Running Head: MARKETING PLAN
Marketing Plan for Guitar Hero Brand
Executive Summary
Marketing plan plays a crucial role to achieve organizational goals and objectives. Guitar Hero brand works in music video game category of entertainment industry. To successfully establish business in particular market, it is important for an organization to analyze current situation and trends of particular market or industry. Display themes and performance of the brand are good. Currently, Guitar Hero brand is facing issues related to revenue share and interface and customer perception. For successfully running the business in Turkey, issues or problems are identified by the firm. Brand awareness, customer base, sale, profitability, customer satisfaction etc are covered in the objectives. Market development is selected as a marketing strategy for the firm to achieve its goals and objectives. Diversification strategy is selected as a part of contingency plan. Skilled Human resources are also selected for the marketing plan. Action plan, controls and profit and loss statement are also developed for the marketing plan of Guitar Hero Brand.
Table of Contents
Introduction 4
Current Situation and Trends 4
Performance Review 5
Key Issues 6
Objectives 7
Marketing Strategy 8
Action Plan 10
Profit and Loss Statement 11
Controls 11
Contingency Plan 12
Sources 13
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References 14
Introduction
Marketing plan plays a vital role in implementing goals into actions (Lancaster & Reynolds, 2005).
Nowadays, entertainment industry is experiencing various trends and issues. This marketing plan will be developed for Guitar Hero Brand that is a brand of Guitar Hero (About Guitar Hero, 2010).
It will cover various steps like situation and trends analysis, performance review, key issues, objectives, action plan, profit and loss statement, controls, contingency and sources.
Current Situation and Trends
Guitar Hero brand is a music video game. In current time, music video game is preferred by the children and youth (About Guitar Hero, 2010).
So, youth and children can be targeted by the firm in Turkey. It will be beneficial for the firm to attain its business objectives. Mass market segmentation will be beneficial for the firm to target its market in Turkey (Current Trends in the Media Industry: Film Production, Television Commercials and Video Games).
It will be beneficial for Guitar Hero brand to target its target market in Turkey. Customer’s perceptions also matter to develop marketing strategies in the particular market. So, for selling Guitar Hero brand in Turkey, customers’ perceptions and taste should be also analyzed by the firm to attract customers for music video game (Current Trends in the Media Industry: Film Production, Television Commercials and Video Games).
In global era, it is not an easy task for the organization to remain at a good position in the competitive market without addressing current trends in specific industry. In music video game category, current trends are as follow:
Console Game: Console games are highly preferred in current trends. In this, development of console hardware is highly demanded as compared to other games like, PC game, online games and wireless games. So, by focusing on console game, the firm can establish and successfully runn its business (Nielsen, Smith & Tosca, 2008).
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Virtual Goods Transaction: Virtual goods transaction is also a current trend in the music video game industry. Low price is charged by the firms to get better equipments in the game. So, through providing this facility at low price, Guitar Hero Brand can position itself successfully in Turkey (Video Gaming Industry Trends, 2010).
Social Video Gaming: Social video gaming is also a current trend in the music video game category. Games are developed according to the social and cultural beliefs of the particular market. Through addressing or adopting this trend in Turkey market, the firm can institute itself successfully in that market (Nielsen, Smith & Tosca, 2008).
Performance Review
Performance review is a framework that helps to evaluate performance of the firm as well as employees in competitive market. Performance of Guitar Hero brand in competitive market can be analyzed through covering following points. These are as follow:
Display Theme: Display theme indicates the attractiveness of the games in terms of using musical instrument, background music and display. Display theme of Guitar Hero brand is good in its music video games. So, it helps to enhance publicity of the brand in the competitive market (Bernhaupt, 2010).
Demand of the Game: Demand of Guitar Hero’s music video game in the competitive market is high in comparison to other games like, video game, PC game and online games. It indicates the effective performance of Guitar Hero brand in the market (Boulaire, Hervet & Graf, 2010).
