Question :
The work presented in the article is development of a marketing plan by using the SOSTAC model and making the best presentation. The plan is made for taking step by step logical actions for promoting the offerings of the brand and keeping people informed and aware. The marketing plan works as a blueprint for marketers to seek the best results.
- What is a Marketing Plan?
- What is SOSTAC model?
- Develop a marketing plan for The Camel Milk Co. situated in North central Victoria, Australia?
Answer :
MARKETING PLAN
A Marketing Plan in a simpler and precise words is a report which acts as blue print for businesses and marketers which holds of the marketing strategy of the organisation or the business for the year, few months, a quarter or for a specific product and service. The marketing plan hold up the overview of the marketing strategies and promotional goals of the entity with description of the current market position of the brand. A model known as SOSTAC provides support in developing a effective and strong marketing plan.
SOSTAC Model is supportive tool which helps and enable the management and leaders of the entity dealing with plans and strategies of marketing to effectively develop strong strategies and campaigns. The model is most popular and easy to remember as well apply in business context. SOSTAC is an acronym for Situation, Objectives, Strategy, Tactics, Actions and Control. By using the model a marketing plan for The Camel Milk Co. of Victoria, Australia is documented underneath in the next section by considering all the six components of it.
Illustration 1: SOSTAC Model, 2019
SITUATION
The first section will be dealing with identifying the present situation of the organisation for which the plan is being made. This stage will cover information about the company and analysis of its present situation.
Executive Summary
The Camel Milk Co. Australia is an organisation dealing in fairly products with a unique twist of farming camel milk and offering camel milk products to customers. The company was founded in 2014 in North Central Victoria, Australia. It is officially the first licensed Camel Dairy in Victoria.
Illustration 2: The Camel Milk Co. Australia
Illustration 3: The Camel Milk Co. Australia, 2021
Vision & Mission
The company aims at and committed to work ethically and produce the best products with camel milk. The company believes in happiness of camels for their best health and getting the best quality of milk and produce the good quality products for customers.
SWOT Analysis
- Strengths- The licence and goodwill of being the first camel daily farm in Victoria, Australia.
- Weaknesses- The current Covid-19 crises is becoming a huge weakness for the brand today and affecting its operation due to closed economies and the lock down.
- Opportunities- The biggest opportunity exist in hand of The Camel Milk Co. is of expansion into new countries around the world.
- Threats- The threat which plays a key role and can be affecting it is increasing competition in the industry.
OBJECTIVES
SMART Objectives
The objectives section of the model is developed and showcases the SMART objectives of the plan and why the marketing action is been undertaken.
- To raise the post Covid-19 revenue units by 15% in next one year.
- To offer the best quality goods to customers with sustainable work practices and by following all Covid-19 protocols.
- To increase profits of the company by 5% in next one year.
STRATEGY
The next part is of determining the strategies which will be adopted by the company in order to seek and offer the best knowledge to people and target audiences.
Illustration 4: STP Marketing Model, 2018
Segmentation, Targetting and Positioning (STP)
- Segmentation- The segmentation process is where market or the population is divided into groups for identifying the target audiences. The segmentation process used by The Camel Milk Co. is Behavioural Segmentation.
- Targeting- The next stage is of targetting and it is supported by the segmentation stage. The target audience of The Camel Milk Co., Australia is the middle class families who are health conscious and believes in taking healthy diet.
- Positioning- The stage offers information about promotional tools which will be used by entity for marketing. The most suited one for The Camel Milk Co. as per the current Covid-19 situation is Social Media and Digital Platforms.
TACTICS
4 P's of Marketing- The tool helps in defining the marketing elements in order to make the best promotions. This is one of the best known and commonly used models by marketers.
Definition of Marketing Mix, 2021
- Product- The offerings of The Camel Milk Co. in which it deals is camel milk and other related dairy products made up with camel milk as well body care products.
- Price- The pricing policy of The Camel Milk Co. is penetrating where they attract people initially with lower prices and with growth and success the prices change.
- Place- The distribution channel used by the brand is both physical and virtual.
- Promotion- For making promotions and spreading awareness in market company will be using social media and other digital platforms by keeping in mind all Covid-19 protocols.
ACTION PLAN
Budget
This is document prescribing the monetary requirements of the business in regards to marketing plan and related activities.
|
Particulars |
Amount (£) |
|
Marketing |
10000 |
|
Promotional activity |
20000 |
|
Plant and machinery |
120000 |
|
Print media |
7000 |
|
Total |
148000 |
CONTROLING AND MONITORING
This is the last stage of the model that is used for analysing the effectiveness of the plan and determining “how the plan worked”. Thus, there are number of tools and techniques which will be used and can be used in favour of conducting monitoring an controlling action. The one which will be used by The Camel Milk Co. are Benchmarking and Key Performance Indicator's (KPI's).
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