Potential Marketing Including Promotions example essay topic

BUSINESS STUDIES COURS WORK 6 MARKETING STRATEGIES Candidate Name: May hul Patel Candidate Number: Centre Name: Southend High School For Boys Centre Number: 16605 Contents Page Introduction Methodology Marketing Campaign Conclusions Bibliography Introduction The role of marketing has become crucial in the survival of a business in today's environment. It links two basic functions in the community, namely production and consumption. This report aims to identify the types of media available, market research to be undertaken and potential marketing, including promotions and advertising, that must be considered when embarking upon a new venture. Media Available TV Radio Newspapers and Magazines Exhibitions and fairs Billboards Cinema Personal Selling Direct Mail Leaflets, Posters Trade Incentives Magazines - A space of two months at the same time, should be chosen and should target woman's, teenagers and male magazines. Full page adverts attract more consumers. Newspapers - Local newspaper should be chosen, also free local papers should slightly overlap.

Billboards - This should be situated in certain areas where the target market will be situated. This medium not only targets the regular workers but also passing public. The billboards should be used for a month with towards the end of the campaign. Exhibitions and Fairs - The new business, should attend exhibitions and fairs in the county prior to opening to gain an insight on other similar business and also hold a stall. Direct Mail - A brochure could be mailed directly to all houses, however this may be costly, so television is a potential tool in direct marketing as it facilitates the demonstration of product in use. The following gives details of the promotional tools which could be employed to target the consumer market: TOOLS How Are We Going To Justification Use These Tools?

Cinema 40 second advert using the People more receptive business name. This may be to adverts in cinema. shown before the start of a It is a very efficient program. medium with a high 'opportunity to see Brings characters to life. Magazines Full page adverts with shop name Precise audience selection and business objectives. Quality of reproduction. Local Full page adverts with name and Ability to target sub Newspapers business objectives. Free voucher. sections.

Market coverage. Widespread readership. Billboards A nation wide campaign with Good reach and billboards concentrated mainly geographical selection, in areas of opening the business. therefore an effective national campaign can be achieved. Out of home audience. Repeated exposure. Relatively low cost.

Strong impact. PR The use of a celebrity on opening This medium will reach Press conference - photo calls a large proportion of the Wide range of free editorial market at minimum coverage, through press releases cost. it will also add value and regular updates. to the campaign on an ongoing basis, extend length of coverage, and increase opportunities to see. TOOLS How Are We Going To Justification Use These Tools? Direct Mail This should comprise of a letter Arouse awareness of and a leaflet giving details of campaign to wide market. shop name and the goods Expand our distribution available to the public. Also network. Allows the if customer can order by phone campaign to target selectively.

Leaflets These will make up an It is clear and concise Posters information pack. The method of communicating (Free Stickers, leaflets will be distributed with the audiences. Caps, Mugs, Pens to the end user, the posters will Vouchers etc) be used as promotion material. Trade Incentives Baseball Caps All trade channels involved in the To encourage and T-Shirts campaign will receive ongoing promote constant interest Pens, Mugs incentives in our campaign.

Badges Stickers The plan chosen for the retail business, from the above is a full page advert in the free paper, including a voucher to cut out, offering buy one meal get one free, on producing the voucher. Market Research There are two methods of obtaining data needed for the new retail business, Primary and Secondary research. Primary Research: is data collected by an individual for a specific purpose. Secondary Research: is data collected by others which may be of use to other business organisation i.e. sales figure, customer information etc. Methods of data collection is by: a. Questionnaire. b.

Interview. c. Telephone Survey. d. Observation. e. Experiment. f.

Use of Published Sources (e.g. Government Sources) The advantages in these methods: The disadvantages in these methods: Reliability. It is out of date. Cheaper. Available data may not fit the Time saving. required purpose. Obtaining a national picture. You may not be sure how data Comprehensive data available. was collected.

The first step is to conduct primary research to identify the current market. The method used could be a structured questionnaire, distributed to randomly selected houses in the area. This questionnaire has been produced by Fast Food, opening soon in your area. The purpose of this questionnaire is to find out how feel about another retail outlet of Fast Food, opening in your area...

In order to help us, to help you, we would appreciate your time in this short questionnaire. Please indicate your answer by ticking against the box you agree to: - 1. Which age group do you fall in? Under 16 Between 16 and 21 Between 21 and 40 Between 40 and 60 Greater than 60 2.

Do you visit Fast Food? Daily Weekly Rarely Occasionally 3. Do you consider that there is a need for a new Fast Food shop in this area? Yes No Maybe Not Sure 4. Would you use the new Fast Food shop opening in your area? Yes No Maybe Not Sure 5.

Do you believe that Fast Foods have an environmental commitment? Yes No Maybe Not Sure 6. Are Fast Foods committed to producing healthy food? Yes No Maybe Not Sure 7. Are Fast Foods implementing reusable materials? Yes No Maybe Not Sure 8.

