Executive Summary
A contemporary mechanism or a tool which constitutes of the planning and executing the concerned concepts of pricing, promotion and distribution of the goods and services in order to develop exchanges between two parties i.e. the buyers and the consumers and these transactions are carried out for bringing a level of satisfaction for the individuals and also for the firm. This process also aids in the attainment of the individuals and organizational objectives. The process also involves which are involved in creation of time, possession and place utilities. This mechanism can also be utilized for the identification, anticipating and satisfying the requirements of the consumers in a profitable manner (Hollensen, 2015). The below presented is the marketing plan for Proctor & Gamble which is multinational brand name in America and deals in consumers goods. The further analysis has been done on the situational analysis for Proctor & Gamble in Italy and also marketing objectives and also a marketing budget will be developed for the corporation.
Critical reviewing of the present business situations has to be considered as situational analysis. This type of analysis is the starting point for the process of marketing plan. A perfectly blended mixture or combination of the mechanisms which can be adopted by the managers for carrying out an analysis over the internal and external environment of the business corporation is termed as situational analysis. Proctor & Gamble may carry out this approach in order to become aware about the changing marketing trends, level of competition, marketing opportunities, and challenges (Kotler and et al, 2015). The below presented is the external analysis of the environment of P&G:
Political-
These are the factors which are very much influencing and have an impact on the environment of any type of industry. Political factors are considered as the one of the governing bodies of the economic region are the most significant factors which are capable in effecting the organization. The governing authorities can impact the corporation by imposing the regulations which are announced from time to time directly. For instance, if the government of Italy increases the tax on transporting then it will directly affect the distribution expenses of P&G.
Economic-
As per the survey done by the International Monetary Fund, in 2008 Italy was considered to be the seventh-largest economy in the world and the fourth-largest in Europe and which represents the economic stability of the population over there (Hutt and Speh, 2012). Due to this P&G can develop and launch Duo which is the latest innovation of the company for this market segment.
Situational Analysis
Social-
Social factors are one of the most important ingredients in the process of marketing. Customer is to be considered as the king of the market and it is very much crucial for the business organization to consider the ideas, views, perceptions and requirements of the consumers (Carroll, 2015). Moreover the company should also take care about the religious facts of the region in which the company is operating its business activities, the beliefs and thoughts of the population. This will enable the company to carry out smooth and flawless business activities.
Technological-
As P&G deals in a diversified range of products so it is of very much significance to carry out research and development in all the departments of the business organization so as to make developments and innovations in the products and services. The company should consider the changing marketing trends and also the needs and requirements of the consumers so as to develop a market share of satisfied consumers.
Environmental-
The governing authorities and local bodies of Italy has implemented a number of laws and norms which keep a sense of safety and security to the environment (Chernev, 2014). The laws formulated by the government specify and imposes a number of restrictions on the manufacturing processes which can be harmful for the environment.
Legal- A number of guidelines has been prescribed and imposed by the government which has a direct impact on the procedures and proceedings of P&G. The changes in the laws and norms tend the organization to make changes in the process and other operational activities which results in a change in the price of the products and services (Gktoday. 2015).
Buyer’s behavior: The buyer’s behavior is the concept or the study which needs to be carried out by the company so as to have knowledge of the decision making process of the consumer for a particular product. It is a very crucial task and so need to be done very efficiently as it will aid the company to identify the opportunities which are not met yet. Psychological, personal and social are the three factors which are considered as theses affect the marketing activities of the corporation (Baker, 2014). Research suggest that the decision making process of the consumer is a process which is categorized in the below mentioned steps:
- Need recognition
- Information search
- Evaluation of alternatives
- Decision modes
The concept is concerned with the outlines or the framework on the basis of which the marketing plan for a particular product will be determined. Marketing objectives sets out a clear and defined path for the business organization which will aid the firm in the attainment of the goals and targets. The marketing objectives need to be consistent with overall aims and objectives of the business. P&G can make use of the SMART objectives approach so as to attain effective marketing objectives (Hollensen, 2015). The below mentioned are the SMART objectives of the firm:
Marketing Objectives
Specific: The marketing team of the company should set the objectives clear and specific so as to attain the best outcomes.
Measurable: The achievements should be measurable; it should be in qualitative or quantitative form.
Achievable: The marketing objectives should be so designed that they should be easily achievable.
Realistic: The goals and the targets set should be relevant enough so as to be attained by the marketing team.
Time bound: Some deadlines should be made and prescribed and also need to be completed within the same time.
Strategies
- Existing products
- Expanding the consumer base and market share by entering new markets, for instance Italy
- Research and development in the changing marketing trends
- New products
- Providing an environmental friendly range of products by using go-green packaging concept
- Expanding the products to a better diversified range
- Diversification
- Addition of better and improved range of products with new features
Segmentation, targeting and positioning (STP)
As the company deals in consumers goods and has a diversified range of products can focus on a number of consumer segments, for instance for the products of Feminine Care the company can focus on females (Ho, 2014). There are three target markets for P&G i.e., the local market, commercial event and the tourists. The targeted segment for the corporation is the females and P&G needs to carry out the advertisements by taking female consumers in consideration, and should develop some attractive schemes and options so as to gain their attention. The company can also select one or more segments as a target. Positioning means developing and establishing brand image of the product in the mind of the consumers so as to acquire market share. P&G can make use of the marketing mixes for positioning the products in the market.
