Marketing Plan vs Marketing Strategy
Question:
Discuss About The Dream An Eco Friendly Vision Of Perfection?
For many years, there has been confusion between a marketing plan and a marketing strategy. However, it should be noted that marketing plan and marketing strategy are two different platforms that are not baked together. Such is due to the fact that the two feed off each other. On the contrary, the difference between them is blurry. As marketing strategy is all about the larger picture of what a business organization offers, proposition of value and brand messaging; marketing plan is all about the manner in which business organizations get through such brand messages (Electric Boat Association, 2017). In this case, the brand messages include:
- Platforms
- Creativity
- Timing
Another important factor to note is the fact that marketing strategy has the potential of getting absorbed into statements of corporate value alongside other strategy documents. Regarding the mentioned differences between marketing strategy and marketing planning, this strategic research paper will achieve its objectives through the conducting of analysis in marketing opportunity and research of the identified product. By so doing, the paper will assess the new product’s potentiality and future demand. In this case, we will assess a solar powered vessel known as the 42m Solar Dream. Regarding the same, analysis on market opportunity; as mentioned before, will be performed. However, the main objective of this paper is to have Solar Dream market potentiality assessed. The market for this particular product, its marketing mix and also demand will be assessed. On market opportunity analysis, this paper will conduct a PESTEL and SWOT analysis (Electric Boat Association, 2017).
The Solar Dream vessel is one aimed at creating a sailing experience in a way that is eco-friendly. The vessel happens to be an incredible catamaran which is also 42 meters in length. Among its unique features is a solar cell that is 360-square-meter in cross-section. With the same, the vessel is considered to be efficient, ecological and able to provide a hybrid solution for propulsion. On the same innovation achievement, the credit goes to one Swedish yacht designer known as Dennis Ingemansson (Groom, 2017). Dennis introduced the Solar Dream idea then collaborated with the Ned Ship Group (a Turkish shipyard) to develop a sailing vessel that is wonderful and eco-friendly. Just to add on the design, this particular yacht has an ultra light back up carbon fiber of a hull. This hull is purposed to allow the vessel achieve its top speed of 22 knots with less effort. Also, the yacht has a 580 square meters interior spacing alongside an owner’s suite that is double plus a capacity of approximately ten people. It also has three guest rooms which provide an experience that is luxurious. The main advantage associated with the yacht is its ability to fuel efficiency (Farris, Bendle, Pfeifer & Reibstein, 2010).
Solar Dream – An Eco-Friendly Vessel
Out of a business organization’s value proposition does a marketing strategy grow. However, this value proposition compiles a company’s competitive advantage within a given market. With value proposition, a company is able to provide all marketing’s key message. Taking an example of Walmart, for our case analysis; this is a discount retailer which provides low prices. Its marketing and business operations happen to be revolving around the same. From the example, we should understand that a business organization does not have to create a strategy for marketing from scratch (Kurtz, Mackenzie & Snow, 2009). Most companies will begin with value proposition after which they distill the main marketing message from the same. As long as the intended value proposition is well stated, everything gets considered as complete. All the assets for marketing are judged depending on how proper they communicate the value proposition. To have the efforts of marketing efficiency furthered, research in marketing is integrated to strategic marketing so as to identify the audiences that are untapped and also refine consumers that are targeted. Afterwards, an objective for strategic marketing is then set. Marketing plans that follow, there on, will then inherit on delivery responsibility. Such plans should be concrete for instance, sales increment (Kelley & Jugenheimer, 2008).
Marketing plans can be defined as documents of operation which obtain more attention. Such is due to the fact that these plans are everyday work which a business organization does announce itself to the business environment. Having said so, it is evident that a marketing plan without any form of message would be of no meaning. It is the goal, the target and the message which forms the core of any given marketing strategy. Several research activities on marketing portray that individuals have always needed vessels that are eco-friendly. On the same, the new eco-friendly vessel will address issues on:
- Ensure sustainability
- Pollution prevention
- Other environmental issues
In the current technological world, the demand of such eco-friendly vessels is associated with features like having a small crew, extreme comfortability, fuel efficiency and being eco-friendly. The catamaran will, therefore, be a brilliant place to spend time, relax with one’s friends and family and also hang out. Other features that will be incorporated in future models of the yacht include:
- A gym
- A massage room
- Sauna
- Jet skies
- Diving equipment
All these features are intended to keep passengers comfortable. Also, since people need fun while they cruise on waves; plus being able to experience marveling aquatic life, the development of the yacht ensured the exploration of the market potentiality (Luxatic, 2017).
Market Opportunity Analysis through PESTEL and SWOT Analysis
- SWOT Analysis:
This is a research analysis technique used to conduct the subject’s strengths, weaknesses, opportunities and trends. We shall, therefore, conduct a SWOT analysis for the identified vessel. In the table highlighted below, Solar Dream’s current gaps regarding the marketing mix is discussed:
- PESTLE Analysis:
In this case, we shall discuss the vessel’s economical, political, technological, social, environment and legal analyses with regards to the Australian market (Luxatic, 2017). Through the same, the paper will be able to outline Solar Dream’s potentiality currently and also in the future. The outcome of this analysis is as outlined below.
