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RUNNING HEAD: ARCHER & HOLLAND
Marketing management plan
Author name
Affiliations
Executive summary
This marketing plan has a focus over the new product of Archer &Holland. The plan is to use the technology to make all jewellery and give it more fine look and improve its quality. With rings, bracelets and jewellery are also aimed to enhance their quality. The report has a primary purpose to guide Archer & Holland in achieving its goals and objectives. It consists of situation analysis, SWOT analysis, marketing goals and objectives and decisions about seven pcs. Moreover, there is also a financial analysis, implementation plan and evaluation and controls discussed in this marketing plan.
Table of Contents
TOC \o "1-3" \h \z \u Executive summary PAGEREF _Toc9629863 \h 1
Introduction PAGEREF _Toc9629864 \h 1
Authorisation PAGEREF _Toc9629865 \h 2
Organization and industry PAGEREF _Toc9629866 \h 2
Organisational Mission and Values PAGEREF _Toc9629867 \h 2
Situation Analysis PAGEREF _Toc9629868 \h 3
The Consumer environment PAGEREF _Toc9629869 \h 3
SWOT Analysis PAGEREF _Toc9629870 \h 8
Strengths PAGEREF _Toc9629871 \h 8
Weaknesses PAGEREF _Toc9629872 \h 9
Opportunities PAGEREF _Toc9629873 \h 10
Marketing Goals and Objectives PAGEREF _Toc9629874 \h 11
Target Market PAGEREF _Toc9629875 \h 12
Market segmentation PAGEREF _Toc9629876 \h 12
Market targeting PAGEREF _Toc9629877 \h 14
Concentrated strategy: PAGEREF _Toc9629878 \h 14
Differentiated strategy: PAGEREF _Toc9629879 \h 14
Product specialization: PAGEREF _Toc9629880 \h 14
Market specialization: PAGEREF _Toc9629881 \h 14
Full market coverage: PAGEREF _Toc9629882 \h 15
Market positioning PAGEREF _Toc9629883 \h 15
Product Strategy PAGEREF _Toc9629884 \h 15
Pricing Strategy PAGEREF _Toc9629885 \h 16
Distribution Strategy PAGEREF _Toc9629886 \h 18
Promotional Strategy PAGEREF _Toc9629887 \h 18
People, Process, and Physical Evidence PAGEREF _Toc9629888 \h 19
Financial Analysis PAGEREF _Toc9629889 \h 20
Marketing Implementation PAGEREF _Toc9629890 \h 20
Evaluation and Control PAGEREF _Toc9629891 \h 21
Marketing Audits PAGEREF _Toc9629892 \h 21
Introduction
Archer & Holland jewellery shop is located in South Australia and is specialised in handcrafted pieces using the finest quality diamond, gold and platinum.The company has a partnership with Bill Whiting for jewellery designs as it outsource its manufacturing operations. Archer & Holland jewellers can also repair and make good designs from old jewellery ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"A9Cz0u0g","properties":{"formattedCitation":"(\\uc0\\u8220{}Archer & Holland,\\uc0\\u8221{} 2019)","plainCitation":"(“Archer & Holland,” 2019)","noteIndex":0},"citationItems":[{"id":"cyNHK2u8/3AV5lRSv","uris":["http://zotero.org/users/local/KZl8ZL3A/items/A9YRYH3P"],"uri":["http://zotero.org/users/local/KZl8ZL3A/items/A9YRYH3P"],"itemData":{"id":2172,"type":"webpage","title":"Archer & Holland","URL":"https://archer-holland.com.au/","issued":{"date-parts":[["2019"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Archer & Holland,” 2019). It designs different kinds of jewellery such as bracelets, earrings, dress rings, pearls and necklaces that personify the personality of the wearer.The main target population is couples and the product is engagement and marriage rings. The dedicated designers work with clients and pay special attention to their requirements that result in the development of perfect jewellery for them. Moreover, it also provides services related to insurance and valuation as well as expert services.
Authorisation
This report has been authorised and commissioned by______________.
Limitations
The report has been prepared in limited time. There was also specific length requirement and limited access to information related to the organisation.
Purpose and scope
The report has a primary purpose to guide Archer & Holland in achieving its goals and objectives. It consists of situation analysis, SWOT analysis, marketing goals and objectives and decisions about seven pcs. Moreover, there is also a financial analysis, implementation plan and evaluation and controls discussed in this marketing plan.
