Evaluation of Marketing and Planning

Evaluation of Marketing and Planning

Instructions/Descriptions

Evaluation of Marketing and Planning

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Throughout this course, you have been compiling a comprehensive marketing plan using one of the product/service scenarios listed in the Unit II assignment. (Note: You should have been using the same scenario for Parts I–III.)

This unit’s submission should consist of the items listed below.

Product

This section of the marketing plan should include a description of the products and services offered to the consumer. Remember that this product section should also identify services, warranties, and installation features. Additionally, brand, logo, and other identifying characteristics should be discussed in this section as they encompass part of the product offering.

Examine whether your company has a competitive advantage relative to its product offering (i.e., only address the product here).

Place

This section of the marketing plan should explain the entire distribution channel (see Unit VII Lesson). As a reminder, this is the flow of the product from the manufacturer or creator of the product/service to the final consumer (the entire process not just the retailer at the end of the process). Describe a physical facility associated with your company.

This can be a unique manufacturing or distribution center, retailer, or even a merchandising technique. The idea here is to describe what it looks like to the consumer and the value that this atmosphere brings to the buying experience.

Examine whether your company has a competitive advantage relative to its place offering (i.e., only address place or distribution here).

Price

This section of the marketing plan should describe the pricing strategies used by your company. Include theoretical aspects of pricing (see Unit VII Lesson) in your discussion here.

Examine whether your company has a competitive advantage relative to its pricing strategies (i.e., only address pricing here).

Promotion

This section of the marketing plan should address the promotional methods used by your company. This should not only include social media/Internet marketing but also traditional marketing and advertising used (e.g., personal selling, advertising, sales promotion, publicity).

Examine whether your company has a competitive advantage relative to its promotional strategies (i.e., only address promotion here).

Ensure you provide an introduction for this assignment that is engaging and provides a clear background to the purpose of the assignment. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimum of three pages in length (not counting the title and reference pages).

Introduction

Travel Supreme organization is an organization that mainly focus on offering travelling services to their clients. The company assist their clients with travel planning of vacation as well as events planning. Customers are currently doing their own vacations but the company trust that there are more services that the organization can offer to their customers other than the vacation travel services.

The travel services that the company believes are still in demand are reservation booking, time scheduling, communication services, car rentals, selling travel services and products in the place of suppliers. The company also believes that they may offer travel wedding, engagement, and honeymoon events for their clients.

The company has its mission to offer the best quality service s to their clients. The vision of the company is to attract more customers to work with them in achieving their mission. The core value of the company is honesty.

Market research strategies

There several marketing strategies that Travel Supreme is planning to use so that understand the target market, competition, industry as well as understand the ways of generating more profit. The company focus on using the cost-effective services (LEYVA et al., 2018).

Supreme company wants to attract more clients to their organization and want to perform best that their competitors and hence the organization provide service with prices less than the prices of the customer (LEYVA et al., 2018).

The other marketing strategy that the organization is planning to focus on is the internet marketing. The organization has opened a social media platform page whereby they advertise their services that they are planning to offer to the customers at the most affordable prices (LEYVA et al., 2018). The company has opened a Facebook page that is called Travel Supreme Company. The company also have an Instagram page that is called ‘travelwithsupreme’ (LEYVA et al., 2018).

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There company has a website whereby they allow their customers to ask for services through the online platform without having to physically coming to the organization (LEYVA et al., 2018). The social media platform is for offering the organization with a direct link with the clients such that they understand the client’s needs (LEYVA et al., 2018). The company also have rating that at the moment it has gone up to 4stars which motivate those online new clients on using their services.

The other marketing strategy that the organization is planning to focus on so as to generate more income and work best than their competitors include the branding services (Kingsnorth, 2019). All their means of transport and the products offered in the organization have the organization brand name on it such that anyone who will access it will know that the company offered travel services to their clients (Kingsnorth, 2019).

They also have a photography section for their client whereby the pictures are branded by the organization name. The organization is also planning to organize a meeting for all the clients and the best clients that has frequently used their services will be awarded with a car that will be branded with the company name (Kingsnorth, 2019).

The company will also use word mouth advertising. The organization has employed individuals who will do a door-to-door marketing of services to the potential clients. The company has generated a pamphlet that has the services that the organization is offering and a way to reach the organization incase thy want services offered by the organization. The pamphlet also has the discount that the company is offering to the customers and the conditions for an individual to receive the discounted services (Kotler & Keller, 2016).

PEST Analysis

This pest analysis is aimed at assisting the organization to make concrete decisions to advance the organization macro environment. The factors that make up supreme PEST analysis will include the Political, Economic, and Social along with Technology. When the organization put its focus on these macro considerations then it will be in a position to improve and maintain it marketing position in the market.

Political: Most political issues impact the way in which Travel supreme organization operate (LEYVA et al., 2018). The political factors might make the organization to yield minimal profits due to diverse issues that may restrict them from carrying out operations (LEYVA et al., 2018). The travel market is expecting that the government incentives concerning the removal of the travel bands along with westernization of nations is also expected and that might affect the travel company.

