PESTEL Analysis
Question :
From Where a Marketing Plan has been Developed ? Explain.
This report has basically developed the marketing plan for a new product or service in a company. For discussion, the famous food company Mr. Bean has taken.Mr. Bean was established in the year 1995 by Kang PuaySeng and LohJweePoh. Now, in present time, Mr. Bean is the famous and leading chain of soya bean food and beverageretailers in Singapore. The company is famous retailer in the Singapore. Rather than focusing on the big business opportunities, the company focuses on the small kiosks in the target customers. The target areas of the company are shopping malls, schools, hospitals and the stations. The company is operating a chain of retrial stores by operating its organization. In present time, the company is operating around 60 retail stores in the country. Because of its popularity and reputation among the customers of the country, the company has got two most famous awards i.e. Singapore promising brand award and the Most Popular Brand Award. Along with this, The Singapore Food Manufacturers Associations rewards the company as My Favorite Consumer Brand Award. Today, Mr. Bean is very popular and famous across the world. The visitors are fond of the food of Mr. Bean and they cannot resist themselves to go into Mr. Bean stores. Further, the brand has very little competition and a limited geography in the market. Now, the company is going to introduce new soya bean food products for the customers. With the introduction of new products, the company is also going to attract a major segment in the market of Singapore. The proposed marketing plan will be helpful to achieve the target of the company (Mr Bean, 2009).
In the situational analysis of the company Mr. Bean, the PESTEL analysis has used. The PESTEL analysis stands for the political, economic, social, technological, environmental and legal factors which affect the business operations in the market. The PESTEL analysis is helpful for the companies to analyze the impact of external environment on the business (Peng, 2012). The following PESTEL analysis is conducted for the Mr. Bean for the operations in Singapore:
There are many political factors in the country which have affected the business of the company. The rules and policies of the government affect the business operations of the Mr. Bean. The company has to follow those rules and regulations and the company is able to operate its business in the various political environments.
Now days, People are becoming very health conscious so, they are focusing on the soya products. The industry of soya food products is now growing in the world. It has been observed by the research that Singapore has been including healthy and nutritional products in the food items. The result is that Mr. Bean has high chances to gain more market share in the market (Perreault, Cannon & McCarthy, 2011).
It is important for the company to introduce new soya products and beverages in the Costa Rica due to changes in the taste and preferences of the customers in that area. So, it is essential for the Mr. Bean to develop the soya products based on the taste and preferences of the customers to make the business successful in the markets of Singapore (Bakan, 2016).
Marketing and Product Decisions
The market of technology is improving continuously. To minimize the overall cost and to increase the sales and profit of the company, Mr. Bean has to make investment in the research and development process. The R&D process will help the company to explore new and innovative ideas for soya products. It is important for the company to adopt advanced technologies for improve the productivity in the market.
The company is focused in involving resources and efforts to provide pleasure and happiness to the customers. Since many years, Mr. Bean has adopted many advanced and innovative efforts for the environment. Along with this, the company has developed many rules and policies which include eliminating waste, recycling, saving energy and water and building environmental friendly stores and facilities. The company buys renewable energy credits to reduce the environmental footprints of the operations.
The legal factors are the crucial factors which have to face any company while operating the business in the market. Mr. Bean has the legal rights to do business in the country. There are many laws and regulations in the Singapore market. So, the company has to stay alert with the consumption and food policy regulated in the country.
The company Mr. Bean is going to provide the new range of soya products and beverages for its customers. As the company is famous among the customers in the market hen there will not be the need of extra efforts to promote the new range of the products. In the marketing and product decision of the company is as follows:
Branding has two meanings basically i.e. identification and assurance. In the part of identification, it has become a challenge for the customers to choose right product. There are various food products that are similar to the other products so, branding is most important for the Mr. Bean’ products (Lamb, Hair & McDaniel, 2010). To maintain the brand value, the company will keep the same taste for its products having more innovation and the combination of more features. If the customers find out the same old taste of soya bean product which attracts them, they will come back again without any kind of mistake.
Assurance is also the part of branding. In this part, the company will assure the customers about the taste of the product and the loyalty of the company towards the customers. For the first-time customer, it will be hard to choose right product among various products (Marich, 2009). In such case, the buyer will choose the product having brand name so, the branding of new soya bean product will be done with the same ad old taste of the food and beverages. With the branding, there will be less risk for the customers and the company (Kapferer, 2012).
