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Running head: MARKETING PLAN
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MARKETING PLAN
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Marketing Plan
Student’s Name
Institution
Date
Elegant Events Company
The hypothetical organization that will be used in this case is
Elegant Events Company. The state of operation is California,
and the company has its headquarters in Los Angeles. Elegant
Events Company is an organization that provides services to
different customers who want their events to be planned and
managed. The type of event does not matter because the
organization has the resources and the skills that are essential
for taking care of the customers. The company is privately
owned, and it has been operational for the last three years. Over
the years, the company has also been able to reach a bigger
population because it does not only offer services in California,
but it offers its services to all customers as long as they are
based within the borders of the United States.
The contents of the market plan
The following are the contents of the marketing plan and they
are essential to the marketing plan.
Current Marketing Situation
Marketing is an essential aspect of an organization that wants to
thrive. However, there are different factors that affect the
marketing process. In line with the events' industry, marketing
has proven to be competitive, and it has helped to understand
the nature of the market. The demand in the events industry is
high, and the case is the same when it comes to the aspect of
competition (Hiebing & Cooper, 2004). It, therefore, means that
despite the fact that the industry is competitive, there are still
many opportunities that are to be explored by the organizations
that are in the industry.
Opportunities and Issue Analysis
In the modern day, events are taken more seriously than ever
before. As opposed to when people could organize a small
private party to celebrate a wedding or a graduation, in the
modern day, families that are capable are hiring companies to
conduct and set up the events, and this has seen many
organizations demonstrating their interest to invest in the
industry. There are opportunities in the industry, and this
depends on the creativity of the service providers. However,
there are issues that are still associated with the industry and
the business. One of the issues is associated with the aspect of
licensing and permits (Shane & Delmar, 2004). The events
organizing industry is mobile, and this means that an event
organizer can be asked to set up and organize an event
anywhere. Different states and cities have their policies, and
that means that when an event organizer leaves one state to
another, there are permits and licenses that should be paid. It,
therefore, means that there is the issue of always paying excess
permits because the organization has already complied with the
host city regulations.
Objectives
The following are the objectives of the marketing plan;
a. Increase customers
b. Reach different areas of operations
c. Create a high standard of service delivery
Marketing Strategy
The marketing strategy will include the use of different
marketing tools. The first tool will be the organizational
website. The website will have information on the services that
the company offers as well as testimonials (Hiebing & Cooper,
2004). At the same time, the use of social media platforms will
be promoted with the aim of reaching the clients who might be
in need of the services. Networking during events will also be a
strategy of marketing. Brochures will be handed over to the
attendees on any given occasion to make sure that the potential
customers are left with the details and contacts of the company.
The use of mass media will be utilized, but this will be done on
the bases of the events (Shane & Delmar, 2004). The company
will be advertising big events on radio and televisions.
Action Programs
Action programs will include offering gifts to promote the
loyalty of customers. The customers who will refer other
customers to the company will be rewarded with a discount on
any event or the event of a person close to them. The company
will also have special treats when it comes to mega-events
(Shane & Delmar, 2004). When there are concerts, loyal
customers will be provided with tickets for the events of their
choices. At the same time, the students who might be interested
in understanding the business will be tagged along by the team,
but they must be from a family of a customer who has
demonstrated his or her loyalty.
Mission Statement
The mission statement of the company is “To reach more, serve
more, and increase the standard of events in the United States.”
Short-term goals
a. Have the best team
The company has the intention of recruiting some of the best
workers with the aim of providing the best services to its
customers.
b. Increase equipment
The current equipment is limited to serving a lot of clients at
once (Shane & Delmar, 2004). It is for this reason that the
company has a plan of making sure that there is enough
equipment to take care of the needs of many clients at a time.
c. Establish a market base on technological platforms
The company plans to use technology platforms to increase the
number of customers. Websites and social media platforms are
expected to help in increasing the number of customers.
Long term goals
a. Establish offices in at least ten states
Currently, the company has an office in one state. Considering
that the company officers services in all parts of the United
States, it will need more offices so that it can reduce the costs
of traveling.
b. Create a clientele base
The company has a plan of having a network of customers who
will be loyal to the company. The customers will also help in
marketing the company and also benefiting from the company.
c. Have a permanent workforce
In events organizing business, most of the workers are
employed on a temporary or part-time basis. It, therefore, means
that if these employees get alternative a job, leaving the
company is easy (Hiebing & Cooper, 2004). The company has a
long term goal of winning many contracts and establishing a
network that will enable it to employ its workers on a
permanent basis.
Measures of short term goals
The measures of knowing if the company has attained its short
term goals will be to look into the aspect of customer
satisfaction. When the rate of customer satisfaction is high, it is
evident that the company has some of the best employees and
they offer excellent services. The second metric is the
conversion rate of the customers. The number of customers that
will become customers against the number of customers that
will access the website will tell if the website has helped in
increasing the number of the customer (Hiebing & Cooper,
2004). The effectiveness of the company in delivering will also
be a measure to consider. When the effectiveness rate increases,
it becomes evident that the current equipment is serving the
customers in line with their desired needs.
Measures of long term goals
The long term goals will be measured by looking at the number
of offices that the company will have added after five years. An
increment will mean that the company is headed in the right
direction. The second metric will be associated with the number
of customers who will have become loyal to the company
(Morrison, 2013). Increased number of loyal customers will
mean that the company is on the right track. The third metric
will be based on the number of employees who will be working
on a permanent basis. The company has a plan of increasing the
number of permanent employees, and that means that if they
have increased, the company will have made the best steps
forward.
Competitive forces
California is a state that is globally recognized for its liveliness,
and it receives tourists all over the world. Therefore, it means
that an event managing is widely practiced. The competition in
Los Angeles is stiff and this because there are more established
organizations that deal with events and they present a challenge
to the organizations that are trying to come up.
Economic Forces
Major business activities take place in Los Angeles, and this is
because the city is well-known for its increased flow of money
(Shane & Delmar, 2004). When the cash flow in a state is high,
it means that the state is rich and therefore all an organization
needs are to be strategic. The economic forces in California
have no negative effects on the company.
Political Forces
To make sure that California capitalizes on the tourists and
business persons who are attracted by different events and
venues, the political wing has made it easier for the traders to
run their businesses (Morrison, 2013). At the same time, the
political class embraces the accommodation of people from all
parts of the world. Therefore, it means that political forces have
no negative effects on the company.
Legal Forces
California is a state that has implemented legal procedures just
like any other state in the country. Licenses to establish a
business are favorable and the police officers in the state
implement laws like any other state (Morrison, 2013). It is
essential to note that California is one of the states that have
legalized marijuana and that demonstrate the flexibility of the
state laws.
