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Synergy Marketing Plan Report Sample

Report: Synergy Marketing Plan

Table of Contents

  • 1.Executive Summary
  • 2. Company Description
  • 3. Strategic focus and Plan
  • Mission
  • Goals
  • Core competencies and competitive advantage
  • 4. Situation Analysis
  • SWOT Analysis-
  • Industry Analysis
  • Competitor Analysis
  • Customer Analysis
  • 5. Market Product Focus
  • Target markets
  • 6. Marketing Program
  • Product Strategy
  • Price Strategy
  • Promotion Strategy
  • Place Strategy
  • 7. Financial Data and Projections
  • Past Sales Revenue
  • Five Year Projections
  • 8. Organization
  • 9. Implementation Plan
  • 10. Evaluation and Control
  • References

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Executive Summary

Synergy on board is a new and efficient way to empower people who belong to the minority level but have a great mind in making new things. Basically synergy on board deals with the racial diversity in a company and groom a candidate so well that the6y are perfectly suitable to work under any company. 

The project deals with the different details of the company and the particular way by which they can get more responses from people. We have also discussed the goals and mission of the project. The project has also made up a SWOT analysis which can be helpful in the understanding of the risks and threats that the firm possesses. 

A brief background of the industry can also be seen here and as many such industries work on the same principle but are very much different from what Synergy is doing. 

Company Description

Synergy On Board is a consulting group that lets the minority groups like the black to acquire knowledge and grow in their prospective careers. To be simple they are focusing on empowering the diversity in a y organization. 

Racism has been on the top for any place. People behave as if they are mature enough to handle things but practically, this is not what they generally do. The fact seems different. Synergy on Board takes an opportunity to train the people who have potential and make them suitable to build a career in global organizations 

Trish Mandewo and Cecilia Mkondiwa were the key people in the opening of the organization which has been doing betterment for a long time now. They have further stressed on the upliftment of women in the boardroom so that they can equally take a stand in any organization. 

The Organization considers many factors while making the development of any individual. These factors are often affecting the individual as a whole and create a personality development and professional development. (Synergy on boards, 2020)

 

Strategic focus and Plan

The determination of the strong and valid strategy is very important as it is the only source that will tell about the possible profitability of the firm. The better the Strategies will be, the better will be the development, growth, and profit of the firm

Mission

To empower the minority level like the blacks to reach a certain level through which they can create a better living for themselves by giving them the necessary knowledge and tools. 

Goals

  • To promote cultural ethnicity in the world.
  • To make minority people educated and knowledgeable. 
  • To develop personality and make confident. (synergy on board, 2020)
  • Core competencies and competitive advantage

They have a unique business idea that many less or absolutely no one knows about. Very few people know about such a firm and the betterment they are doing to society. For a matter of advantage, there is no such firm that is capable of helping the minority from a deep root level. Apart from NGOs, there are very few people who have been fighting for the betterment of the minority. The development of a person will ensure that they have the potential to earn bread and learn and acquire new skills at the same time. (synergy on boards, 2020)

Another advantage that they have is the fact that they have a very much simple and easy way to groom the people. The tactics that they use in the process of grooming is so simple that one can easily adapt to it. The process of making them fit for an organization has to go through many steps. 

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Situation Analysis 

The essence of the situation analysis is taking stock of where the firm or product has been recent, where it is now, and where it is headed. According to the situation the organization needs to take strategies to improve the situation. Situation analysis can be done internally or externally. The organization needs to verify the internal management system, internal conflicts, and internal other issues and reduces those issues with the help of unique and innovative strategies. Here the organization may have diversity issues that are helpful to analyze the dynamic situation but it is not helpful for internal structure. Due to cultural differences and other issues, the organization faces many situational problems but with the help of proper steps the organization can reduce this problem and focus on their services and productivities. The organization should focus on Service quality with the help of situation analysis. The organization should set a prompt solution to reduce situational problems. This analysis is very important for better marketing, more productivities, better research and development, better profit and establish a proper structure of management.

