When instigating a new business, it is important to come up with a marketing plan. This plan serves as a guideline for what the business has to do to implement its objectives. Usually, the marketing process requires a lot of cash, time as well as preparation. It is important to have a strong marketing plan which can monitor the effectiveness of set goals and whether funds are being used wisely to realize the objectives (Cravens & Piercy, 2006). The marketing plan incorporates everything like understanding the possible competitors in the market, the targeted population, and the means the firm will employ to reach its market. Hence, this paper is highlighting on how a new business can counter the existing competition in an industry as well as position itself to acquire a larger share in a particular market.
We are all aware that every firm strives to counter competition in its markets. Thus, the marketing teams are tasked with the responsibility of ensuring that the business competes favorably in the market (He, Zha & Li, 2013). The first thing when starting a business like that of organizing corporate events, vacations and parties, one has to be conversant with what the business entails. This will include the knowledge of how such business can run amidst the already existing firms offering the same services. In this case, the marketing plan should ensure that the firm can address weaknesses witnessed from their competitors. The most effective way of achieving this plan is through distinguishing their services. For instance, this business is willing to offer extended weekend experience to customers which other forms have not done. Also, they offer the services at different prices which make it affordable to many.
This will do well to the business by attracting new customers. On the same note, when establishing the competitive strategy, the marketing plan should be elaborative on its objectives. The objectives must be precise in a manner that they clearly define the set goals. They should also be measurable in that the marketing team should have the ability to indicate the success. Not to forget, the marketing objectives must be achievable. This should be realistic goals based on the amount of resources and time dedicated to realizing success in the business. Finally, the marketing plan should ensure that the objectives are timely. This means that, for this industry to emerge the best for offering corporate events, it must implement its plans in good time so as to create a conducive environment to counter their competitors.
Before establishing a business, it is important to identify a suitable location where the business can thrive easily. You must identify the target population who are in need of the products or services you are offering (Peter & Donnelly, 2011). For this case, this business identified their target population those individual who have attained the age of 25 and above, professional and personal demographics. Failure to do such analysis, a business may run into a crisis immediately it is initiated. Therefore, this is the reason why the marketing plan is essential for any entrepreneur to assess the market environment before setting a business (Lovelock, 2011). For the case of this kind of business, it is advisable that the partners identify whether organizations are willing to seek services for team building. If not, the business can cultivate this culture into various firms by approaching their managers and explain the whole concept and its benefits.
Also, it is worthy to identify whether there are many companies in a given area where they may intend to open offices. Identifying a location with many clients will be good since customers will be accessible as compared when you go long distance. Therefore, I recommend that this new business should undergo the marketing planning so as to institute a strong foundation that will enable it to survive and make a profit in the saturated markets.
Cravens, D. W., & Piercy, N. (2006). Strategic marketing (Vol. 7). New York: McGraw-Hill.
He, W., Zha, S., & Li, L. (2013). Social media competitive analysis and text mining: A case study in the pizza industry. International Journal of Information Management, 33(3), 464-472.
Lovelock, C. (2011). Services marketing: People, technology, strategy. Pearson Education India.
Peter, J. P., & Donnelly, J. H. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans.