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Marketing Planning & Segmentation, Targeting and Positioning

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Introduction

Marketing Planning & Segmentation, Targeting and Positioning The two marketing fundamentals this report will focus on are: * Marketing Planning * Segmentation, targeting and positioning The report will show why the above topics are important for Wings N' Things to consider. Marketing Planning Marketing planning is described by Saunders as "one of the great few strengths of British marketing" (Saunders J, 1996:73). Marketing planning is used by most companies, particularly when they start-up, it is a process which helps predict what will be happening in the future and what actions the company can take to make sure that everything runs smoothly. It involves analysis, planning, implementation, and control. Strategic planning is the key to marketing planning, it will help Wings N' Things create a balance between what the business goals and capabilities are, and help it with the changing market opportunities. As Kotler advises: "Failing to plan means planning to fail" (Kotler et all, 2001:76) The four steps of the planning process are, as mentioned above, analysis, planning, implementation and control. Why are these important? The Analysis stage leads to the other stages of planning so must be carried out effectively and efficiently. Analysis involves the company looking at the current situation and seeing what opportunities are available to them and what threats may affect them. The analysis must pay a strong focus on the company's strengths and weaknesses. ...read more.

Middle

Are there any bad debt or cash-flow problems? By using marketing planning Wings N' Things will be made to look at itself and the customers along with any other external influences or dangers. The process makes the business ask tough questions of itself and it creates objectives - this will force the company to look at resources, competition etc. Segmentation, Targeting and Positioning Segmentation, targeting and positioning are essential to all businesses whether selling products or services, business-to-business or business-to-consumer. The three concepts are fundamental in the processes of marketing planning as well as getting the business to gain some kind of competitive advantage. Henderson (1998:90) says that competitors who prosper will have "unique advantages over any and all other competitors in specific combinations of time, place, products and customers". Segmentation, targeting and positioning are the tools to gain this advantage. The meaning of each concept is as follows: Segmentation - is the process of selection. Selected target market groups are found then developed into a suitable marketing mix for the company to use. Targeting - is the process of deciding which market the company wants to compete in. Companies need to be careful at this point as there are often many attractive options of where to market but generally there won't be enough resources to compete in all of them. ...read more.

Conclusion

Their customers are not the end-users (the consumers) so the company will need to understand that they must satisfy the need of caterers to satisfy their specific customers, some careful thought may be required to make sure that there is a real understanding of how the Wings N' Things product is seen and how and why it might be purchased through the eyes of the different potential customers. Summary Good marketing planning will reduce possibility of failure and increase the chances of success. This is particularly true for a potential start-up as hope is not a method! A methodical and systematic analysis together with some creative and original thinking can create a successful marketing plan. Wing N' Things, at this stage may decide not to pursue their idea any further. On the other hand, the evidence may support planning and then implementing a plan - clearly the monitoring and evaluation stage will allow the company to improve its performance. Segmentation, targeting and positioning as part of the marketing planning process will focus the attention of Wings N' Things on those aspects that will make them better or different in the eyes of the (business-to-business) customers. If the marketing concept holds that the key to achieving business goals is about "determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors" (Kotler P, 1988:11) then these two tools go a long way to improving your chance of business success. ...read more.

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