Technological Forces
Technology is one of the forces that have transformed Los
Angeles and California at large. Proof can be seen in the
infrastructure of the company and business activities in malls
and hotels. The high standard of technology puts other
organizations on the look (Morrison, 2013). The technological
advancements have propelled to growth and success of the state,
and that means that technological forces have left positive
effects on the state.
Sociocultural Forces
The diversity that is present of California has become one of the
reasons why it is a destination that is loved and valued by most
of the tourists (Hiebing & Cooper, 2004). Despite the fact that
the state plays host to more than one ethnic group, the state has
been able to maintain a good relationship between the cultures
and that has seen more people flocking in to have enjoyable
times in the state.
SWOT Analysis for the product
Strengths
1. The modern society has embraced the aspect of holding
events in a professional manner, and that means that
organizations that are involved in planning events are likely to
benefit.
2. Event planning is diverse, and this means that the company
can offer services to any type of event. It, therefore, means that
the product is suitable in all seasons (Hiebing & Cooper, 2004).
For example, in political seasons, the company can plan
political rallies and fundraisings; in sports seasons, the
company can plan sports events; and during holidays, the
company can work with entertainment companies in organizing
fun fairs and concerts.
3. The service that is provided is mobile. Therefore, it means
that the location of the event is not a barrier.
Weaknesses
a. The weakness is evident when it comes to the location (Shane
& Delmar, 2004). Despite the fact that the company targets a
wider base, it is located in one state, and that might limit its
operations.
b. California is a highly competitive state, and that is a
weakness because it limits the operations of the company.
c. The service is offered by part-time and temporary employees,
and that might affect continuity and service delivery.
Opportunities
a. California is a tourists' destination, and the services have an
opportunity to thrive.
b. Most of the Californians are technologically advanced, and
that means that the news of the services will reach most of the
potential customers.
c. The high demand for events organizing services is an
opportunity for growth and increases profits.
Threats
a. There is the threat of more advanced investors who might
have better and advanced equipment.
b. Serving different areas is a threat because it might destabilize
the operations of the company in California.
c. Clubs and the governments are coming up with departments
that are supposed to take care of events, and this is a risk to the
services offered by the company (Hiebing & Cooper, 2004).
Needs Analysis
Needs analysis is based on the needs that the customer have in
the market and the ability of the company to provide the needs.
The analysis will be based on the followed needs;
a. Mobility
The company has planned to be offering services in different
areas. It, therefore, means that the company can offer its
services at any given location and that means that the need for
mobility has already been met.
b. Availability
The company is always available to offer services to all
interested customers, and that means that the availability of the
services cannot be questioned.
c. Cost
The company provides packages based on the type of event that
a customer wants. Therefore, it means that the customers can fit
in any budget.
d. Quality
The company has some of the recent machines and equipment,
and that means that it meets the needs of the customers when it
comes to the aspect quality.
Describe or list the feedback you received on Part A of your
marketing plan Explain how you will use the feedback to
improve your plan.
The feedback received on Part A of the marketing plan was
relatively positive. However, the mission statement that was
provided did not consider all the items required of a mission
statement such as markets, customers, products and services,
profitability, beliefs, technology and others. For the goals, the
ones which were indicated for the short and long term were
specific and realistic; the ways measured were identified
adequately. The environmental analysis that was provided was
also thorough and well received. Overall, the marketing plan
was clearly written, well-organized, and it was easy to follow
the analysis that was provided. All feedback received will be
implemented into the marketing plan in order to make it clearer
and more concise in order to attract and keep more customers
for this proposed business.
Develop a branding strategy for your product / service that
covers the brand name, logo, slogan, and at least one brand
extension.
Branding Strategy
Elegant Events Company’s branding strategy will focus on the
emotions of the customers. It will not only focus on services
provided but also the needs of the people who use them. The
branding strategy of the company will be all about aspirations,
innovations, dreams, hopes, imagination, and the lifestyle of the
people who hire Elegant Events to make their events memorable
ones. The company’s brand personality will be about
simplicity and eliminating complications from every
individual’s life (Masterman & Wood, 2016).
Brand Name
The company’s brand name is Elegant Events Company. The
name indicates the level of services provided when planning
events and it indicates that all products and services provided
can be rated with five stars. It indicates that all events planned
are elegant and everlasting and as powerful as the stars in the
sky. The target market consists of people and companies who
need assistance in putting together receptions and/or functions
and do not want anything that is less than perfect and I believe
five stars is perfect enough.
Brand Logo
. The five stars to the left of this sentence are the company’s
logo. The logo was chosen with the idea that this company
produces events that are rated with no less than five stars. The
moments that are created at these events will be as everlasting
and as powerful as the stars in the sky (Wood, 2012). The target
market consists of people that hold events for their special ones
and therefore do not want anything that is less than perfect and
I believe five stars is perfect enough.
Slogan
The company’s slogan is “Your Success Our Pride”. This
slogan was selected because it is a pretty drawing message for
this company that is making and offering everything needed to
pull off a successful event. Elegant Events provides everything
from tents to chairs, to food to services such as event planning.
The slogan indicates that the company has its customers’ best
interests at heart. Also, the company wants them to be
successful and that their success should be contributed by the
company’s products and services. The slogan represents the
quality of products provided as well as services that are offered
which always contribute to success in any activity. This slogan
aligns with the target market, which ranges from individuals to
companies that use the products and services offered by an
event planer (Wood, 2012).
Brand Extension
The company’s latest brand extension is interior design. It is
somewhat related to events planning since it involves the
decoration of houses and the arrangement of furniture. This is
an extension that will borrow ideas from the main business of
the company which hass everything to do with events. This
particular brand extension was chosen with the intent of
increasing the company’s market base to household shoppers.
In this case, the target market / demographic will be women age
24-38. The extension aligns with the products and services
already provided and falls in line with the target market which
is mainly made of women of age 24 and above who are
generally thought to be the primary individuals who seek out
events planners.
Overall Strategy
Elegant Events Company’s overall strategy is to produce
products and services that are cheaper, better and faster. Its’
strategy is to be supportive of its brand position. It thinks of
brand strategy in three perspectives: brand name, slogan, brand
logo, and brand extension. All these are developed in such a
way that that they are used to compete across the competitive
market. The branding strategy’s core competence is to deliver
exceptional and unique customer experience through excellent
user interfaces.
Thoroughly analyze the primary and secondary markets that you
want to target. Thoroughly include the demographic profile
(e.g., age, gender, ethnicity, etc.), psychographic profile,
professional profile, geographic profile, and any other
segmentation variable you deem necessary.
