Assignment for Respect Writer
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part_c.docxRunning head: Assignment 3: Part C: Marketing Plan
Assignment 3: Part C: Marketing Plan
Assignment 3: Part C: Marketing Plan
Name
Institutional Affiliation
BRANDING, PRICING, AND DISTRIBUTION STRATEGY
Branding
The brand strategy for Touch-Com LTD would comprise a slogan, logo, and brand extension as well as the name of the company, “Touch-Com ltd” which will be exposed to every target and potential client in the United States of America. That will enable the firm to reach a higher target audience, and in return it will attract more clients from the corporate world.
Touch-Com’s logo will have blue, white and orange colors with the blue color representing the integrity of the firm, white representing the transparency and orange representing the company’s commitment to serve its clients with outmost truth. The logo is designed in a manner that the three colors on it equally share the space of the logo, meaning that we are committed to living by our logo. While servicing clients, the principles underlying the logo will be followed to the letter in service with the clients in that the logo will be placed adjacent to the company name.
The firm operates with the “all for the best” slogan that is placed below the name and logo of the firm and will mainly be used in commercials. The slogan means that no single firm both big and small will be left out in the great wave of Touch-Com ltd and as such, no one will join thus there will be increased client base and inflows to the firm. The firm shall venture into internet security as a brand extension of the firm’s brand. The name of the extension will be Inveay Touch. The Inveay Touch system will be used in internet security that is it will protect online users from cyber-attacks and malware. The security system will be useful to corporate firm as they will be guaranteed their safety as they transact and transfer information from one server to the next.
Distribution
Given the fact that distribution in the service industry is a none-issue, all reports will be couriered, e-mailed, mailed directly to customer depending on the terms set out in the contract (Lamb, Hair, &McDaniel, 2009).
Major Competitors
Touch-Come aims at becoming a part of those consulting firms providing Communication, knowledge management and IT under one roof. The company has a Competitive advantage in this area due to the excellent experience of its staff. However, as a new business, it may take time to establish a strong client base and develop a reputation as a small business. That means that the competitors are intra
Develop the differentiation strategy in relation to the closest competitor
Leader or Follower
A look at Touch-Com’s overarching objective of communications in creating, strengthening, or preserving support for the service among key target audiences manifesting itself in positive behavioral outcomes to further the goals and objectives of the company namely
a) To offer communication and information management support for business integration through consultancy, training, information systems audit and development.
b) To aid firms/organizations in the development of sound communication, knowledge/information management and IT policies, strategies and related processes and
c) To offer quality service and development of knowledge/information/education products is an indicator that the company is a leader in the service industry.
Macro-Environmental Issues
Political: In its expansion plans, Touch will have to follow rules and regulation in the host countries in avoiding antagonizing issues like political instability especially in developing worlds, legal and regulation constrains, economic downtown, tax system, currency regulation, and intellectual property rights among others (Kourdi, 2009).
Economic: The economic conditions in host countries that impact Touch-Com’s business operations include high inflation rates higher level of unemployment, higher consumer debt level and currency devaluation in various markets that negatively impact the company’s consumer demand for products and services (Robinson, 1959).
Social: It is critical that Touch-Com operates in international markets in accordance with the local cultures of the host countries such as population growth as they affect the demand for the company’s products and services (Robinson, 1959).
Technological: Touch-Com has to invest heavily in R & D and technological incentives in order to wade off the stiff competition in the market.
Environmental: The changes in the climate and environment in in the service industry markets or towns in which Touch-Com will be operating would pose a threat to the operations of the company due to heavy downpour of rain and unexpected natural disasters thus resulting in delayed transportation or movement of the staff or employees in offering their services to different people.
Legal: Touch-Com stands to face a myriad of legal challenges across world markets as a result of perceived interaction with sensitive sets of information data from clients that would likely turns out to slow growth rate of the company.
Marketing Research
The marketing research tool that Touch-Com used includes marketing mix and Porter-five analysis. They are described in detail below.
a) Marketing mix
Price: In simplifying billing to clients, Touch-Com LTD will work on various pricing structures depending on the service provided. However, the prices will be affordable and realistic. The firm will utilize both online and offline modes of payment. Considering that it is a consultancy firm, it will charge its rates per hour.
Place: In the provision of our services, Touch-Com will provide our services for the convenience of our esteemed clients. We will increase our accessibility to our customers through our daytime phone numbers, email, website, Facebook page and Twitter handle. Touch-Com will have a heavy presence in the internet as not so many people can be able to reach us at the geographical location,
Promotion: Touch-Com plans to recruit sales executives to assist in the development of new markets for the company through exploring unexplored markets and maintain the present clients. There will also be the setting up of the social media platforms including blogs, Facebook, LinkedIn and Twitter pages that respond to our online clients' queries and need of information promptly. The company also plans to participate in the public forums like seminars and workshops. b). Porter-five analysis
Suppliers
Touch-Com will create a customer relations management link between her and the customers within through which it will create awareness of services. That will be attained through placement of posters across the town and its environs as well as advertising in the local dailies and other media channels about our service, products and prices.
Customers
At Touch-Com, we will introduce the switching costs as a move aimed at reducing the ability of customers moving to other competitors.
