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... ity 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. 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 Ans off 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. 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 companys 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. 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 companys 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 todays 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.
Free research essays on topics related to: promotional mix, competitive advantage, marketing strategies, marketing mix, sales promotions
Research essay sample on Promotional Mix Competitive Advantage