The new variety of soya product and services will be launched in the country. The company will mainly focus on the protein needs customers who are mainly working professionals. Further, the product will show the nutritional needs and focus on the demands of the working professionals in terms of health related requirements. The products of the Mr. Bean have strong brand image among the customers and they are satisfied with the products of the company. So, the company will improve the popularity of the brand among working professionals by providing new range of soya products (Russell, 2010).
The company will launch new features in the soya products and beverages to attract the working professionals in the market. The products of the Mr. Bean are very tasty and delicious which revitalize the refresh the people so that they feel healthy all the day. The new products will provide nutritional values to the customers and will act the energy provider for the working people. In the new range of soya products, the protein and essential content will be available as the attractive the factors for health conscious customers in the country.
Further, there will be packing bags and containers with the new variety of soya products. There will be attractive packaging having various colors to attract large number of the customers. Along with this, the products will be designed especially for the working women. The company will focus on the attractive packaging by attractive designs and colors.
In the marketing plan, the positioning of the product can be considered as the important part to build the unique image of the brand among the customers. in this marketing plan, there will be variety of the products for the working professionals and those products will be advertised at the work place of the professionals. Along with this, the new variety of Soya product will be based on the health demands of the customers in the country. The people who are professionals and doing job need high amount of protein and energy to manage their daily work life and household activities. So, by using of soya food products, they can revive and take care of their health. Thus, positioning will be used as the strategy of target market which is needed to improve the sales and profit if Mr. Bean (Shankar, Carpenter & Farley, 2012).
The primary target market of Mr. Bean in the country would be both men and women having the age of 25 to 35. This will be almost half of the total business of the company. In the marketing plan for Mr. Bean, the company will also focus on the professional people in the country aged between 24 to 35 years. It is expected that there will be large number of working professionals in this group. The company will be connected with the target customers by implementing advanced technology in the products. To promote the soya products, the company will use social networking sites (Reid & Bojanic, 2009).
The prices of the new range of products of Mr. Bean will be relatively high as compared to other soya products available in the market. For the new product ranges, Mr. Bean will follow the ‘Skim the Cream’ strategy. Company will develop a specific strategy to attract the working people and working women only. Further, the company will adjust the price based on the changing market conditions. Along with this, the company will also consider the entry of new and direct competitors because they are the important factors which may impact the pricing strategies of new range of products (Smith, 2011).
The new range of Soya products and beverages will be launched in the country. To attract more and more customers, a distribution campaign will be implemented by the company. In the distribution campaign, the product will be provided in those stores in which the working professionals mainly visit. In the product distribution campaign, the product will be sent in all the popular stores and the stores will display the innovative and new range of products in the separate racks (Schermerhorn, 2009).
It is not only enough to use the marketing tactics to attract the customers but it is also important to communicate with the customers for providing the information related to new range of the products. The communication strategy can be described as the strategy to provide the relevant information to the customers by the advertising of the message. For the advertisement of the new soya products, there will be an effective tagline to grasp the attention of the customers. Further, the tagline will also be effective to retain the existing customers. The aim of the marketing plan is to increase the brand awareness for the new soya products of the Mr. Bean. The marketing plan will provide the capability to the company to cover more food market for new range of the products (Luttrell, 2016).
In the communication strategy, the information of new range of products will be provided to the customers. The detail of the product and the specialty of the product such as tasty, delicious and nutritious beverages will be provided in the communication message. For the new range of soya products, a special message will be provide to improve the brand awareness of the product among the customers. There are many marketing tools for communication i.e. direct marketing, public relations and advertisement which will be used in the communication strategy for the customers. Public relations will be used to get feedback from the customers about the new range of soya products (Kotler & Keller, 2005). The feedback from the customers will be helpful for the company to improve the product time to time. Communication methods will also build up the trust with the customers for the new range of products. Further, the direct marketing will also be helpful for the Mr. Bean in getting response from the target customers. In the communication strategy with the customers, the company will communicate by with the customers by the social media. The strategy is as follows:
In present time, everyone is active on social media so it will be beneficial for Mr. Bans to promote the new range of Soya product on the social media. Reason of choosing online marketing is that online marketing is considered as the most important and effective communication tool of marketing. Social media is very famous among the customers and it will cover almost half part of the marketing of new products (Epstein & Yuthas, 2007). So, social marketing will be used for the communication with the customers. In the social media, company will include YouTube, Facebook, and Twitter for online marketing. Both paid and unpaid social media channels will be used to communicate with the customers. It will assumed that 55% of communication marketing will be covered by Facebook, 22% by Google Plus, 25% by Youtube and 22% by Twitter. Further, Email marketing will also be used by the company to attract the working professionals (Daoud, 2016).