- Political environment
The performance of Solar Dream yacht in Australia is influenced by several political factors like Commonwealth government stability, amount of government parties and corruption. However, most of these political factors are positive in nature. They include:
- Stability of Commonwealth government being proper
- Corruption rates being low
- Eco-friendly technologies and products being supported
- Reduced pressure from political parties.
- Economic environment
The target country’s economic growth has the potential of affecting the purchasing power of clients. The same also has a likelihood of influencing individuals to spend on performances or operations on Solar Dream. Australia’s rate of inflation, in the last five years has reduced the rate of interest by about 2%. The rate of unemployment has also been averaged at 7%. However, a continuous growth of GDP has been realized. Such as somehow indicated a market factor that is positive and important economic factor for Solar Dream. With the presence of a strong economic position, there is an indication that Australians spend extra money to get themselves entertained and also experience new things in their lives. The same indicates a positive Solar Dream potentiality (Luxatic, 2017).
- Social environment
High levels of literacy, reduced levels of corruption, open culture and consumer preference of products that are eco-friendly are among some of the social factors that encourage the sales of the Solar Dream. Australian residents happen to acknowledge digital forms of technology and thus are able to spend money to get new technological experiences.
- Technology
Australian residents are already exposed to technology that is eco-friendly like vehicles that are solar powered. They also know the impacts of such technologies thus would gladly go for them. The same, therefore, shows Solar Dream’s potentiality within the market targeted. Other factors that help in the marketing of the yacht are proper infrastructure, availability of transportation and technology (Luxatic, 2017).
- Legal environment
Australia has a well structured legal system which in turn, is able to protect the business of Solar Dream.
- Environment
The Australians have a positive attitude towards the solar-powered yacht. Such is a strong point of support for the business of Solar Dream (Kremer & Symmons, 2015).
Assessing the Marketing Mix of Solar Dream
Currently, there are other vessels in the market that use the same technology as the Solar Dream yacht. They include:
- Arctic Sun Explorer
- AeroCruiser 38
- Cheeky Tiger
The named three vessels alongside Solar Dream are the only solar powered vessels in the Australian market currently. Therefore, there is less competition within the target market. On top of that, each and every yacht that is solar power yachts has its own unique features and other common services like sauna, the gym, jet skies, massage room, relaxation and entertainment areas, and also diving equipment. Such features and services make them quite unique and distinct when compared to other vessels in the market. With the feature differentiation indicator it is important to note that many vessel users now demand the more relaxing, eco-friendly, clean and faster vessels (Luxatic, 2017).
In this case, we shall discuss the 4 P’s of market mix with regards to the Solar Dream.
- Product
Solar Dream is a 42M catamaran designed to be eco-friendly and spacious. Also, the technology employed makes the vessel’s running cost low and efficient. Some of the main features of Solar Dream include:
- Beam (12.50m)
- LOA (42m)
- Approx 1000 tones Gross Tonnage
- (2 x MTU) 16V 2000 M70 Engines
- Draught (2.75m)
- Approx 22 knots-Max speed
- Approx 360 (square meters) Solar cell area
- Hybrid system of power available
- 10 guests in arch of the 3 guests rooms – Capacity
- 1captain and 4 crews – Crew members
- Made from carbon or composite
- Price
There are a number of advantages associated with Solar Dream that lead to reduced costs of services. They include:
- Zero emissions
- Silent navigation
- Reduced wave making
- Reduced operation costs
The 42M Catamaran works in the sense that it transforms solar-energy into a more operational electric energy. In this case, there is no pollution, no fumes and no incurred power costs. Among the incurred costs are those of food and accommodation; or maybe additional services (Nedshipgroup, 2017).
- Place
Regarding the geographical location of Australia, it happens to be an island. The island is, however, surrounded by three oceans which are the Indian Ocean, the Southern Ocean and the Pacific Ocean. With such oceans, the island continent happens to be the best geographical location to run the 43M Catamaran. Such is due to the availability of target customers. Due to the island characteristic of the country, several solar-powered catamarans are used in Australia (Nedshipgroup, 2017).
- Promotion
To ensure that awareness is created with regards to the eco-friendly technology, selection of promotion ways that are appropriate is needed. Such will ensure that Solar Dream is well known in Australia. There are many types or kinds of promotion strategies likely to be applied to create awareness. Such strategies can also attract global customers who might need the eco-friendly vessels. Currently, Solar Dream happens to be targeting local and global customers through via social media. Other means of information dissemination are:
- Use of international magazines
- Movies,
- TV adverts
- Other print media techniques
- Online marketing sites
Conclusion
All these are appropriate methods of awareness creation as a strategy to target global and local customers (Nedshipgroup, 2017).
Conclusion
In the introductory section, this paper recognized the fact that marketing strategy is all about the larger picture of what a business organization offers, proposition of value and brand messaging. The difference, however, with marketing plan is the fact that marketing plan is all about the manner in which business organizations get through such brand messages. However, there were other important factors to note. For instance, the factor that marketing strategy has the potential of getting absorbed into statements of corporate value alongside other strategy documents. Regarding the mentioned differences between marketing strategy and marketing planning, this strategic research paper then achieved its objectives through conducting analyses in marketing opportunity and research on Solar Dream as the new identified product. The paper also assessed the new product’s potentiality and future demand. Regarding the same, analysis on market opportunity was performed. In conclusion, the market for this particular product, its marketing mix and also demand were all assessed.
Reference
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Luxatic. Answer:
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