Relatively speaking, the product and services provided will not
be aligned with all consumers. For this reason, market
segmentation is needed to group the customers into small
groups with common needs and characteristics. This will allow
the product and services to be tailored so as to meet the needs
of each specific group effectively. The consumers who use
Elegant Events will be divided using behavioral, psychographic,
geographic and demographic characteristics. In this step, it is
about deciding the segment that is most attractive to our
business. Several factors should be considered in this step.
First is looking at the profitability of every segment, the
customer segment that will contribute the most to the bottom
line of the business. The potential growth and size of the
business is also another factor to consider. This involves
determining if it the company is large enough to keep up with
the demand of our target market.
The target market of the company involves middle-class
individuals, couples, as well as public and private
organizations. There are individuals that can afford event
planners and do not have enough time to spare and plan for their
events. The primary market will include individuals between
the age of 25 and the age of 55. People who fall into this group
are the employed middle-class families. These individuals are
usually too busy but plan events such as weddings, birthday
parties, bar mitzvas, etc. These are the people who are likely
to want an event planner or someone to supply them with event
equipment such as chairs and tents (Wood, 2012). The other
individuals that fall in the primary target market are people that
are above the age of 56. Many of these people are reaching a
turning point in their lives so they look to event planners to
help them plan and celebrate events such as their retirement or
anniversaries and some are just taking care of their children’s
events. Most special occasions such as holiday parties, wedding
receptions, and even reunions fall into this category. The other
group of people that fall in this category are those individuals
under the age of 24 years (Allen, 2010). The company hopes to
tap into fresh college graduates who have just begun their
careers and do not have families yet. People at this age group
will often celebrate their birthday parties as monumental events
and therefore this group can be looked at as a target market as
well.
The secondary market will involve organizations. This includes
both private and public organizations. Private companies will
make the biggest portion of this client base; organizations such
as political parties, corporations, and businesses are some of the
private organizations that fall into this category. These types of
organizations hold events on a larger scale and this means the
events will generate a relatively large portion of revenue for the
company.
Marketing Strategy
The marketing strategy will involve heavy promotions with a
combination of pull and push marketing strategies. In the push
marketing strategy, I will push the products and services
through sales and advertisement strategies. The push strategy
will involve the use of major events and celebrity endorsements
and social media sites like Twitter, YouTube, and Facebook. In
the pull marketing strategy, I will use social media to build and
retain a relationship with customers through online presence
(Masterman & Wood, 2016). Social media accounts will also be
used as platforms for announcements and discussions. This
strategy will be applied for a period of one year.
Prepare a positioning statement. Include a perceptual map that
shows your company’s position against its competitors. From
this map, create a statement that depicts your position.
The company’s positioning statement is; “We believe we are on
this earth to produce great products and we are continually
focused on innovation”. This is a suitable positioning statement
for the company as it emphasizes on simplicity, innovation and
great products and services which are the core requirements of
any customer’s best product. It suits the target market that is
made of quality driven customers who believe in simplicity. It
serves to benefit the business since it draws the quality driven
customers that are willing to pay the price set for the products.
Perceptual Map
Elegant Events Company is represented by EC in the map.
From the perpetual map, it is evident the Elegant Events
Company both among the leading product providing company
and the broad choice for consumers. It provides products and
services that are user-friendly and affordable hence it’s the best
choice for many consumers (Blakely, 2018).
From its inception as a very small business company, Elegant
Events has developed into one of the regions top companies
specializing in event planning, facilitation and many other
things to do with events. Today, Elegant Events’ top quality
and innovative processes and products are recognized as the
gold standard in the region. This demonstrates the growth the
company has made and the type of products and services the
company specializes in. It also shows that the company
produces the best quality and innovative products which is
likely to catch customer attention. At Elegant Events, we use a
simple business motto: to devote our technology and talent in
the creation of superior products and services that contribute to
an admirable global society (Allen, 2010). The statement
reflects the company’s commitment to inspiring society through
the three key competencies: creative solutions, innovative
products and services, and new technology. Through these
efforts, Elegant Events desires to contribute to our surrounding
community at large.
Examine the relevant consumer behavior for your target market.
Explain the main reasons why the brand name, logo, slogan,
brand extension, as well as the positioning statement are right
for the identified target market.
Customers today are constantly on the internet. They use the
internet to research companies and services they are looking to
employ and they look at reviews on sites like “Yelp” and “Trip
Advisor” and “Google” – and when recommending the use of a
company or services, they do so by rating them at a particular
start level. Star ratings are something the target market is used
to. This makes it appropriate to use the brand logo that consists
of five stars. Most of the customers are social media users, the
reason for the use of a social media target strategy (Blakely,
2018). They also want to be associated with the best brands and
therefore our brand name and logo is going to lend itself to that
end. Because the brand name indicates that our company is
elegant, it gives off the impression that our company is
reputable and it is appropriate for such a class of customers
(Blakley, 2018). The slogan which has been suggested for the
company is appropriate for the target market since the market
ranges from individuals to companies and organizations both
large and small.
Marketing is a fundamental component to the success of any
business. The objective of this assignment is to develop
Elegant Event Company’s pricing and distribution strategies and
inter-linked marketing communication plan. As discussed in
previous assignments, Elegant Events is an organization that
seeks to utilize a marketing strategy that will be strategic and
appropriate to its target market. Considering that customers are
constantly on the internet, the company’s marketing strategy
will include online and other critical marketing strategies like
celebrity endorsements.
Describe the feedback you received on Part B of your marketing
plan Explain how you will use the feedback to improve your
plan
The feedback received on Part B of the marketing plan was
relatively positive; however, the marketing strategy that was
provided was not comprehensive. To some extent the marketing
strategy did not consider essential marketing skills that could
help the company effectively reach as well as interact with its
core audience. Without a doubt, social media tools have
revolutionized marketing. Conferring with Holt, (2003) it is
easy to reach and interact with the right audience through direct
marketing as a result of this revolution (Facebook Marketing or
E-mail marketing). For the branding strategy, the one which
was indicated aligned with the company’s aspirations. Branding
plays an adamant role in the success of any business. From this
point of view, it is critical to have a brand name that reflects or
creates an impression of what the company is providing. The
slogan and target market were explicit and well received.
Overall, the marketing plan was precisely written and well
organized. All feedback received will be implemented going
forward to ensure the marketing plan is more concise and has
the ability to increase the perceived value of the company’s
goods and services.
Pricing:
Elegant Event’s company pricing strategy will reflect the
quality of our products and services. According to Saari,
(2015) pricing plays an adamant role in the success of
businesses. From a psychological standpoint, pricing impacts
consumers’ buying decisions. The company understands the
power of pricing and as a result, our pricing strategy will help
boost sales and increase our customer base. In order to serve
the interests of all groups, the company idea is to segment the
market based on behavioral, demographic, level of income, age
among others. As a result, some clients will pay a premium
price for premium commodities and services. Simply put, the
pricing strategy will be based on the above listed highlighted
factors.