However, some of the government relations have impacted the organization in a positive way and also in a negative way (LEYVA et al., 2018). The government has implanted some restriction policies concerning traveling without travel teams and hence the travel company are free to carry out the travel and vacations services for their clients (Government of Canada, 2016)

Economic: the economic factors that may impact the Travel Supreme incorporate tax rates, growth along with price changes (LEYVA et al., 2018). All the factors will influence the profit in the organization and will assist it to achieve customer loyalty (LEYVA et al., 2018). In the recession period that slows down the client spending on the luxurious items along with trips given by the organization will be at the moment be seen as luxury (International Trade Administration, 2018).

Social: Lifestyle trends and culture greatly impact social factors. Travel Supreme will focus on the trends to that will improve customer experience and we will respond to customer concerns within less than 24 hours. We will also comment immediately with a personalized response of customer images with our hashtags.

Customers will be provided with details of their trip immediately after purchase with full itineraries and the expected weather conditions while they are there.

Technological: We currently live in an era of superior technological advances. The travel industry is known for innovative techniques and offering customers with unique experiences. Airplanes assist in helping customers arrive to their destination in no time. Travel Supreme will seek to establish a partnership with major air carriers in the future and other timely means of transportation (Chaffey & Ellis-Chadwick, 2019)

References

Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Pearson UK.

Government of Canada. July 16, (2016). Guide to Market Research and Analysis. Retrieved from: https://canadabusiness.ca/business-planning/market-research-and-statistics/conducting-market-research/guide-to-market-research-and-analysis/

International Trade Administration. (2018). The Travel, Tourism and Hospitality Industry in the United States. Retrieved from: https://www.selectusa.gov/travel-tourism-and-hospitality-industry-united-states

Kotler, P., & Keller, K. L. (2016). Marketing management [VitalSource Bookshelf version] (15th ed.). Retrieved from https://online.vitalsource.com/#/books/9781323591512

Kingsnorth, S. (2019). Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers.

LEYVA, M., HECHAVARRIA, J., BATISTA, N., ALARCON, J. A., & GOMEZ, O. (2018). A framework for PEST analysis based on fuzzy decision maps. Revista ESPACIOS, 39(16).

Introduction

Market analysis is very important if a business needs to succeed, (McKenna, McNabb, &Shorey, 2018). The company whose market analysis is being done is Travel Supreme which mainly deals with people’s vacations, accommodation bookings and other services people might need in a vacation. It also deals with events like wedding travels and engagement travels. This market analysis is supposed to show the target market of the company, the health of the industry and a swot analysis.

Market segmentation

There are four main market segmentations for any kind of business and it is not any different for Travel supreme. For any organization, it is easier to know their market target once they do a market analysis while having these four in mind their market target becomes more defined. This is because segmentation rules out any person that is not considered as a potential customer leaving the company with a better-defined market target.

You can be surprised at how people in different cities have different preferences, interest and expectations and that’s why geographic segmentation is important. This means that you have to know what people in a certain city or location like, and prefer in terms of services and quality for you to be able to do appropriate advertising, (Ahani, et al., 2019).

When it comes to psychographic segmentation, we are basically talking about the intrinsic straits of the customers that you target. These can range from a person’s personality, their values, their lifestyle, life motivators and opinions.

This kind of information is done by arranging focus groups or even interviews. Demographic segmentation is one of the important parts because it is all about variables like age, family size, income, level of education, occupation among others. These are very big determinants. Lastly we have behavioral segmentation which is more like psychographic segmentation apart from the fact that it is about a person’s attitude towards the company and how they would use it.

For Travel Supreme, the market target are big cities and people will medium income. These four segments were helpful in narrowing that down because the geographic and demographic segment helped to identify that this kind of business was best for people in cities that have developed because they appreciate travel and learning and can also afford it. Also, with the help psychographic and behavioral segmentation, big cities like New York have people whose lifestyle is all about travel and they appreciate it.

Competitive and industry analysis

There are three main companies that are competition to Travel Supreme. They include Expedia Group, booking holdings and business travel. Expedia Group is well known for its tours and accommodation services. This company is a very famous company because it picks you up wherever you are and takes you wherever you are going.

It also caters for all the travels and tours during the vacation. It also deals with the accommodation during the vacation. Booking holdings is all about all vacation booking including where the family should have their meals, where they will visit and their accommodation charges, (Coester, 2019). Business travel mainly deals with business vacations, hotel bookings business and everything people in a business vacation might need.

The health of this industry is good currently and has continued to be better as time goes by. This is because more and more companies have been venturing in it a lot. When comparing it to how it was ten years ago, we see that is has triple the number of the industries it had and half of those are the ones that in less than five years ago. This shows that this industry is very healthy and is continuing to grow. Most of the companies in these industries are doing quite well which is a show of the industry being healthy.

When doing a marketing plan, it is important to consider competition so as to identify what you can do different, what other companies are doing that should not be done, what works and how you can do it better and what needs to be included, (Dolnicar,Grün, &Leisch, 2018).

