Introduction:
The basic tools of marketing assist in the success of any company. The use of marketing audits and SWOT analysis allows the company to segment and target consumers on the grounds of age, gender, religion, taste etc. Marketing research enables a company to gather, record and analyse information about these consumers. Ultimately a company must understand the needs and wants of their target audience to ensure customer satisfaction and expectation is met or exceeded. Through the use of marketing objectives and tactics employed through the generation of a solid marketing mix customer satisfaction should be achieved.
Company Objectives:
To cover start up costs sales of $540,000 in the first operating year need to be achieved. This involves having a minimum of 25 customers per hour spending a minimum of $5 dollars per visit. The outlet will open from 10:30am to 10:30pm. The product, price, promotion and place will all reflect this objective. The frequency of customer visits will be high, particular attention being paid to customer loyalty. This will be achieved through impeccable customer service, product/brand identity, and a suitable promotional mix – offering frequent visit discounts and sales promotions.
Market research and PEST analysis will be conducted and information gathered. Being a “first of a kind” outlet will influence the company into researching the local Singaporeans reaction and ability to relate to the Turkish perception. Product and brand names would have to be modern and suggest a modern image. The main products will be traditional Turkish Cakes and pastries; however, there would be a number of additional products sold to cater for different ages and tastes.
The Term Paper on Outline And Explain The Marketing Research Process
Marketing research is “the planned and systematic gathering and collation of data and the analysis of information relating to all aspects of marketing and the final consumption of goods or services” -Leader & Krystis. Sometimes a company may want information about its customers, and so will carry out research. The marketing environment is constantly changing and as marketers we ...
Marketing Audit
During the initial phases it is critical to conduct a market audit. We have to consider consumers competitors, suppliers and distributors. The best way to analyse a market is through marketing research.
The systematic gathering, recording and analyzing of data about a market problem is the best way to get in touch with the needs and wants of the consumer.
The marketing research conducted by our company will be simplistic and low cost and would be used as an effective target audience tool. The main objectives would be to establish; who is my customer? What are my customers purchasing habits? What does the customer think of my products? Who are my competitors and is my product priced correctly? The use of primary and secondary data will be influential in determining the answers to all the above questions. The secondary data tools used will be surveys, questionnaires, informal and affordable focus groups, visiting sales areas to quietly observe buying and selling behavior and visiting sales areas to talk with sales personnel.
We decided that initially our products would be traditionally “home made” therefore, all catering would be conducted on-site. This eliminates any external direct suppliers. However, there were a number of other intermediaries that we will have to work very closely with to ensure the launch is successful. It is important that a strong lasting relationship is build with all suppliers and wholesalers.
A PEST analysis will also be conducted to analyse the local market. Political factors – Singapore Government policies/regulations and strategies may affect the business. It is important that we know where and when we can advertise. In Singapore they may restrict advertising in certain areas and we will have to adhere to local regulations. The recent tragic events in the USA have also created political and economic uncertainty. Singapore is a company that is driven by its tourist industry. Airlines are experiencing lower demand for flight and this has a negative impact on hotels, tourist attractions and many other tourist orientated outlets. It must, therefore, be important for the marketing efforts and business as a whole to rely deeply on tourists.
The Essay on Accomplish & Company conducts market
There was a time when a losing market research company enabled itself to acquire much better chances of resolving its problems. Such move has given me the chance to impart my knowledge and skills on how the current pool of talented employees can give their best performances to achieve a positive goal. The company conducts market researches for various entertainment media such as DVD, movies and ...
The current decline in consumer spending, due to the recession, must also be taken into consideration. Consumers have a lower disposable income in comparison to this period last year. Unemployment has also risen in recent months and this will affect consumer confidence as fewer people visit shopping complexes. On the optimistic side interest rates are lower and this will have a positive affect on the purchase of the premises. Lower interest rates will reduce the cost of borrowing if the company requires additional funds in the future. The overall economic state of Singapore is optimistic for the future and there will be a boom to follow the current slump.