Elegant Event’s Company Pricing Strategy
Generally speaking, people hate the idea of being sold to. As a
business, it is essential to understand various aspects that may
trigger or hinder sales. Referring to a study conducted to
evaluate consumer behaviors, it indicated that consumers tend
to back up their buying decisions from an emotional and
rational perspective. From this argumentative point of view,
increasing the perceived value of products and services can help
the company outsmart its competitors. Elegant Event’s will have
an app for bonus features for our premium clients. The app will
allow our highly esteemed clients to access additional tools and
rewards priced at $17.76 per month. Bearing in mind that our
market is segmented based on various factors, some of these
premium benefits will be discounts at hotels, prime services,
and various luxury items. Our goal at Elegant Event is to be
able to offer value by impacting the lifestyle of people who hire
us to make their events memorable ones.
Distribution Strategy
Ryan, (2016) a marketing expert reveal that to be profitable
businesses must use the right platform as well as services to
their esteemed customers. The company management team
must, therefore, determine the right distribution strategy that is
efficient and reliable. In this social media era, a business must
create online platforms where consumers can search for, book,
and purchase their services or products. In this line with this,
Elegant Event’s tend to be fundamentally technological in the
sense that consumers and clients can use our app to interact
with us. Use of the online supported app will enhance their
comfort and more importantly boost convenience.
Elegant Event Distribution Strategy
The company will be web driven. By creating a user-friendly
app, consumers can search for and book their events. Similarly,
the app will enhance interaction with consumers. The idea is to
ensure consumers are served efficiently and diligently. Products
will also be delivered at a place of their choosing (homes or
airport). For example, if a person orders our services, they can
then check in the app other services that compliment an event
(favorite foods, their rental cars). The idea is to provide quick
and convenient ordering process for events, products, and
services.
Two media tools that you would use to develop your plan
Media Tools
The intent of the media tools that Elegant Event will utilize for
its’ marketing purposes is to attract middle-class consumers,
government officials, and corporate firms. The company will
heavily rely on the push and pull advertising approaches. In the
push marketing approach, the company will market its brand in
major events and through celebrity endorsements. Nowadays
businesses today have to endure stiff competition. Social media
has played a significant role in the current business world.
Through various social media platforms, it has become easy to
reach people all over the world. Arguably, social media has
both its pros and cons in the business world. Our segment is a
bit broad and as a result, we plan to use billboards, direct
marketing (Facebook, E-mail marketing) and mass media. Part
of our segment includes high-class government and corporate
officials who are sensitive to time, quality of product and
information. By targeting them in business magazines and trade
journals, we will be more likely to increase profit margins.
Middle-Class Media Tools
The media tools that the company will use to attract middle-
class people are trade magazines and business newspapers. In
regard to trade magazines the company will advertise in online
versions because the information is often convenient and up to
date (not to mention more readily accessible). As discussed, it
would be illogical to underestimate the influence of the internet.
As a result, the best place to hook these online contents is on
the front pages of social media sites and also links the content
with various social media platforms like Twitter and LinkedIn.
This is possibly the best way to utilize social media. Ryan
(2016) emphasizes the importance of utilizing media tools that
match with the target audience. To some extent, the middle-
class is less likely to spend their time on social media. The
company should, therefore, use a subtle rather than an intrusive
service to target this group.
Consumers between 25-30 Years
Statistically millions of people visit different social media
platforms every month. It is therefore right to say that social
media is an ecosystem that every business should utilize. The
company should focus the rest of its marketing strategy on
social media. Age is a crucial factor in market segmentation.
The millennial seems to respond quite uniquely to social media.
Elegant Events will invest heavily in direct marketing to target
this group. To have a clear picture, Facebook has advertising
tools and algorithms that allow marketers to target specific
people based on various factors (age, geographical location,
interests, and behaviors). From this on the ground perspective,
social media marketing will increase the company ROI.
Integrated Marketing Communication
The company will have to use several marketing strategies to
reach our target market. The idea is to use an integrated
communication plan to combine different strategies for our
campaigns. The company’s marketing campaigns will entail
advertising, promotional sales, and publicity. Our company
also plans to hire experts with deep knowledge and experience
in marketing strategies. They will help our company devise the
most effective and most appropriate ways to outsmart our
competitors. As mentioned in the media tools discussion, the
company will utilize multiple tools and strategies to target its
market. For our online audience, the company will utilize ads
which will be very classy and informational. The idea is to gain
as much traffic to our company website and increase conversion
rates. From a business standpoint, advertising in business
magazines, business journals, and (online) business newspaper
is the most cost-effective methods. This approach has high
chances of giving our company the best possible chance to
receive credible results.
Social Responsibility/cause-related marketing plan most
relevant for the company products, services and audience
According to Holt, (2003) the idea of social responsibility
asserts that businesses should balance their money generating
activities with activities that are deemed crucial to society.
Social responsibility from a marketing perspective entails
focusing on efforts that intend to attract or persuade consumers
who are willing to make a positive impact on their purchase. In
simple terms, businesses should be beneficial to the community
in which they operate by proving standard and beneficial goods
and services. Elegant Event intends to always spread awareness
on societal issues and protect the environment. Some portions
of the company’s yearly revenue will be directed toward
charitable groups. For example, on social occasions, the
company may decide to launch a campaign that is beneficial to
both parties (the company and consumers). The company brand
is also explicit and communicates the idea of social
responsibility in the sense that it sends the message of social
and ethical business enterprise.
Conclusion
In conclusion, marketing is the foundation of any successful
business. It is therefore essential to implement the right
marketing strategies that reflect our business beliefs and ideals.
In today’s world, companies operate in a highly competitive
environment. This explains why businesses must figure out the
best strategies to attract and retain consumers. It is also the
objective of this company to provide value and impact the lives
of the people positively. By implementing this plan, Elegant
Event hopes to achieve positive results.
Without fear of doubt, it is evident that Elegant Events
Company is an organization that has a strong marketing plan.
The company has done well in utilizing all available platforms.
At the same time, the needs of the customers have been looked
into. With the short term and long term goals, the company is in
the best position to advance in the near future. Despite the
competition, it is evident that California has opportunities for
the company and all it needs to do is be strategic.
In conclusion, the success of Elegant Events is highly
determined by the branding strategy and the marketing strategy.
A good branding strategy affects all aspects of a company and is
connected directly to the needs and emotions of the consumer
and the competitive environment. A brand is more than just the
slogan, logo and name. It represents the entire customer base
and projects experience with the product, service and the
company as a whole. The best marketing strategy is drawn
thorough market research and focuses on the market and product
mix in order to attain maximum profits and hence sustaining the
business.
