Internet Marketing Business Plan for Procter & Gamble Corporation 1
Internet Marketing Business Plan for Procter & Gamble Corporation 1
INTERNET MARKETING BUSINESS PLAN FOR PROCTER & GAMBLE CORPORATION
Shaniya Duncan
South University Online
PMC6601 – Foundations of Project Management SU01
Dr. J. Flores
July 26, 2021
The statement of need
The Procter & Gamble Company is one of the world-leading companies manufacturing and distributing consumer products. The company was established in 1837 by two business partners William Procter and James Gamble. The headquarters are in Cincinnati, Ohio, America. The company operates in approximately 70 countries and explores markets in 180 countries. The company specializes in five main business segments: health care, fabric & Homecare, baby, feminine & family care, beauty, and glooming (Manda, 2020). Notably, the business segments cover laundry, digestives aids, air freshness and deodorants, razors, shampoos, and toothpaste. The PG company’s primary brands include tide, downy, and pampers.
The P&G company explores diverse marketing mechanisms to sell its multiple products. The main marketing pathways include mass merchandisers, various stores, and e-commerce. The merchandisers, e-commerce, and stores upon purchase from P&G company sales to the final consumers. Further, the company could sell to the final consumer. The P&G company extensively spend on marketing, recording a cost of US $ 21.2 billion in the last three years. The P&G company faces stiff competition from its competitors, including Colgate-Palmolive, Church and Dwight, and Unilever (Tien, 2019). The COVID 19 pandemic impacts on the global performance of business interruptions need innovations and inventions. To keep pace with the increasing competition, the company needs to explore promising marketing pathways such as internet marketing.
There are numerous internet marketing avenues the P&G company could explore to boost its sales. The main marketing channels include Facebook, Twitter, and WhatsApp. Owning that there are numerous clients online at each particular time, exploring internet marketing could boost the company’s net returns. Notably, the company employees could directly interact with clients explaining the products while receiving instant feedback (Sinclair & Keller, 2017). Therefore, internet marketing could help the P&G company reach multiple clients at a given time. The internet could improve the profits, especially during the COVID 19 pandemic. Before considering the marketing channel for utilization, the company needs to have the target market, website, information technology team, technical team, and well-functioning internet connectivity. Afterward, the company could incorporate an internet marketing project to improve sales.
The statement of the goals and objectives of the project
Project goals
The goal of the P&G internet market project is to improve the market share by the end of the year.
Project objectives
The main objectives of the internet marketing projects include:
To develop internet-based marketing for the P&G company.
To increase the P&G market share by the end of the year.
To increase the P&G company’s public reputation.
To enhance the P&G company revenues by the end of the year.
The following criteria will determine the success of the P&G internet marketing project
The P&G company to have a development internet marketing system during the first one month.
Recruit and employ online marketers by the end of the second month.
Launch and start implementing online marketing from the second month to the end of the year.
To increase the market, share by 10% by the end of the project timeline of one year.
To increase the company’s reputation by 5% by the end of the year.
To increase company’s net profits by 20 % by the end of the year.
The timeframe for the Facebook marketing plan is one calendar year. Though it could vary based on the prevailing conditions, the proposed internet marketing project includes the following costs.
The total cost of hiring the technical and information technology team – $70, 000
The cost of installing and maintaining the internet – $100,000
The cost of hiring internet marketing consultants – $30, 000
Operational cost for the first three months during the development and implementation of the internet marketing – $280, 000
The cost of launching the internet marketing websites – $90, 000
Other additional costs – $20, 000
The company will generate $ 300 000 from savings and acquire the $290 000 from a bank loan. The company employees will implement the internet marketing project using the above finances. Afterward, the company anticipates generating $10 billion from the internet marketing project.
Stakeholder and project requirements
Stakeholders could play a significant role in influencing the requirements of an internet marketing project. Briefly, stakeholders influence the input required during the project management and implementation. The P&G company has various stakeholders who could affect the performance of the internet marketing project. In this section, I highlight the critical stakeholder and their potential contribution to the internet marketing project.
Key stakeholders:
Investors
Communities
Customers and Suppliers
Employees
Customers
The investor influences the success of the internet marketing project through the supply of the required inputs. Further, their interest is in the growth of the P&G company. The investors enhance innovation in the interest of providing services needed to the company. The investors could develop the best products required in the implementation of the internet business plan. Investors play a central role in developing new products. The investors could significantly contribute to the process by supplying the required instruments services to the company. Such products could include internet accessories, internet services, computer hardware, and installation of the necessary software. Therefore, the interest of the investors as stakeholders is critical in improving the success of the company.