Another influential area, that needs to be analysed during the market audit, will be the social and cultural factors that may influence the demand for our products and ultimately the success of our business. Singapore is an extremely diverse place. Singapore is home to a number of different races and religions. Certain religions have beliefs that influence their consumption decisions and this will have to be researched and taken into consideration. The location of the outlet may also be influenced by Singaporean people’s strong dislike to natural sun light. We may have to house the outlet in an air conditioned location with a canopy covering those who chose to consume their products outside. Fans may also be positioned in the roof area to ensure an ambient and comfortable temperature is maintained throughout the customers shopping experience. Singapore’s highest consumer population is also young teenagers and young professional. The product and outlet would have to reflect this. The outlet could be decorated in bright colours to appeal to the younger generation while also maintaining a “classy” image for the professional type.
Singaporeans are also greatly influenced by technology and it may be advantageous to have a product ordering system at each table. The customer would order their food directly from a terminal on their table and it can be transmitted directly to our sales assistants. This will reduce the amount of customer hassle and disturbance. This idea is, however, expensive. It will need to be researched and a cost benefit analysis conducted prior to implementation. Initially it the company should operate with traditional counter self service until the business is financially stable to support such a technological system.
The Term Paper on HunteHunter Boot Marketing Mix Strategies
... Boot Marketing objectives Hunter Boot Marketing Mix Strategies Hunter Boot' marketing mix is comprised of product, price, place, and promotion strategies that company uses to pursue its marketing objectives ... service and put it into the hands of the consumer or business customer. The supply chain encompasses components external to the firm, ...
SWOT Analysis
A SWOT analysis would then be conducted. This assists in identifying what is achievable in terms of marketing objectives and strategies. It effectively allows our company to plan for the future and determine the appropriate strategy.
We feel that our strengths lie in 4 main areas customer care, attention and relations, marketing ability and innovation, quality and range of products.
Our main weaknesses are our financial support, experience in the local market and ability to expand in our current location.
The main opportunities identified are technological advancement in product ordering, diversification of products and future expansion to other markets.
Our main threats are the current economic climate and the volume of indirect competition from other fast food outlets. Current Government policies should not adversely affect the company.
Marketing Objectives:
Subsequently marketing objectives which are attainable and realistic would have to be defined. All marketing objectives have to reflect our company objectives. The objectives are categorised into short, medium and long term. Our short term objective is clearly to create product awareness. Customer loyalty and product identity will also be key objectives. The main short term objective, however, is to build a loyal consumer following. This will be achieved through the emphasis staff put on customer care. If these objectives are met we should break even and cover all associated costs.
Gaining market share and building a brand name and identity will be the main marketing focus in the medium term. We feel that emphasis on branding will also be critical. The name, sign, symbol and design of our products gives the consumer an identification to relate to. The introduction of a recognizable brand will also intensify consumer loyalty.
Long Term objectives will be to improve current product offerings and also include product additions. As the company grows there may also be opportunities to expand. Opening new stores is our main long term objective.
The Term Paper on Marketing Strategy For Wal mart
... its reputation. Reconsidering its marketing strategy will require a financial restructuring, on the part of Company. It goes without saying ... by continually improving the quality of the product and adding to the customers satisfaction non-economically, through making him associated ... always remember that we can never put the main objective, out of focus. Many modern economists make a mistake, ...
Marketing Strategies:
The marketing strategies represent the organizations overall thrust of marketing activity. One of the main strategies will be that of growth. Using the Ansoff Matrix the initial strategy will be a diversification strategy. As the organization introduces a new product into a new market this strategy is high risk and requires careful planning. Based on the product offerings and promotional budget the company will employ a marketing pull strategy. We feel that the promotion had to be directed at the end consumer or buyer as we attempt to increase customers demand. The focus will be on the generation of increased awareness as we attempt to build attitudes and provoke motivation within group buyers. Local newspaper adverts and sales promotions would be the strategy used. We opted for a “pull strategy” as oppose to a “push strategy”. The products did not match the objectives of a “push strategy” – communicate the marketing message through intermediaries (dealers, wholesalers, agents, distributors and retailers) as promotion is only to the next member in the channel.
All elements of the marketing strategies will be measured (against the marketing objectives) and controlled to ensure the impact of all strategies meet there required purpose.
Marketing Tactics and decisions on the Marketing Mix:
The next area to decide and determine is the marketing mix of choice.