Background
Organization and industry
Archer & Holland has handcrafted jewellery in gold, platinum and diamond. It is famous for its unique and beautiful jewellery pieces. Engagement rings are special focus of the organisation. It is linked with jewellery retailing that is a promising industry in Australia. Industry growth is the result of increased consumer confidence and is further growing due to technological revolution.
Organisational Mission and Values
Delight each and every customer and give clients perfect kind of products and services that satisfies theirrequirements.
Situation Analysis
It is the analysis of the internal and external environment of a business. The analysis will result in identifying business's capabilities, customers and business environment.
The Consumer environment
Consumer environment has different factors such as consumer’s wants and requirements, market size, advertising, distribution channels and their income level. Consumers undergo the consumer buying process to purchase a product. Some consumers will have high involvement in this process while other will have low depending upon their needs and other factors.
The Consumer Buying Process
Consumers do not buy instantly but they pass through a buying decision process that starts long before the purchase and also continue after the purchase. Different factors have an impact on this process such as motivation, learning, perception, remembrance as well as behaviour. Companies are required to know about this process in order to gain an insight into consumers. The process consists of following stages.
Need Recognition
This is the first stage of the buying decision process.Need can be due to internal or external stimuli. Internal stimuli are the result of trigger by the most basic needs. On the other hands, external stimuli can be the advertisement or discussion with friend. Archer & Holland jewellery customers may have needs in thesescenarios. Consumers may have weddings, engagements or any other function. They may also want to invest by investing in jewellery.Information Search
After need recognition consumers will search for information, which has a key role in future buying decision. The information must have to be accurate as it will affect the quality of purchase. Moreover, consumers try to have more and more information when the product has high value. Then they check multiple sources as compared to those buyers who make purchases on regular basis. For this consumers have both internal and external search. Archer & Holland jewellery customers mostly depend on externalsearch. Now a day, internet is the source of information for people who are interested in online shopping. Moreover, friends, relatives and peers can also be the great source of information.Evaluation of alternatives
After collecting information and getting different alternatives, consumers then evaluate different options. For example, consumer evaluates different brand choices and alternatives.Different factors affect this evaluation; consumer’s experience, urgency and the cost. Furthermore, consumers also evaluate their beliefs and attitudes about different alternatives.
Purchase Decision
At this stage decision is taken about the purchase. This is the decision about what to buy and whom to buy. External forces play a major role at this stage such as family and friends. Archer & Holland jewellery customers spend more time at this stage as they are not expert who can determine the authenticity of the product. They rely on the honesty and reputation of the brand.Post – Purchase Behaviour
After the purchase of the product and its use, consumers then then weigh their experience based on initialhopes. If the product does not fulfil the expectations, the result is the disappointment of consumers. On the other hand, if the product fulfils the expectations, consumers are delighted.
The External Environment
It is the external busyness environment of the organisation thatlimits the capabilities of the organisation. Organisations are required to assess this environment and identity potential threats and opportunities to enhance their capacities. There are six major forces operating in this environment; political, economic, competition, and socio-cultural, technological and legal andregulatory forces.
Political forces
Businesses are required to have the stable political conditions for the successful operations. Unstable political conditions cause harm to business. Australia has stable political conditions that give Archer & Holland a stable business environment. Country has stable gold prices as well as taxation policies on precious metals like gold ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"t6PWJz98","properties":{"formattedCitation":"(De Marchi et al., 2014)","plainCitation":"(De Marchi et al., 2014)","noteIndex":0},"citationItems":[{"id":206,"uris":["http://zotero.org/users/local/wY2D8D5E/items/GS65INEM"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/GS65INEM"],"itemData":{"id":206,"type":"article-journal","title":"Globalization, recession and the internationalization of industrial districts: experiences from the Italian gold jewellery industry","container-title":"European Planning Studies","page":"866-884","volume":"22","issue":"4","author":[{"family":"De Marchi","given":"Valentina"},{"family":"Lee","given":"Joonkoo"},{"family":"Gereffi","given":"Gary"}],"issued":{"date-parts":[["2014"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (De Marchi et al., 2014). However, if there occur nay change in taxation policies, it will adversely affect the jewellery market by increasing prices.