Communities play a central role in improving P&G’s reputation, including brand images. The interest of the community is the contribution of the company to consumer goods. The need to integrate communities’ interest in the P&G company is instrumental in implementing the marketing project. Communities are interested in green development pathways. Therefore, the application of internet-based marketing strategies is effective in ensuring environmental sustainability. The marketing strategy will be open and accessible. To cater to social prosperity, the company aims to create trustworthy and dependable content. Well-trained employees cross-checked the advertisement content for correctness before posting it to the website. Therefore, it will ensure improved company’s social integrity, thus improving the reputation.
Customers and suppliers form a vital stakeholder category for the P&G company. For instance, the customers are the clients who purchase the products while suppliers provide the raw materials used to manufacture products. The implementation of the internet marketing project could benefit the suppliers. Through increased sales, there will be the need for large quantity raw materials. The internet marketing plan is of essence to the customers. Their customers will gain immediate access to the products online. Depending on the service, the consumers will provide prompt feedback for improvement.
The employees are important stakeholders to the company. The implementation of the internet marketing project will need well-trained and competent employees. Further, the employees will need career development and high remuneration. The P&G company will purpose to recruit new employees for the internet marketing. Additionally, the company will train the existing staff on the importance of the internet in marketing the products. Employee training and recruitment will foster creativity and innovativeness. The latter implies that the team will be able to implement the internet marketing project to maximize outcomes. Despite the above efforts, the P&G company will incorporate essential employees’ motivation programs. Motivated staff will be able to carry out the marketing process effectively. The latter will facilitate effective marketing culminating in increased sales.
Consumers are the primary stakeholders for the P&G company. The consumers are the determinates of gross sales and profits. The consumers are highlight interested in reasonable prices that will give them money service. Secondly, the consumers are also interested in high-quality products (Agrawal & Goyal, 2018). To meet the consumers’ expectations, the company conducts intensive consumer need assessment regularly. They are mostly researching consumer preferences and needs. Based on the outcome, the company utilizes the data to develop the best consumer-oriented products. One of the company’s fundamental principles is to meet consumer needs driven by a thorough understanding of practical business success. Through such initiatives, the company could meet the interest of the consumers through improved products. Notably, internet marketing provides an essential intervention in marketing P&G products to the consumers and getting prompt feedback. The internet marketing programs could involve the need of the consumers and request feedbacks. The provided feedback is a cornerstone achievement for continually improving and required updating of the consumer needs.
The project scope statement
Defining the scope of an internet marketing project is essential in estimating the required resources. During the COVID 19 pandemic, digital marketing offers the best solution for improving market share and profits. The onset of internet marketing has made the traditional marketing pathways ineffective and outdated. Initially, TV and radio advertisements were effective in marketing. However, digital marketing outcompeted them. Though TV and radio remain essential for many companies, internet marketing makes it easy to reach numerous audiences globally.
Interestingly, internet marketing improves the number of sales and creating multiple employments. However, internet marketing is broad and therefore needs to have a well-defined scope of any marketing project. There will be the need for setting the internet marketing department for the company. The department will be responsible for the creation of the internet marketing platform. Therefore, there will be a need to establish the cost, including internet, furniture, computers, installations, and maintenance.
The internet marketing project will involve all the activities for development and implementation, such as establishing the target market, recruiting information technology experts and technical team, developing the platform, and launching and implementing the internet marketing. More so, the employee will have both offices based and social influencers. However, before the marketing commences, the company will train them for competency. Additionally, the company will hire consultants to help through the development process. Upon the development, staff will be trained on marketing content development.
Additionally, the company will also need data management personnel to ensure they analyze the customers’ feedback. The feedback will help implement product development and customer satisfaction. The most effective is pertinent in improving the company’s revenues. The company has an existing website; therefore, the internet marketing project will not involve the development of the website. Upon full effect of the internet marketing systems, it will culminate in launching the internet marketing. Afterward, the staff will advertise the company’s products using the internet marketing systems. The performance of the internet markets will be assessed at the end of 12 months and improved annually.
References
Agrawal, B., & Goyal, C. K. (2018). Consumers’ Attitude towards Corporate Social Responsibility and Cause-Related Marketing. Asian Journal of Management, 9(1), 366-372.
Mandal, P. C. (2020). Marketing Realities in the New Environment: Challenges and Opportunities. International Journal of Business Strategy and Automation (IJBSA), 1(3), 44-51.
Sinclair, R., & Keller, K. L. (2017). Brand value, accounting standards, and mergers and acquisitions: “The Moribund Effect.” Journal of Brand Management, 24(2), 178-192.
Tien, N. H. (2019) Comparative analysis of the multi-domestic strategy of P&G and Unilever Corporation. International Journal of Foreign Trade and International Business, 1, 5-8
The post Internet Marketing Business Plan for Procter & Gamble Corporation 1 Internet Marketing appeared first on PapersSpot.