Knowing this gives you a competitive advantage over the other companies. The health of the industry gives you the probability of your company growing or failing. A shrinking industry is not the best industry to invest in and the vice versa is try. Knowing this helps you invest in the best industry.

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Swot analysis

Strengths and weaknesses

The strengths of the company include having arrangements for not only family vacations but also for events like engagements and weddings. Also, it is online and can deal with clients from all over. It is also reliable because of connections in different cities, (Gürel, & Tat, 2017). The weaknesses are that it is not well known because there are bigger companies. It also has limited personnel and resources which means that it cannot hold a lot of clients at a go.

Threats and opportunities

The threats are that since this is a growing industry, competition is going to continue growing. Also, with the new technology, people will look for ways to book their own accommodations, reservations and even use google maps for tours. Opportunities are that the company can include other services in company, (Gürel, & Tat, 2017). The services are like selling products used in vacations and others different from vacation services as it continues growing.

Conclusion

People in different cities have different preferences, interest and expectations. For any organization, it is easier to know their market target once they do a market analysis while having the four segments in mind their market target becomes more defined.When doing a marketing plan, it is important to consider competition so as to identify what you can do different, what other companies are doing that should not be done, what works and how you can do it better and what needs to be included.

References

Ahani, A., Nilashi, M., Ibrahim, O., Sanzogni, L., &Weaven, S. (2019). Market segmentation and travel choice prediction in Spa hotels through TripAdvisor’s online reviews. International Journal of Hospitality Management, 80, 52-77.

Coester, C. (2019). Competitive analysis of k-server variants and metrical task systems (Doctoral dissertation, University of Oxford).

Dolnicar, S., Grün, B., &Leisch, F. (2018). Market segmentation analysis. In Market Segmentation Analysis (pp. 11-22). Springer, Singapore.

Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).

McKenna, C., McNabb, R., &Shorey, J. (2018). Developments in labour market analysis (Vol. 11). Routledge.

Remember to review the syllabus expectations for initial discussion posts and peer replies.

Discuss the following: 1. Define blockchain. 2. Discuss how enterprise blockchain enriches the definition of blockchain. You are required to cite this week’s assigned readings in your paper. You may also cite external sources if you wish. Use the following headings to organize your paper: Introduction, Question 1, Question 2, Conclusion, References.

Submit your paper as a Word attachment in the discussion forum. I often provide feedback within the paper and will not grade your post unless you submit it as an attachment. Your response to the discussion prompt should contain a minimum of 500 words and it should be submitted no later than wednesday before 11:59 pm EST.  Your response should be formatted in APA style and reference each of this week’s readings.

The following guidelines are used to grade your discussion papers:

1. Discussion posts are worth 24 points each week. Twenty points for the student’s initial discussion post paper, and 2 points each for peer response posts.  Your two peer replies should contain a minimum of 150 words each and should be submitted no later than Sunday before 11:59 pm EST.
2. The following point allocations are used to grade all discussion papers: 5 points APA style, 5 points use of required readings, 5 points content, 5 points scholarly writing/grammar/structure. Failure to cite each week’s required readings will result in an automatic 5-point deduction. Failure to provide in-text citations of paraphrased and quoted material will result in an automatic 5-point deduction.

Follow the following writing requirements for all of your discussion prompt responses (note that these writing requirements DO NOT apply to your responses to other students):

Writing Requirements for all Assignments:

• References MUST be cited within your paper in APA format. Your reference page and in-text citations must match 100%. Papers without in-text citations will earn failing grades. • Always include a cover page and reference page with all submissions• Your paper must have headings in it.

For discussion posts Introduction, Prompt/Question, and Conclusion will suffice as headings.  • Provide the EXACT web link for all online sources – do not provide just the home page, but the EXACT LINK – I check all sources• No abbreviations, no contractions – write formally• Write in the third person formal voice (no first or second person pronouns) •

Write MORE than the minimum requirement of the word count assigned• As always, the word count is ONLY for the BODY of the paper – the cover page, reference page, and / or Appendix (if included) do not count towards the word count for the paper• Indent the first line of each new paragraph five spaces•

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Refer to the example APA paper in the getting started folder under the content tab if you need an example. Also, a power is provided under the information tab that addresses APA format. • Use double-spacing / zero-point line spacing, a running header, page numbers, and left justify the margins.

Textbooks/Links:

From the Text

1. Chapter 1 from Blockchain for Business

From the Harvard Course Pack Link: https://hbsp.harvard.edu/import/723788

2. Hughes, A., Park, A. Kietzmann, J., & Archer-Brown, C. (2019). Beyond Bitcoin: What Blockchain and distributed ledger technologies mean for firms. Business Horizons, 62, 273-281.

From the UC Library: Access the Library at http://www.ucumberlands.edu/library/ and Search by Title

3. Gale, S. F. (2018, July/August). Blockchain: The future of HR? Workforce, 97(4), 10.

Evaluation of Marketing and Planning

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