Dove †Objectives of Marketing Plan & Pricing Strategy Essay

â€Å"Setting objectives for a marketing plan is not simple and straightforward matter. It is an iterative process whereby objectives are set, strategies and action plans are developed, and then it is decided whether the planned objectives are impossible, achievable or easy. Marketing objectives should be difficult, but they must be achievable. The aim is to set objectives that a challenge, but can be achieved with effort. They must be motivating rather than discouraging.† (Westwood, 2002). To be useful, the stated objectives should meet several criteria which are known as SMART objectives. [Specific, Measurable, Achievable, Realistic, Timed] According to Marketingteacher.com (2012), the purposes of SMART objectives include: To enable a company to control its marketing plan. ï‚ §=To help to motivate individuals and teams to reach a common goal. To provide an agreed, consistent focus for all functions of an organization. Dove’s Marketing Objectives: According to Marketingmixx.com (2012), Dove develops its marketing objectives very carefully as it is devoted to expand the definition of beauty for the reason that they believe real beauty comes from your inner self. The Marketing Objectives of Dove are: To increase sales by 40% in upcoming 1 year. Providing a boost to its brand image. Broaden the image as a beauty care provider Increase the number of retail outlets selling dove products by 250 within 12 months PRICING STRATEGY Price is the exchange value of a product or service, always expressed in terms of money. There are costs to produce and design a product, to distribute a product, and to promote. Price must support these elements of the mix. Pricing is difficult and must reflect supply relationship. Price is the only element of marking mixes which sales revenue. Price is a powerful marketing instrument. It is often the most flexible of the four marketing mix elements. â€Å"Price is a critical element in the marketing strategy of the industrial marketer and should always be viewed in the context of that marketing strategy. Price interacts with all other elements of the marketing mix to determine the effectiveness of each and of the whole. The objectives that guide pricing strategy should be a subset of the objectives that guide overall marketing strategy. Thus, it is probably wrong to view price as an independent element of marketing strategy or to assert that price, by itself, is a central element in the marketing mix.† (Webster, 1979) In Dove, we use three types of strategies. Namely, Competition-based pricing, Product line, Product Bundle pricing. Competition-based pricing is setting a price in comparison with competitors. Surely a firm has three options and these are to price lower, price to same or price higher. For example: Dove Damage Therapy Shampoo (700 ml) cost $11.70 versus Pantene Shampoo (700ml) cost $10.90 in FairPrice. Product line pricing is pricing different products within the same product range at different price points. For example: Dove Beauty Moisture Body Wash (1L) cost $9.75 versus Dove Firming Moisture Body Wash (1L) cost $10.70 in FairPrice. Product Bundle pricing means offering a group of related products at a combined low price, so as to get rid of slow moving products. For example, Dove charges $7.50 for a bottle of Dove Beauty Moisture Body Wash and $13.90 for a bundle of two bottles at CK Departmental Store. REFERENCES Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p 101. Teacher, M, 2012, SMART Objectives [online], England, Marketing Teacher, Available from: http://www.marketingteacher.com/lesson-store/lesson-objectives.html. [Last accessed 27th May 2012]. Seher, T., 2012, Marketing Plan of Dove [online], Marketing Mix, Available from: http://marketingmixx.com/marketing-plan-2/181-marketing-plan-of-dove.html [Last accessed 27th May 2012] Webster, F., 1979, Industrial Marketing Strategy, 3rd ed., Canada, John Wiley & Sons, Inc, p 190.