After the author completed their internship in the case company, it was decided that they would collaborate to create a marketing plan for the company. The framework of the marketing plan will be examined, as well as the main content of the marketing plan.
Definition of Marketing
Strategic Marketing Planning Frameworks
As in the previous framework, analyzes were made on the company's situation and capabilities. To complement the SWOT analysis, a PESTEL analysis will be applied to the structure to provide a complete analysis of the company's operations.
Creating the Marketing Plan
- Situation Analysis
- PESTEL Analysis
- SWOT Analysis
- Marketing Mix
Steps from both the frameworks will be implemented to create a simple structure to both follow and implement for the marketing plan. A marketing mix analysis will also be done to obtain a stable foundation of the company on which suggestions for improvements can be built. One of the most important aspects of the strategic marketing process is considered the Marketing Mix.
Thesis Process
Since the task is commissioned by the client, cooperation between the author and the client is necessary to ensure that both parties benefit from the contract. To create an effective development project, the author must be able to identify and narrow down the right research problem either through prior knowledge of the topic or through careful theoretical research. If the author fails to separate irrelevant information from relevant information, there is a risk that the development task will become too large and useless.
Secondary data is often not as focused as primary data, but offers a higher amount of data about the research topic. Obtaining secondary data requires less resource investment from the researcher, but may not answer research problems as precisely. It was agreed that, as a thesis project, the author should create a guide and marketing objectives that the case company could follow.
After returning to the university and continuing his studies, the author began researching marketing methods and strategies, on the basis of which he built his thesis. In the future, the author plans to conduct a follow-up with a case company to determine the effectiveness of the plan.
Data Collection via Interview
After you receive feedback on your thesis, you can revise it to ensure that it is clear and comprehensive.
Case Company Specifics
Care phones are devices that connect to a network and enable a two-way conversation between the end user and emergency center staff whenever an alarm is raised. The end user, often an elderly person, can create an alarm in distress situations, such as falling or when facing a crisis. In the case of false alarms, the end user is asked to confirm the nature of the alarm, which is then checked.
This analysis will provide insight into the internal and external factors affecting the company. The primary and secondary collected for the thesis forms the basis of the empirical findings. The CEO was interviewed on topics related to the company's current situation, company advantages and disadvantages, and product details.
The data collection method was a thematic interview, as it allows the interviewee to explore topics in depth and share their expertise. The main topics of the secondary data were "Care for the elderly in Finland" and "Social alarm industry in Finland".
Company Introduction
Situational Overview
Environmental factors affecting the company
This is due to changes in the eurozone, such as Britain's departure from the European Union. The aged care industry is under a lot of social scrutiny because of the incidents associated with Esperi Care LLC. The outage was due to Elisa, the mobile network provider performing maintenance on their network.
Such events can have tremendous effects on social alert providers, even if they are not to blame for malfunctions. The case company has taken many steps to avoid public backlash by quickly informing customers of any potential maintenance or malfunctions in advance and by responding quickly to problems that arise. A proper understanding of ethics is vital in the aged care industry, as misuse can lead to hospitalization and even death.
The case company provides customers with as much information as possible and communicates their needs and wants accordingly. However, in some cases the company is not to blame, as in the previously mentioned case with the mobile network provider Elisa applying maintenance.
Strategic Advantages and Disadvantages of the Company
Consumer rights are considered whenever a product is defective or malfunctions, a replacement will be provided by the company. The company prides itself on being able to meet most, if not all, customer requests and keep them happy with constant communication and always being available. Company size was also cited as a potential strength, although small company size is often associated with weaknesses.
The company's website endorses two types of care phones, one digital and an older GSM model. The company can benefit greatly by imitating its competitors and offering modernized social alert solutions. While keeping labor costs low, it makes it difficult for the company to branch out.
Research and development of new products using artificial intelligence or Virtual Reality can give the case company more opportunities. Studying cases like these allows the company to be proactive about such events, inform and educate customers accordingly and provide support when needed.
Marketing Mix Modified
The company's stock is stored and handled in a medium-sized warehouse, from which all their logistics take place. A company could benefit from a smaller warehouse, as most inventory takes up little space. This is another advantage that can greatly benefit a company's marketing efforts if used correctly.
The company cannot take advantage of sales events as they cannot be very liberal with their prices. Personal selling enabled the CEO to collect a large customer base initially, and informing the customers directly about the capabilities of the product and associated services will be a more personalized approach, as opposed to the indirect method of distance selling. Customers can also contact a salesperson who has a great deal of experience with the product and who also has a say in the company if they have any questions or requests.
Presentation of the most essential factors of each analysis allows the company to quickly access the most important information. PESTEL and SWOT analyzes will provide insight into the internal and external factors affecting the company.
Internal and External Factors
To benefit from this, the company should strive to create more solutions for private users. Economic factors: Finland's entry into a technical recession in 2020 is likely to have a negative impact on the purchasing power of customers and the financial prospects of the company concerned. Socio-Cultural Factors: Although social alarms are generally viewed positively, the media can occasionally have a negative impact on the public image of a company operating in the industry.
With effective communication, the case company can reduce the negative effects of these factors. Technological factors: The case company could benefit from an updated website and develop more modern solutions for both municipalities and private users. This has given the company the opportunity to establish a large and loyal customer base and beneficial business relationships with suppliers.
The company would greatly benefit from using their considerable strengths to combat the weaknesses and threats outlined in the list. This, combined with technological opportunities, can enable the company to research and develop new products designed for private customers.
Marketing Mix specifics
Marketing Objectives and tactics
The company's website should include basic information such as how to reach the company, as well as information about the company's background and details of the products and services it provides. Clear and quick communication with users can help ensure that the company is perceived positively on social media. Positive feedback helps determine the company's strengths, and negative feedback can point to weaknesses that the company needs to build on.
It is beneficial to start a sales campaign using the sales incentives detailed in this thesis, such as sales promotions, as the company could also secure a market elsewhere in Finland, resulting in a larger market share. As the company conducts almost all of its business remotely, there are no obvious reasons why other parts of Finland would not be viable options for expansion. Correct handling of distribution channels ensures that the company is not burdened with logistics costs.
Although this method requires some upfront resources, it will quickly return the investment as the company has a large pre-established customer base. The company would greatly benefit from informing both customers and the media about how their products work.
Control the marketing actions
By simplifying complex technological information and making it readily available to those who seek it, both the company's image and sales will be positively affected, as customers will have more confidence in the products and the media will be less likely to portray the company in a report negative light. These control methods ensure that the company receives reliable feedback on the effectiveness of their marketing efforts. The thematic interview allowed the CEO to explain their views on different topics regarding the company's operations and to weigh in their opinions on the results of the different theoretical analyses.
The combination of these types of data allows for a deeper understanding of the internal and external factors affecting the business. A much deeper look at the company's functions would have benefited the case company's marketing efforts. The author would have appreciated a chance to interview other members of staff to gain a more thorough understanding of the company's perception and ideas for improvement.
There is a high probability that the company will continue to cooperate with the author in the future. A company's marketing communications could include, for example, a deeper look at public relations in social media.
