The Marketing Plan
The marketing plan is the one of the first few steps in preparing for your business especially because it is the base of advertising for your company in order for investors to become aware of your product. The marking plan not only helps you determine whether or not your business idea is viable, it is also crucial in attracting various industries in investing and selling your product. In order to achieve these goals you must first being to identify the basic ideas that you are trying to enforce into investors and customers minds that buying a share or the product is the right decision. Generally, it involves four steps in preparing the financial plan: Product, Price, Place and Promotion
When developing your product you must first decide is this product worth the quality of its own product. Your firm would also assume that as long as its product is of high standard society would buy and use the product. For H2 Dyrect to being its marketing strategies they must explicitly explain what their product is and how it came about in their business plan. H2 Dyrect does state their target market and customers are in the Puerto Rico government but H2 Dyrect must first explicitly explain their long-term and short-term goals. In H2 Dyrects business plan it states that there is a marketing plan, marketing objectives and target market but there is no description of how they will take these traits and apply it to beat their competing corporations. Because this is a new company their marketing strategies seem put aside and there is no real emphasis on their plan for their product marketing. There are just a few basic steps in deciding how to market your product: Targeting Market and Customers, Marketing Goals and Advertising in exposure to various electric power authorities other than Puerto Rico.
Targeting Market and Customers
In order to Market your product you must first decide whom maybe your future investors. In H2 Dyrect’s case, you must first find Electric Power Authorities across the nation that would be interested in supplying hydrogen (H2) and oxygen for their electric power companies. Both hydrogen and oxygen are clean efficient green energy fuels that are very stable and cost and energy efficient. Also, target companies that are popular that are looking for environmental friendly ways of enhancing their company. Because H2 Dyrect embraces new green energy technology the process of presenting green technology is at a low because of the cost to re produce their products. It is your job to convince companies to invest in your product even if it involves manufacturing a high supply and a growing demand for long-term revenue.
When deciding your marketing goals you must outline your objectives for the company such as: your overall goal, the strategy to achieve the goal, how you will measure the goal. Your marketing goals may take in account with many different elements of your business. Various strategies may come into play when deciding which way to increase sales, increase awareness of your business, increase visitors to your web site, increase the attractiveness of your site, get more come-back clients. In H2 Dyrect it shows a stepping-stone of the formation of their marketing strategy but not what exactly they plan to do in enhancing their marketing skills. It is very important to have concrete information to present to buyers, without solid information and proof of revenue in their companies by investing in your product there will be not assurance that what investors will be investing in is beneficial for them. Having PowerPoint presentations, speakers, a visual example of how hydrogen, promotional products and oxygen are green efficient all must be included when portraying your product. Once established firm grounds of an business plan, you can start to work on the tedious steps to have a strong accomplishing marketing goal.
Advertising, the most efficient way to promote your company in various fields of business. After figuring out your target audience and customer along with your marketing goals, you are well on your way to begin to expose your company to the public. When you make your company in the public eye it is very important to have all the previous factors of your business plan in perfect condition in order to answer any questions you may be asked when you begin to advertise your product. When advertising your product one must be able to explain what the company will offer to those who may invest. H2 Dyrect is competing amongst industries that are ahead of the game when advertising about green energy technology, so H2 Dyrect needs to make sure they have equivalence of advertising plus more.
Price can be described in the marketing strategy as a market value, or a distinguished exchange price that can purchase a proposed quantity, weight, or various levels of goods or services. One of the main things that go into marketing is the pricing; owners avoid spending money on marketing but the key of exposure is marketing. The largest attribute to the company is through advertising your company and that is when your revenue will begin to appear, without it there is no awareness for investors or buyers to discover your company. Below is a list of marketing strategies that take account when calculating how much of your money will be set aside for marketing:
Develop A Marketing Budget
- For your advertising and promotional plan
- For costs allocated for advertising and promotions
- For advertising and promotional materials
- For a list of advertising media to be used
Describe Location (Place)
- Description of the location
- Advantages and disadvantages of location
- Price of location
Develop Pricing Strategy
- Pricing techniques and brief description of these techniques
- Retail costing and pricing
- Competitive position
- Pricing below competition
- Pricing above competition
- Price lining
- Multiple pricing
- Material costs
- Labor costs
- Overhead costs
When beginning your business one must decide their headquarters, where the operations will take place. With H2 Dyrect deciding on a safe and composed area is important when working with hydrogen. The pricing for area also takes into account and how easy it is to import and export products from ones base plant. Because H2 Dyrect has two experiment plants, one in the United States and the other in Puerto Rico it is required to establish at least one place as a permanent residence for experiments and development. Especially since investors will begin to come and observe your product it is suggested to have base grounds on where the machinery will be equipped and how it will work in that area. Place is part of the marketing strategy because it is about getting the products to the customer through distribution channels, market coverage, specific channel members, inventory management, warehousing, distribution centers, order processing, transportation and reverse logistics.
When speaking about marketing content, as we have discussed above, promotion is the representation of numerous aspects of marketing communication. In other words the communication of what has been retrieved, such as the information about the product, ties in with the goal of creating successful customer replies. With promotions comes the promotional strategy such as what the business should push to sell and what to pull back from the business. Also, advertising, when exposing your company it is in your best interest to promote it full personal selling and sales force to have your client feel as if they are investing in a valuable company. While speaking about sales, sales promotions are very important in this concept that public relations and publicity of your product is necessary to communicate your product to society and why your product is the best option for industries. Lastly marketing communications budget, though this seems like it must be placed in the pricing it is the budget on how much the industry is to pay on communicating their product to potential clients.
Buy custom The Marketing Plan essay
|← Implementation and Management of Drug Testing in Sports||Diversity in Organizations →|