BUSINESS PLAN
Introduction.
A results-oriented digital marketing campaign, is focused on reaching out to a diverse population throughout the globe, via the technology of online channels such as social media and electronic devices, for example, computers, search engine optimization (SEO), and more. The broad reach out is to ensure that an efficient marketing and business advertising is achieved. In this digital marketing plan, key areas such as the target market, the situational analysis, and the objectives regarding Hong Kong company are addressed. Some are models that move a long way in giving a detailed account of all dimensions’ goals and the purposes of a digitalized company. They include the SWOT analysis, the PESTLE analysis, the Porters Five Forces, the Competitors’ analysis, the TOWS mix, among others.
Situation Analysis.
It’s is a vital step that needs to be taken before developing a digital marketing plan. It requires a business person to preview both internals and externals of the company and analyze its operations based on the indispensable factors. The business ecosystem needs to be evaluated, including the consumers’ needs and their habit fluctuations around the market.
SWOT.
Strengths.
The company has successfully been able to do market strategies for its products enabling it to beat its competitors.
It enjoys a strong dealer community. It owns a well-built culture, among the distributors and the dealers, where besides the dealer promoting the company’s products, it also deals with the sales team training, to inform the customers on how to attain the highest level of benefits accrued from the products.
The company is also privileged to have skilled performances in new markets. The advancement has contributed to a further revenue gain and also has given a hand in diversifying the economy, in the various markets it operates through.
The company also gains strength from the fact that it owns a superb free cash flow system that brings in resources that assist in investing in new projects.
The level of customer service satisfaction is another uplift that the company enjoys, following the existence of an outstanding relationship between the two parties.
A strong distribution network also stands out as another pillar of the company over decades that can reach a good percentage of its potential customers.
Weaknesses.
The company fails at predicting the product demand, which leads it to miss out on available opportunities as compared to its competitors. Its structure is limited to the current business model, thus restricting its expansion in the adjacent product sections.
The company has faced difficulties in resolving the problems associated with the new entrants in its domain besides losing small market share in the localized sub-branches.
There is a need for the company to venture and integrate new technologies, in its operations, to march the strategies of its vision.
Opportunities.
Online platforms stand out to be instrumental, in the reach out of new customers over a recent year follow up. Its investment in this channel has unlocked new sales for the company, and gives a positive prediction shortly that customer service can be lucrative.
The upcoming technological advancements offer an excellent opportunity for the firm to operate in a differentiated pricing method in the growing market. It will enhance maintenance and new and diversified customer service.
The current trends in consumer behavior provide a comprehensive opportunity for the firm to organize new revenue streams and embark in a different product category too.
The Government also plays a significant role in providing opportunities for the company through procurement services. Stability in the market is realized following a decreased rate of inflation as even the customers can enjoy credit at a subsidized interest rate.
Threats.
In the emerging markets, the firm in question faces a poor quality product production, and imitation of sub-standards, and this erodes its integrity.
The company could face a threat from its competitors’ new technological advancement. Irregularity in the supply of innovative products, thus swaying the overall goal of the organization.
There has been a shortage of skilled personnel in the universal market, which presents a threat to its growth and development.
The organization has faced a stiff competition from its adjacent competitors in the market, and this has lowered its overall operations, and the corresponding profits.
Porter’s Five Forces Analysis.
Threats of new entrants.
The newcomers in the market introduce new ways of operation and innovation skills. This strategic plan comes along with pricing pressure, causes the reduction of costs, and offering new, preferably ethical propositions to the customers.
The company on the question can counter face this challenge by the innovation of new products and services into the market, which ensures a maintained customer relation alongside bringing in new ones. Also, the company may not escape research investments and advancements in order to cut off the intense competition from its counter partners.
Bargaining power of suppliers.
When the suppliers financially dominate in numbers, even their negotiation skills diversify, and this adds the m a more powerful tool to gain high prices from firms. The company may tackle this challenge by constructing a chain of supply with multiple suppliers. Or by generating a committed supplier team that is dependent on the firm, through the third party manufacturers whose operations solely rely on them, leading to a significant reduction of their bargaining power.
Bargaining power of buyers.
Conventionally, every market faces pressure from the buyers, where they tend to demand a lot. They always go for the best offers available by paying the least possible amount. The more their bargaining power, the better is their ability to attain heightened discounts and offers.
The Hong Kong company could counter face this challenge by building a broad foundation of customers, which will help it in the reduction of the buyers’ bargaining power alongside a successful redirection of sales and the production process. Coming up with new or improved products, will contribute to the reduction of the buyers’ power of bargaining.