Programs in Game: High quantity of functions and programs are used by the Guitar Hero brand like, music, video and games. It helps to enhance attractiveness of the Guitar Hero brand in music video game category of entertainment industry. It shows the effective performance of the Guitar Hero brand in the market (Bernhaupt, 2010).
Customer’s Perception: Perceptions of customer’s towards music video game of Guitar Hero brand is good due to wide range of different functions. It helps to enhance its sales and profitability that signify its sound performance in the music video game industry (Ip & Jacobs, 2006).
Interactive Devices: Interactive device of the firm is not so good. It indicates the poor performance of the firm in this area (Bernhaupt, 2010).
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Quality Assessment: Quality of the firm’s music video game is not so good as compared to its competitors. It demonstrates its poor performance in the competitive market (Ip & Jacobs, 2006).
Computer Software: Guitar Hero brand uses high quality of video game software in music video games. It helps the firm to retain gamer loyalty. It indicates the well performance of the firm (Boulaire, Hervet & Graf, 2010).
So, on analyzing above points, it is inferred that overall performance of Guitar Hero brand is good in the competitive market. It will be beneficial for the firm to spread its business in the global market (Bernhaupt, 2010).
Key Issues
Many key Issues are faced by the firm that is the reason of decreasing sales of the Guitar Hero brand. Key issues those are faced by the firm, these are as follow:
Faulty Guitar: Issues related to faulty guitars are faced by the firm. Customers are facing many problems on operating the music video game of Guitar Hero brand. Many parts of the game do not work properly and not performing in a right direction. It becomes the reason of decreasing demand and sales of Guitar Hero brand (Guitar Hero III Guitar Problems).
Revenue Share and Interface Issues: Issues related to revenue share and user interface are also faced by the Guitar Hero brand. On the time of downloading the songs those are linked with the games, customers require myriad licensing. It reduces the customers’ involvement in the games of Guitar Hero brand (Bruno, 2009).
Detachable neck: Detachable neck of the Guitar Hero brand is not working properly. This issue is also faced by the firm. Customers are facing many problems regarding flake over time with some controller in Guitar Hero’s brand. This issue can reduce the customer base of Guitar Hero brand (Guitar Hero III Guitar Problems).
Dissatisfaction of the Customers: Dissatisfaction among the customers towards Guitar Hero brand is the biggest issue that is faced by the firm due to poor quality of its games. It decreases the reputation or global image of Guitar Hero brand in the competitive market (Bruno, 2009).
Objectives
Objectives of the marketing plan are discussed as follow:
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➢ To increase brand awareness of Guitar Hero brand in Turkey (Nielsen, Smith & Tosca, 2008).
➢ To develop a customer base (Nielsen, Smith & Tosca, 2008).
➢ To increase sales up-to 30% (Ip & Jacobs, 2006).
➢ To position Guitar Hero brand in Turkey (Lancaster & Reynolds, 2005).
➢ To increase profitability in Turkey (Pinson, 2008).
➢ To increase customer satisfaction (Nielsen, Smith & Tosca, 2008).
➢ To increase market share (Lancaster & Reynolds, 2005).
➢ To maintain game industry value chain of Guitar Hero brand in Turkey (Nielsen, Smith & Tosca, 2008).
Marketing Strategy
Marketing strategy is a framework that is used by the firms to attain specific marketing goals. To attain marketing objectives of Guitar Hero brand in Turkey, marketing strategy of the firm will play a vital role. To establish business successfully in Turkey, the firm has to develop effective and efficient marketing strategy (Lancaster & Reynolds, 2005).
For Guitar Hero brand, market development strategy will be used to successfully establish its market in Turkey. This will help in attaining the stated marketing objectives in time.
In this manner, present service and new market will be focused by Guitar Hero brand to run its business successfully in Turkey (Ferrell & Hartline, 2008).
