MARKETING PLAN

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INRODUCTION

The role that is played by SME’s in the economy cannot be overemphasised. SME’s have contributed greatly in the GDP of many countries through the revenue they generate to the economy as well as creating employment for millions of workers. Government has therefore continued to come up with initiatives that will promote growth and development of SME’s. These include giving them subsidies and ensuring that there are mechanisms to enable SME’s to access credit to finance their operations.  One of the development agendas that have received attention in many economic forums is the role of research and development in the attainment of economic growth and development. Many governments are therefore investing heavily in the area of research and development as well as encouraging private firms to invest more resources on research and development. For instance, the government of UK has over the past few years been encouraging research in SMEs that will promote more innovation in the small medium enterprises. This study presents a marketing plan that will be used to plan a small medium entreprise that will major on research in the UK market.

OVERVIEW OF THE BUSINESS

The intended business will involve ing a research firm by the name Strategic Research Option (SRO). SRO will be a small medium enterprise that will major on the market survey about different companies that are operating in different field in the UK market. The firm will major in conducting market information about different companies ranging from Private Corporations to the public corporations. SRO will carry out research about these corporations in relation to their services, products, customer satisfaction, public image, social responsibility and other key aspect of these corporations. Offers will be taken from these corporations through their research and development department in order to carry out market survey on their behalf at some fees. The SRO will then go to the field in order to collect primary data from the customers of these corporations and other different kind of respondents such as government officials, businessmen and women as well as the general public. This data will then be processed and analysed and then sent back to the ordering client. The ordering firms will then use these data in order to help it improve services to their customer, to improve its social responsibility and public image. This will lead to improved profitability of these corporations.

THE POTENTIAL AUDIENCE

According to Burke et al (2007), increasing competition and pressure in the UK market is real and companies have to look for ways that will enable them to survive in the market. One way of doing this is to carry out market research that will enable them to come up with new products and enable them to add value to their already existing products as well as their services.  Thus many companies are interested to know how well they meet the needs of their customers, how do public view the services of the company as well as the reputation of the company. SRO will therefore come in the market to provide these needs to many firms big and small that are offering their products to the public. SRO will target firms that are well established in the market and have been in their business for a long period of time to enable them has a large customer base. Many companies for instance in communication industry will like to get the feedback from their customers in order for them to know how well their customers are satisfied with their services and products. They will therefore act as a good target for SRO.

 

POSSIBLE SEGMENTS

As Lovelock and Wirtz (1991) argues that successful marketing strategy should be driven by the desire to acquire as well as to retain their customers.  So when the firm is considering the market segment to choose, it is important to look at the needs of the potential customers. SRO will consider both private and public corporations that are willing to invest in research and development. In UK there are many firms both large and small that are offering products and their services to their customers. There also government departments such as public service commission that would like to get feedback from the public on how well they deliver services to them.

SEGMENT TARGETED

According to Wedel and Wagner (2003), one of the major criteria to be used when selecting a market segment is its sustainability. The market segment selected should be large enough to enable the firm to make enough sales that will enable it to meet its expenses as well as to enable it make some considerable profit.  The market segment selected by SRO is large enough to sustain it in the market. There are many companies today in UK that are interested to know about how their services are received by their customers and the general public. These companies therefore provide enough market for the research firm.

 

 

POSSIBLE COMPETITORS

The research firm is expecting to face some competition from other firms that are offering similar services and which are well established.  However, the company has a good marketing strategy that enables it to compete favourable with other research firms. Intention by the firm to offer quality research though at a higher fee will enable the firm to perform well in the market.

POSITIONING STATEMENT

Using swot analysis (pierce and Giles, 1989) the company has capabilities to enable it to perform well in the market. The firm is planning to use a budget of $ 100,000 which will enable the company to start its operations. Though the firm may not have past experience and records, hiring experienced employee will enable it to fill this gap. Improved technology will also create room for the firm to expand its services through the use of online research services.

MARKETING MIX

The firm is planning to use all marketing strategies in order to establish itself in the market. These include offering quality services, use of low prices as well as carrying a thorough promotion through advertisement and other means.

ASSUMPTIONS AND WAY FORWARD

The research firm assumes that the potential customers will like its services. It also assumes that being a SME; it will be in a position to compete with other smaller and big firms in the area. Holding this assumption constant, the firm will thrive in the market.

CONCLUSION

There are high chances of this new research firm to fair well in the market. This is due to good strategic plan that will enable it to establish itself and make profit in the research industry. The firm has a good selection of market segment which will enable it to reach the right audiences. However this will be possible if the assumptions made are held constant.

 

 

 

 

 

 

 

 

 

 

 

 

 

REFERENCES

Burke, G., Oke, A. & Myers, A. (2007), Innovation types and performance in growing UK SMEs.

International Journal of Operations & Production Management 27 ( 7)

Lovelock, C. & Wirtz, J. (1991) Services Marketing: People, Technology and Strategy. 7^th edition, New Jersey, Prentice Hall Publishers.

Piercy, N. & Giles, W. (1989) Making SWOT Analysis Work, Marketing Intelligence & Planning. 7 (5/6):5 €“ 7

Wedel, M. & Wagner, K. (2000) Market segmentation: conceptual and methodological foundations. 2^nd edition, Massachusetts, Kluwer academic publishers.