A strategic tool used for the origin, growth and success of any business is marketing. Franchising is not aloof of it. A strong marketing strategy is as important for a franchising as it is for any other business. A franchise business is a double marketing strategy. On one hand it boosts the sales of the parent company where as on the other hand it also takes care of the franchised outlets. A franchisor promotes the brand at the national level while its franchisees promote the brand at the local level. A good marketing plan presents in detail the necessary actions to achieve one or more marketing objectives. Here are some factors that need to be taken into consideration to plan the marketing process resourcefully.
Marketing process helps the franchisor and the franchisees in bringing value and assurance profitability to the franchising business. It is customized to understand the needs and demands of the customers and satisfy them. The marketing process involves marketing strategy, situation analysis, marketing-mix decisions, control and implementation.
Marketing strategy: It is necessary to conduct market research as it provides specific information about the market. A franchisor or franchisee has to strategically plan to pursue the required business proposition. Not only this, market information makes it easy for you to target the specific customers and make changes according to the market.
Analysing the situation: All businesses whether franchised or independent needs to have an edge over other rivals to achieve sustainable growth. A thorough analysis of the situation is required to flourish successfully in the fierce competitive market. As customers are the driving force of a business, therefore, a franchisor or franchisee has to analyse the customer’s requirements on regular intervals.
Marketing-mix decision: Marketing-mix includes four Ps i.e. product, price, place and promotion. It is the basic and tactful element of marketing plan. It One can modify the offering (to the customers) by varying the elements of marketing mix. For instance, if your product or service is high profile, then you need to focus more on the promotion part rather than focusing on the price. Similarly, if your offering is meant to the lower middle class then you need to highlight the price tag to allure the target customers. So, marketing-mix holds the most important part of marketing process.
Implementation and control: After successfully marketing the product or service in the market it is essential to monitor it closely. Monitoring the marketing process is necessary in order to incorporate the necessary changes. As the market keeps on changing it becomes essential to accommodate the changes to ensure the sales at various franchised outlets.
So it is time for all you new franchisors to acknowledge that marketing process is an integrated process through which businesses operate and accomplish their business targets. It is universally accepted fact that business and marketing are mutually dependent and complementary to each other and when done tactfully can help meet the preferred business objectives.
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