Marketing assignment Sample
Below is provided sample marketing assignment,
Harvard referencing styles used,
Topic: Situational Analysis from marketing prospective into your own selected organization. (Fegyuan Dentis office – Service Plastic teeth, Need marketing plan)
1. An executive summary
In this research document, researcher will examine current marketing strategy at Fengyuan along with influencing internal and external factors on its’ ROI. After completing research, researcher will do a comparison for competitive analysis and to recommend a cutting edge marketing strategy to Fengyuan dentist office. In this research assignment our target audience are people ages between 15-25 years old and residing in Taiwan.
Fengyuan dentist office is based in Taiwan, it specializes in plastic teeth implant. Aim of this report to do situational analysis and to find internal and external factors in Taiwan that directly or indirectly affect Fengyuan business growth. Situational analysis is also known as foundation of marketing plan (Batra et al., 2006, p.55). Through examining internal and external factors that affects on growth strategy of Fengyuan researcher would come up with a strategy to suggest an effective marketing plan. In short, situational analysis consist of different analyzing tools such as SWOT, PESTLE that help marketer to indicate important factors of growth for their organization (Batra et al., 2006, p.56). Through, utilizing market research, a situational analysis would help researcher understand internal and external influencing factors on current marketing plan of Fengyuan. Furthermore, it would help researcher into right direction to draw competitive and successful marketing plan.
Figure 1 (Batra et al., 2006, p.53)
From last 14 years Fengyuan is established in Taiwan and helping people live healthier lives through providing care for their oral hygiene. Based on, Fengyuan, employees interviews and feedback; it’s been found that there services of Plastic teeth are very unique and competitive due to low competition. They provide services focused to age of 15-25 years group keeping in mind the value their customers have perceived from earlier referrals. Fengyuan’s mission and objective from last 14 years is well known that is to provide best smile with plastic teeth’s’ services in Taiwan.
Based on research and questionnaire conducted with employees at Fengyuan, it is found that current branding of researched organization is not effective. Even though current competition in dentistry industry in Taiwan in our selected product is very low and purchasing power of people are significant high. Fengyuan’s marketing department needs to focus on marketing their own brand in people’s perceptions with ATL and BTL activities. Plastic teeth are mainly used for two purposes, firstly, it is focused on whitening teeth that is basic requirement of appearance in today’s’ teenage population and second service is to adjust or align teeth with plastic teeth to make a smile better and presentable. Based on conduction questionnaire survey researcher found following facts into internal organizational environment:
- Current marketing strategies does not focuses on particular age target
- Implemented marketing strategy does not fulfill basic 4P’s marketing mix strategy.
- Product quality is high and promised, but the message of durability and confidence needed to be delivered, yet it is not been seen in current marketing strategy
- Profitability analysis indicates good margin and less competition however branding is required to grow company’s’ profit with mind perception and behavior management of customers.
- Promotion effectiveness into current marketing strategy is ineffective, because customers segmentation and accordingly price plan are not being focused
- Current financial situation shows that marketing plan is only effective to bring profitability that meets basic fix cost however variable cost such as packaging, utility, postage varies, which leaves another unpredicted impact on financial and marketing budgets
Below are suggested marketing 4p’s that would help marketing department at Fengyuan to get maximum young generation into their product and learn benefit of aligned and whitened teeth.
- Focusing 4ps of marketing, product, price promotion and place would help marketer at Fengyuan to find and target customers aged between 15 – 25 years old, for instance target audience could be marketed through educational institution where majority of students are found (Micheal et al., 2001, p.47).
- Focuses on places such as school, colleges, leaning facilities and playing areas and marketing through interactive activities such as becoming a local event sponsor and leaving brand and service image on audience perception would increase strength of Fenyoung.
- Continuous market evaluation is needed to find upcoming events, trend in young generation ages between 15 to 25 years old, to stay competitive and profitable
- Evaluation of operational and marketing department costs would help identify gaps through regular internal gap analysis and increase business strength
PESTN analysis is used to find out external factors’ influence on organizations current state and on growth strategy (Hstings, 2007, p.215). Based on conducted research at Fengyuan and examining external factors that impact on Fengyuans’ strategy, researcher below will discuss the impact along with strategic suggestions:
In Taiwan, political stability is in favor of Health and care industry. Particularly, dentistry industries in most cases are subsidies by govt. institutes (Leatt & Mapa, 2003, p.24). As discussed above in internal factors, Fengyuan marketing strategy department needs to get subsidiary for govt. departments to become stable from internal and external point of view. Aided external subsidiary from government would help in financial profitability of Fengyuan.
Economy of targeted market of Taiwan is stable and GDP is also shown the trend of high spending if compared to last 5 years (Leatt & Mapa, 2003, p.25). Taxes on dentistry industry have been in lowest rate whereas trade agreement for dentistry industry provides huge opportunity.
Communities specifically young generation in Taiwan are now more focused toward appearance and having health lifestyle. Through advancement of technology people ages between 15 to 25 years are now more aware of their dentistry problems and solutions (Cadle et al., 2010, p.22). Through marketing with latest technology medium such as Facebook and Google plus community would help Fengyuan build its brand and customers’ base.