Substitute products
Due to the danger of substitute products, the business will partner with various corporate entities and institutions in ensuring that the company has a good business rapport and in the process preventing the partners for going for another product
New entrants
Touch-Com has invested more in the information technology to make it more productive through reduction of employee salaries and wages as well service costs. Due to the economies of scale, the company has maintained its the volume through low costs thus satisfies the customer in terms of choice as well as lower profit margin
Competitor rivalry
Touch-Com will form close linkages with suppliers and customers in production of competitive forces against rivals as well as will stick to the low-cost strategy to satisfy the customer.
IMPLEMENTATION STRATEGY
The strategic plan intends to provide a road map for Touch-Com to benefit from the corporate entities patronage given the fact that includes both monetary and non-monetary strategies. That means that through the plan, Touch-Com will advocate for a larger comprehensive role for corporates in the company’s attainment of its aspirations. The plan is also tailored around the corporate social responsibility business operations that in turn envision a number of bottom line benefits including more sales and market share as well as strengthening of the brand positioning. The strategic plan for Touch-Com includes the SWOT analysis that is critical in the realization of the implementation of the action plans and programs.
FIVE YEAR EXPANSION PLAN
In the next five years, Touch-Com aspires to provide creative, innovative, and effective solutions to business consultancy and technical assistance on Information and Knowledge, Communication and Information Technology management services. These are the most critical services the firm is offering and would tailor and continually appraise and meet the need expand our services based on industry trends and changing client needs.
SOCIAL MEDIA
The first social media platform that will be sued by the company is Facebook as it enhances communication as evident with the market figures that place it (Facebook) at the forefront in terms of customers and profits (Westling, 2007). Touch-Com LTD will use Facebook in a number of ways including as an advertisement tool the social sites’ popularity among the youth. In particular Facebook’s share button enables people to share pictures of products or goods and services available in the market as well as its section for placing adverts. These two features will be critical for Touch-Com in that it will be sued for advertising the company’s services to a larger customer base (Westling, 2007). Facebook will also be used in selling out the company’s brand into the target markets so that it is well known compared to the competitors (Westling, 2007). That is because of the fact that the site is the fastest and the easiest way to reach a wider youthful population
The second social media platform that Touch-Com LTD would make use of is Skype that comprises the use of video calls that in turn combines the use of the normal social network with the new aspects of video specifically for face-to-face conversation, using web camera (Sagna, 2000). It will be specifically used by the customers who are a distance from the company’s location and that cannot physically meet the company representatives over some issues or inquiries about the services offered thus making it possible for deals to be sealed despites the parties being miles apart (Sagna, 2000). That will reduce the cost of travelling as well as enhancing business deals for the company.
PERFORMANCE STANDARDS, MONITORY METHODS, AND FINANCIAL
The two performance standards that the company will use are Attainable standards /or Expected standards and Ideal standards or Theoretical standards. The two monitory methods are Core M&E methods and time-based patterns of change method and the two financial controls include Budgets and Confidential information
POTENTIAL PERFORMANCE
With the continued economic and political uncertainty especially in developing world, the demand for consulting services will grow as many companies are reluctant to hire additional employees. More and more work will be contracted out to outside consultants as companies maintain tight control over labor costs. This trend is also true in the government sector which is under increasing pressure to reduce costs by reducing their employment levels. The demand for small business training and assistance will grow as these entrepreneurs seek the assistance they require in order to reduce their risk of business failure and as such, Touch-Com will address s;; the issues at hand
IMC
Our company will use both the audio and audiovisual methods to market its different services across the world markets. I particular, the company will use appealing advertisements to the target population so as to help in changing the consumer’s mannerism and in the process bring about increased number of customers. Touch-Com will also make use of newspapers and magazines in reaching out to the market for its services in consultancy (Pride, & Ferrell, 2011). Also a critical element to be used is the development of a corporate brochure that would outline the company’s services and products then distributed at workshops and seminars, associations, to key business leaders, leading institutions, hotels, and potential clients. Additionally, Touch-Com will join local business organizations for the purpose of maintaining contacts in the business cycle and also staying well-informed about important issues in the local consultancy businesses. Further, the company has increased its network through referrals from staff and friends.
Reference
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-WesternCengage Learning.
Pride, W. M., & Ferrell, O. C. (2011). Marketing express. Mason, Oh: South-Western Cengage Learning.
Westling, M. (2007). Expanding the public sphere: the impact of Facebook on political communication.Retrivedfromhttp://www.thenewvernacular.com/projects/facebook_and_political_communication.pdf May 2014
Stetler, B. (2008). “The Face booker who Friended Obama” in The New York Times. [Online] Available at: http://www.nytimes.com/2008/07/07/technology/07hughes.html [10 May 2014].
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Bechtle, W., Campos, E., Pomona College (Claremont, Calif.)., & Pitzer College. (2014). Real talk: A zine about consent at the 5C's & beyond.
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Doole, I., & Lowe, R. (2008). International marketing strategy: Analysis, development and implementation. London: Cengage Learning.
Kourdi, J. (2009). Business strategy: A guide to taking your business forward. London, Eng: Economist in association with Profile Books.
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-WesternCengage Learning.
Pride, W. M., & Ferrell, O. C. (2011). Marketing Express. Mason, Oh: South-Western Cengage Learning.
Ramesh, K. S. (2007). Marketing and branding: The Indian scenario. New Delhi: Dorling Kindersley (India.
Robinson, E A. G. (1959) The Structure of Competitive Industry. Chicago: University of Chicago Press.
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