Segmentation, targeting and positioning strategy will be included in the market development strategy of Guitar Hero brand in Turkey (Pinson, 2008).These parts are important to recognize success and failure of Guitar Hero brand in Turkey. These are as follow:
Segmentation Strategy: Segmentation strategy will play an important role in the success and failure of Guitar Hero’s brand in Turkey. To segment the market of Turkey, mass market segmentation will be used in the marketing plan of Guitar Hero brand. Psychographic segmentation strategy will be used by the firm to target its target group. In this segmentation strategy, activity, interest, attitude, opinion and values of the customers will be recognized by the firm (Nielsen, Smith & Tosca, 2008).
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In this segmentation, whole market will be treated as a homogeneous group and offered same marketing mix to all customers. Psychographic, segmentation strategy will be used by the firm to target its segmented market (About Guitar Hero, 2010).
To stay in the competitive market of Turkey, it is necessary for Guitar Hero brand to analyze these activities. Customer’s interest and attitude towards music video game will help to establish itself in Turkey. To increase interest of the customers for music video, psychographic segmentation will be beneficial (Lancaster & Reynolds, 2005).
Targeting Strategy: Targeting strategy also plays a crucial role in the success and failure of the product in the particular market. In this strategy, Guitar Hero brand will target those customers, who have more interest in music video games. Youth and children will be targeted by the firm in Turkey (Pinson, 2008).
Interest and attitude of youth and children towards music video game will be analyzed. Through analyzing the interest area of targeted group in music video games, customized features will be developed those are highly demanded among targeted group (About Guitar Hero, 2010).
It will be beneficial for the firm to increase brand awareness of Guitar Hero brand in Turkey. It will also support the successful establishment of the Guitar Hero brand in Turkey. Analysis of perception of youth and children and improvement in the services will support the success of Guitar Hero brand in Turkey (Ferrell & Hartline, 2008).
Positioning Strategy: Positioning refers to the expansion of image or position of the product into customer’s mind. Position of Guitar Hero brand is good into customers’ mind. To ensure the success of Guitar Hero brand in Turkey, it is important for the firm to select and follow the right positioning strategy (About Guitar Hero, 2010).
In Turkey, to get the success of the service of music video game, Guitar Hero brand will be positioned under the title of “Entertainment in safe environment with Guitar Hero brand”. It will be beneficial for Guitar Hero brand in terms of developing its valuable image into customers mind. This positioning statement will help the firm to attract customers’ attention in Turkey towards Guitar Hero brand (Lancaster & Reynolds, 2005).
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So, it is important for Guitar Hero Brand to enter in the Turkey market with effective and strong marketing strategy. Segmentation, targeting and positioning strategies of the firm will be effective and valuable to achieve marketing goals and objectives of the firm in Turkey market in terms of increasing awareness of Guitar Hero brand (Ferrell & Hartline, 2008).
Action Plan
Action plan plays a crucial in the execution of marketing strategies to attain marketing objectives in a particular country and market. Timeline and budgeting for Guitar Hero brand will be included in action plan to ensure the successful implementation of the plan in Turkey (Hague, 2002).
Total budget for action plan in Turkey for Guitar Hero brand will be planned about $11650. Action plan for Guitar Hero Turkey are as follow:
|Activities |Timeline (in weeks) |Budget |
|Current situation and Trends |2 |$1300 |
|Performance Review |3 |$1100 |
|Marketing Strategies |3 |$4900 |
|Implementation |2 |$1600 |
|Controls |1 |$1000 |
|Contingency Plan |1 |$1750 |
Profit and Loss Statement
Profit and loss statement plays an important role to determine the financial viability in the competitive market. Through the profit and loss statement, Guitar Hero brand can identify its financial viability of its marketing plan in Turkey (Madura, 2006).