During last decade, In Dentistry industry latest equipment has been introduced which is competitively revolutionizing customers’ experience (reference). Based on research into external and internal factors researcher strongly suggests Fengyuan’s management considers using technological aspect in its marketing campaign on social media.
Natural environment from dentistry prospect is in favoring of healthier lifestyle (Reference), Alignment and whitening teeth have been common problem in particular region. Marketing strategy must contain external environment reviewing plan to accordingly win lions’ share from Taiwan’s market.
Customers’ segmentation is key of marketing plan in any business, whether, marketer aims to target whole public or specific niche, segmentation plays vital role in profitability of business (Cadle et al., 2010, p.21).After due analysis into 4P’s and external and internal factors, researchers suggest strong emphasize is required in customers segmentation. People ages between 15-25 years and people with smoking habit needs to be target through separate market strategy, firstly, marketing message aims to be fun and focus to appearance of young generations’ and their perception. Secondly Plastic teeth products’ impact on their daily routine lives and hygiene of plastic teeth with food grade rated plastic availability. It must be advertised on different focused digital places, such as Facebook ads with audience and community target.
Currently marketing strategy in regards to place is general newspaper in Taiwan which is not effective and reaching to targeted audience. Advertising on bill board would be beneficial for researched organization however from internal factors point of view it is not suggested to spend huge marketing budget on bill board on streets. From above findings and conducted surveys, researcher suggests that advertising through social media and on community platforms would bring cost affective awareness among targeted audience.
Now, researcher focuses on, how can Fengyuan plan for the future marketing with confidence? Based on above research and strength analysis of Fegyuang in Taiwan market along with economic factors it is predicted that if Digital marketing channels are being used to target young audience it would lead product and brand awareness at monopoly in Taiwan (Pahl & Richter, 2007, p.3).
Below shown table of competitive analysis among well known Orthodontics practitioner, It shows the area of services where Fengyuan needs to improve their services to gain competitive advantage. Such as in social media corner from marketing perspective only two well known orthodontic offices are publsihign marketing material and engaging with general public.
However, Fengyuan have complete advantage of marketing online and on social media platform such as facebook, none of his competitor with similar services have used online marketing strategy. In below figure, it could be seen that competitor number 2 would may get first share of online branding if there marketing strategy get first entry, however Fengyuan would have stronger appeal due its offered 10 years warranty for plastic teeth have no match in Taiwan’s orthodontic industry. Currently, Fengyuan hold 20% market share of targeted audience, whereas his competitor “Taiwan Whiten” hold 15% share approximately. Rest of audience or customers are still unaware of product and its features. In result, researcher strongly recommend marketing strategy that focus 15-25 years old teenagers from online and social media platforms top gain maximum market share.
SWOT analysis helps find internal strength and weakness and its other two components, opportunity and threat identity’s external factors (Pahl & Richter, 2007, p.6). Fengyuan is only company in Taiwan who offers plastic teeth with 10 years warranty which is strongest and competitive edge. Currently they are not Social media channels and marketing strategy is not synchronized with internal department of operations that is in shape of weakness holding them back from getting lions’ share of market.
To gain lions share from Taiwan’s’ dentistry market Fengyan marketing team needs drastic approach towards targeted market with social media channels, it is because of zero competition in social media marketing they have an opportunity to setup their brand image on prospect customers’ mind. Threat lies with competitor number 2, shown in above table, as he is offering similar services which could lead in strong competition for Fengyuan in future if necessary steps are not on urgent basis.
Based on situational analysis of Fengyuan researcher have came to conclusion that there marketing mix needs to be synchronized with internal and external influencing factor. More precisely they needs to make targeted and segmented approach towards their customers base, for instance people ages between 15-25 years old should be targeted through social media platform. Targeting teenage audience through social media i.e. Facebook would help them create successful brand image with stunning logo appearance on all Fengyuan posts. Finally, smokers segmentation need to be done on social media channels to advertise separate Whitening teeth message along with 10 years warranty, as a competitive advantage.
Batra, R., MYERS, J.G. & AAker, D.A., 2006. Advertising Management. 5th ed. India: Dorling Kindersley, Pearson.
Cadle, J., Paul, D. & Turner, P., 2010. Business Analysis Techniques: 72 Essential Tools for Success. 1st ed. London: British Information System.
Hstings, G., 2007. Social Marketing: Why should the Devil have all the best tunes? 1st ed. Italy: ELSEVIER.
Leatt, P. & Mapa, J., 2003. Government Relations in the Health Care Industry. 1st ed. West London: Praeger.
Micheal, M.H., Leyland, P.F. & Earl, H.J., 2001. Business-to-Business Marketing: A Strategic Approach. 3rd ed. London: Sage Publication.
Pahl, N. & Richter, A., 2007. Swot Analysis – Idea, Methodology and a Practical Approach. 1st ed. Germany: Grin Verlag.
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