Threats from substitute products or services.
It always comes in as a bottleneck, whenever a product that serves the same or uniquely different purpose appears in the market of an existing product. The company can try to fix this problem by offering an exclusive service over the same product to win its customers to itself. It can also try to get the exact needs of the customers instead of focusing on what they’re buying.
Rivalry among existing competitors.
The overall performance and the profitability of an organization may drop in case the antagonistic relationship in the pre-existing competitors grows to an intense level. The company can, however, integrate with its competitors and expound on the market the expense of competing for the small and unfulfilling market.
PESTLE.
Political factors.
Political factors affect a narrow or broad spectrum of the globe, depending on whether or not it involves a large number of countries. The standards of political stability of the country in question should be put on check, in recent years so that correct evaluation and predictions may be carried out. Another thing that should be put into consideration, is about the integrity of the politicians and their chances of being involved in corrupt practices. This is to avoid possible losses such as resignations that would be incurred to professional government workers. Taxation levels should be acceptable, as this would motivate organizations like Hong Kong. A high risk of a military attack by brutal rivals may demotivate business ventures.
Economic factors.
The rate at which GDP grows in the country would affect how fast or slow Hong Kong can make a positive move. The interest rates would contribute a great deal to the willingness of the individuals to borrow or invest.
Joblessness in the country would imply a higher supply of jobs than demand, which would translate to people’s willingness to work for lower pay.
Social factors.
Social factors that cause an impact to the company can serve as a reflection of the societal environment that it operates in. It encompasses, cultural beliefs and values that are evident in the majority of people in the community. This calls for an intense verification of the customers’ ways of living, their education levels, and their integral beliefs, that would provide a guideline on the designation of the products and language to be used.
The respective ages and genders of the population broadly affect what type of product is to be made available to them. For instance, some products, such as make-ups, need the target population to be female in gender. There is a need to know and understand the health standards and the significance of environmental conservation.
The contrasting levels of education, may create barriers in communication between the marketers and the consumers, therefore, there is a need to check on the differences and how to fix them.
Technological factors.
Technology needs to be continuously and consistently re-innovated to maximize the profits realized and also to avoid the product from being regarded obsolete in later times.
The Hong Kong company is prone to competition, if the fellow competitors come up with new technologies that are gaining popularity in the industry. It would need the company in question to ensure that it upgrades its technological techniques to overcome or to level out its competitors.
The company should check on how easy its technology would become adopted into other firms’ systems in the industry, causing other companies to copy its technological processes.
Legal factors.
Legal factors also need to be verified upon, to justify the expected smooth run of its operations. For instance, intellectual property laws that protect the ideas and the patent rights of the company in the topic should always be considered. Laws are enforced to ensure products go at a reasonable price for the sake of customers’ protection and safety.
Unpleasing conditions such as employee oppression for work, led to the creation of health and safety laws, and Hong Kong is not an exception when it comes to the observation of the legal proceedings.
Environmental factors.
The weather fluctuations may adversely or positively affect the company in the delivery of its products and resources. Some products are occasionally rendered useless following climate change, such as global warming. The companies that emit an enormous amount of waste may be required to manage their environmental habits.
COMPETITORS ANALYSIS.
It serves as a key element in any kind of business planning and management. Industries can benchmark themselves with their antagonistic companies and gets to re-evaluate their strengths, weaknesses, and opportunities.
On correct analysis of the competitor environment, the company can learn from other companies in the same docket. For instance, a company will know when to, or when not to make promotions of its products, depending on a keen evaluation of their competitors’ environment.
The company can trace a new and useful angle at which it can reposition itself, such that it counteracts their competitors by adopting an original competition method, for example, reduction of prices to earn a large number of customers.
In every market, there are apparent factors that feature to influence the industry market.
An example is entry barriers. These are the factors that affect new entrants, like say, the number of companies already under operation in the industry. How easy it will be for a new entry to commence will be reliant on the current status of the market.
Secondly, competitive rivalry will count on the success of a business plan. The number of competitors in the business circle, and the intensity of the competition that results, will affect the overall performance of the company in question.
The existence of substitute products comes in as a crucial factor that influences the market of the current product. If other companies offer a similar, or a better alternative product from the existing product, the company may suffer a threat of direct failure, which needs it to look for ways to reduce or solve the problem.
The customers’ bargaining power can affect the company’s general operations if it’s too much. For instance, if it’s too high, then the customers can determine what is to be provided in the marketplace and also demands a hefty discount, which may adversely affect the powers of the company over the market.