Economic forces
Economic environment can be divided into microeconomic environment and macroeconomic environment. Microeconomic environment has an effect over business decisions. On the other hand, macroeconomic environment affects the overall economy and offers different constraints to the business over which firm have no control. However, marketers can keep check over the microeconomic forces and react appropriately accordingly. For this purpose, marketing managers keep track of relevant economic indicators and devise the strategies according to them. Archer & Holland have jewellery as main product that requires high disposable income by consumers. Thus, for the company the economic factor that has great impact is per capita income ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"eBZXzhlY","properties":{"formattedCitation":"(Y\\uc0\\u252{}ksel, 2012)","plainCitation":"(Yüksel, 2012)","noteIndex":0},"citationItems":[{"id":207,"uris":["http://zotero.org/users/local/wY2D8D5E/items/MWNUXHRH"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/MWNUXHRH"],"itemData":{"id":207,"type":"article-journal","title":"Developing a multi-criteria decision making model for PESTEL analysis","container-title":"International Journal of Business and Management","page":"52","volume":"7","issue":"24","author":[{"family":"Yüksel","given":"Ihsan"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Yüksel, 2012). Australia has steadily increasing per capita income that is enabling middle class people to also purchase costly jewellery ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"sXl8i0B0","properties":{"formattedCitation":"(Jackson, 2015)","plainCitation":"(Jackson, 2015)","noteIndex":0},"citationItems":[{"id":208,"uris":["http://zotero.org/users/local/wY2D8D5E/items/MEYIPY33"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/MEYIPY33"],"itemData":{"id":208,"type":"article-journal","title":"Local Economy special edition on Australia and New Zealand: Commentary","container-title":"Local Economy","page":"5-11","volume":"30","issue":"1","author":[{"family":"Jackson","given":"Tony"}],"issued":{"date-parts":[["2015"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Jackson, 2015).
Competition
Jewellery industry is one of the highly competitive industries as numerous companies provide similar products and services to their customers. Competitors in this industry differ in terms of their fashionable designs and low inventory records. Archer & Holland jewellery also has different competitors such as Everett Brooks jewelers and G.W. The sever competition among these companies is requiring the creation of creative and unique designs by Archer & Holland jewellery.
Socio-cultural forces
Marketing strategy of a company cannot be successful until businesses take into account different socio cultural forces. Some socio cultural factors are lifestyles of customers, language, technology, aesthetics, education, law and politics, religion, customs and values, family and status of person in that society. All these factors have a link with consumers buying habits. In today society, millennial and Gen Y are more obvious and their expectations, style and fashion elements also differ. Archer & Holland also recognise the change in its customers taste and update its products accordingly.
Technological forces
In today business environment the use of technology in companies operations is inevitable. It is an important tool that can improve business operations and achieve the synergy. Companies who have better technological capacities can compete better. These can also bring economies of scale for the company and increase the efficiency of the businesses. Archer & Holland is also required to make use of latest technology to increase its capacities and compete in better ways ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"PQIbAvr7","properties":{"formattedCitation":"(Brun and Moretto, 2012)","plainCitation":"(Brun and Moretto, 2012)","noteIndex":0},"citationItems":[{"id":209,"uris":["http://zotero.org/users/local/wY2D8D5E/items/XXFKZUA6"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/XXFKZUA6"],"itemData":{"id":209,"type":"article-journal","title":"Contract design and supply chain management in the luxury jewellery industry","container-title":"International Journal of Retail & Distribution Management","page":"607-628","volume":"40","issue":"8","author":[{"family":"Brun","given":"Alessandro"},{"family":"Moretto","given":"Antonella"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Brun and Moretto, 2012). With machines company can get the higher finesse and cutting quality in its products. Moreover, technologies must also be used in order and inventory management to enhance the efficiency.
Legal and regulatory forces
Legal and regulatory framework of the country controls its trade. There are different legal regulations such as consumer laws, trading hours as well as JAA code of conduct for all jewellers in Australia. Businesses must abide these regulations to escape from any loss or penalties. Archer & Holland jewellery is also required to follow the Australian consumer law (ACL), companies can ensure the quality of their products as the law requires the selling of only those products that have standard quality ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"HH3CCHzG","properties":{"formattedCitation":"(\\uc0\\u8220{}legalvision,\\uc0\\u8221{} 2016)","plainCitation":"(“legalvision,” 2016)","noteIndex":0},"citationItems":[{"id":210,"uris":["http://zotero.org/users/local/wY2D8D5E/items/YUMWZ23D"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/YUMWZ23D"],"itemData":{"id":210,"type":"webpage","title":"legalvision","URL":"https://legalvision.com.au/legal-considerations-for-watch-and-jewellery-retailers/","issued":{"date-parts":[["2016"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“legalvision,” 2016).