Product:
The consumer product offering will be a mix of tangible goods with excellent accompanying customer services. The product mix should be designed around the convenience product factors thus to enhance the frequency of consumption and minimize consumer effort. The consumer should be offered an experience when they visit the outlet and this should be achieved, both through our varied product offering and original outlet design. All the sales assistants will be dressed in extravagant but stylish Turkish dress. They would take orders by customer name also. This we feel will add a personal touch to the shopping experience. We feel that it is also important to focus closely on the product attributes. The product quality will be high and the product features will be varied depending on price.
The Essay on Marketing Aims & Objective
... This report aims to review Starbucks marketing strategy and its effectiveness which is focusing ... The traditional marketing mix has also been disparaged for being too product-focused and for taking an overly inward-looking strategy with ... company to do my research especially when I have interest in setting up a café store someday. 1.3 Aims & objectives ...
Price:
The price must reflect the overall company objectives. A number of factors need to be considered before prices are allocated to each of the products. Our financial objectives of $1500 per day have to be met. The levels of anticipated demand and competition should be taken into account. Trying to perceive a position and image of class and style will also affect the price. The actual cost of production is very low and should not reflect the actual pricing strategy applied. No major government subsidies or taxation should affect the price either.
Promotion:
It is important to segment, target and position the products correctly. The markets can be analysed using a number of variable factors: demographics, socio-graphic, geographic, personality & lifestyle. The purpose is to identify distinct and different clusters of customers
3 types of targeting strategies could be utilized – undifferentiated, differentiated and concentrated. A differentiated strategy will meet our objectives best (targeting several market segments with a different marketing mix for each segment).
In targeting a market we are able to establish who the customers are what influences them and most importantly what their needs and wants are.
In attempting to communicate and inform the customer and create and generate awareness it is vital that particular attention is put to defining a suitable promotional mix. The promotional activity has to be designed around a tight budget. Logic and rational is, therefore, used when designing the promotional mix.
The budget was set at $50, 000 which is determined by affordability and objectives in mind. The main promotional objective is to increase sales and profit. However, attention should also be focused on conveying the company’s non financial beliefs.
The 5 different promotional tools should be closely evaluated and advertising and sales promotions are deemed the most suitable to satisfy the objectives. Personal selling, public relations and direct mailing are inappropriate and too expensive for the sale of Turkish pastries.
The Essay on The Product Life Cycle and Marketing
Abstract There are many things to be considered when marketing a product. These things include: length of existence time, quantity of competitors, and the quantity “of sales or revenue the product is generating” (p264). These are ways the marketer can obtain factually information on the product. After understanding the information the marketer can then look at the product life cycle. The product ...
A number different media channels must also be considered, evaluated and ultimately determined by the promotional budget. Local newspapers, local magazines, posters and leaflets are the most effective and affordable media. The company strives to create vast awareness and interest in the products in the most cost effective manner. TV and radio advertising are too expensive. During the advertising campaign the message content should influence human emotions. In using USP (Unique Selling Proposition) competitive advantage can be gained.
Place:
The position or place of the products must also reflect the company’s objectives. The place changes over time and can provide a number of advantages to the company. There is the potential for competitive advantage and the opportunity for cost saving. The smooth flow of products from producer to consumer is critical in ensuring sound customer satisfaction. This can be done through the use of intermediaries; however, this is not applicable for this small outlet, as the company grows and expands this will become a more influential factor of the marketing mix.
The physical location of the outlet is, however, extremely important. To generate the sales required to meet the company objectives it is important that the outlet is situated in a densely populated area with convenient access. Beside any of the following areas would be advantageous; MRT, Office towers, tourist areas and car parks.
Future Plans:
Plans for the future are also important. Besides further expansion the company needs to keep their products competitive. There are a number of ways that they can achieve this. Product features and additional product lines will be important. Innovation and technology will also need to be at the fore front of all future plans. As the world focuses more on environment protection green marketing and environmentally friendly production policies can be implemented. As the company grow it is also vital that the society assisting in its success is involved in future development.
Conclusion:
In today’s highly competitive world, new company success is not easy. As the examples above illustrate, the use of basic marketing tools will undoubtedly assist in the start up and future success of our company. The marketing activity must be structured, planned, implemented and controlled for it to be effective. Identifying and satisfying consumer needs and wants are critical to the success of any business.
