1-Year, 5-Year, and 10-Year Objectives
To create and increase brand awareness to consumers in relation to the company’s
products and services in the next one year
To increase the company’s market share by 3% in the next five years
To achieve maximum penetration in the industry in the next ten years
STRATEGIC OBJECTIVES 2
Creating and increasing brand awareness is significant in ensuring that a company’s
products and services remain embedded in the minds of consumers, which helps in building
consumer loyalty. Taking this aspect into consideration, the company will involve several
approaches in creating and increasing brand awareness in the market. First, the company will
have to leverage the Web in which it will develop a website with search engines that are highly
optimized. Consequently, the firm will proceed to establish a social media presence in social
networks such as Twitter and Facebook (Rowley, 2008). Later, it will focus on the advertisement
of the company’s services and products using conventional methods such as print media,
television, radio and billboards among others. This step will be followed by sponsoring of public
activities such as tournaments. The business will then proceed to display its products in stores so
that they can be seen by consumers. Feedback mechanisms will be based on the number of likes
that the company’s products will receive in these networks.
Increasing the company’s market share will be achieved in several ways. The
organization will have to focus selling more to its available consumers. Besides, the firm will
have to focus its marketing efforts and customer services on retaining clients. In addition, the
company will be forced to sell its products and services via new channels such online platforms.
Lastly, the company will employ its core competencies in creating new services and products.
Feedback mechanisms will be based on market surveys.
Achieving maximum penetration in the market will be accomplished by means of an
involvement into a massive campaign that incorporates the four marketing mixes that include
price, promotion, place, and product (Rowley, 2008). In relation to this, the organization will
have to place its products in right places, at appropriate times and at suitable prices. Moreover,
STRATEGIC OBJECTIVES 3
the company will be involved in promotional activities. Here, feedback mechanisms will be
based on market surveys as in the case of the second objective.
Advantages and Disadvantages of Using this Strategy
One of the main disadvantages of this strategy is that the company will have to spend
many resources in training employees, conducting surveys, and executing promotional activities.
However, this approach will benefit the organization in several ways. Having robust brand
awareness on the part of consumers will ensure that the products and services offered by the
business are known to buyers, thereby stimulating sales (Papastathopoulo et al, 2012). Increasing
the company’s markets share will also contribute significantly to the revenues earned by the
firm. In like manner, having a higher market penetration will enable the company to increase its
revenues as it will have wider base of consumers than its competitors. Furthermore, methods
employed in increasing the company’s market share and market penetration such as setting right
prices to products and offering products and services of high quality will help in enhancing
consumer loyalty, which will contribute significantly to the firm’s revenues.
Advantages and Disadvantages of not using this Strategy
One of the benefits associated with not using this strategy is that the firm will not have to
incur high expenses involved in training workers, market surveys, and promotional activities. On
the contrary, the disadvantages that are associated with the company’s management not using
this strategy can affect the firm in an adverse way. Lack of brand awareness on the part of
consumers, lack of market share and poor market penetration, which can be linked to the firm’s
failure to use this approach, can reduce the organization’s revenues extremely, thereby leading to
its termination or closure (Papastathopoulo et al, 2012).
STRATEGIC OBJECTIVES 4
The mission of the business plan is to ensure that the company achieves succeeds in
entering the global marketplace. This goal is to be achieved by means of increasing brand
awareness alongside increasing the company’s market share and market penetration. This
business plan will benefit the company by increasing the revenues, which are significant in
advancing the growth of the organization.
Papastathopoulo et al. (2012). New Service Development: An Analysis of 27 Years of Research.
New Service Development: An Analysis of 27 Years of Research. Journal of Product
Innovation Management, 29(5) 705-714
Rowley, J., (2008). “Understanding Digital Content Marketing,” Journal of Marketing
Management, 24, 5/4, pp. 517-540.