Importance of Marketing Planning
Internal and External Factors of Marketing planning
Marketing planning plays a vital role in effective development of business organization because it provides an appropriate design of promotional plan. It is beneficial for the advancement in sales and leads business to high level of success. With an assistance of marketing planning, organization can easily measure the influence of market conditions on business. In order to understand the concept of marketing planning, learning will focus on the work conditions of EasyJet. Learning will focus on the changes in perspectives of marketing planning. It will also provide an understanding about the key barriers that business firm can face in marketing planning. Furthermore, it will also provide information about the ethical issues that can influence the working of EasyJet.
Marketing planning is considered as a method that helps the management to attain sustainable development and lead business to high level of success. With assistance of marketing planning, Easy Jet can attain better competitive advantage in the market. There are number of approaches that can be used to have better opportunities in the global marketplace. In support of this, top management of EasyJet has implemented different kinds of new technologies and approaches to meet the final objectives. Situational analysis is also beneficial for the business organization because it provides information that can be used to effectually design the strategies. Information about diverse external factors will impact the operational productivity in a positive manner.
Proper information about the legal aspects and social needs is also essential for the organization so that business can have better opportunities in the market. Norms and policies of aviation sector need to be followed for sustainable development. Market research is also advantageous for EasyJet because it helps in effective designing of promotional plan. Business entity also tries to determine a range of cost cutting measure that lowers the cost as well as price of tickets. In addition to this, effective consideration of these fundamental aspects assists in sustainable development. In the current market scenario, company also focuses on social and cultural aspects as it helps in effective implementation of strategies.
In order to understand the capabilities of EasyJet, management can focus on SWOT analysis. It will provide information about strengths and weaknesses of business so that strategies can be designed in an appropriate manner.
Company is well known in the UK market that promotes opportunities for the business. Company is also famous for low cost airline services which help the management to meet customer satisfaction aspects. Competitive pricing strategy also helps business to attract more customers.
One of the key weaknesses of business is low profit margin ratio due to high taxation rates on aviation sector. EasyJet provides low cost services that also reduce the financial opportunities for organization.
Company can expand its business in other European nations. Along with that, it also introduces new services at competitive pricing that can enhance the benefits for organization. Management of airline firm can develop different types of holiday package in order to attract large number of customers.
High level of competition in aviation sector creates barriers for the EasyJet. Bargaining power of customers is also one of the critical issues that can impact the operational activities in a negative manner.
As per the structured study, it can be said that there are number of tools and techniques that can be used by the management of EasyJet for effective evaluation of operational activities. Pestle analysis is one of the beneficial techniques that provide a detailed analysis of various external factors which may influence the business. Classification of factors can be political, economical, social and technological. These factors play an important role in the formulation of plans.
Other than this, business organization can also focus on porter’s five forces model because it helps in the evaluation of overall industry. With the help of porter’s five force model, management can easily determine the needs and their influence on EasyJet. This model determines the importance of suppliers in order to lower down the cost. In addition to this, it can be said that this technique can easily analyze external factors with the help of porter’s five forces model. Classification of these factors can be like suppliers, customers, new entry, substitutes, etc.
It is necessary for the management of EasyJet to interpret the stability of UK governance for gaining better opportunities. Management must consider local and international rules and regulations for sustainable development. Any kind of avoidance may create conflict situation for the organization and may lead business to failure.
Changes in GDP and foreign exchange rates may influence the growth of business in a diverse manner. In other aspect, UK economic conditions create a great impact on the profit of low cost airline company. If economic conditions are not stable and facing crisis then management must cut down the prices of products and services for sustainable growth.
Management of EasyJet also needs to understand the social perception for better growth. If policies and strategies are not designed as per the customer’s needs then business may face critical issues. If customers are demanding low cost services then it is essential for the management to focus on the social needs. However, if business would not do so, organization may face critical issues in the global market.
EasyJet is continuously focusing on technological updates for better accomplishment of organizational objectives. Firm is focusing on engines up-gradation to reduce the carbon issues and for improving fuel efficiency.
Every business is required to develop an effective marketing plan in order to achieve higher sales and profitability. The marketing plan for EasyJet is mentioned below as:
It is the first and foremost step of an effective marketing plan. Before developing plan, organization needs to develop aim and objectives behind the same. These will act as the guidelines and would provide directions in carrying out plan in the most appropriate manner.
It is the second stage of marketing plan where organizations are required to define its 4 P's. Appropriate marketing mix consists of four major elements which are product price, place and promotion. In order to attract the customers, brand can provide quality products at low prices. The distribution of services can be done directly by EasyJet and in order to communicate with people in the market, brand can use the tools such as social media and advertisement.
EasyJet will also require defining its target customers among all the people in market. This is an important stage because it will further support the brand in developing more effective plans.