References
Hiebing, R. G., & Cooper, S. W. (2004). The one-day marketing
plan: organizing and
completing a plan that works. New York, NY: McGraw-Hill.
Morrison, A. M. (2013). Marketing and managing tourism
destinations. London: Routledge.
Shane, S., & Delmar, F. (2004). Planning for the market:
business planning before marketing and
the continuation of organizing efforts. Journal of Business
Venturing, 19(6), 767-785.
Blakely, K. (2018). Busy brides and the business of family life:
The wedding-planning industry and the commodity
frontier. Journal of Family Issues, 29(5), 639-662.
Allen, J. (2010). Marketing your event planning business: A
creative approach to gaining the competitive Edge. John Wiley
& Sons.
Masterman, G., & Wood, E. H. (2016). Innovative marketing
communications: Strategies for the events industry. Routledge.
Wood, E. (2012). Marketing information for the events
industry. Festival and Events Management, 130.
Holt, D. B. (2003). Brands and branding. Boston, MA: Harvard
Business School.
Saari, T. (2015). MARKETING PLAN FOR A NEW PRODUCT.
Retrieved from
"
https://www.theseus.fi/bitstream/handle/10024/92324/Saari_To
mi.pdf?sequence
Ryan, D. (2016). Understanding digital marketing: marketing
strategies for engaging the digital generation. Kogan Page
Publishers.
ECCC
SM
NK
BB
OCH
LG
QD
Follower
Leader
Broad Choice
Narrow Choice

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Running head MARKETING PLAN1MARKETING PLAN2Market.docx

  • 1. Running head: MARKETING PLAN 1 MARKETING PLAN 2 Marketing Plan Student’s Name Institution Date Elegant Events Company The hypothetical organization that will be used in this case is Elegant Events Company. The state of operation is California, and the company has its headquarters in Los Angeles. Elegant Events Company is an organization that provides services to different customers who want their events to be planned and managed. The type of event does not matter because the organization has the resources and the skills that are essential for taking care of the customers. The company is privately owned, and it has been operational for the last three years. Over the years, the company has also been able to reach a bigger population because it does not only offer services in California, but it offers its services to all customers as long as they are based within the borders of the United States. The contents of the market plan
  • 2. The following are the contents of the marketing plan and they are essential to the marketing plan. Current Marketing Situation Marketing is an essential aspect of an organization that wants to thrive. However, there are different factors that affect the marketing process. In line with the events' industry, marketing has proven to be competitive, and it has helped to understand the nature of the market. The demand in the events industry is high, and the case is the same when it comes to the aspect of competition (Hiebing & Cooper, 2004). It, therefore, means that despite the fact that the industry is competitive, there are still many opportunities that are to be explored by the organizations that are in the industry. Opportunities and Issue Analysis In the modern day, events are taken more seriously than ever before. As opposed to when people could organize a small private party to celebrate a wedding or a graduation, in the modern day, families that are capable are hiring companies to conduct and set up the events, and this has seen many organizations demonstrating their interest to invest in the industry. There are opportunities in the industry, and this depends on the creativity of the service providers. However, there are issues that are still associated with the industry and the business. One of the issues is associated with the aspect of licensing and permits (Shane & Delmar, 2004). The events organizing industry is mobile, and this means that an event organizer can be asked to set up and organize an event anywhere. Different states and cities have their policies, and that means that when an event organizer leaves one state to another, there are permits and licenses that should be paid. It, therefore, means that there is the issue of always paying excess permits because the organization has already complied with the host city regulations.
  • 3. Objectives The following are the objectives of the marketing plan; a. Increase customers b. Reach different areas of operations c. Create a high standard of service delivery Marketing Strategy The marketing strategy will include the use of different marketing tools. The first tool will be the organizational website. The website will have information on the services that the company offers as well as testimonials (Hiebing & Cooper, 2004). At the same time, the use of social media platforms will be promoted with the aim of reaching the clients who might be in need of the services. Networking during events will also be a strategy of marketing. Brochures will be handed over to the attendees on any given occasion to make sure that the potential customers are left with the details and contacts of the company. The use of mass media will be utilized, but this will be done on the bases of the events (Shane & Delmar, 2004). The company will be advertising big events on radio and televisions. Action Programs Action programs will include offering gifts to promote the loyalty of customers. The customers who will refer other customers to the company will be rewarded with a discount on any event or the event of a person close to them. The company will also have special treats when it comes to mega-events (Shane & Delmar, 2004). When there are concerts, loyal customers will be provided with tickets for the events of their choices. At the same time, the students who might be interested in understanding the business will be tagged along by the team, but they must be from a family of a customer who has
  • 4. demonstrated his or her loyalty. Mission Statement The mission statement of the company is “To reach more, serve more, and increase the standard of events in the United States.” Short-term goals a. Have the best team The company has the intention of recruiting some of the best workers with the aim of providing the best services to its customers. b. Increase equipment The current equipment is limited to serving a lot of clients at once (Shane & Delmar, 2004). It is for this reason that the company has a plan of making sure that there is enough equipment to take care of the needs of many clients at a time. c. Establish a market base on technological platforms The company plans to use technology platforms to increase the number of customers. Websites and social media platforms are expected to help in increasing the number of customers. Long term goals a. Establish offices in at least ten states Currently, the company has an office in one state. Considering that the company officers services in all parts of the United States, it will need more offices so that it can reduce the costs of traveling. b. Create a clientele base The company has a plan of having a network of customers who
  • 5. will be loyal to the company. The customers will also help in marketing the company and also benefiting from the company. c. Have a permanent workforce In events organizing business, most of the workers are employed on a temporary or part-time basis. It, therefore, means that if these employees get alternative a job, leaving the company is easy (Hiebing & Cooper, 2004). The company has a long term goal of winning many contracts and establishing a network that will enable it to employ its workers on a permanent basis. Measures of short term goals The measures of knowing if the company has attained its short term goals will be to look into the aspect of customer satisfaction. When the rate of customer satisfaction is high, it is evident that the company has some of the best employees and they offer excellent services. The second metric is the conversion rate of the customers. The number of customers that will become customers against the number of customers that will access the website will tell if the website has helped in increasing the number of the customer (Hiebing & Cooper, 2004). The effectiveness of the company in delivering will also be a measure to consider. When the effectiveness rate increases, it becomes evident that the current equipment is serving the customers in line with their desired needs. Measures of long term goals The long term goals will be measured by looking at the number of offices that the company will have added after five years. An increment will mean that the company is headed in the right direction. The second metric will be associated with the number of customers who will have become loyal to the company (Morrison, 2013). Increased number of loyal customers will mean that the company is on the right track. The third metric will be based on the number of employees who will be working
  • 6. on a permanent basis. The company has a plan of increasing the number of permanent employees, and that means that if they have increased, the company will have made the best steps forward. Competitive forces California is a state that is globally recognized for its liveliness, and it receives tourists all over the world. Therefore, it means that an event managing is widely practiced. The competition in Los Angeles is stiff and this because there are more established organizations that deal with events and they present a challenge to the organizations that are trying to come up. Economic Forces Major business activities take place in Los Angeles, and this is because the city is well-known for its increased flow of money (Shane & Delmar, 2004). When the cash flow in a state is high, it means that the state is rich and therefore all an organization needs are to be strategic. The economic forces in California have no negative effects on the company. Political Forces To make sure that California capitalizes on the tourists and business persons who are attracted by different events and venues, the political wing has made it easier for the traders to run their businesses (Morrison, 2013). At the same time, the political class embraces the accommodation of people from all parts of the world. Therefore, it means that political forces have no negative effects on the company. Legal Forces California is a state that has implemented legal procedures just like any other state in the country. Licenses to establish a business are favorable and the police officers in the state