SWOT Analysis
It is a strategic management tool that will inform Archer & Holland about its strengths, weaknesses, opportunities and threats (SWOT) to help the business in developing strategies for the success. It can thus assist in the development of different organisational strategies such as competitive strategy. Organisations operate in environments of which one is inside the organisation and other is outside the company in which it operates. By analysing the internal environment, company can know about its strengths and weakness while the analysis of the external environment provides the details about the threats and opportunities of the company. Company has a control over its strengths and weaknesses and can change them. It can also take advantage of different opportunities and use such strategies that can protect the company against threats.
Strengths
Strengths refer to organizations capabilities that distinguish them from their competitors. These are used to achieve the competitive advantage for the company as with these companies can take advantage of opportunities in the external environment ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"0wgEjTHS","properties":{"formattedCitation":"(McDONALD, 2016)","plainCitation":"(McDONALD, 2016)","noteIndex":0},"citationItems":[{"id":211,"uris":["http://zotero.org/users/local/wY2D8D5E/items/5WIV5F99"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/5WIV5F99"],"itemData":{"id":211,"type":"chapter","title":"Strategic marketing planning: theory and practice","container-title":"The marketing book","publisher":"Routledge","page":"108-142","author":[{"family":"McDONALD","given":"MALCOLM"}],"issued":{"date-parts":[["2016"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (McDONALD, 2016). Moreover, these are the positive attributes of the company that allow it to perform better.
Archer & Holland have unique designs.
Accessibilityof skilled designers.
All products are handcrafted pieces that are made using the finest quality diamond, gold and platinum.
Archer & Holland can not only make new designs but also specialise in repairing the old.
Different products of the company are; bracelets, earrings, dress rings, pearls and necklaces.
Engagement and wedding rings are main product and they also offer customized products.
Manufacturing operations are outsourced to achieve the operational efficiency.
Archer & Holland also has strong relationships with suppliers.
Relationships are also healthy with customers and business has an established brand worth.
Company has an efficient distribution network.
Weaknesses
These refer to the negative factors in an organisation that detract it and stop it from performing at its best possible level. These are also areas that require improvements so a business can remain competitive in the market.
Restricted target market and image of brand only for rich people.
The need to persistently create new designs.
Saturation of market.
Lack of trust my all potential buyers.
Do not provide sufficient information to the consumers about the products.
Price of some products does not reflect the quality of the product.
Opportunities
These external factors are the reasons of company existence and development. These are source of competitive advantage for the company as these contribute in the success of the company. Organizations are required to be vigilant and readily recognise different opportunities in their external environment. For this purpose, they require effective planning during their course of operations.
To remain competitive, Archer & Holland can increase its target market.
It can also increase the investment.
Archer & Holland can go for different partnerships and alliances and start international operations.
It can also increase the product line with more jewellery options.
The selling and profits can also be increased by selling online.
Technology revolution has hit the industry and is providing different benefits that can be availed by Archer & Holland.
Threats
These are factors in the external environment that that can cause harm to the organisation. Organisations must have such strategies that can identify these factors timely.
Limited availability of raw materials.
Imitated products in the market.
Economic downturn.
Change in taxation rules.
Competition from other countries.
Change in customerspreferences.
Developing Competitive Advantages
Archer &Holland must match its strengths with the opportunities to have a long terms success in the business. It must also devise strategies to overcome its weaknesses. Moreover, threats must also be considered by the company to avoid any loss. For example, company should have the proper knowledge of rules and regulations of the industry.
Marketing Goals and Objectives
The results of the situational and SWOT analysis have assisted in establishing these goals, objectives, and tactics.
Marketing Goal 1: Increase the target market by going for partnerships and alliances in the international contexts within a period of 1 year.
Objective: Target the international market.
Tactics:
Establish of databases relative to international customers.
Explore untapped international markets.
Try to have partnerships with the local companies in new markets.
Establish the brand worth in new markets.
Use of aggressive strategies in the target markets.
