Can you develop a 750-1000 word executive summary of your organization ( or one you know well) annua

Can you develop a 750-1000 word executive summary of your organization ( or one you know well) annual marketing plan. Summary should include a brief situation analysis, marketing objectives, strategies, tactics, financial considerations and timetable for implementation. Must be in APA format.

Executive Summary

Generally, this research paper describes the annual marketing plan in the context of selected company that is Honeywell Company. In addition to this, it should also be noted down that, an annual marketing plan of a company or organization is the description of marketing objectives, goals, strategies and methods and conducted by the head of marketing department to attain the marketing goals effectively. Moreover, annual marketing plan is also the part of total business plan of the company that contains different activities, practices and actions. Simply, this plan of marketing activities is also offer a blueprint that outlines allover marketing efforts. In addition to this, the annual marketing plan of the company is characterized with the different elements or components including a brief situation analysis, marketing objectives, strategies, tactics, financial considerations and timetable for implementation (Boone & Kurtz, 2010).

The situation analysis considers both the macro and micro environmental factors that may affect the performance of the company. The below picture is shown the situation analysis means the internal and external analysis of the firm. The main purpose of situation analysis is to evaluate the company current position and ability to survive in the current business environment (Farris, Bendle, Pfeifer & Reibstein, 2010).

PESTEL Analysis

Political: Honeywell Company has been operates its business in many countries that created them political risks. Different countries taxation policies, employment laws and business regulation created risk of Honeywell.

Economic: Economic low growth rate of the US, UK and several other countries after global financial crisis 2007-08 created economical risks of Honeywell Company, so the company focused on economic booming countries such as Asian region nations. Moreover, changes in exchange rates of countries in context of US have been created economic risks of Honeywell Company (Lovelock, 2008).

Social: In the US and UK, customers prefers to secure, high quality, sensing, scanning, and mobility products that will be beneficial of the Honeywell Company. Moreover, high educated and technology preferred customers of UK and US will play role of improve sales and revenue of the Honeywell Company.

Technology: Changes in technology and innovation of new technologies related to aerospace, automation, performance materials and technologies and transportation system creates challenges of the Honeywell Company.

Legal: The US, UK and other country law needs that without properly followed the copyright and patents law Honeywell Company manufactures technologies related products and services that created challenges of the company.

Environmental: Changes in global climate, increase temperature of earth, decline in forest and impacts of natural beauty decline tourism activity in all countries that required demand or need of environmentally friendly products and services (Paley, 2006).

SWOT Analysis:

Strength

The following are the main strength of apparel for Honeywell Company:

ü Products and services available at affordable price

ü Company focuses on the environment friendly products and services (Lovelock, 2008)

Weakness

The main weaknesses of apparel for Honeywell Company are:

Ø High manufacturing cost of products and technologies in the US compare to Asian countries (Levitt, 2006)

Ø To continuous develop new technology for address some of the world’s toughest challenges required more funds or expenses on research department

Opportunities:

Honeywell Company main opportunities are:

· Enter in the new markets

· Manufacture products in Asian country to reduce cost and earn more profit (Paley, 2006)

Threats:

These are the main threats of Honeywell Company:

ü It has some competitors in the US that can produce similar products

ü Economic uncertainty and uncertainty of employment impacts on demand of products and services

The main marketing objectives of Honeywell Company for the marketing plan are to target the customers, clients, organizations and government in the worldwide market. The main objectives of this marketing plan are:

v To create awareness in the customers to use or prefer the environmental friendly technology, products and services in the worldwide level

v To enhance revenue, sales and market share of the company and improve position of the company in the global market (Honeywell International Inc. 2014).

v To develop brand value of the company as manufactures environmentally friendlier products, process technologies and automation solutions

Positioning, product strategy, pricing strategy, and distribution strategy are the main marketing strategies and tactics of Honeywell Company and used by it to marketing its products and services. For example, Honeywell Company would be developed positioning strategy for create and improve its position in the US and worldwide market between the many competitors. Moreover, Honeywell Company can also create its position in the market through participate and sponsor of events, support government environmental protection program, create awareness of people to protect nature or environment, fairs and sports (Kumar, Heide & Wathne, 2011).

Additionally, as per the product strategy the goods, services and technologies are considered by the company as a product of the organization in the marketing plan that is ready to sell in the market to the customers. Different kinds of consumer products, commercial products or services, transportation solutions, engineering services, and aerospace systems are the product that is to sell by Honeywell Company in the worldwide market (Kelley & Jugenheimer, 2008).

The price of Honeywell services and product will change as per the demand of the product and the area in which it would be sold. Honeywell will be focused on eco-friendly manufacturing strategy and use environmentally friendlier refrigerants and materials to manufacture products at low cost and focused on provide the products of the global customers at affordable prices. On the other hand, the effective implement of the distribution strategy is an essential to reach and target the customers in the market. Honeywell is use the merchandising or retail chain distribution strategy to distribute its products and services (Stone & Desmond, 2007).

Moreover, the company also analyzes and considers different financial factors such as: business planning, labor efficiency, labor cost, weather, cost of fertilizer, market demand, prices received in the annual marketing plan that may affect the profit and sale of the company directly or indirectly. The time table for the implementation is given below in the form of chart.

Task

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Week 7

Week 8

Preparing of Annual Marketing Plan

Market Situation Review

Implementation of marketing plan

Distribution Strategy

Evaluation of outcomes of marketing plan

References

Boone, L. & Kurtz, D. (2010) Contemporary Marketing 2011. USA: Cengage Learning.

Farris, P.W., Bendle, N.T., Pfeifer, P.E. & Reibstein, D.J. (2010). Marketing Metrics: The Definitive Guide to Measuring Marketing Performance (2nd ed.). USA: Pearson Education, Inc.

Honeywell International Inc. (2014). Our Company. Retrieved from: http://honeywell.com/About/Pages/our-company.aspx

Kelley, L.D. & Jugenheimer, D.W. (2008). Advertising Media Planning. USA: M.E. Sharpe.

Kumar, A., Heide, J. B., & Wathne, K. H. (2011). Performance implications of mismatched governance regimes across external and internal relationships. Journal of Marketing, 75(2), 1-17.

Levitt, T. (2006). Ted Levitt on Marketing. USA: Harvard Business Press.

Lovelock, C. (2008). Services Marketing People, Technology, Strategy (5th ed.). USA: Pearson Education, Inc.

Paley, N. (2006). The Manager's Guide to Competitive Marketing Strategies. USA: Thorogood.

Stone, M.A. & Desmond, J. (2007). Fundamentals of Markets: A Critical Evaluation. NY: Taylor & Francis.