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Developing Marketing Plan Essay

A new, start-up product development company would need strong marketing strategies and plan so to effectively cater the market. We need to take a number of measures in order to design an effective marketing plan. The first step to be taken would be the situation analysis. Here I would analyze the situation of the environment. It is obvious that this analysis would have been done before the establishment of the company, but for designing the marketing plan, it is to be thoroughly done again. Firstly, the overall company’s strategy is to be taken into consideration.

SWOT analysis can also be useful in analyzing the company’s current situation. Competitor and customer analysis will then follow. The number of customers would be less, as it is a newly established company. The next major step following situational analysis would be the market segmentation . Here we would just divide the market into different segments. The market here is the companies that are developing new products. A very important step following this is to choose the segment we would target.

The segment we would choose would be the companies that are looking for assistance in product development. Early adopters companies are the ones, which are the

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major market we would cater. We would get the full profile of all those companies looking for services of product development in our area so we can get the maximum information about them. After choosing the segment we want to enter, the marketing strategy is to be chosen. We may choose among a number of marketing strategies available. Here in this case, I would recommend a mixture of innovation and growth strategies.

This would ensure we position our company based on innovation that would show the customers that we would provide innovative services in terms of product development. On the other hand, since the company is newly established growth is extremely important and we need to grow more and more. After having in mind, all the above information now we will be ready to design the marketing mix. Designing service is the first step we would work on. We would analyze the current services being given and modify them if needed. Additional demands of services can be analyzed by the situation analysis and now these services can be introduced.

Pricing strategy is also an important step here. As it is a newly established company, I would recommend low pricing rather than going for competitive pricing so to attract more and more customers. There are number of strategies available to us to choose. I would recommend penetration pricing as this ensures that quality does not go down and prices charged are not high . Once we get the appropriate amount of customers, then we can increase the price accordingly. Place is yet another concern that comes under the heading of Marketing mix. We would decide where to give services.

Either we can choose the company’s place or the customer’s place depending upon the services availed. I would recommend following the competitors having good market share, as they know which place serves the customer better. Promotion is an essential component of the marketing mix. Here we decide how to promote our offerings. As it is a new company, we would need extensive promotion. Keeping our target audience in mind i. e. mostly the early adopters, I would not choose advertising rather personal communication would be used because our market is within reach and services offered to each customer would be different.

Moreover, the way we get the attention of early adopters would be different and if our representative would talk to the prospects, this would increase the chances of sales. Effective implementation would be needed to get the maximum output from this plan. Check and balance would ensure the success of the company. Works Cited Page “Marketing Plan Outline”. 27 May 2010 <http://www. quickmba. com/marketing/plan/>. “Pricing Strategies”. 27 May 2010 <http://marketingteacher. com/Lessons/lesson_pricing. htm>.

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