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Principles of Finance In order for us to figure out the best marketing strategy for Intelichild. com, TLC Wedding Consultants and Salvador's Sauces we will need to understand current commercial trends in every particular field. TLC and Salvador's Sauces commercial operations are based on traditional business approaches that have standard rules and recommendations about how to increase companys efficiency and profits. Intelichild.
com is e-commerce operative, which is comparatively new concept that requires a great degree of flexibility on the part of its managers. TLC Wedding Consultants is company, which is least likely to increase its profits by attracting new customers with a mean of having discounts on ritual services. What customers look for, when it comes to ritual events, is respectability. They actually want to pay more as it would automatically make their wedding or anniversary more memorable. The business strategy of this company needs to be based on human psychology more then any other. In my opinion, TLC would only win if it had increased fees for its services.
Under no circumstances I would recommend this company to deploy discount rates it might attract some new customers but it also might discourage those who look for first class service and who are willing to pay more. Even poor people very rarely try to save on weddings or anniversaries. Intelichild. com is Web based company.
It was incorporated in 1999. Company provides three lines of products: software, books and games. It targets computer-literate children of well-off parents. Company makes it a point that parents of overweight computer nerds can afford paying for its products: While we have plans to expand into international territory, our initial launch will target our most important market - the American upper class. We know that most of our clients drive BMW's and have very good taste. Thus we see that concept of respectability is very important for Intelichild.
com at this point. Yet, it is not too hard to predict that an increased Internet traffic will inevitably increase number of Intelichild. com customers. In my opinion, companys managers will soon realize that having more customers will allow company to deploy a new strategy for making it more profitable. After this company gains popularity, it will be able to offer discounts to its users, as percentage of income generated from paid advertising will rise substantially.
Yet, at this point, its much better for the company to stick to its present quality over quantity strategy, which means that deploying discount rates for its products under present circumstances is way too early. Salvador's Sauces is only the company that needs to practice various promotional discounts on its products in order to remain competitive on ethnic food market. Originally it started as producer of very exclusive authentic salsa and chips and thats why this company was able to enjoy constant increase of its profits without having to lower the price to attract new customers, like other companies do. The main reason for its initial success was the fact that Salvador's products were considered to be novelty. Yet, adding medium and mild versions of its salsa to Salvador's product line, means that company adopted a new strategic approach it wants to be able to compete with other producers of Mexican food.
Company targets mostly Hispanic community, which has been growing at 22 % a year, almost double the average of the overall US population. This means that there are going to be may more potential customers for Salvador's products in near future. Yet, about half of Hispanics in America are illegal and being usually underpaid. Their social status, on average, is lower than of any other ethnic group. This means that Company needs to make its products more appealing to Hispanics by lowering price and deploying promotional discounts strategy.
For companies like Salvador's it is important to understand that maintaining high quality of the product is only essential at initial stage. Now company enjoys good reputation, this is just about the right time to start expanding. Having discounts on its products will enable Salvador's Sauces to establish itself firmly on the ethnic food market. Bibliography: Intelichild.
com. Business Plan. (2004) 1. 0 Executive Summary. Retrieved November 10, 2004 from web Salvador's Sauces. Business Plan. (2004) 1. 0 Executive Summary. Retrieved November 10, 2004 from web TLC Wedding Consultants.
Business Plan. (2004) 1. 0 Executive Summary. Retrieved November 10, 2004 from web
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