SWOT Analysis-

The SWOT analysis is an effective short-hand summary of the situation analysis. The acronym is used to describe an organization’s internal Strengths and Weaknesses and external Opportunities and Threats. This analysis provides a solid foundation as a springboard to identify subsequent actions in the marketing plan. Every organization needs to analyze SWTO analysis to find out the strength of the organization with the help of strength the organization can able to expand its business on the large scale. If the organization finds out any weakness in the organization with the help of SWOT analysis then the organization needs to take innovative and unique strategies to reduce those weaknesses and run their business in the right direction. The organization should aware of the opportunities from those opportunities the organization can able to get more profit and run their business successfully (Nixon, 2017). 

Here the organization is Synergy On Boards. The organization is a consulting group, the organization represents the interests of black. The organization provides the necessary knowledge and tools to understand the dynamic and effective service. The strong point of this organization is diversity. Due to the diversity, the organization can identify the dynamic situation. The organization has efficient employees who are worked very efficiently and smartly. The weakness is of the organization never allows any gender discrimination. The organization tries to appreciate successful women but is makes the barriers and challenges for the organization. Here the organization has huge opportunities due to its proper plan & program. The organization has huge opportunities in professional growth and the organization improve in this part due to the proper strategies. Many private corporation boards get support from this organization. So, the opportunities are huge. The threats of the organization are diversity issues and gender discrimination. The organization needs to more clear and aware of the issues and analysis is properly to reduce it. Still, the organization is running successfully. In a very short time the organization gets success (synergyonboards, 2020).  

 

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Industry Analysis  

The industry that can be seen here is a consulting group that deals in the professional development of minority people and especially black women. The industry has many things that can be dealt with. Particularly they focus on the. 

Consulting firms provide feedback on a professional basis and cover many parts of the business. Consulting firms can be based on recruitments or solution provider. These are the external bodies that can act as an immediate response in a time of need. These consulting groups are more or fewer experts in defining their roles and responsibilities. 

There are many different roles and types of consulting firms but the most popular among all is the HR recruiter firm. Consulting firms are emerging every day with new and better offers and ideas making the work of a professional firm easy and simplified. (LONGMAN, 2020)

Competitor Analysis

Since there are no competitions available for the selected type of business it is operated on an oligopolistic market. There is no very little or no scope of competition. They can operate and innovate of their own and can have a charge or fees of their own without having a fear of elimination. 

Customer Analysis

The customer would be giving feedback only when they are satisfied with the service that has been given to them. In this particular organization, the customers are the people who opt for the grooming sessions. As the structure of the teaching system has been given, it is quite evident to say that the pupils and the members who come here to gain knowledge are sure to get one of the best skills. Synergy on boards has covered a lot of topics and keep on finding out the new and better perspective all the time. 

Members are pretty sure to have a great time in learning as it also makes them industry ready. 

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Market Product Focus

Target markets

The target markets are something that can easily grasp the market. The best market that can be targeted are the cities and villages that have very less education but is very much potential of making great minds. 

Since the company is focused on making the minority people to make a living and is uplifting their rights and voice into the organizations it will be much better if they focus on people where such people are widely available. 

Marketing Program

Product Strategy

The services provided by Synergy On Boards is there primary product being offered. The services offered by this company are in line with professional development, professional growth, networking, access to resources, and providing financial gain for companies by means of promoting ethnic, racial, and gender diversity in their company boards (Synergyonboards, 2020). Diversity in terms of ethnicity, gender, and race is a crucial factor in promoting creativity and innovation within organisations. In contrast to the traditional architecture of company board of directors, the emerging trend is in having a diverse group of people who are not necessarily like-minded. This has become a path to innovation by means of incorporating a vast range of cultural outlooks represented by a variation of cultural diversity among the members of company boards (Creary, et al., 2019). Hence, the product offering of the Synergy On Boards Consultancy Group (SBCG) is centred on providing solutions to companies in on-boarding a culturally diverse minority group within their company boards as a means of enhancing the company’s performance. Moreover, the services provided by the SBCG can be further detailed by providing indigenous and black minorities with the tools to gain knowledge in “Fundamentals of corporate governance”, “The business case for diversified voices on boards”, “Context of women on boards and women of colour on boards”, “Board Code of conducts”, “Legislative framework for corporate governance”, “Governing models”, “Role of the Board vs. role of directors”, “Insider – Outsider dynamics and other challenges faced by visible minorities on boards”, “The importance of assessing the risks of board members and the board as a whole”, “Writing compelling resumes for board positions”, and “Governance training for those seeking public office posts or elected positions” (Synergy On Boards, 2020).