Marketing mix analysis
There are four basic elements of the process of marketing mix which can be adopted by P&G. Product, price, place and promotion and the same has been mentioned as below:
Product: For meeting the consumer’s satisfaction the company needs to develop a product which has been designed to on the basis consumer’s requirements.
Price: Price is the one of the most important variable of the process, so the company should charge a right and affordable price (Yüksel, 2012).
Place: After the goods are developed they are required to be distributed at the right place and to the right consumers.
Promotion: Advertising means presenting the products in front of the consumers in a way that it creates a will or urge to buy the product. P&G can make use of digital media and social media as promotional tools as they are capable of influencing the consumers. The both means are the most used means of promotions as they are used on worldwide basis and are easily accessible.
Marketing Plan
Ethical marketing
The process by which a business organization can develop interest of the consumers in the products, establishment of the strong bonds and connections with the consumers and also creating value for its stakeholders by incorporating social and environmental considerations (Solomon, 2014). By adopting this approach P&G will be fulfilling the social responsibilities and which will develop the brand value and the goodwill of the firm as the consumers will be satisfied also on social grounds.
Sustainable marketing
The concept is concerned with the marketing activities in which the company focuses on the social and environmental investments as the marketing strategies. Most of the business organizations are criticized for wasting, high pricing and also misleading advertisements. And hence to overcome from these allegations the firms need to carry out sustainable marketing (Chaffey and Bosomworth, 2012). This type of marketing is a modern way of developing relations with the consumers and making them realize that they are important for the company.
Corporate social responsibility
The business practices which involves the initiatives taken for the benefits of the society is known as corporate social responsibility of the business corporation.. It can also be considered as the business approach which has a contribution to the sustainable development by delivering social, economic and environmental benefits to the society (Armstrong and et al., 2014). By adopting this approach P&G will be expanding its market share and also will be satisfying the consumers on the social grounds.
For making expansions in the business activities in the other countries, for instance in Italy, P&G needs an allocation of funds, depending upon the targeted economy. An approx amount of minimum of $ 20 million should be set aside for this financial year. If any kind of additional expenses are incurred then it should be raised through a loan from a financial institution based in that particular region in which the business is being operated (Wilson and Gilligan, 2012). For attainment of the new consumers are satisfying the exiting consumers P&G needs to launch new schemes and plans and for this an approx amount of $ 45,000 should be set aside for the first quarter, based on each location. The corporation also needs to develop customer data base for marketing planning the company needs to keep aside an amount of $ 50,000 for the year, for each location should be set aside. This would include the costs of sending the promotional messages and offers to the loyal customers.
Marketing Budget
Conclusion
From the above carried out analysis it can be clearly identified that Proctor and Gamble is a well established and settled brand name in the sector of consumers goods. The company serves the consumers a quality of products with a diversified range in a number of countries across the globe and enjoys a huge market share. However, the company still needs more locations, especially in new cities located in the untapped nations, so that it can increase its profits further. Hence, there is a need to diversify more in the sense of marketing and hence a marketing plan has been presented in the above presented report. For developing a marketing plan the company need to carry out different types of analysis and also requires adopting various approaches so as to successfully implement the developed plan. Moreover a marketing budget has also been estimated for the plan so as to get the estimation over the expenses which will be incurred throughout the marketing plan.
The above presented is the marketing plan for Proctor & Gamble and for the same some of the recommendations have been made which will be proven beneficial for the business corporation . The company need to make adaption of some contemporary strategies and policies for improving the marketing operations . For instance the company should make more use of social media and digital marketing for carrying out the promotional activities of the products. Also the company is planning to establish new markets of Italy. So for that the firm needs to carry out a detailed research of the particular economy so as to have the details regarding the different segments, their buying habits, purchasing power and also the marketing trends. This will make them to develop better products and the consumers will be more satisfied.
References
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Kotler, P., Keller, K.L., Manceau, D. and Hémonnet-Goujot, A., 2015. Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.
Hutt, M.D. and Speh, T.W., 2012. Business marketing management: B2B. Cengage Learning.
Chernev, A., 2014. Strategic marketing management. Cerebellum Press.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Hollensen, S., 2015. Marketing management: A relationship approach. PearsonEducation.
Ho, J.K.K., 2014. Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), pp.6478-6492.
Yüksel, I., 2012. Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, 7(24), pp.52-66.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.
Chaffey, D. and Bosomworth, D., 2012. Digital marketing strategy. Implementation and.
Carroll, A.B., 2015. Corporate social responsibility. Organizational Dynamics, 44(2), pp.87-96.
Cavico, F.J., 2013. Corporate Social Responsibility. ILEAD Academy.
Gktoday, 2015, Meaning & functions of Marketing Manegement, Assessed on 21st March 2017, https://www.gktoday.in/meaning-functions-of-marketing-management/.
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