Principle of Marketing

Student name: Abdullah Amin

Submitted to: Ms. Urooj Zulfiqar
SAP ID: 70058258
Assignment no: 2
Assignment: Marketing Plan of Local Business
Class: BBA 3rd
Question no 1

What is marketing plan? Take an example of marketing plan of any local

company/ organization/ online business and discuss how well they implement
it.

Answer:

Introduction to marketing plan:

A marketing plan is necessary for business to provide direction and focus for business brand or
product. With a detailed plan, any business will be better prepared to launch a new product or
build sales for existing products. A marketing plan is a comprehensive document that outlines a
business advertising and marketing efforts for the coming year. It describes business activities
involved in accomplishing specific marketing objectives within a set time frame. A marketing
plan also includes a description of the current marketing position of a business, a discussion of
the target market and a description of the marketing mix that a business will use to achieve
their marketing goals. A marketing plan has a formal structure, but can be used as a formal or
informal document which makes it very flexible.

Example of marketing Plan of Local business:

The marketing plan of GFC is given below.

Mission:
Our goal is to exceed customer’s satisfaction through supreme quality products, manufactured
to be highest standard that last a life time.
Vision:
We believe that we have unique product which have been prepared by GFC and no other
company manufactured pedestal fans like ours. This product is most useful in the hot tropical
humid climate. We want to mark this product throughout the world and we foresee this
product to dominate the entire international market. We want to setup an excellent after-sales-
service and spare part supply service to each and every country. We also want to setup home
service centre throughout the world.

Objectives:
 With GFC products, you do not have to compromise either efficiency or aesthetics. Due
to high quality materials our products are durable and are so tough on the inside as they
are beautiful on the outside.
 We guarantee to deliver smooth, cooling comfort through our diligently crafted
beautiful products that transform your environment.
 Our wide range of products ensure you find exactly what you need.

Products of GFC:
1) Ceiling fans
2) Pedestal fans
3) TCP plastic fans
4) Table fans
5) Wall bracket fans
6) Exhaust fans
7) Floor fans
8) Cooler fan and pump
9) Washing machines
10) Regulator and dimmer

Departments in GFC fans:

There are 9 departments currently working in the organization as following

1) Purchases
2) Raw material inspection
3) Productions
4) Sales and marketing
 5) Research and development
6) Accounts department
7) Human resource management
8) Internal audit
9) Import and export

Environment analysis:

Analysis of external environment:

External environment is related to find out the forces that are most likely to influence the firm’s
actions and future performance:

 International competitors and market

 Domestic competitions
 Economic
 Political
 Cultural
 Technological
 Legal forces

Trade policy:
The main elements of these strategy are

 Reducing cost of doing business

 Increase market access
 Technology and skills up gradation
 Value addition
 Social, environmental and security compliance
 Region specific strategic

SWOT analysis of GFC:

Strength:
 GFC is the largest fan manufacturing company they are also export in bulk which earns
the heavy revenue in Pakistan.
 Mist fan was firstly introduced by GFC.
 Awards for fans and other electrical products like enameled copper wire.
  GFC is giving the employment to more than 1000 people in their industry.
 GFC is producing best quality fans in Pakistan.

Weakness:
 The product problem strategy is not useful.
 No check and balance on the managerial staff.
 Implication of information system is poor.
 Using old method to solve the problem.

Opportunity:
 If government reduces excise duties on imported raw material, prices of fancy fans and
as well as of regular fans can be reduced.
 Increase in population and global warming will increase demand of fans.

Threat:
 GFC is not having monopoly on the market they have the threats from different factors
following. Following are the main threats of GFC.
 Raise in prices of raw material
 Maintenance of the product quality.
 Change in the government trade policies.

Strategies:

Management strategies:
The company’s management is highly experienced and qualified, with seasonal investors. The
company strives to hire qualified people who take pride in their work. The company
management philosophy is based on responsibility and mutual respect.

Financial strategies:
The company will require additional investment or loans for phase 2, set to begin during the
fourth year of operation.
Suggestions:
 Vision statement should be short.
 GFC still emphasize on production concept. They must be forward thinking.
 GFC must invest in outside business.
 By the reduction in the cost of production, GFC can enjoy the more margins.

REFERANCES

www.google.com

https://www.slideshare.net/nafeesanaeem5/business-plan-of-gfc-fan

www.scribid.com

www.gfcfans.com

www.brecorder.com

END