Does Fast Foods encourage environmental values and practices in close relationship with Local Communities? Yes No Maybe Not Sure 9. Do Fast Foods encourage deliveries of different types of goods, e.g. fresh, frozen and chilled foods in suitable vehicles in order to reduce diesel consumption and fuel emissions? Yes No Maybe Not Sure 10. Do you think the cost of eating at Fast Foods is Cheap Expensive Reasonable Not Sure Thank you for your time in answering this questionnaire. Marketing Factors After identifying a potential target markets the retail business could appeal to, it is necessary to devise a marketing plan that ensures that the needs are successfully and profitably met.

This essentially cover the marketing mix, namely Product, Price, Place and Promotion: Product: The Fast Food product offered in the market must appeal to it's chosen market, e.g. if the market is targeted for families with young children, then high chairs, kidsEmenu, smaller portions etc. should be considered. If the product does not meet the required level straight away the customer may not return again. Price: Prices set should be consistence with the image the establishment wishes to portray itself i.e. if the chosen segment is familles with children then its prices will be different to an up market restaurant appealing to business people Place: This involves an analysis of location, it must be considered if this is the best place to reach target market, bearing in mind that a similar business already exists in the area. Promotion: A business's promotion mix is the communicating ball and it consists of a variety of promotional activities such as advertising, sales promotion, publicity and personal selling.

Possible sources could include local radio or local newspapers. External Environment. PEST (makro environment) For a business to be successful it must consider the environment they operate in, this includes an analysis of it's External Environment. Political Effect: Retail business should closely monitor and predict any political changes e.g. Legislative or Government policy changes, Health and Safety regulation, Food Hygiene, Employment changes, Value Added Tax (VAT), as form 29.11.

95 vat on trade over lb 47.000 has been introduced. Economic Effect: The likely changes in economical activity. if interest rates go up than there is a tendency that people may save money, hence they may cut back on eating out. It is worth being aware of this and bring in promotions to attract custom. Social Effect: Changes in customer's taste, buying habits and culture trends in food industry are hard to assess.

Technological Effects: The speed of technology in the market will have a major impact on the way the business needs to be directed. Modern technology speed up production and service. Internal Environment. SPIC C (micro environment) It is important to look at the firms internal environment, and this involves an analysis of Suppliers, Public, Intermediaries, Competition and Customers. Suppliers: Close co-operation with suppliers can lead to innovative product developments. It is important to bear in mind, when choosing suppliers that they are local, cheap and reliable.

Public: Any group that has an actual or potential interest in the business, e.g. Local Council for planning and general advice. Food Hygiene courses etc. Intermediaries: These are the firms that aid the business in promoting, selling and distributing their goods. There may be an agent who serves via the supplier. Competitions: To be successful, the Fast Food shop must satisfy the needs and wants of consumers better than its competitors. It is necessary to carry out an analysis of their competition within the vicinity to see how they can compete in terms of product, prices and service.

Customers: The business must clearly identify a way of segmenting the market and identify their potential target. There are many ways of segmenting the consumer market: Geographic Segmentation This is where the business separates a market based on geographical units such as counties, cities and neighbourhoods. In this case as the target market is retail business, research should identify that there is a segment for another retail business in the area. Demographic Segmentation This is the most popular base for segmenting consumer group and it involves dividing the market into groups based on a number of variables.

In relation to the retail business the most appropriate variables could include: Age = This involves segmenting the market based on age There are two main age groups the Fast Food could attract: Families with children Students Workers (Lunch) Income = Retail market is attractive to higher income groups, however, social class is unknown. This point is linked with geographical segmentation. Gender = This involves targeting the business to a particular sex. It is likely to be attractive to the health conscious people, the market for which, has been considerably expanded in the 1980's.

Whichever segment is chosen it must be substantial in terms of profit, accessible, measurable and worthwhile. Financial Factors Bank Proposition: The Bank needs to ensure that their investment to you is at minimal risk and will therefore take the following into consideration: Capital: If you are prepared to put investment, it shows that you are prepared to take risk (Business is all about risk taking) the Bank will loan 3 times your total earnings (salary). If the liability is shared it will decrease the perceived risk. Cash Flow: The Bank will require a financial statement of projected sales and evidence that this venture will prove successful. Cash flow on assumptions should show that there is potential for profit. Break-even analysis: Break-even is fairly low, once the restaurant's name and brand are established there is plenty of scope for expanding.

Experience: New businesses should have skills in that particular field, so there is every opportunity of making good deals and especially if heard of you can build on that. Conclusion This report has aimed to identify the importance of marketing strategies in a number of stages when launching a new business, also re-enforcing the fact that marketing plays an important role in the long term survival of a business. The collection of data should be supportive of the decision making process. To sell to the public, it is important to know their views and to know their views a questionnaire is the best method of obtaining the data. The questionnaire results will help to prepare a more optimal sale package for Fast Food. By applying the marketing mix and strategy identified, the new business could most definitely work towards a leader in the market.

Bibliography Secondary Sources.