Marketing Goal 2: Establish the brand worth in the local market in a period of 6 months.
Objective: Target the local customers and increase the quality of products and services.
Tactics:
Establish the brand mission statement
Use of technology in products manufacturing to enhance the quality
Use of different incentives for the customers.
Target Market
Businesses cannot satisfy all their customers individually. They need to develop different groups of customers in which customers have identical preferences so they can satisfy them in better way. For this purpose they use the strategy of target marketing. This strategy focus on their customers needs and wants and allow the development of customer-centric strategy. They thus develop their marketing mix elements; products, prices, place, and promotional strategies according to the needs of different segments.
The target marketing has three stages; market segmentation, market targeting and market positioning.
Market segmentation
It is the division of the entire market into small segments that have customers that think on the same lines. This assists in identifying niches in the markets having specific needs and then targets them using the same marketing strategy. These niches have similar requirements, needs as well as interests and they also respond in a similar way to different market fluctuations.
Different factors can be used to segment the markets.
Segmentation variable
Some examples of measured variables
Application to target market
Demographic
Income, gender, ethnicity, and family size ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Dv6BAK0F","properties":{"formattedCitation":"(Cross et al., 2015)","plainCitation":"(Cross et al., 2015)","noteIndex":0},"citationItems":[{"id":212,"uris":["http://zotero.org/users/local/wY2D8D5E/items/VUDKH632"],"uri":["http://zotero.org/users/local/wY2D8D5E/items/VUDKH632"],"itemData":{"id":212,"type":"paper-conference","title":"How marketing managers use market segmentation: An exploratory study","container-title":"Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference","publisher":"Springer","page":"531-536","author":[{"family":"Cross","given":"James C."},{"family":"Belich","given":"Thomas J."},{"family":"Rudelius","given":"William"}],"issued":{"date-parts":[["2015"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Cross et al., 2015)
20-60 years age groups.
Higher Income levels.
People of all races.
Men and women
Geography
Product distribution areas
South Australia
Psychographic
Attitudes, perceptual styles and reference groups
Peer groups references
High price conscious
Behavioural segmentation
User status, buyer-readiness stage and loyalty status
Occasion, loyalty
High value product conscious
Heavy brand users
Market targeting
After the creation of different segments in the market the next step is to devise different promotional strategies for these segments. With the use of different marketing plans, marketers target the customers according to the taste of particular segment. Different strategies in this regard can be:
Concentrated strategy:
This strategy consists of one marketing mix and is known as single strategy. This is mostly used by companies having limited resources.
Differentiated strategy:
This strategy consists of different marketing mixes and is known as multiple-segment strategy. For example, company can offer the same product to the segment but with different promotional messages.
Product specialization:
This strategy is used by companies that have specialities in their production. The product is offered to different market segments according to their requirements.
Market specialization:
This strategy offers different products to the market segment and is specialise in serving specific market segment.
Full market coverage:
This strategy is used by companies if they want to serve all the market with same strategy. Thus, a single undifferentiated marketing mix is offered to the whole market.
Market positioning
This is the last stage at which efforts are made to create the positive image of the company in the psyche of consumers. It fully changes the minds of consumers and tries to get innovative positions. The primary aim of this is to create superiority over competitors in highly competitive conditions. The strategy is also effective in markets that have limited mobility such as jewellery. In addition, before devising this strategy it is necessary to get know about competitors comprehensibly. This assist in determine the right position for the company in consumers mind. Those benefits are offered that are not offered by competitors in order to excel over them. This strategy emphasises the advantages of buying the specific product in comparison to competitors.
Product Strategy
Product strategy also known as roadmap of a product is about imagining the future of the product. This strategy gives the direction of company's activities with respect to product. It is a decision about the basic essentials of a product. Archer &Holland product strategy is about different products and services that it offers such as custom jewellery design, jewellery repair and remodelling and jewellery insurance and valuation. Thus, the product strategy describes about the type of jewellery and services.
Product strategy determines different attributes such as its core, actual and augmented product. Moreover, it decides about the product line and product brand as well as its lifecycle.
Product and services
Existing product
New product
Core, actual and augmented product
Refined product with the use of technology
Product line of mix
Product brand
Such as brand image, brand equity, brand strategy.
Product life cycle
Introduction, grown, mature and decline stage.