 

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Price Strategy

Regarding their pricing strategy, the SBCG has two kinds of memberships, “Individual Membership” and “Corporate Membership”. Their “Individual Membership” is priced competitively in the consulting market at just $250 per year and their “Corporate Membership” or partner membership is priced at $500 per year. These rates have proven highly competitive in the consulting market as several business and marketing scholars have suggested that developing an optimal pricing strategy that creates value for the consumer as well as covers costs of the business is a significant asset of any consulting business (Kienzler & Kowalkowski, 2017). According to the Harvard Business Review, it has been recorded that consumers of services are extremely sensitive to price and in this regard, are susceptible to effective pricing strategies that offer the best membership plans to them (Mohammed, 2018). 

Promotion Strategy

The SBCG is offering the first year free to aspiring black and indigenous boar professionals who have to pay for their membership only after 31st August 2021. This pricing strategy has proven very effective for several companies and not just consulting groups. This type of attractive offer has been used by media and entertainment based companies in terms of membership and has seen significant success in getting a large number of members on-board the company. It has been argued often that price discount promotion strategies tend to attract a huge influx of new memberships but at the same time indirectly penalise the existing loyal customers that are paying the rack rate for the membership. This can prove to be an ineffective promotion strategy since it could lead to increased rates of customer attrition for any consultancy service. Although such price discount promotions bring in a large input of new customers, there are chances of losing old loyal customers as well (Willows, 2020).

Place Strategy

Place or distribution strategy for SBCG is a crucial one as they do not have a physical address and are almost exclusively an online consultancy company. Their product distribution is specifically through digital media and social media. As a result, the SBCG has the benefit of catering to a global audience base and have the capacity to expand their outreach phenomenally. Since the firm is a consultancy based on bringing empowerment and equal opportunities to minority and indigenous women, this nature of the company has proven beneficial in distribution of its services (Dancer, 2016).

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7. Financial Data and Projections

Past Sales Revenue

With the increase in the business operations of SBCG in the financial year 2018-2019, despite the several challenges it faced in terms of revenue and cash flow, the company had witnessed a net profit of $750,000. The revenue generated by SBCG in the fiscal year of 2019 has been recorded to be almost $2.5 million, with newer bookings amounting to an additional $250,000 for the same year. The operating margin for SBCG has been stagnant at 24% throughout the year and this can be hailed as a positive aspect of the business.

Five Year Projections

The 5 year projections of SBCG are such that the company aims to partner up with several large corporates of Canada and hopes to promote a cultural diversity amidst their board members. Since the aim of this company is to develop minority and indigenous competencies in board governance and at the same time promote the need for such cross-cultural diversity amongst companies in Canada, their financial projections for the next five years are not focused on exclusively profit making. However, the company aims to increase their profits in the fiscal year 2020 by at least 12% from that of FY 2018-2019. Given the current scenario of the pandemic, it is a time of dire constraints in all industries that have been affected by the nationwide lockdowns. Since SBCG does not have a specific office address or an offline distribution means, this crisis has not affected them in such a broad sense. Therefore, the company still holds true to its projections for the FY 2019-2020 as well as those for the fiscal year 2020. The company aims to develop value for its shareholders by at least 7% in the FY 2020-2021 and this can be possible by increasing the operations of the company by 35% in the corporate partnerships. 

 

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Organization

 A marketing program needs a marketing organization to implement it. The marking planning is very important to expand the business in the scale. The organization needs to analysis the situation and according to the situation and survey the organization should take the proper plan for the marketing planning. The organization should focus on the target audience and the market to capture.  Marketing program should aware about the market and it demand. Apart from that the organization is related to provide service to the corporate and their client so the service quality should be maintained. The organization should clarify why the client will choose them. The working style, the efficient productivity and services should maintain in the marketing program so, the client can aware about the organization and its purpose of marketing program. The agenda of the marketing should be clear and understand by every client for better response (Synergyonboards, 2020).