At this stage, organization will determine the kind of tools and techniques that it is going to use in the plan. The brand can go for techniques such as promotion and advertisement. On the other hand, it can also make an effectual use of techniques such as internet marketing, social media and mobile marketing. As per the needs and requirements, business can adopt appropriate marketing tools and techniques.
In the present scenario, marketing has become very important and the most crucial part of organization's strategic planning process. The competition in almost every industry is getting more intense along with the passage of time. In order to attract the customers and ease the sales, companies now require effective marketing plans. EasyJet needs to develop proper plans to gain competitive advantage over other market players. Other than this, marketing planning is also important in order to achieve the strategic aim and objectives of businesses. The objective of EasyJet is to enhance its market share by attracting more customers. This can be done with the help of effective marketing plans. It can be also stated that such plans are able to create awareness about products and services which have been offered by the organization. On the other side of this, marketing plans helps the organizations like EasyJet in getting aware about the strategies which have been employed by its major competitors. Therefore, it can be explained that without marketing plan, strategic planning process cannot be carried out in the best possible manner.
EasyJet is required to develop new products and services at regular intervals in order to attract the customers and to enhance its current market share. It can be also argued that businesses cannot survive in the long run by offering same kind of services for long period. Innovations and new products or services will help EasyJet to stay competitive. The need and demand of people in market keep on changing and nowadays, businesses are required to respond quickly to these demands. In order to develop new products, there are lots of techniques that can be used by EasyJet. The organization can conduct surveys of customers at frequent intervals to become aware about their needs and preferences. Feedback forms and reviews are another option on the basis of which company can identify the kind of changes or modifications that customers want in existing products and services offered by EasyJet. On the basis of those feedbacks and reviews, new products can be easily developed. Another technique of new product development is carrying out the market research effectually. This will help the brand to indemnify the kind of products and services that are offered by other market players. Furthermore, it will also support in getting aware about the likes and dislikes of people in the market.
The low price strategy of EasyJet will be more effective and appropriate to achieve the marketing aim and objectives. The rationale behind this is that quality and innovative services at low prices will give people in market with a clear reason to choose the services of EasyJet over its main competitors. Furthermore, with the help of using high end technology, the organization will be able to lower down its overall cost of operations. On the other hand, communication mix of both online and offline modes will help the brand to interact with the customers in an effective manner. It can be stated that online source will support in reaching mass audience in low cost and short time. On the other hand, offline mode such as promotional events and advertisement will help in creating awareness of services offered by the organization. It is recommended that rather than relying on others to provide services, EasyJet can supply services to all its customers by its own. This will help in making sure that the best quality and innovative services are being offered to customers.
Ethics can be defined as those values which help businesses to differentiate between right and wrong practices. It can be stated that marketing plans have a direct impact on the ethics of businesses. The business cannot develop such kind of marketing plan which consists of unfair practices and strategies. This means that at the time of competing with other market players, organization is required to use fair practices. Ethics also forces EasyJet to use appropriate prices against the products and services which are offered to customers. At the time of offering its services, brand needs to make sure that health and safety of customers as well as all its employees are taken well with care. This will help in providing satisfaction among people in the target market and will also enhance the overall brand image of EasyJet.
At the time of developing its marketing plan, organization has always taken care of all its ethical issues which it faces. At the time of offering services, EasyJet ensures the fact that its services do not affect the health of people which are using the same. Along with this, the brand has never used any kind of unfair means while promoting and advertisement of all its services. EasyJet has always tried to render the best quality of products and services to customers. It has never tried to create any kind of monopoly in market place with the help of its strategies or plans. At the time of advertising its services, organization has never provided customers with any kind of false information or messages. All these praises supported the business in enhancing its customer base, sales, profits and market share. On the other hand, it has also resulted in enhancing the degree of customer loyalty and encouraging them to repurchase the services.
In simpler terms, consumer ethics can be termed as the process in which products and services are supplied in such a way that it does not create any negative impact on customers and manufactures. Furthermore, nowadays, people want businesses to supply services which do not have harmful effect on the environment and society. EasyJet needs to take care of all consumer ethics at the time of developing marketing plan. The organization is required to disclose all the terms and conditions that are associated with services. Furthermore, at the time of supplying food to passengers, brand needs to ensure the fact that the customers are aware about ingredients in the food. This means that in case of providing food with any kind of substances such as animal skin or any other part, then individuals should be communicated with the same. It refers that all stages of marketing plan should be developed by taking elements related to consumer ethics into consideration. It can also be stated that development of such plan is a very complicated process but can provide EasyJet with new opportunities of growth and development in the long run.
As per the above study, it can be concluded that marketing planning is considered as a significant activity that boosts the organizational opportunities. With an improved analysis of internal and external factors, management can design better marketing plan which may lead business to impressive level of success. Appropriate formulation of different strategies is also beneficial for EasyJet because it helps in the identification of issues and its avoidance. Research formulates a marketing plan to attract consumers and to lead business to high level of success.
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