Marketing Plan: Maxim’s MX
Key Objectives
Strategy
For the success of Maxim’s MX, the best marketing strategy should be use. Maxim’s MX must strive to identify potential and encourage growth. It is important for every business to identify strategies that lies on recognizing the company’s strengths and best use of the opportunities that comes along. In addition the business should be directed by a clear strategy to attain the goals of the company.
With a differentiation strategy, Maxim’s MX can serve wider range of customers. Having differentiated products, customers with different preferences can be served by the company. The company’s customers are willing to pay a higher price for their products. It has been noted that differentiation implies a difference in the perception by clients of the product. Differentiation is when one company is able to offer something different, but that difference sets it apart from its competition by the value the target customer places on it, not simply because there is a difference ( 1987).
A differentiation competitive advantage prescribes that a firm achieve and maintain a means of making its product unique from its competitors' products ( 1983; 1989). The advantage of differentiation is based on the additional value the product possesses, for which the customer will pay a premium. While additional value may be created through a variety of means, such as quality, service, brand image, or distribution (1984), superior quality is the means of differentiation which is most often used ( 1983). Thus, successful differentiation permits a firm to command premium prices (1990) for this additional value. A differentiated product engenders customer loyalty, reducing customer sensitivity to price and protecting the business from other competitive forces which could reduce price-cost margins (1983).
Tactics
To be able to put the objectives and strategies in place, the company should have some tactics.
It is important for the business to know target market. The company should take time to analyze current customers and determine the key traits they share. Knowing your customers preferences, revise sales message to appeal specifically to them.
The company should look for ways to make buying process easier and faster for potential buyers.
The company sells services so a personal phone call is one of the best ways to answer prospects questions. Contact prospects and clients regularly basis and get feedback on what they are concerned about. The company needs to convert prospects to clients and clients to repeat clients. Most people do not buy something the first time the see or hear about it.
It also helps having the customers informed of new offers without charging them. A follow up communication will usually build up a supportive relationship that gains the customers’ trust and eventually company sales.
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