The Marketing Plan

At its basic understanding, international marketing engages the firm in making one or more marketing mix decisions across national boundaries. At its complex level, it involves the firm in establishing

One of the most important in coming up in the marketing plan is identifying your potential customers or your target market. With this, the researchers can implement and come up with the strategies suited with the identified target market. Target market or customers are those who are likely to buy your product.

This market may provide quite a lot of potentials and profit for the company, but it has suffered a lot in exploiting the market efficiently.

The company must divide potential customers into segments and find ways to best satisfy them. Strategic marketing deals with the big picture marketing planning. It analyzes how a company can best satisfy its customers and makes a profit as it. Strategic marketing planning is directed from the top of the company and is extremely important in any for- profit to organization. Several key principles govern strategic marketing. Understand the Marketplace and Customer A company must identify the sources of demand for its products and closely analyze the competitive landscape in which it wants the consumer to prefer its products over those of competitors. The company must divide potential customers into segments and find ways to best satisfy them. Each segment may require a distinct marketing mix. Deliver Value While satisfying individual consumer segments and gaining market share is important, the company must add value to be successful in the long term. Strategic marketing planning must be built on a strong foundation. A company has to deliver a tangible benefit to the consumers of its products.

Sometimes product localization is not enough to break into the foreign markets because their cultural differences or ethical values are so marked that the regular product would not be acceptable. A company needs to be prepared to introduce new and radical products that cater and adjust to the local culture. Conducting market research analysis before embarking in business in a new area is one way to know and understand the needs of the potential customers. A successful international business must respect the cultural, religious, and other beliefs of other countries when deciding on new product lines.

The purpose of this marketing plan is to analysis and identify the market plan of “We love Foreigner” which will be created by Translation call centre and information for tourism Service (TCCT) company. This service is an innovative and TCCT is the only one provider of this service in Australian Market. This call centre provides the service in six significance languages namely Japanese, Korean China, Spanish, Portuguese and France, called service language.

342). The business challenge section describes the specific offering and summarizes the reasoning for why the company should invest in the offering (Tanner, p. 343). Next, the market section describes the current market status and outlines the organization’s customers, competition, and any other entities the company may work with throughout the process (Tanner, p. 343). The plan should then detail the strategy that the organization will employ in order to sell the offering and to develop the market (Tanner, p. 346). Following the strategy portion, the budget section provides detailed assessments of all resources (i.e. personnel, equipment, locations etc.) that are required for a successful product launch (Tanner, p. 347). Lastly, the conclusion of the market plan reiterates the key aspects to include the offer itself, the target market, and communication plan; while also providing the reasoning for why the plan is the best choice (Tanner, p. 348). Ultimately, the marketing plan is valuable to an organization because it acts as a tool to sell ideas and provides essential details that are vital to the company’s overall success. Now that the elements of a market plan have been discussed, the following text will discuss how different marketing concepts are carried out into the execution of a marketing strategy.

There are 4 different sections of the marketing mix. They are Place, People, Product and Price.

Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix.

Consumer behavior is an essential application when constructing a marketing plan, knowing what is best suited to attract customers is essential for well-established businesses. Although generating revenue and profit is important, understanding consumers can be considered the foundation to growth and sustainability to any business or company.

An effective marketing plan is one of the most important steps in introducing a new product or service. It is an essential tool in preparing executives, employees, and partners of the company in understanding the strategy to entering the market place with success. Having a solid marketing plan will not only ensure that the company is sticking to the schedule, but that the marketing resources are being disbursed wisely and appropriately (U.S. Small Business Administration). Some of the main objectives of an effective marketing plan include knowing and understanding the customer’s needs, ensuring the businesses strategy is in line with meeting those needs, developing a mission statement and strategy around meeting those needs, utilizing advertising activities that lead to successful interactions with customers, and having effective communication between the customers and the organization (Tanner & Raymond, 2012). The objectives of the marketing plan are met through several elements that summarize the goals, describe the offering, address the market, formulate the strategy, and determine a budget (Tanner & Raymond, 2012).

Target Marketing refers to, “the choice of specific segments to serve, and is a key element in marketing strategy.” (Fahy & Jobber, 2015, p.128) Companies will have to examine and evaluate different segments in order to make a choice on which and/or how many different segments

Researching right kind of market into which to expand is important for a number of reasons. Papadopoulos and Denis (1988) explain: Firstly, it can determine the relative success or failure of the new business venture, particularly if this is the first time a firm is expanding internationally. Secondly, target market selection can influence the development and the type of external marketing done. Third, the geography and local environment of the new markets may affect the firm 's potential to further expand and co-ordinate its foreign operations; and, (d) establishing bases at appropriate foreign markets can be a key ingredient in the firm 's global competitive positioning strategy

Definition of marketing: Marketing is based on the thinking about the business in terms of the needs of customers and satisfaction. Marketing is different from selling because Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. The main purpose of the marketing is to increase the sales of the products and getting more profit for the company.

Marketing can be defined as being all about getting the right products to the right customer at the right time; in general the term marketing is the action or business of promoting and selling products and services. Marketing is based on thinking about the business in terms of customer needs and satisfaction.