Marketing: The Concept of Contingency Plan

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Marketing: The Concept of Contingency Plan

The term contingency plan refers to a plan devised for cases when a company needs to respond to unforeseen and detrimental events. In general, an enterprise finds its success in the popularity of the product it is selling; however, its product presentation plays an essential role in the businesss profitability. The product presentation is the subject of the marketing teams work. A company of significant scope and scale, such as Intel, requires a marketing contingency plan to ensure that it does not fail its numerous investors, workers, and customers. In order to do so, the marketing team needs to consider the possible hardships, the current market situation, and development plans.

In the current day and age, the companys image is one of the most crucial aspects of its profitability. Cancel culture and the wide spread of digitalized news outlets allow to shape and solidify customers opinions within days or even hours. Considering that Intel is not the only company that provides sufficient goods in the sphere of microprocessor production, it is vital to rise above the competition (Abbott, 2022). A possible scandal can easily throw a wrench into an existing marketing plan, making it necessary to take measures to clean the companys reputation.

At present, Intel dedicates its efforts to the domestic production of semiconductors. It is allocating finances to the development of two US-based factories (Intel announces next US site with landmark investment in Ohio, n.d.). The current marketing strategy involves direct marketing, which means increasing brand recognition through paid sponsorships and participation in scientific events. In addition, Intel has created a powerful presence in the social media and gaming communities by running a series of esports tournaments called Intel Extreme Masters. An already established reputation in content creation circles is an important factor when considering possible outcomes of a scandal.

Given the companys current development strategy and image, a contingency plan could be devised based on these two notions. First, the marketing team will need to arrange a sponsorship congregation based on its already-established relations. This group would aim to paint a picture of a company that has been working and supporting people in various communities. Second, the focus of the attention could be directed onto domestic production with mentions of how these plans are designed to create new work opportunities. The division and undertaking of a contingency plan need to be controlled as closely as possible by checking sales data and public discussions; therefore, it would require constant monitoring.

Technological aspects can play a major role in the marketing contingency plan. It has been established that approximately 50 to 60% of an enterprises sales come from new products (Kalogiannidis & Mavratzas, 2020). This means that to maintain a profitable course, the marketing will need to focus more acutely on newly developed products. An efficient way to incorporate technological progress in the products would be an emphasis on how the products are pushing the envelope. It needs to be said that the enterprise is offering customers features and benefits that have never been seen before.

In conclusion, a contingency plan is one of the most important elements to ensure that a company continues to be successful and rises above adversities. The marketing team needs to take into consideration multiple factors, such as pre-established public relationships, possible dangers, and competition. In order to maintain a good reputation, a company can rely on already obtained support; however, it cannot be its only marketing measure.

References

Abbott, A. (2022). Top 15 Intel competitors & alternatives. Business Strategy Hub.

Intel announces next US site with landmark investment in Ohio. (n.d.). Intel.

Kalogiannidis, S., & Mavratzas, S. (2020). Impact of marketing mix strategies effective product development issues in MNCs/Retail. International Journal of Business Marketing and Management (IJBMM) 5, 118125.

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