Marketing plan on: Shareholders and marketing strategies

1. Discuss who the key stakeholders are in the implementation of marketing plans, strategies or activities and outline their key roles and responsibilities. Your answer should address both internal and external stakeholders in the marketing implementation process.Ans1. The key shareholders which would be help in the implementation of the various marketing plans, strategies or activities along with the key roles & responsibilities have been discussed in this section of the answer.

There will be external as well as internal stakeholders who would be responsible for the implementation of the marketing process. They are as under:Þ    Internal Stakeholders: The internal stakeholders who would be involved are employees, owners, people in the management. The internal stakeholders mentioned above will be accountable for various types of planning activities where in the external stakeholders are not involved (Nordmeyer, 2012). Some of the planning activities which would be taken into consideration by the internal stakeholders would involve the following tasks such as life cycle of the project, attributes of  the products, projection of the cost, creation of cost & budget, identification of the risks involved, planning the entire data, managing the resources in order to practice effective (Freeman, 1984) as well as efficient measures within the enterprise, involvement of the stakeholders, creation of the project plan, reconciliation of work & gaining commitment from the stakeholder in order to accomplish the entire project plan (Hermann, 2005).Þ     External Stakeholders: The internal stakeholders who would be involved are the customers, general public, media personnel, government authorities, etc. The key role of the external stakeholders would be to participate within the project planning activities held by the internal stakeholders. The roles of the external stakeholders will be limited as compared t the roles enjoyed by the internal stakeholders (Kagawaran, 2012).

1. Identify the key resources that are required to be considered in the implementation and prioritization of marketing plans, strategies and activities. Your answers should address the three main resources areas, capital, human and financial; as well as the process of assessing how to priorities marketing activities. Provide examples of ‘real’ live situations and product to illustrate your answer.

Ans2. The key resources that are required to be considered in the implementation & prioritization of marketing plans, strategies and activities have been discussed as under. The three main resources which would be required are:Þ    Capital as a resource: Capital as a source would be considered to be as the first & the foremost resource which shall be taken into consideration in the implementation & prioritization of marketing plans, strategies and activities. For example, without handsome amount of capital in hand the organization will not be able to             start up with its own venture.  Money will help the organization to get associated with big brands as well as contribute towards the growth of the enterprise (Nordmeyer, 2012).Þ    Human resource: It must be regarded as Human Resource has been referred to as a child of marketing & capitalism. The HR department would be regarded as one of the most essential departments while implementing the marketing strategies within an organization. HR has been proven to be quite an innovative department which would take into consideration the organizational strategy of the same. The HR department would be referred to as a first department which would take into consideration the different types of obstacles which might arrive during the entire process. The nature of the HR would be to ascertain as well as fix up the road blocks within the same.

Þ    Financial resource: Financial Resource would be referred to as the second best resource which would help the organization to perform in long term. With the help of financial resource, the enterprise will be able to perform all its activities in the well defined manner. For example, if an organization wants to expand itself significant amount of new investments would be done by the same. The investments would be done by investing in new products, diversify its scope by adopting various types of distribution channels, increase the working capital & production capacity. All this would be possible with the help of adequate amount of financial resources (Nagle, Thomas & Holden, 2005).

1. Describe how you think communication and team building strategies need to be used implementing marketing activities, particularly in relation to the personnel responsible for each element of the marketing mix. Your answer should address the organizational structure and personnel responsible for implementation of each element of the marketing mix, when implementing activities. Provide examples of ‘real’ live situations and products to illustrate you answer.

Ans3. The 4 marketing P’s of the marketing mix shall be taken into consideration which would help the personnel responsible for the same. The 4 P’s of marketing are:Þ    Product: The product refers to the main element within the 4 marketing P’s. The Product manager will be made responsible for the same. For example, when a pharmaceutical company wants to brief about their product, they will take into consideration the various aspects of the product associated with it. They would be the manufacturing date, expiry date, salts with which the medicine is made, prescribed doze, etc.

Þ    Price: Price refers to the first & foremost element of the 4 P’s of marketing mix. The Market Research Personnel will be given the charge for the same. The price associated with a product will help the customers to see whether that particular product is to be bought or not. For example, when Kellogg’s entered the Indian market it used different pricing strategies which helped them to make a place within the Indian society (Nagle, Thomas & Holden, 2005).

Þ    Place: Place plays one of the crucial elements amongst the 4 P’s of marketing mix. The Sales & Distribution Personnel will be given the charge for the same. For example, while establishing a particular product the sales & distribution team shall keep in mind the location, space as well as the ambience of the same. It must be kept in my mind by the representatives that, customers try to relate the external view Þ    Promotion: In order to promote a particular product or a service, the Marketing Personnel shall be given the charge for the same. Within this marketing P, the various communication as well as marketing strategies shall be kept in mind. This would help in building a good bond between the customers as well as the product. For example, Starbucks used various marketing & communication strategies when they launched a store in China. Some of the strategies were a free cup of coffee to the first 100 diners, attractive cups, free bees, etc (Moon, Youngme & Quelch, 2005).

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