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Introduction of Marketing Plan For A Business Idea
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Overview
It is a positive idea of introducing the main plan body with a reminder of the overall strategy of the business which includes: what the business is about, which is the business mission, key objectives of the business and a vast strategy in order to achieve those objectives.
In the climate of globalization there is a constant need for the development of the business ideas which can be helpful to tackle this issue of market downfall due to global restriction of business. Generally usage of the statistical analysis for the better determination of the targeted market can be helpful to make the marketing more prominent and also boost up the organizational relevance in the market.
Overview of Idea
Every organization has their targeted market or market niche. They capitalize on the fertile market of the targeted consumer group so that they can have a greater market relevance and strong foothold in the market (Chari et al. 2019).
Previously the market segmentation has been done by the help of surveys and interviews with the focus groups. But due to globalization it is seen that there is inclusion of technology in every field of business. This has caused some dramatic changes in the business world. Due to which the proper identification of the targeted group is highly crucial to ensure that the organization retains variables in this competitive world. In order to tackle this nowadays it is seen that the organization is paddling up their market presence by having a greater optimisation in the market.
The process can be highly helpful to improve the marketing of an organization.
It is seen that the marketing always is targeted to the specific group. So better determination of the targeted group can be highly helpful to improve the marketing of the organization. Due to this the statistical softwares is used at a profound rate to make the better determination of the targeted consumer group (Rutz and Watson, 2019).
The statistical softwares such as SPSS are used by the organization to determine whether the marketing plan that they are utisating is causing a significant impact in the process of determining the marketing plan for the growth of business. Thai included overall analysis of the stigmas which are causing a great engagement with the consumer group. This has caused a significant improvement in the process of market segmentation.
Along With the marketing the better analysis of the targeted marketing is also helpful to generate the product which are more aligned with the demand of the market (Sheth. 2021).
Most multinational organizations such as Google and Amazon use the power of statistical analysis in order to create a range of products which are useful for the generation of the market disruption which is needed for the growth of the business.
Implementation of Idea
The need of the business must be analyzed at first in order to gather the proper background information regarding the current state of the organization in the market.
The proper implementation of the idea can be crucial as iot can change the overall business operation of the organization. It includes proper assessment of the different needs and capacity of the marketing and the market analysis team which are directly associated with the business needs of the market. The technical team and the human resource department is also important in this case.
The proper assessment of the problem is absolutely necessary to gather the information regarding the area which is important so that the proper implementation can be proceeded with (Leonidou, et al. 2021).
To be quite procetical in this approach it is practically impossible to implement the marketing idea which can change the business operation without causing a significant makeshift in the strategic operation of the business. The implementation requires the proper assessment of the human resource. At first it is important to identify the area of problem. This includes the proper assessment of the business climate and trying to change the course of it so that it can receive a greater adhesion with the business model.
The statistical software requires a proper implementation. The debugging process must be done with a great focus to ensure that while implementing the software also shows the accurate result.
Then the implementation of the new software which can be helpful for the purpose of creating the necessary dataset which can be helpful to gather the insights regarding the targeted consumer group. This similar kind of approach is helpful for organizations like Apple. A special focus must be provided to ensure that there is a minimum amount of bugs or problems in the software and tech result which is generated is accurate.
The provision of proper training to the employees is highly important. This process ensures that there are minimal traces of complexity while implementing the new marketing plan based on the scientific segmentation of the market (Zeriti et al. 2019).
Lastly the provision of training for the employees is highly necessary to ensure that the software is used by the organization in its full potential.
Periodic update to the software is highly necessary, it can be done to ensure that the software remains well aligned with the needs of the market which can exchange at any point of time.
Timeline
Opportunities
Better analysis of the market can provide a greater idea regarding the social stigma.
Usage of the statistical software can be helpful to reduce the inaccuracy in the calculation of the market segmentation.
The statistical software has the potential to forecast the market trend. This can be helpful to gather the market trend.
The statistical analysis has also been helpful to gather the insights regarding the areas which are needed for product diversification.
The statistical analysis of the product diversification can be helpful to gather a better foothold in the market.
References
Journal
Morgan, N.A., Whitler, K.A., Feng, H. and Chari, S., 2019. Research in marketing strategy. Journal of the Academy of Marketing Science, 47(1), pp.4-29.
Rutz, O.J. and Watson, G.F., 2019. Endogeneity and marketing strategy research: An overview. Journal of the Academy of Marketing Science, 47(3), pp.479-498.
Sheth, J., 2021. New areas of research in marketing strategy, consumer behavior, and marketing analytics: the future is bright. Journal of Marketing Theory and Practice, 29(1), pp.3-12.
Li, F., Larimo, J. and Leonidou, L.C., 2021. Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49(1), pp.51-70.
Katsikeas, C., Leonidou, L. and Zeriti, A., 2019. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review.