  • 7. implement laws like any other state (Morrison, 2013). It is essential to note that California is one of the states that have legalized marijuana and that demonstrate the flexibility of the state laws. Technological Forces Technology is one of the forces that have transformed Los Angeles and California at large. Proof can be seen in the infrastructure of the company and business activities in malls and hotels. The high standard of technology puts other organizations on the look (Morrison, 2013). The technological advancements have propelled to growth and success of the state, and that means that technological forces have left positive effects on the state. Sociocultural Forces The diversity that is present of California has become one of the reasons why it is a destination that is loved and valued by most of the tourists (Hiebing & Cooper, 2004). Despite the fact that the state plays host to more than one ethnic group, the state has been able to maintain a good relationship between the cultures and that has seen more people flocking in to have enjoyable times in the state. SWOT Analysis for the product Strengths 1. The modern society has embraced the aspect of holding events in a professional manner, and that means that organizations that are involved in planning events are likely to benefit. 2. Event planning is diverse, and this means that the company
  • 8. can offer services to any type of event. It, therefore, means that the product is suitable in all seasons (Hiebing & Cooper, 2004). For example, in political seasons, the company can plan political rallies and fundraisings; in sports seasons, the company can plan sports events; and during holidays, the company can work with entertainment companies in organizing fun fairs and concerts. 3. The service that is provided is mobile. Therefore, it means that the location of the event is not a barrier. Weaknesses a. The weakness is evident when it comes to the location (Shane & Delmar, 2004). Despite the fact that the company targets a wider base, it is located in one state, and that might limit its operations. b. California is a highly competitive state, and that is a weakness because it limits the operations of the company. c. The service is offered by part-time and temporary employees, and that might affect continuity and service delivery. Opportunities a. California is a tourists' destination, and the services have an opportunity to thrive. b. Most of the Californians are technologically advanced, and that means that the news of the services will reach most of the potential customers. c. The high demand for events organizing services is an opportunity for growth and increases profits. Threats a. There is the threat of more advanced investors who might
  • 9. have better and advanced equipment. b. Serving different areas is a threat because it might destabilize the operations of the company in California. c. Clubs and the governments are coming up with departments that are supposed to take care of events, and this is a risk to the services offered by the company (Hiebing & Cooper, 2004). Needs Analysis Needs analysis is based on the needs that the customer have in the market and the ability of the company to provide the needs. The analysis will be based on the followed needs; a. Mobility The company has planned to be offering services in different areas. It, therefore, means that the company can offer its services at any given location and that means that the need for mobility has already been met. b. Availability The company is always available to offer services to all interested customers, and that means that the availability of the services cannot be questioned. c. Cost The company provides packages based on the type of event that a customer wants. Therefore, it means that the customers can fit in any budget. d. Quality The company has some of the recent machines and equipment,
  • 10. and that means that it meets the needs of the customers when it comes to the aspect quality. Describe or list the feedback you received on Part A of your marketing plan Explain how you will use the feedback to improve your plan. The feedback received on Part A of the marketing plan was relatively positive. However, the mission statement that was provided did not consider all the items required of a mission statement such as markets, customers, products and services, profitability, beliefs, technology and others. For the goals, the ones which were indicated for the short and long term were specific and realistic; the ways measured were identified adequately. The environmental analysis that was provided was also thorough and well received. Overall, the marketing plan was clearly written, well-organized, and it was easy to follow the analysis that was provided. All feedback received will be implemented into the marketing plan in order to make it clearer and more concise in order to attract and keep more customers for this proposed business. Develop a branding strategy for your product / service that covers the brand name, logo, slogan, and at least one brand extension. Branding Strategy Elegant Events Company’s branding strategy will focus on the emotions of the customers. It will not only focus on services provided but also the needs of the people who use them. The branding strategy of the company will be all about aspirations, innovations, dreams, hopes, imagination, and the lifestyle of the people who hire Elegant Events to make their events memorable ones. The company’s brand personality will be about simplicity and eliminating complications from every
  • 11. individual’s life (Masterman & Wood, 2016). Brand Name The company’s brand name is Elegant Events Company. The name indicates the level of services provided when planning events and it indicates that all products and services provided can be rated with five stars. It indicates that all events planned are elegant and everlasting and as powerful as the stars in the sky. The target market consists of people and companies who need assistance in putting together receptions and/or functions and do not want anything that is less than perfect and I believe five stars is perfect enough. Brand Logo . The five stars to the left of this sentence are the company’s logo. The logo was chosen with the idea that this company produces events that are rated with no less than five stars. The moments that are created at these events will be as everlasting and as powerful as the stars in the sky (Wood, 2012). The target market consists of people that hold events for their special ones and therefore do not want anything that is less than perfect and I believe five stars is perfect enough. Slogan The company’s slogan is “Your Success Our Pride”. This slogan was selected because it is a pretty drawing message for this company that is making and offering everything needed to pull off a successful event. Elegant Events provides everything from tents to chairs, to food to services such as event planning. The slogan indicates that the company has its customers’ best interests at heart. Also, the company wants them to be successful and that their success should be contributed by the
  • 12. company’s products and services. The slogan represents the quality of products provided as well as services that are offered which always contribute to success in any activity. This slogan aligns with the target market, which ranges from individuals to companies that use the products and services offered by an event planer (Wood, 2012). Brand Extension The company’s latest brand extension is interior design. It is somewhat related to events planning since it involves the decoration of houses and the arrangement of furniture. This is an extension that will borrow ideas from the main business of the company which hass everything to do with events. This particular brand extension was chosen with the intent of increasing the company’s market base to household shoppers. In this case, the target market / demographic will be women age 24-38. The extension aligns with the products and services already provided and falls in line with the target market which is mainly made of women of age 24 and above who are generally thought to be the primary individuals who seek out events planners. Overall Strategy Elegant Events Company’s overall strategy is to produce products and services that are cheaper, better and faster. Its’ strategy is to be supportive of its brand position. It thinks of brand strategy in three perspectives: brand name, slogan, brand logo, and brand extension. All these are developed in such a way that that they are used to compete across the competitive market. The branding strategy’s core competence is to deliver exceptional and unique customer experience through excellent user interfaces. Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile,
  • 13. professional profile, geographic profile, and any other segmentation variable you deem necessary. Relatively speaking, the product and services provided will not be aligned with all consumers. For this reason, market segmentation is needed to group the customers into small groups with common needs and characteristics. This will allow the product and services to be tailored so as to meet the needs of each specific group effectively. The consumers who use Elegant Events will be divided using behavioral, psychographic, geographic and demographic characteristics. In this step, it is about deciding the segment that is most attractive to our business. Several factors should be considered in this step. First is looking at the profitability of every segment, the customer segment that will contribute the most to the bottom line of the business. The potential growth and size of the business is also another factor to consider. This involves determining if it the company is large enough to keep up with the demand of our target market. The target market of the company involves middle-class individuals, couples, as well as public and private organizations. There are individuals that can afford event planners and do not have enough time to spare and plan for their events. The primary market will include individuals between the age of 25 and the age of 55. People who fall into this group are the employed middle-class families. These individuals are usually too busy but plan events such as weddings, birthday parties, bar mitzvas, etc. These are the people who are likely to want an event planner or someone to supply them with event equipment such as chairs and tents (Wood, 2012). The other individuals that fall in the primary target market are people that are above the age of 56. Many of these people are reaching a turning point in their lives so they look to event planners to help them plan and celebrate events such as their retirement or anniversaries and some are just taking care of their children’s events. Most special occasions such as holiday parties, wedding