It is as follow:
Profit and Loss Statement
Guitar Hero brand
For the Year Ended December 31, 2010
|Sales Revenue | |
| |$2,090,970 |
|Less: Cost of Goods Sold | 1,601,000 |
|Gross Profits |$4,89,970 |
|Less: Operating Expenses | 2,94,840|
|Operating Profits |$195130 |
|Less: Interest Expense | 40,296|
|Net Profits Before Taxes |$154834 |
|Less: Taxes (20%) |30,967 |
|Net Profits After Taxes |$1,23,867 |
Controls
Controls concern with the analysis of the areas to judge the performance of the implemented marketing plan in a particular country. This section will help in assessing the capacity of the plan to attain goals and objectives of the firm. Controls will play an important role in the successful implementation of the marketing plan in Turkey to attain the marketing objective (Alpert, 2007).
In this area, many points will be covered as controls to judge the performance of implemented marketing plan in Turkey. Quantity of sales, brand awareness, market share, customer’s response and value chain of the industry will be covered in this section (Pinson, 2008).
These are as follow:
|Marketing Objectives |KRI |Timeline |
|Increase sales up-to 30-40% |Quantity or amount of sales |January 2011 |
|Increase brand awareness about the Guitar Hero |Customer survey for collecting data |December 2010 |
|brand among the customers of Turkey | | |
|Increase market share and expand market in |Study of market capitalization |February 2011 |
|Turkey | | |
|Gain quick response of customer’s through |Customer’s response |November 2010 |
|maximize customer satisfaction | | |
|Maintain value chain of Guitar Hero brand |High technology software |November 2010 |
Contingency Plan
Contingency plan plays an important role in case of failure of the marketing plan strategy. In case of failure, Guitar Hero brand will use diversification strategy instead of market development strategy (Payne, 1999).
In this way, Guitar Hero brand will develop a new strategy for market diversification strategy to modify and enhance the features of music video game along with high technological software. In this manner, the firm will develop software, licensing way, themes and other features to offer games to its customers in Turkey (Alpert, 2007).
For contingency plan, 15% of the budget will be used to ensure a successful implementation of the contingency plan in case of failure of marketing plan in Turkey (Payne, 1999).
In this plan, marketing strategy will be changed by the administration of the firm to adopt the diversification strategy instead of market development strategy (Rothstein, 2007).
Sources
Sources plays pivotal role to attain the marketing objectives stated in the marketing plan. To attain goals and objective of discussed plan for Guitar Hero brand, the firm will focus on adopting effective and efficient sources in Turkey (Ryall & Craig, 2003).
Sources for the marketing plan of Guitar Hero brand in Turkey are as follow:
Human Resource Management: Skilled and knowledgeable personnel play a vital role in supporting and executing the stated marketing plan. Well experienced marketing personnel will be hired by for Guitar Hero brand for the successful execution Guitar Hero brand in Turkey. To attain the marketing objectives of the firm, skills, potential, capabilities and awareness of the employees will be analyzed (Alpert, 2007).
On-job training will be adopted by the firm to develop skills of the firm. To attain technical advancement in Turkey, the firm will provide effective and efficient data and training to its employees. Local people of Turkey will be hired Guitar Hero brand to identify the social and cultural beliefs of the customers (Ryall & Craig, 2003).
Valuable Resources: Valuable resources like machinery, material etc also play a vital role in ensuring a successful execution of the marketing plan. So, for the marketing plan of Guitar Hero brand, proper allocation of these resources will be ensured.
References
About Guitar Hero (2010).
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Bernhaupt, R. (2010).
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http://www.window.state.tx.us/specialrpt/mmedia/trends.html
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Great Britain: Kogan Page Publishers.
Ip, B & Jacobs, G. (2006).
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pp. 531-546.
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Management of Marketing. Burlington: Butterworth-Heinemann.
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Payne, C. F. (1999).
Contingency plan exercises. Disaster Prevention and Management 8(2).pp. 111-117.
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Anatomy of a Marketing plan: The Step-By-Step Guide to Building Your Business and Securing Your Company’s Future. USA: Aka Associates.
Rothstein, J. P. (2007).
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