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MARKETING
PLAN FOR 303 MAGAZINES
Marketing
objectives
Marketing
objectives are very important for the survival of any business. 303 Magazine
Companies wishes to expand its operations into
the global market but marketing objectives should set in connection to what the
company intends to achieve before it starts its operation in the said market (Kotler,
2005). Marketing objectives are also very important in any organization as they
enable the company to achieve high sales if they are well understood and put into
place. The survival of a business is dependent on its marketing objectives. The
following are some of the marketing objectives set prior to the business
expansion:
·
To obtain a 25% market
share in the magazine industry
·
To sell the magazines
in affordable prices so as to achieve high sales and profit
·
To obtain a competitive
advantage over its competitors in across the globe
·
To create a brand
loyalty in the magazine industry over the other brands in the globe
Marketing Mix
Pricing The pricing
strategy forms the basis of the marketing plan for the 303 Magazine Companies in
rolling out its products. The prices of 303 Magazine are determined
using the forces of market demand. The pricing of a
product is very important in determining the image of the company. The pricing
of the 303 Magazine is usually based on the market demand and the functionality
of the product. The understanding of price elasticity will help the company in
determining the right base price for the 303 Magazine within the target market (Kotler,
2005). Order Your Marketing Plan Essay Now
Placement Developing a good product, giving it a good price depending on the
market demand, is not enough for an organization to compete effectively in a
competitive environment. Distributing the finished product to the customers is
a key role in achieving marketing objectives of any organization (Kotler, 2005).
For every manufacturer, it is important to choose right wholesaler and
retailers since they greatly contribute to the image and branding of your
product. For the success of the 303 Magazine in the market, the company chooses
retailers who will ensure maximum exposure and profitability of the 303
Magazine because of their good location and the location of the 303 Magazine in
the store.
Promotion This marketing mix includes the advertising of the product to the
intended target group through several ways such as the use of print media,
televisions and the internet. Advertising a product increases public awareness
of the same product and this leads to increased volume of sales for the
product. For maximum sales and profit of 303 Magazine to be realized, there is need
to extensively market the magazine through constant campaigns (Kotler, 2005).
Product The product usually reflects the
image of the company that it aims to convey to the consumers. The
packaging of the303 Magazine plays a significant role in the purchasing pattern
of the consumers. The packaging of the 303 Magazine reflects the image of the company
and many consumers make their decisions depending on the packaging of the
product (Kotler, 2005).
References
Kotler, P. (2005). Marketing
management: Analysis, planning, implementation, and control. Upper Saddle River, NJ: Prentice Hall
Mills G, (2002). Retail pricing strategies and market power:
Melbourne Univ. Publishing
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