Organizational efficiency and effectiveness through the application of ACBSP key business domains

at
Categories
Tags

You have compiled all of the data for the board of directors and the chief marketing officer (CMO), and they have asked that you report it to the shareholders as a marketing plan. Your marketing plan will outline where the business is, its desired destination (objectives), and the conditions it will face in its efforts to reach that destination. The plan helps to integrate activities, schedule resources, specify responsibilities, and provide the means for measuring progress. Understanding the market situation reveals a set of key issues that needs to be addressed to reach the desired destination. Situation analysis and identification of key performance issues are critical inputs to the marketing plan. To construct a realistic plan, managers need to estimate what the total market demand might be (Hollensen, 2019).

You are to create a marketing plan of your chosen company that enhances organizational efficiency and effectiveness through the application of ACBSP key business domains of accounting, finance, statistics, economics that outlines where the business is, its desired destination (objectives), and conditions it will face in efforts to reach that destination, how to integrate activities, schedule resources, specify responsibilities, and provide a means of measuring progress.

Using the research you have from the discussions and assignments in Units 1, 2, 3, and 4 and six outside sources, create your marketing plan with the following framework:

Title
Executive summary
Purpose of the report
The problem it is addressing
Problem analysis
Results of analysis
Recommendations
Introduction
Your key business objectives
Your strategy for achieving those objectives
Situational analysis
Target market
Competitors
Business challenges
The company’s competitive differentiators
Marketing objectives and goals
Increase brand awareness
Increase market share
Improve ROI (return on investment)
Attract new customers
Retain current customers
Marketing strategies and programs
Target audience
Segmentation
PEST analysis
SWOT analysis
Completive analysis
Budgets
Content marketing
Paid advertising
Public relations (PR). search engine optimization (SEO), and influencer marketing
Relationship management, business-to-business (B2B), and business-to-consumer (B2C)
Events
Implementation and control
Identify the goal for each segment
Strategy to achieve the goal
Conclusion

 

Sample Solution

Marketing Plan

Title: Marketing Plan for Apple Inc.

Executive Summary

This marketing plan outlines the key strategies and programs that Apple Inc. will use to achieve its marketing objectives in the next fiscal year. The plan is based on a comprehensive situational analysis, which includes an assessment of the target market, competitors, business challenges, and competitive differentiators.

The key marketing objectives for the next fiscal year are to increase brand awareness, market share, return on investment (ROI), attract new customers, and retain current customers. To achieve these objectives, Apple will implement a variety of marketing strategies and programs, including targeted advertising, social media marketing, content marketing, and customer loyalty programs.

The marketing plan is designed to be integrated and efficient. All marketing activities will be coordinated and aligned with the overall marketing objectives. Resources will be allocated strategically to maximize the impact of marketing campaigns. Responsibilities will be clearly defined and communicated to all stakeholders. Progress will be measured regularly using key performance indicators (KPIs).

Purpose of the Report

The purpose of this report is to present the marketing plan for Apple Inc. to the board of directors and shareholders. The report outlines the key strategies and programs that Apple will use to achieve its marketing objectives in the next fiscal year.

The Problem it is Addressing

The marketing plan is addressing the challenge of helping Apple to maintain its position as a leading technology company in a rapidly evolving market. The plan will help Apple to increase brand awareness, market share, ROI, attract new customers, and retain current customers.

Problem Analysis

The marketing plan is based on a comprehensive situational analysis, which includes an assessment of the following:

  • Target market: Apple’s target market is affluent consumers who are looking for high-quality, innovative technology products.
  • Competitors: Apple’s main competitors are Samsung, Microsoft, and Google.
  • Business challenges: Apple faces a number of business challenges, including increasing competition from Asian manufacturers and the slowing growth of the smartphone market.
  • Competitive differentiators: Apple’s competitive differentiators include its strong brand reputation, its innovative products, and its loyal customer base.

Results of Analysis

The results of the situational analysis indicate that Apple needs to focus on the following marketing objectives in the next fiscal year:

  • Increase brand awareness: Apple needs to increase brand awareness among new target markets, such as millennials and emerging markets.
  • Increase market share: Apple needs to increase its market share in key product categories, such as smartphones and tablets.
  • Improve ROI: Apple needs to improve the ROI of its marketing campaigns.
  • Attract new customers: Apple needs to attract new customers to its products and services.
  • Retain current customers: Apple needs to retain its current customers and encourage them to purchase new products and services.

Recommendations

To achieve its marketing objectives, Apple should implement the following marketing strategies and programs:

  • Targeted advertising: Apple should use targeted advertising to reach its target markets with relevant messages.
  • Social media marketing: Apple should use social media marketing to engage with its target markets and build relationships with potential and existing customers.
  • Content marketing: Apple should create and distribute high-quality content that is relevant to its target markets.
  • Customer loyalty programs: Apple should implement customer loyalty programs to reward its loyal customers and encourage them to continue purchasing its products and services.

Introduction

Apple Inc. is a multinational technology company that specializes in consumer electronics, computer software, and online services. The company is headquartered in Cupertino, California, and has over 425 retail stores in 23 countries. Apple’s products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatch, and the AirPods wireless earbuds. Apple also develops the iOS, macOS, watchOS, and tvOS operating systems, as well as the iTunes Store, App Store, and iCloud online services.

Apple is one of the most valuable companies in the world, with a market capitalization of over $2.8 trillion as of October 24, 2023. The company is known for its innovative products, its strong brand reputation, and its loyal customer base.

Your Key Business Objectives

Apple’s key business objectives for the next fiscal year are to:

  • Increase brand awareness
  • Increase market share
  • Improve ROI (return on investment)
  • Attract new customers
  • Retain current customers

Your Strategy for Achieving Those Objectives

To achieve its key business objectives, Apple will implement the following marketing strategies and programs:

  • Targeted advertising: Apple will use targeted advertising to reach its target markets with relevant messages. For example, Apple may use targeted advertising to reach millennials with

This question has been answered.

Get Answer