Marketing Plan Business & Marketing Essay Coursework (Essay Sample)

Marketing Plan
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Executive Summary
Globally, many businesses formulate a marketing plan to appeal to their customers and detailing organizational activities for the projected outcomes. After identifying the target market niche, it is essential to provide superior services that help the organization to stay afloat amid stiff competition. With a particular focus on Bulb Energy Ltd., trading as Bulb, effective marketing is essential in acquiring a significant market share in the energy sector. An important aspect to consider when formulating a marketing plan is its interconnection with other business functions in an organization.
As such, the marketing approach by Bulb has since enabled the company to acquire more than 1.6 million customers across the United Kingdom, which translates to approximately 5% of the energy market. The stiff competition in the energy industry necessitates the assessment of the external factors through PESTEL analysis. This analysis helps in addressing significant factors that have a profound impact on organizational performance. With the continued effort to advocate for 100% renewable energy, Bulb has experienced tremendous success, but much need to be done to ensure customers are fully satisfied with overall services.
Marketing and Marketing Process
Marketing is an important tool for businesses that span beyond communicating business products and engaging customers. Marketing process is defined as a sequence of steps that allows a business to recognize client problems, examine market prospects, and provide quality products and services to reach their targeted audience ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"72tovUgs","properties":{"formattedCitation":"(Kitchen and Sheth, 2016, p. 13)","plainCitation":"(Kitchen and Sheth, 2016, p. 13)","noteIndex":0},"citationItems":[{"id":3960,"uris":["http://zotero.org/users/local/qBtJ3Wwt/items/SIJA47DP"],"uri":["http://zotero.org/users/local/qBtJ3Wwt/items/SIJA47DP"],"itemData":{"id":3960,"type":"article-journal","container-title":"European Journal of Marketing","note":"publisher: Emerald Group Publishing Limited","source":"Google Scholar","title":"Brickbats and bouquets for marketing","author":[{"family":"Kitchen","given":"Philip J."},{"family":"Sheth","given":"Jagdish N."}],"issued":{"date-parts":[["2016"]]}},"locator":"13","label":"page"}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kitchen and Sheth, 2016, p. 13). For an effective marketing process, an organization should consider four main components, including strategic marketing analysis, marketing-mix planning, marketing implementation, and marketing control. For instance, the strategic analysis helps organizations in planning, developing, and implementing various strategies that help in creating a competitive edge in a particular niche. Under strategic marketing analysis, organizations need to understand the concept of positioning, which helps in establishing the company's brand. This strategy has been effectively utilized at Bulb by offering customers renewable energy at affordable process. Moreover, the company utilizes the same tariff, which helps in unifying the price of their service to all customers ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"rmvoiWaU","properties":{"formattedCitation":"(Bulb Energy, 2020, p. 1)","plainCitation":"(Bulb Energy, 2020, p. 1)","noteIndex":0},"citationItems":[{"id":3967,"uris":["http://zotero.org/users/local/qBtJ3Wwt/items/DKFVYCZS"],"uri":["http://zotero.org/users/local/qBtJ3Wwt/items/DKFVYCZS"],"itemData":{"id":3967,"type":"webpage","abstract":"Join Bulb for affordable, renewable energy. Switch and save up to £288. 100% renewable electricity and 100% carbon neutral gas.","container-title":"Join Bulb - Making energy simpler, cheaper, greener","language":"en","note":"source: bulb.co.uk","title":"Bulb - Making energy simpler, cheaper, greener","URL":"https://bulb.co.uk/","author":[{"family":"Bulb Energy","given":""}],"accessed":{"date-parts":[["2020",6,19]]},"issued":{"date-parts":[["2020"]]}},"locator":"1","label":"page"}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Bulb Energy, 2020, p. 1).