The number of suppliers, and the state of the relationship between the individual company and the suppliers, will also directly or indirectly affect the overall output of the company. When the number of suppliers gets too big in the market, its collectively referred to as supplier bargaining power.
OBJECTIVES.
The very primary aim of any company, is to improve on sales of its products. It’s never easy to make it happen. Nevertheless, digitalized marketing moves a long way in supporting the sales market. If incorporated in a company’s system, it can be an instant tool in marketing the company’s product. The 5s and the SMART, provide a set of directives, that increase chances of achieving the objects and visions of a company.
The 5s.
Sell.
Its primarily a significant aspect of digital marketing, as it bridges the company and its income. If the company utilizes online forums to sell its products, then chances remain to be pleasantly high to access vast numbers of potential customers.
Serve.
In as much as customers’ numbers could be pleasant, it would mean an almost illogical thing if no appropriate service is offered to them. The company in question should build a robust way of understanding the very need of the target group, before anything else. It will save on customers and time. It’s of great sense, to create an excellent communication forum with customers, and be responsive to them at all times.
Speak.
Speaking is an indispensable aspect in the digital market, and not just speaking but for both customers and suppliers. It’s instrumental for a marketer, who needs to be listened to and to attend to every need of their customers. It’s the role of a marketer to understand the consumers’ educational background to ensure effective communication.
Save.
Saving on money goes without saying when online marketing incorporated as limited funds get used in reaching out to a massive population of customers. It’s economical also on time spent to communicate to and fro.
Sizzle.
It’s about how creative a company is in rebranding its name digitally. Social media, in particular, can be useful in achieving this by the use of interactive posts to capture the eyes of the consumers.
SMART.
The acronym stands for specific, measurable, attainable, relevant, and timely. It’s a useful tool when setting up operation standards in a digital marketing environment.
Specific.
It’s essential to make specific goals that follow a defined direction to drive results to the business. It will be of suitable measure the particular success expected, and also to give a clear picture of what it works to achieve.
Measurable.
A measurable objective will give the company an easy time to calculate the exact time the results are expected.
Attainable.
The goals set should all be sensible in terms of achieving them. For a company to make results out of its plans, it has to verify on the chances of achieving the them and on good time.
It will be a motivation when there are achievable goals.
Relevant.
It’s good to ensure that the objectives set in place are relevant to the purpose of the company’s establishment. It will play a crucial role in helping focus on the core goal of the company.
Timely.
Goals and objectives should have a due date. It ensures that people work diligently with a focus on achieving the goals in time.
MARKETING STRATEGY.
In this case, a digital marketing strategy is put in practice, which involves a careful selection of online marketing channels such as media. Various tactics can be used to create an exceptionally appealing market.
Search Engine Optimization.
The tactic will help in making changes in the website design of the company so that it can allow for the website appearance in the search engines. It can be achieved by visibility enhancement in the unpaid engine results.
Email Marketing.
This tactic would be helpful if incorporated, such as in the sending advertisements, asking for business to a broad group of people.
Social Media Marketing.
The tactic could be tremendously useful to an extensive group of target customers to reach out to many social media users. Activities such as posting pictures and videos, as well as advertisements, can thrive smoothly.
Target Audience.
The group to be targeted should be having a pre-existing interest in the products or services to be presented. It saves on time used to do advertisements on an uninterested group of people. The preferences, actions of the target group should be put into considerations through data collection, and analysis. When you understand the psychographics of the target groups, it will direct the marketer towards the appropriate channels to be used to reach them out.
Key messages.
Campaign goals and ways to know how and when to achieve them. How to engage audiences and the angle to position our very company’s products and services should be accounted for. To understand which campaign can help in engaging and converting the target market.
7PS, AND KEY MEDIA CHANNELS.
The 7ps in marketing include the following.
Product.
The product type or service should always rhyme with the very demands of the consumers and that exceedingly satisfy the desires of the target group.
Place.
The company’s choice for the sales of its products may be subject to many factors such as the typer of the product, but it requires it first to understand the customers’ demands.
Price.
The pricing strategy has to be accounted for, especially in a highly competitive environment. The ultimate price should be customer friendly as it would allow a large flock of them- customers.
Promotion.
The choice of the advertisement channel will always affect what number of customers will avail of the products.
People.
The individuals involved in the marketing of the product and service should be highly skilled and bold in terms of how they handle their customers.
Process.
The whole process involving marketing, right from advertising to selling, should be cost-friendly and effective.
Physical evidence.
The customers should get convinced that the brand they are interacting with/ are genuine and actual.