The distribution of information will be done by conducting various events. In the events, the customer executives of the company will talk with the customers. These events will be organized near the office areas and the crowded places where the company can grasp the attention of the working professionals. This will be both side of communication way which will attract the working professionals effectively.
Conclusion
This report is the marketing plan for the new range of soya products provided by famous company Mr. Bean. From the above discussion, it is observed that the marketing plan is very important to start a new business. The marketing plan will be helpful to gain the outline of the business. The best marketing plan is that which explains the most significant information. In this manner, the marketing plan for Mr. Bean will be helpful for the company to diversify the operations in the Singapore. The main concept of the marketing plan for the company is to sell the range of new soya products and beverages to the customers of Singapore by the local and domestic outlets. In the marketing plan, the company will offer the wide range of new soya food products to attract the new customers of Singapore. The marketing plan of the company has also discussed about the promotional activities which will be adopted by the company to meet the goals and objectives of the business.
The marketing plan for the Mr. Bean has also highlighted the innovative strategies to target the customers in the various market segments in Singapore. Further, this report has discussed about the plans and schemes to expand its business in the country. For this manner, the company has launched new range of soya products for the customers. By the PESTEL and market analysis, the company has hot the information related to the market and its environment. By the PESTEL, the company is able to know about the changes which are going to take place in the environment of the market. Further, the market analysis has helped the company to take decisions related to the various strategies. Basically, the marketing plan for the Mr. Bean is helpful for the company to attain the set goals and objectives of the business in an efficient and effective manner. The described strategies will be helpful for the Mr. Bean to attract and retain new and existing customers in the Singapore.
References
Bakan, J., (2016), Social marketing: thoughts from an empathetic outsider: Journal of Marketing Management, 32(11-12), pp.1183-1189
Daoud, H., (2016), 8 Essential Elements of a Social Media Marketing Strategy, accessed on 13th March 2017 from https://www.socialmediaexaminer.com/essential-elements-social-media-marketing-strategy/
Epstein, M. J. & Yuthas, K., (2007), Evaluating the Effectiveness of Internet Marketing Initiatives, accessed on 13th March 2017 from https://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Evaluating_Internet_Marketing_April06.pdf
Kapferer, J. N., (2012), The new strategic brand management: Advanced insights and strategic thinking, Kogan Page Publishers
Kotler, P., & Keller, K. L., (2005), Marketing Management (12th), New York: Prentice Hall
Lamb, C.W., Hair, J.F. & McDaniel, C.D. (2010), Essentials of Marketing, Cengage Learning
Luttrell, R., (2016), Social Media: How to Engage, Share, and Connect, Rowman & Littlefield
Marich, R., (2009), Marketing to Moviegoers: A Handbook of Strategies and Tactics, SIU Press
Mr Bean. (2009), About, Accessed on 13th March 2017 from https://www.mrbean.com.sg/aboutus.aspx#
Peng, M.W. (2012), Global Strategy, Cengage Learning
Perreault, W. D., Cannon, J. P., & McCarthy, E. J., (2011), Basic marketing: A marketing strategy planning approach, McGraw-Hill Irwin
Reid, R.D. & Bojanic, D.C., (2009), Hospitality marketing management, New Jersey: John Wiley & Son
Russell, E., (2010), The Fundamentals of Marketing, AVA Publishing
Schermerhorn, J.R. (2009), Exploring Management, John Wiley & Sons
Shankar, V., Carpenter, G.S. & Farley, J. (2012), Handbook of Marketing Strategy, Edward: Elgar Publishing
Smith, T. (2011), Pricing strategy: setting price levels, managing price discounts and establishing price structures, USA: Cengage Learning
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