Pricing Strategy
The best pricing strategy is that can cover expenses as well as has the ability to make profit. For example, Archer &Holland has to offer a price discount then it is needed to determine its mark up on products. Archer &Holland has a pricing strategy to offer discounts on special occasions. Different product strategies can be used for new product such as cost based, value based, and competition based premium pricing and good value. Different factors that affect the pricing decisions are also considered such as economy, psychological, segmentation, allowance and discount. There is also development of price adjustment and price mix strategies.
Existing product
New product
Pricing strategies
Cost based, value based, competition based, premium pricing and good value
What will be new product pricing strategy
New product pricing strategies
Cost based, value based, competition based, premium pricing and good value
Skimming and penetration
Factors affecting pricing
Economy, psychological, segmentation, allowance and discount.
Economy, psychological, segmentation, allowance and discount.
Price adjustment
Dynamic, psychological, segmentation, allowance and discount.
Price mix strategies
Product line prices, captive product prices, bundle prices, optional pricing
Distribution Strategy
Distribution strategy is about decisions related to channels a firm can use. Distribution channels fulfil the needs of both consumers and producers and enhance the efficiency. Companies can also use more than one channel for the distribution of its products and services. Distribution strategy includes decision about channels of distribution, distribution intensity and channel control. For the existing product the distribution intensity can be selective, intensive and exclusive and for the new it will be and exclusive. Moreover, the channel control for the existing will be horizontal or vertical distribution while for the new will be vertical distribution.
Existing product
New product
Channels of distribution
Distribution intensity
Selective , intensive and exclusive
Intensive and exclusive
Channel control
Horizontal or vertical distribution
Vertical distribution
Promotional Strategy
The aim of promotional strategy is to inform, persuade or influence the customer purchase decision. Thus, it provides information to t he customers, increases the demand, differentiate the product and emphasise over the value of product. Integrated marketing communication is a strategy used by Archer &Holland that decides about communication tools, media, messages, executional style and budget.
Communication tools (Promotional tools)
Advertisement, sales promotions, personal selling, publicity and direct marketing
Media
TV, radio, newspaper, magazines, billboards and YouTube.
Message
Emotional, rational, both
Executional style
Slice of life, unique selling, proposition, scientific evidence, humour.
Budget
Competitive parity, percentage and sale, objective and task
People, Process, and Physical Evidence
Marketing strategy is executed through these elements; people, processes and physical evidence.
Services marketing mix elements
Description
Application
People
Company success is greatly dependant on having the right people in the company.
Quality of staff matters a lot.
People must have information about product and its attributes.
Process
This is the path from the operational activities to the delivery of the product or service.
Proper training is required to know about this process in detail and inform customers accordingly.
Physical evidence
This refers to tangible evidence about company, its products and people.
• Physical evidence will have the brand logo.
Financial Analysis
Archer &Holland has a projected budget for this marketing plan as $12,000.00. It is 30% of the expected marketing budget.
Marketing Implementation
It is the process of executing marketing strategy to achieve the desired marketing objectives. Archer &Holland will implement its marketing strategy to achieve its marketing goals.
Evaluation and Control
Evaluation of the marketing plan is essential to know about the success of the plan. The strategy will be evaluated after every two weeks to know about the progress.
Formal and Informal Controls
Formal and Informal both controls will be used to check the performance.
Marketing Audits
Third party assistance will be used for marketing control.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Archer & Holland [WWW Document], 2019. URL https://archer-holland.com.au/
Brun, A., Moretto, A., 2012. Contract design and supply chain management in the luxury jewellery industry. International Journal of Retail & Distribution Management 40, 607–628.
Cross, J.C., Belich, T.J., Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study, in: Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference. Springer, pp. 531–536.
De Marchi, V., Lee, J., Gereffi, G., 2014. Globalization, recession and the internationalization of industrial districts: experiences from the Italian gold jewellery industry. European Planning Studies 22, 866–884.
Jackson, T., 2015. Local Economy special edition on Australia and New Zealand: Commentary. Local Economy 30, 5–11.
legalvision [WWW Document], 2016. URL https://legalvision.com.au/legal-considerations-for-watch-and-jewellery-retailers/
McDONALD, M., 2016. Strategic marketing planning: theory and practice, in: The Marketing Book. Routledge, pp. 108–142.
Yüksel, I., 2012. Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management 7, 52.
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