9. Implementation Plan 

The implementation plan shows how a company will turn plans into results. To implement a marketing program successfully, hundreds of detailed decisions are often required. These marketing tactics are detailed operational decisions essential to the overall success of marketing strategies. Unlike marketing strategies, marketing tactics involve actions that must be taken immediately.  

Before the organization implements the plan they need to do some analysis. According to the situation the organization needs to take strategies to improve the situation. Situation analysis can be done by internally or externally. The organization need verify the internal management system, internal conflicts, and internal other issues and reduces those issues with the help of unique and innovative strategies. Here the organization may have diversity issues which are helpful to analysis the dynamic situation but it is not helpful for internal structure. Due to cultural different and other issues other issues the organization faces many situational problems but with the help of proper steps the organization can reduce this problem and focus on their services and productivities. The organization should focus on Service quality with the help of situation analysis. Apart from situation analysis SWOT analysis is helpful to establish the plan according to the requirement. Here the organization has huge opportunities. So, the organization should focus on it and make the plan in the basis of the opportunities (synergyonboards, 2020).

10. Evaluation and Control 

The purpose of the control phase of the strategic marketing process is to keep the marketing program moving in the direction set for it. In the control phase, the marketing manager compares the results of the marketing program with the goals in the written plans to identify deviations. The marketing manager then acts on the deviations to correct the negative and exploit the positive ones.

Here the organization needs to control the threats and weakness for better marking program. The mangers of the organization plays major role in evaluation and controlling part of the organization. The organization needs identify all the negative points and guides all in right direction and execute the program according to the plan. The organization needs to control the service quality. Due to the innovative and unique strategies the organization can process the marketing program (Baiman, 2018). 

 

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References

Baiman, S., 2018. Evaluation and control system. Journal of accounting research, pp. 80 — 90.

Creary, S. J., McDonnell, M.-H., Ghai, S. & Scruggs, J., 2019. When and Why Diversity Improves Your Board’s Performance. [Online] 

Available at: https://hbr.org/2019/03/when-and-why-diversity-improves-your-boards-performance

[Accessed 26 September 2020].

Dancer, M., 2016. 12 Benefits of Digital Tools Identified by Distributors. [Online] 

Available at: https://www.naw.org/12-benefits-digital-tools-identified-distributors/

[Accessed 26 September 2020].

Kienzler, M. & Kowalkowski, C., 2017. Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, Volume 78, pp. 101-110.

LONGMAN, 2020. consulting firm. [Online] 

Available at: https://www.ldoceonline.com/dictionary/consulting-firm

[Accessed 26 SEPTEMBER 2020].

Mohammed, R., 2018. The Good-Better-Best Approach to Pricing. [Online] 

Available at: https://hbr.org/2018/09/the-good-better-best-approach-to-pricing

[Accessed 26 September 2020].

Nixon, J., 2017. SWOT analysis. Journal of strategy and management, pp. 99 – 110.

synergy on board, 2020. [Online] 

Available at: https://synergyonboards.com/our-why/

[Accessed 26 september 2020].

Synergy On Boards, 2020. About. [Online] 

Available at: https://synergyonboards.com/program-plan/

[Accessed 26 September 2020].

Synergy On Boards, 2020. Board Services. [Online] 

Available at: https://synergyonboards.com/board-services/

[Accessed 26 September 2020].

synergy on boards, 2020. our why. [Online] 

Available at: https://synergyonboards.com/our-why/

[Accessed 26 SEPTEMBER 2020].

Synergy on boards, 2020. What We Do. [Online] 

Available at: https://synergyonboards.com/

[Accessed 26 september 2020].

synergyonboards, 2020. About. [Online] 

Available at: https://synergyonboards.com/our-why/

[Accessed 26 09 2020].

Synergyonboards, 2020. Home. [Online] 

Available at: https://synergyonboards.com/home

[Accessed 26 09 2020].

Willows, C., 2020. Using Offers and Promotions to Attract New Members. [Online] 

Available at: https://www.themembershipguys.com/using-offers-promotions-attract-new-members/

[Accessed 26 September 2020].

This Is A Sample Plan Report On Synergy Marketing From Topicwize

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