  • 14. receptions, and even reunions fall into this category. The other group of people that fall in this category are those individuals under the age of 24 years (Allen, 2010). The company hopes to tap into fresh college graduates who have just begun their careers and do not have families yet. People at this age group will often celebrate their birthday parties as monumental events and therefore this group can be looked at as a target market as well. The secondary market will involve organizations. This includes both private and public organizations. Private companies will make the biggest portion of this client base; organizations such as political parties, corporations, and businesses are some of the private organizations that fall into this category. These types of organizations hold events on a larger scale and this means the events will generate a relatively large portion of revenue for the company. Marketing Strategy The marketing strategy will involve heavy promotions with a combination of pull and push marketing strategies. In the push marketing strategy, I will push the products and services through sales and advertisement strategies. The push strategy will involve the use of major events and celebrity endorsements and social media sites like Twitter, YouTube, and Facebook. In the pull marketing strategy, I will use social media to build and retain a relationship with customers through online presence (Masterman & Wood, 2016). Social media accounts will also be used as platforms for announcements and discussions. This strategy will be applied for a period of one year. Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. The company’s positioning statement is; “We believe we are on
  • 15. this earth to produce great products and we are continually focused on innovation”. This is a suitable positioning statement for the company as it emphasizes on simplicity, innovation and great products and services which are the core requirements of any customer’s best product. It suits the target market that is made of quality driven customers who believe in simplicity. It serves to benefit the business since it draws the quality driven customers that are willing to pay the price set for the products. Perceptual Map Elegant Events Company is represented by EC in the map. From the perpetual map, it is evident the Elegant Events Company both among the leading product providing company and the broad choice for consumers. It provides products and services that are user-friendly and affordable hence it’s the best choice for many consumers (Blakely, 2018). From its inception as a very small business company, Elegant Events has developed into one of the regions top companies specializing in event planning, facilitation and many other things to do with events. Today, Elegant Events’ top quality and innovative processes and products are recognized as the gold standard in the region. This demonstrates the growth the company has made and the type of products and services the company specializes in. It also shows that the company produces the best quality and innovative products which is likely to catch customer attention. At Elegant Events, we use a simple business motto: to devote our technology and talent in the creation of superior products and services that contribute to an admirable global society (Allen, 2010). The statement reflects the company’s commitment to inspiring society through the three key competencies: creative solutions, innovative products and services, and new technology. Through these efforts, Elegant Events desires to contribute to our surrounding community at large.
  • 16. Examine the relevant consumer behavior for your target market. Explain the main reasons why the brand name, logo, slogan, brand extension, as well as the positioning statement are right for the identified target market. Customers today are constantly on the internet. They use the internet to research companies and services they are looking to employ and they look at reviews on sites like “Yelp” and “Trip Advisor” and “Google” – and when recommending the use of a company or services, they do so by rating them at a particular start level. Star ratings are something the target market is used to. This makes it appropriate to use the brand logo that consists of five stars. Most of the customers are social media users, the reason for the use of a social media target strategy (Blakely, 2018). They also want to be associated with the best brands and therefore our brand name and logo is going to lend itself to that end. Because the brand name indicates that our company is elegant, it gives off the impression that our company is reputable and it is appropriate for such a class of customers (Blakley, 2018). The slogan which has been suggested for the company is appropriate for the target market since the market ranges from individuals to companies and organizations both large and small. Marketing is a fundamental component to the success of any business. The objective of this assignment is to develop Elegant Event Company’s pricing and distribution strategies and inter-linked marketing communication plan. As discussed in previous assignments, Elegant Events is an organization that seeks to utilize a marketing strategy that will be strategic and appropriate to its target market. Considering that customers are constantly on the internet, the company’s marketing strategy will include online and other critical marketing strategies like celebrity endorsements. Describe the feedback you received on Part B of your marketing plan Explain how you will use the feedback to improve your
  • 17. plan The feedback received on Part B of the marketing plan was relatively positive; however, the marketing strategy that was provided was not comprehensive. To some extent the marketing strategy did not consider essential marketing skills that could help the company effectively reach as well as interact with its core audience. Without a doubt, social media tools have revolutionized marketing. Conferring with Holt, (2003) it is easy to reach and interact with the right audience through direct marketing as a result of this revolution (Facebook Marketing or E-mail marketing). For the branding strategy, the one which was indicated aligned with the company’s aspirations. Branding plays an adamant role in the success of any business. From this point of view, it is critical to have a brand name that reflects or creates an impression of what the company is providing. The slogan and target market were explicit and well received. Overall, the marketing plan was precisely written and well organized. All feedback received will be implemented going forward to ensure the marketing plan is more concise and has the ability to increase the perceived value of the company’s goods and services. Pricing: Elegant Event’s company pricing strategy will reflect the quality of our products and services. According to Saari, (2015) pricing plays an adamant role in the success of businesses. From a psychological standpoint, pricing impacts consumers’ buying decisions. The company understands the power of pricing and as a result, our pricing strategy will help boost sales and increase our customer base. In order to serve the interests of all groups, the company idea is to segment the market based on behavioral, demographic, level of income, age among others. As a result, some clients will pay a premium price for premium commodities and services. Simply put, the
  • 18. pricing strategy will be based on the above listed highlighted factors. Elegant Event’s Company Pricing Strategy Generally speaking, people hate the idea of being sold to. As a business, it is essential to understand various aspects that may trigger or hinder sales. Referring to a study conducted to evaluate consumer behaviors, it indicated that consumers tend to back up their buying decisions from an emotional and rational perspective. From this argumentative point of view, increasing the perceived value of products and services can help the company outsmart its competitors. Elegant Event’s will have an app for bonus features for our premium clients. The app will allow our highly esteemed clients to access additional tools and rewards priced at $17.76 per month. Bearing in mind that our market is segmented based on various factors, some of these premium benefits will be discounts at hotels, prime services, and various luxury items. Our goal at Elegant Event is to be able to offer value by impacting the lifestyle of people who hire us to make their events memorable ones. Distribution Strategy Ryan, (2016) a marketing expert reveal that to be profitable businesses must use the right platform as well as services to their esteemed customers. The company management team must, therefore, determine the right distribution strategy that is efficient and reliable. In this social media era, a business must create online platforms where consumers can search for, book, and purchase their services or products. In this line with this, Elegant Event’s tend to be fundamentally technological in the sense that consumers and clients can use our app to interact with us. Use of the online supported app will enhance their comfort and more importantly boost convenience.
