7BSP1271 Marketing Plan Assignment Sample
7BSP1271 Marketing Plan Assignment Sample
Introduction
Bioko Treats is a company based in Accra, Ghana, home of some of the best cocoa in the world. The company makes handcrafted dark and milk chocolate manufactured in-house using traceable beans from the eastern region of Ghana. Apart from this company makes varieties like cookies, chocolate bars, and other products.
As the demand for customers is growing, the company wants to expand its business by taking it overseas. The present report is based on the marketing plan for Bioko Treats. The selected country is India because it is the fastest growing economy in the world and people living there are demanding high-quality chocolates that will help in growing the business of Bioko treats.
Marketing Plan
Setting Goals and objectives:
The main goal of the company is to develop business and expand internationally. The objective related to this goal could be to gain customer loyalty and attract them towards this food product at the end of this year.
Situational analysis
PEST analysis
| Political factors
This factor can highly impact the business operations of Bioko Treats. A slight change in tax policies, employment laws, trade, and tariffs can impact the progress level of the company (Desai and Vidyapeeth, 2019). The political condition of India is stable thus the company will get a good environment. |
Economic factors
As India has a stable market condition which can positively impact business operations. However, an increasing cost of raw materials and labour charges can be a threat to the company’s development. The company needs to keep an eye on changing economic factors like inflation rate, exchange rate and others. |
| Social factors
Indian People are changing their demands and preferences rapidly as they are becoming more health conscious. These social conditions and buying behaviour of people can affect the sales of the business. |
Technological factors
As technology and innovation is increasing in the food industry, it can make the journey of chocolate-making easier and faster. With the help of online shopping options through mobile phones customers can access the delivery service to get their product home. |
SWOT analysis
| Strengths | Weaknesses |
| · High demand for quality chocolate bars
· Growing demand for handcrafted dark and milk chocolate
· Outstanding customer service · Localize taste and modern environment · Highly enthusiastic team |
Heavy competitors and the market is getting saturated
Major dependence on a single product line (chocolates) Limited international expansion
|
| Opportunities | Threats |
| · Global expansion
· Adopting new technologies and innovation · Growing of environmental concerns of people |
· Heavy competition in the Indian market
· Rapid changes in customer’s preferences and taste · Supply chain complexities |
(Source: swot analysis, 2023)
Target market
The company is going to target the Indian population on the basis of demographics, behavior patterns, geographic, and psychographics. Bioko treats has most of its customers belonging to the middle and upper economic segments. The company is targeting the young generation and people who seek quality chocolates. The customers fall in the 18-45 age group, including both males and females.
Positioning
The company is going to create a unique market positioning so that it would effectively distinguish its food products from the competing brands (Huang and Rust, 2021). The firm is using a customer-based positioning strategy to attract customers and meet customer needs. It promotes a good reputation to its target population through handcrafted dark and milk chocolate.
Varieties of options are available for customers such as cookies and bespoke boxes which makes the company unique from others. In addition, the firm also goes out of its way to promote social responsibility as it focuses more on the community. This is how Bioko treats positioned its brand name by adapting such an amazing handcrafted concept using Ghana’s famed forastero cocoa infused with mostly local ingredients.
Marketing objectives using SMART analysis
| Specific | Measurable | Achievable | Realistic | Time-bound | Type of goal |
| Increase the sales and profits in the next 2 years | Increase customer relationships through regular conversation | Promote business through social networks, email marketing, and social media marketing | Improve response time to customer complaints for gaining customer loyalty | Increase the profit margin by the end of this year | Medium to long-term goals |
Marketing strategies- marketing mix analysis
| Product | The company is going to offer chocolate bars, dark chocolate, and milk chocolate with high-quality ingredients in it. |
| Price | The company will use a market penetration pricing strategy to attract customers (Chaffey and Smith, 2022). Using this strategy will help in gaining market share quickly. |
| Place | Customers can buy products from malls, convenience stores, and online using the social media website of the company. |
| Promotion | For promoting its food product in Indian markets, the company is going to use social media marketing via Instagram, Facebook, and YouTube ads (Jin et. al. 2019). |
| Distribution strategies | The major focus of the company will be its promotion and distribution strategies. The firm is going to use effective supply chain management to bring its food products to customers. |
| People | Talented staff with skills and knowledge related to the industry will be hired by the company. The firm is going to train the employees so that they can serve customers in a better way. |
To attract customers, the company is going to use co-branding partnerships with Amazon as its strategic marketing and advertisement plan (Huang and Rust, 2021). This strategy will be helpful for the company to achieve success in the Indian markets. As Indian people are purchasing products or services via the Amazon website through their mobile phones or laptops, they can easily find out the food products and chocolate offered by Bioko treats.
Implementation plan
It is a plan which is designed and developed by the company to facilitate the execution of a strategic plan for Bioko Treats. This plan is divided into different steps such as team roles and responsibilities, budget planning, and resources that will be required to complete the project.
Teams:
| Department | Roles and responsibilities |
| Sales and marketing team | This team will track market trends and monitor competition against the company. Promote brand name by using social media marketing. |
| Human resources | Recruit and hire the right people for the company and train them to achieve goals and objectives of business. |
| Accounts and finance | To manage tax payments, income expenses, and revenues analyses (Huang and Rust, 2021). |
| Project teams | This team will monitor project in detail and carry out the overall project plan using their skills like project management skills. |
| Administrative teams | Managing and storing important details in paper and digital form |
| operational team | This team will be responsible for managing their daily operational task and ensuring that business is running smoothly. |
Budget:
| Expenses | Amount $ |
| Sales and marketing | 1200 |
| Paid Advertisement | 1000 |
| Email marketing | 1500 |
| Content marketing | 1000 |
| SEO | 1500 |
| Online website and blogs | 1200 |
| Traditional methods:
TV ads, radio, billboards |
1200 |
| Social media marketing | 3000 |
| Total | 11,600 |
Evaluation and Control
It is very important for businesses to use monitoring and controlling method to measure their success rate in the market. the company is going to use key performance indicators metrics to track processes within the business (Pyper et. al. 2020). This will be based on the activities done in the firm, behaviour of employees, and productivity level. For measuring financial status, the company will be using financial metrics which will help in measuring profit margins as well as revenue generated. In order to measure the customer experience, the company is going to use customer-focused KPIs basis of customer satisfaction level and retention rate of customers.
This will help the company in understanding the service that can attract customers. In addition, benchmarking will be used to determine the overall success of the business and its performance level. Therefore, by using evaluation and control of the marketing plan, the company can easily determine the effectiveness of the marketing strategy. On the basis of this, they can make changes as needed to enhance performance and productivity levels.
References
Huang, M.H. and Rust, R.T., (2021). A strategic framework for artificial intelligence in marketing. Journal of the Academy of Marketing Science, 49, pp.30-50.
Jin, S.V., Muqaddam, A. and Ryu, E., (2019). Instafamous and social media influencer marketing. Marketing Intelligence & Planning, 37(5), pp.567-579.
Pyper, K., Doherty, A.M., Gounaris, S. and Wilson, A., (2020). Investigating international strategic brand management and export performance outcomes in the B2B context. International Marketing Review, 37(1), pp.98-129.
PEST analysis means to identify political, economic, social & technological factors, 2023 [online]: available through < https://venturefounders.com/pest-analysis/>
India: Inflation rate from 1987 to 2028 [online]: available through https://www.statista.com/statistics/271322/inflation-rate-in-india/
swot analysis, 2023 [online]: available through < https://www.techtarget.com/searchcio/definition/SWOT-analysis-strengths-weaknesses-opportunities-and-threats-analysis>
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