An analysis of the industry in which Digby is operating indicatesthat the company competes with at least four primary firms. Theyinclude Andrews, Baldwin, Chester, Erie and Ferris. However, themajor competitors of Digby are Ferris and Chester. Currently, themarketing share among the three competitors it divided such thatDigby controls, 16.42%, Chester 35.52% and Ferris 35.25%. Similarly,results of the market capitalization indicate that Digby lags behindthe primary competitors since it has $81,906,078, while Chester andFerries have $518,349,041 and $662,098,391 respectively. A marketingplan that is introduced should focus on ways of outdoing the threefirms to maximize the sales. Digby can come up with different ways towhich they can enhance their ability to dominate the market and standout against its primary competitors.
The first measure to be taken by Digby is focused on the means ofattracting customers followed by their retention. Digby can take themandate of introducing products that differentiate them from whatother firms are providing. Customers opt to make purchases from agiven organization based on the nature of services that they areoffered (Westwood, 2013). Because of the same, Digby can come up witha marketing plan that advertises products that are different fromthat provided by other firms. Through the adoption of the plan, itwould be possible to get most of the customer`s vouch for theirproducts.
The introduction of an appropriate distribution channel would beessential as part of an effective marketing plan. Customers must beable to access the products with ease through the availabledistribution systems established by the organization. Establishmentof an efficient distribution channel should be undertaken to get theproducts to the potential customers (Westwood, 2013). Notably,customers should be given multiple options to choose on how they canaccess the products. Avenues such as the Internet, retailers, andcompany distributors can help in making the products available to thecustomers. Those who prefer getting the products from the companypremises should have the liberty to do so as well.
Further, the company can align its communication systems to enablecustomers to get information about products and services offered withmuch ease. For example, with the advent of internet technologies,social media platforms have become appropriate in informing thepublic about services provided by the company. Digby can establish aninformation and communication unit that solely deals with providingfeedback to customers in a timely. Currently, most individuals preferusing social media channels like Twitter and Facebook to a queryabout a particular product (Westwood, 2013). If Digby embraces thestrategy of communicating through social media, it would be possibleto attract many of them into transacting with the organization. It isan effective marketing channel since it conforms to the technologicaladvancements in the 21st century. The quick responseclients could serve as an encouragement for them to continue engagingwith the organization.
A marketing survey can be introduced to help identify the individualneeds of customers. Different clients have varied needs. It could beessential to understand their needs and work towards addressing them.However, the ability to meet their requirements depends on how bestthey are known. A survey can help provide insight into the individualpreferences of customers (Hollensen, 2015). Findings of the surveywould help in the customization of services to particular clients.Digby Company will be well placed to compete against its primarycompetitors. It would be an opportunity for the company to enjoy alarge clientele base while at the same time expanding its operations.Through the adoption of the identified marketing plan, the companycan progress to the realization of its objectives.
Other Plans based on Financial Statement and Objectives
Focus would be to introduce low prices for goods sole. It willattract many customers. Further, products developed would aim ataddressing individual customer needs to attract a high market.Further, an appropriate budget will be introduced to facilitate theentire marketing activities in the firm. Considering the currentfinancial situation, it is vital to come up with a marketing planthat is effective enough to address sales needs of company. Spendingwill be reduced especially in areas such as research and development(R&D), production and the raw materials. Focus will be to competebased on prices, and focus on being the market leaders.
The opportunity to undertake the capstone business simulation hasbeen helpful in providing useful insights regarding teamwork. It hasbeen possible to coordinate activities with the rest of the groupmembers to come up with the entire project. The experience was anopportunity to understand the marketing dynamics and how it appliesto a typical business scenario. Overall, it has been a great andexciting learning experience working with group members towards theachievement of identified goals.
An elaborate marketing plan ought to determine gaps within the marketto take advantage of the same. Digby must embrace a viable plan thatseeks to put it on par with the primary competitors for therealization of high sales. The adoption of the suggested marketingplan would enhance the ability of the company to compete favorablywith its competitors in achieving high sales.
Hollensen, S.(2015). Marketing management: A relationship approach. PearsonEducation.
Westwood, J. (2013).How to write a marketing plan. Kogan Page Publishers.