  • 19. Elegant Event Distribution Strategy The company will be web driven. By creating a user-friendly app, consumers can search for and book their events. Similarly, the app will enhance interaction with consumers. The idea is to ensure consumers are served efficiently and diligently. Products will also be delivered at a place of their choosing (homes or airport). For example, if a person orders our services, they can then check in the app other services that compliment an event (favorite foods, their rental cars). The idea is to provide quick and convenient ordering process for events, products, and services. Two media tools that you would use to develop your plan Media Tools The intent of the media tools that Elegant Event will utilize for its’ marketing purposes is to attract middle-class consumers, government officials, and corporate firms. The company will heavily rely on the push and pull advertising approaches. In the push marketing approach, the company will market its brand in major events and through celebrity endorsements. Nowadays businesses today have to endure stiff competition. Social media has played a significant role in the current business world. Through various social media platforms, it has become easy to reach people all over the world. Arguably, social media has both its pros and cons in the business world. Our segment is a bit broad and as a result, we plan to use billboards, direct marketing (Facebook, E-mail marketing) and mass media. Part of our segment includes high-class government and corporate officials who are sensitive to time, quality of product and information. By targeting them in business magazines and trade journals, we will be more likely to increase profit margins. Middle-Class Media Tools
  • 20. The media tools that the company will use to attract middle- class people are trade magazines and business newspapers. In regard to trade magazines the company will advertise in online versions because the information is often convenient and up to date (not to mention more readily accessible). As discussed, it would be illogical to underestimate the influence of the internet. As a result, the best place to hook these online contents is on the front pages of social media sites and also links the content with various social media platforms like Twitter and LinkedIn. This is possibly the best way to utilize social media. Ryan (2016) emphasizes the importance of utilizing media tools that match with the target audience. To some extent, the middle- class is less likely to spend their time on social media. The company should, therefore, use a subtle rather than an intrusive service to target this group. Consumers between 25-30 Years Statistically millions of people visit different social media platforms every month. It is therefore right to say that social media is an ecosystem that every business should utilize. The company should focus the rest of its marketing strategy on social media. Age is a crucial factor in market segmentation. The millennial seems to respond quite uniquely to social media. Elegant Events will invest heavily in direct marketing to target this group. To have a clear picture, Facebook has advertising tools and algorithms that allow marketers to target specific people based on various factors (age, geographical location, interests, and behaviors). From this on the ground perspective, social media marketing will increase the company ROI. Integrated Marketing Communication The company will have to use several marketing strategies to reach our target market. The idea is to use an integrated
  • 21. communication plan to combine different strategies for our campaigns. The company’s marketing campaigns will entail advertising, promotional sales, and publicity. Our company also plans to hire experts with deep knowledge and experience in marketing strategies. They will help our company devise the most effective and most appropriate ways to outsmart our competitors. As mentioned in the media tools discussion, the company will utilize multiple tools and strategies to target its market. For our online audience, the company will utilize ads which will be very classy and informational. The idea is to gain as much traffic to our company website and increase conversion rates. From a business standpoint, advertising in business magazines, business journals, and (online) business newspaper is the most cost-effective methods. This approach has high chances of giving our company the best possible chance to receive credible results. Social Responsibility/cause-related marketing plan most relevant for the company products, services and audience According to Holt, (2003) the idea of social responsibility asserts that businesses should balance their money generating activities with activities that are deemed crucial to society. Social responsibility from a marketing perspective entails focusing on efforts that intend to attract or persuade consumers who are willing to make a positive impact on their purchase. In simple terms, businesses should be beneficial to the community in which they operate by proving standard and beneficial goods and services. Elegant Event intends to always spread awareness on societal issues and protect the environment. Some portions of the company’s yearly revenue will be directed toward charitable groups. For example, on social occasions, the company may decide to launch a campaign that is beneficial to both parties (the company and consumers). The company brand is also explicit and communicates the idea of social responsibility in the sense that it sends the message of social
  • 22. and ethical business enterprise. Conclusion In conclusion, marketing is the foundation of any successful business. It is therefore essential to implement the right marketing strategies that reflect our business beliefs and ideals. In today’s world, companies operate in a highly competitive environment. This explains why businesses must figure out the best strategies to attract and retain consumers. It is also the objective of this company to provide value and impact the lives of the people positively. By implementing this plan, Elegant Event hopes to achieve positive results. Without fear of doubt, it is evident that Elegant Events Company is an organization that has a strong marketing plan. The company has done well in utilizing all available platforms. At the same time, the needs of the customers have been looked into. With the short term and long term goals, the company is in the best position to advance in the near future. Despite the competition, it is evident that California has opportunities for the company and all it needs to do is be strategic. In conclusion, the success of Elegant Events is highly determined by the branding strategy and the marketing strategy. A good branding strategy affects all aspects of a company and is connected directly to the needs and emotions of the consumer and the competitive environment. A brand is more than just the slogan, logo and name. It represents the entire customer base and projects experience with the product, service and the company as a whole. The best marketing strategy is drawn thorough market research and focuses on the market and product mix in order to attain maximum profits and hence sustaining the business. References
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