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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: 30 am to 10: 30 pm. 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. 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 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 peoples 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. 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 ident...
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Research essay sample on Marketing Objectives Swot Analysis
