ps will help our company to review and define key issues that may or will probably affect the marketing of our products and services; this is now referred to as the 7Ps framework for the digital marketing mix. We shall apply the 7ps of the marketing mix which are:
Product-how we will come up in the developing of our products and services to fully satisfy our customers,
Price-the means and ways that we will use to vary our prices
Place-the new means/ways that we will use our customer.
Promotion-the various media avenues we will use in advertising our products and services in strict consideration of the gross margin.
Participants-who are our partners? All the media personnel are going to be our partners in this business
Physical evidence-the assurance to our customers of the continuity of supply of products and offering them our services.
Processes-the means of converting our products to fit the clients’ needs and also the number of people involved in the conversion process.
Strengths – This are the qualities that will enable us to accomplish the organization’s mission. These are the basis on which continued success can be made and sustained. Strengths can be either tangible or intangible. These are what you are what you have expertise in, the traits and qualities your employees possess and the distinct features that give your organization its consistency (Cattani, 2011). Examples of our organizational strengths are broad product line, no debt, and committed employees
Weaknesses – this are the qualities that prevent us from accomplishing our mission and achieving our full potential. These weaknesses deteriorate influences on the organizational success and growth. Weaknesses in our organization are inadequate development facilities, narrow product range and limited financial facilities. Weaknesses are controllable. They must be minimized and eliminated.
Opportunities – the environment in which the business operates determines the opportunities through which the business is exposed to. This is experienced when the business can exploit all the opportunities the environment presents to it make it more profitable. Percy (2008) argues that competitive advantage can gained by an organization when it I able to exploit all the opportunities the environment can present to it. Opportunities can arise in different ways such as technology, industry, government, market and competition. For this case, the high demand of telecommunications together with deregulation provides a better opportunity for the firm to compete favorably with its competitors in the industry.
Threats – threats arise when eternal environment present unfavorable conditions to the business which negatively affects its profitability. When threats combine with weaknesses, the organization becomes more vulnerable. Threats cannot be controlled and when they come into existence the survival and stability of the business becomes a stake. For this case, change in technology, price wars among other preferred iPhones and phones, and increasing competition.
Performance measurement is the ongoing monitoring and reporting of program accomplishments, particularly progress towards pre-established goals. It is typically conducted by program or agency management. Performance measures will address the type or level of program activities conducted (process), the direct products and services delivered by a program (outputs), and/or the results of those products and services (outcomes).
Control of performance is one of the managerial functions just like planning, organizing, staffing and directing. This is an important function because it will help us check the errors and to take the corrective action so that deviations from standards are minimized and stated goals of the organization are achieved in a desired manner. Control in management means setting standards, measuring actual performance and taking corrective action (Betteridge and Edmonds, 2010). We shall consistently measure the performance of our product in market in relation to that of our competitors so as to make the necessary changes such as establishing critical requirements.
Grewal, D. and Levy, M. (2011). Marketing. New York: McGraw Hill/Irwin.
Percy, L. (2008). Strategic integrated marketing communication. Amsterdam: Butterworth-Heinemann.
Richardson, N. and Gosnay, R. (2011). Develop your marketing skills. London: Kogan Page.
Cattani, G. (2011). Project-based organizing and strategic management. Bingley, U.K.: Emerald.
Bladen, C. (2012). Events management. London: Routledge.
Betteridge, D. and Edmonds, J. (2010). Event management in leisure and tourism. London: Hodder & Stoughton.
Betteridge, D. and Edmonds, J. (2011). Event management in leisure and tourism. London: Hodder & Stoughton.
Rimscha, B. (2010). Risikomanagement in der Entwicklung und Produktion von Spielfilmen. Wiesbaden: VS, Verl. für Sozialwiss.
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