Marketing Management A Growing Competition Case

Question: Describe about the Marketing Management for A Growing Competition Case. Answer: Section 1 Marketing objectives The Marketing objectives are those organizational goals which can be achieved by the company and also helps to fulfill the entire aspects of the strategy within the company. These marketing objectives help the company to increase their potentiality, and also motivate their employees, distributors, and retailers (Hasan, 2015). By the help of marketing objectives any company can have the ability to improve their company, products and services and also the relationship between the organization and customers, and also between the organization and their stakeholders (Harris et al, 2014). Theses market objectives help the company to increase their profitability and also help the company to develop. The most important marketing objectives of the Magnum Company by applying the SMART approach are as follows To increase the rate of annual income after paying 15% of the taxes on the rate of return on investment within the period of coming 5 years. To increase the profitability level of the company by producing a net profit of around $ 100,000,000 in the period of coming 3 years of their production. To sell various other products such as milk drops, drinks, chocolate truffle, yogurt, double chocolate, etc. along with the magnum ice cream. Marketing strategy Marketing strategy is a plan which is prepared by the marketers to achieve the organizational goals and also the desired improvement of the company. When all of the marketing goals of a company organization are combining together into a comprehensive plan and help the company to improve then it can be said that the strategy becomes successful and lead the company towards development in future (Douglas Craig, 2013) . Developing marketing strategy within an organization is very important for any type of business. Without any marketing strategy or marketing planning, the effort of any firm to attract their customers become efficient. When the researchers or marketers set a strategic plan for the magnum company then it should keep into the mind that the main focus of the strategy is to meet the requirement level of the customers about their products and services. By the help of these marketing strategies, the organization can able to build good relationships with their customers which l ead to the profit in future and develop the enterprise for long-term. For achieving the organizational growth and profitability, the marketers of the magnum company should prepare a flexible strategy by the help of which they can able to change themselves according to the demands and perception of the customers. The Magnum Company tries to manage the strategic plans depending on the long-term, medium-term and short-term plans (Purcarea, 2015). In their long-term marketing strategies the company keeps their entire focus on making the company leaders and hold the topmost position within the ice cream industry, obtaining a good reputation, expand their business through all over the world and also ensure that in long term plan the company can able to achieve sustainability, success, and profitability. In their middle term marketing strategies the company keeps their entire focus on providing best quality services and products to their customers, by the help of which the firm can also le ad to the profitability, and in the short term marketing strategies the company identifies the needs of the customers and supply them the products and services according to their demand and requirement (Permatasari, 2014). By the help of these strategies, the Magnum Company can able to expand their business within their target market. Before preparing an effective and efficient marketing strategies the Magnum Company utilize some strategic tools to analyze the condition and position of the products and services of that company within the market. The marketers use SWOT analysis and Ansoff share matrix to identify their market positioning. By the help of SWOT analysis, the marketers of the Magnum Company can able to analyze the strength, weakness, opportunities and threats of the company. Strength The main strength of the company is the involvement of the monetary involvement and advance technology. Weakness The weakness of the company is that they do not have properly set up for the promotional programs. They also face several problems regarding the geographical factors as they have very poor geographical coverage throughout the globe. Opportunities The company has a great opportunity that the demand for ice cream has always remained high through all over the world and growth in population in Australia also becomes the opportunity for the organization. Threats The involvement of modern technology and growing demand for the ice cream also become a great opportunity for the company (Choi Yu, 2013). The Magnum Company also faces some threats from their competitors and also due to some governmental legislation regarding the high rate of tax, possibilities of economic depression, etc. which affect the growth and business of the company. The marketers also use Ansoff share matrix to evaluate the marketing strategy through Market penetration, Market development, Product development and Diversification. Market Penetration Magnum has the plan to expand their business internationally and domestically. Market development Magnum has a strategic aim to expand their business throughout the world and can able to provide quality products and services to their customers. According to Ansoff, the market development is a process through which any firm can able to attract a segment of the new customer within the market. In Market development, the risk factor is more than the market penetration process of a company. Product development Product development is the process through which a company incorporates new products within the existing market. The Magnum also want to sell various other products such as milk drops, drinks, chocolate truffle, yogurt, double chocolate, etc. Diversification Diversification is processed through which a company can develop their new products within a new market. Due to core competencies from outside of the company the diversification become more risky for the organizational strategy. Magnum also wants to expand their product range in the different new market segment to gain profit for their company. Section 2 Marketing plan Marketing Program A marketing program is a service which provides detail information about the company that how should they provides management accounting services and taxes to their business. By the help of marketing program, the researchers can able to identify the target size of the company, and also the target customers within the existing market segment (Deck et al, 2013). The marketing programs become more effective when the company keeps into focus the data which are collected from the satisfied clients and customers. The plan of marketing program should provide the personnel credential data and can able to assure their clients and stakeholders that the company has an expert observations about the local laws, state laws and tax laws (Ahmed, 2014). By the help of marketing program, the company can able to identify the specific actions and the procedures within each and every part of their marketing strategy. Month of Action Task august, 2016 Select a product which a company wants launch within the market. Magnum wants to launch fresh yogurt, double chocolate, magnum almond mint, drinks, chocolate truffle, etc. within the new market segment. September 2016 Make a decision about launching a new product within the market. The marketers of Magnum make a strategic plan to implement the new products within the market. October 2016 Identify the target customer and the market segment. At first, Magnum identifies the target customers within the within the existing market segment of Australia November 2016 Finalize the planning of launching a new product. After that, they fix their plan and finalize everything for launching a new product within the market. December 2016 Finalize the suppliers who supply the raw materials for the production of those products. January 2017 Fixed a reasonable price for their products. After planning the entire process the marketers fix a reasonable price through which the company is also able to gain profit. February 2017 The marketers of Magnum make a proper design to run the process of production and which also leads a great profitability to the company. March 2017 Finalize with the distributors. Before promoting the products the company should finalize with the distributors who are the main medium through which Magnum sell their products to the desired customers. April 2017 Distribute the products to their distributors May 2017 After that, the company needs to promote their products by the help of some promoting programs. July 2017 June 2017 The distributors distribute those products in the local markets. References Ahmed, M.I., 2014. 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