Review of Marketing Goals and Objectives

The company has the following goals and objectives:

Promote MeowBot. The company intends to promote its product in all the states. The human resources department has hired about two hundred salespersons all over the country to introduce the product to the public. Promotion should continue for three months to allow the sales agents to reach as many clients as possible.

Cultivate Digital Presence. Online presence is an essential factor for the success of the firm; therefore, it has a group of established Information Technology (IT) experts whose work is to market the product online. They have to ensure that the company has a functional website and create all social media accounts such as Facebook and Twitter.

Create Brand Awareness. The team agrees that MeowBot agrees should be a household name within the next three years. They have created a group of ten professionals to market the product on several media outlets such as television, the internet, pamphlets, newspapers, and magazines. Likewise, the team should formulate breathtaking advertisements that capture the attention of potential customers.

Advance Brand Loyalty. Once the product reaches the public, the company intends to keep the customers loyal through customer engagement. Although the industry has many similar products, a client that uses MeowBot should be proud to use it because of its efficiency. Likewise, it has many user-friendly features such as a mobile phone application that consumers can use to control the device even though they are miles away.

Increase in Sales and Revenue. The sales department has a target of selling more than twenty thousand units per month in the first six months. However, the number will increase to thirty-five thousand units after the first fiscal year. The sales department plans to work closely with the marketing team to raise awareness of the product.

Grow Market Share. In the next five years, MeowBot should be accessible in every part of the world. The company intends to expand its mark in the United States and then spread to other countries eventually. The long-term plan is to open branches in every continent to make the product more accessible to the clients. Advertisements and awareness campaigns will spread worldwide gradually to enable the market share to grow.

The firm’s objectives are consistent with its mission and current trends in external and consumer environments. Primarily, the fundamental task is to make MeowBot the most common product in homes all over the world.  Therefore, the plan to create brand awareness and loyalty within the first five years complements the ultimate mission (Morgan 16). Creating a digital presence would also help to compete with the external environment that uses the internet for marketing and selling products. Additionally, developing a mobile phone application enables the company to compete with trends in the customer environment. The app is essential because customers in the twenty-first century prefer to use the phone to control devices at home whether they are in the house or far away.

Review of Current Marketing Strategy and Performance

MeowBot administrators have created efficient marketing strategies concerning product pricing, promotion, and distribution. A single unit costs $ 280, but the first ten thousand customers get a thirty percent discount. Likewise, the wholesale price for the product is $240 in the first two years, but it will increase to $290 later. The company also charges shipping costs depending on the quantity of the product and distance in question (Morgan 3). Additionally, the company has a six-month promotion to sell MeowBot at half price for clients who order more than three pieces or bring referrals. Currently, the company outsources a distribution agent because it does not have freight vehicles. Customers order the product online and have to wait for a minimum of two days or more depending on the distance.

The firm has improved its performance significantly in the past six months. Firstly, the sales volumes have doubled in the recent two months because of the promotion campaign. Similarly, the sales department projects a thirty percent increase in the next five months. Secondly, the market share has grown by two percent within three months, but the company wants the number to grow (Morgan 10). Thirdly, the company has succeeded in brand awareness because the marketing team works hard. Advertisements are in every media platform, and three out of ten people are aware of MeowBot. However, brand preference is still low because potential clients still prefer other established merchandises. Therefore, the company has to work on its marketing and promotional techniques to improve brand preference.

Review of Current and Anticipated Organizational Resources

Currently, the organizational resources are sufficient to run the company smoothly. Primarily, the firm has adequate finances to sustain it for three fiscal years; however, the funds should increase gradually to meet the projected demand (Krush 321). The proprietors intend to use debt capital and equity capital to get more cash to run the business. Additionally, the extra money should enable the company to acquire more raw materials to manufacture the commodity. Therefore, more finances would help the firm to expand its brand to many countries.

Moreover, human capital and the relationship with key suppliers have enabled the business to thrive. The company has a team of skilled personnel in every department that helps to run its daily operations. Each department has a leader who reports daily progresses and challenges to the board of executive directors. The manufacturing team works on developing and manufacturing the product while the sales department works on marketing and distributing it (Krush 322). However, the company should employ more workers because demand for MeowBot is increasing significantly. Additionally, the company maintains an exceptional relationship with its key suppliers. They get a discount for every batch of product they buy and a subsidized shipping fee. Indeed, the company intends to improve on the quality of staff and number of suppliers eventually.

Review of Current and Anticipated Cultural and Structural Issues

The current structural issues in the firm have positive and negative aspects that affect its performance. Firstly, employees perform optimally because the company gives them competitive salaries and bonuses (Schlegelmilch 180). Likewise, minimal changes in the executive positions enable it to operate successfully because the leaders understand each other. The company also puts its effort in the production process since it has minimal cases of internal politics and power struggles. Conversely, the current customer orientation is not compelling enough because it only targets clients within the age group of 25 – 65 years. The company should also focus on children aged 7 – 15 years because they prefer cats as a pet.

The firm’s structure has several aspects that support the current marketing strategy. To begin with, it has an established team of staff in every department to manage daily operations. For example, the marketing department advertises the product on all media outlets and maintains an online presence (Schlegelmilch 187). Likewise, it has qualified technicians that manufacture the best quality of the product to improve customer satisfaction. Additionally, the company has a group of suppliers that enable the products to reach consumers in every part of the country. Undoubtedly, the structure of the firm allows it to meet most of its marketing objectives.

Works Cited

Krush, Michael T., et al. “What Marketing Strategy Matters? Examining a Contingency Model of the Relationship Between Marketing Performance Management and Business Unit Performance.” Marketing Challenges in a Turbulent Business Environment. Springer, Cham, 2016. 321-322.

Morgan, Neil A., et al. “Research in Marketing Strategy.” Journal of the Academy of Marketing Science (2019): 1-26.

Schlegelmilch, Bodo B. “Organizational Design for Global Marketing Strategy.” Global Marketing Strategy. Springer, Cham, 2016. 177-193.