Situational Analysis
Marketing Plans all begin with a situational analysis. Franklin & Moore have both the SWOT (strengths, weaknesses, opportunities and threats) analysis, and the product life cycle, in their marketing plan.
A SWOT analysis involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment. Franklin & Moore have a detailed and specific SWOT analysis which is a strength of the marketing plan, as it gives a clear indication of the business’s position compared with its other competitors. However a weakness of the SWOT analysis is that it needs a bit more detail.
The product life cycle consists of the stages a product passes through: introduction, growth, maturity and decline. A brief service analysis including all the stages of the product life cycle is included with the marketing plan. However, a traditional product life cycle is not provided as this is a weakness to the marketing plan, also the brief service analysis included is very confusing and difficult to identify each stages of the traditional product life cycle.
Market Research
Market research is the process of systematically collecting, recording and analysing information concerning a specific marketing problem. In Franklin & Moore marketing plan, market research isn’t evident as this is a key weakness to this marketing plan. For the reason that it isn’t evident, the firm hasn’t obtained reliable and accurate information as this will not lead them to better results, as marketing strategies perform best when they are based on accurate, up-to-date, detailed and relevant information. (COULDNT FIND ANY STRENGTHS, IS IT POSSIBLE TO HAVE NO STRENGTHS, THANK YOU ☺)
Establishing market objectives
Marketing objectives are the realistic and measurable goals to be achieved through the marketing plan. This is considered the most important step in the marketing planning process. Franklin & Moore’s marketing objectives are a strong point of this marketing plan, as the goals are realistic and measurable. For example an objective is, “to realise an annual growth rate of 8.25% greater than the previous year”.This objective is specific and measurable with figures and actual percentages to use. It is also realistic and can be achieved as it is only 8.25% more than the previous year. On the other hand a weakness of this plan is that there is no mention of the other two common marketing objectives, which are, expanding the product range and also maximising customer service. Hence this is a weakness because the marketing objectives should be more customers orientated than goals, and this plan evidently doesn’t show this.
Identifying target markets
A target market is a group of present and potential customers to which a business intends to sell its product. The customers within the target market share similar characteristics such as age, income, lifestyle, location and spending patterns. Franklin & Moore have a clear definition of their target markets. The strength of their target markets is the clear definition including size of the market, growth levels, and also a brief description of their behaviour and demographics.
Figure 1- Franklin & Moore’s Target Markets
Franklin & Moore’s graph gives an incorrect impression about the target markets, as this is a weakness to the marketing plan. The graph is split into three equal pieces; however the marketing plan says that it will focus more on large business as they provide the most revenue and more complicated planning services. This information is not reflected in this graph. Target marketing is a significantly important part of the marketing plan and Franklin & Moore have a very brief outline of their target markets.
Developing Marketing Strategies
Marketing strategies are actions undertaken to achieve the business’s marketing objectives through the marketing mix. The marketing mix refers to the combination of the four Ps — product, price, promotion and place.
Despite the fact that Franklin & Moore is a service-based business and doesn’t actually provide a tangible product, it still has a degree of product. The marketing plan has strength of highlighting briefly the importance of good service being provided to its customers. However, this section of the marketing plan is very vague as it doesn’t explain in detail the product strategies.
The pricing strategies of the marketing strategy should be made according to factors such as cost of production, level of consumer demand, competition, and value of the service. Franklin & Moore have spoken about most of the above strategies which is strength, however, a weakness is that the points stated in the plan are very brief and give just an idea of what they are trying to say.
Promotion is part of the marketing mix that concentrates on five categories: advertising, personal selling and relationship marketing, sales and promotion, publicity and public relations. In Franklin & Moore’s marketing plan only three out of the five categories are addressed, which is a weakness for the plan as businesses must have detailed knowledge of their strategies for each aspect of the marketing plan. However, the three categories stated are explained in great detail, and are very understandable.
As Franklin & Moore are a service provider and don’t distribute products, this part of the marketing mix isn’t included in the marketing plan. This action is both a strength and a weakness, as it’s a strength because it isn’t a major factor of the business and if included would be irrelevant, however it can be viewed as a weakness because not having this part makes new customers unaware, where they can locate this firm.
Recommendations to improve Franklin & Moore’s marketing plan
Market Research
In Franklin & Moore’s marketing plan, market research isn’t part it. This is a major weakness and is highly recommended to be improved, as market research is an important aspect for the business to be placed in a much stronger position.
There are three steps to the market research process, and each help obtain accurate information, that will help the business improve. For example, is there was a problem in Franklin & Moore’s firm, the first step of the market research process will help determine what information is mostly needed and useful to determine what needs need to be measured and the issues involved. This first step is crucial, in this process. The second step is collecting data from primary and secondary resources, to be informed to what the consumers are demanding and also what they would like to be changed to better suit them and also the business. Finally, the last step involved is analysing and interpreting all the data collected, and making changes and alterations for the business to help satisfy the customers, along with placing the business in a stronger position, and to reduce the risk of market failure.
Target Markets
Information that is stated in the target market section isn’t reflected in the graph below the information, these needs to be improved as it can send the wrong information as to what the business is actually stating. Franklin & Moore must make it clear that there are different sizes of their target markets. Target marketing is a significantly important part of the marketing plan and Franklin & Moore have a brief outline of their target markets. It is recommended that Franklin & Moore utilise a different target market strategy. The target markets have no conflicting strategies, and this causes an important weakness in the marketing plan. To resolve this problem Franklin & Moore must reflect upon different strategies for the different target markets.
Marketing Mix
Franklin & Moore’s marketing mix is brief and not detailed, leaving out a key element of place. There are improvements that can be made in each of the four marketing mix.
Product
The product strategy could be improved by adding comments on their features included with the service, or by their package offered when a business purchases their service.
Price
Franklin & Moore could improve by identifying or supporting their prices. They have made prices according to value and level of expertise, however more factors are included such as prices of competitors and also if change in price will affect the demand for the service. Also costs should be stated.
Promotion
Promotion strategy could be improved upon by stating how the business will carry out this objective.
Place
In the marketing strategies, place isn’t included and to improve this weakness Franklin & Moore can create a place strategy on how businesses and individuals can reach Franklin & Moore. They stated that they were in the Yellow Pages in the S.W.O.T analysis as strength however they fail to provide on strengths in this aspect. They could also improve by adding specific strategies on how Franklin & Moore will ask businesses to refer their accounting firm to other businesses. This could include anything such as business cards.
Conclusion
In conclusion, Franklin & Moore’s marketing plan has much strength such as their SWOT analysis, and marketing objectives, however the plan can be improved with a more in depth and accurate target market. Also more detailed marketing mix strategies. Overall a suitable marketing plan however has weaknesses that can be improved upon.
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