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BUSINESS STUDIES
COURSWORK
6MARKETINGSTRATEGIES
Candidate NameMayhulPatel
Candidate Number
Centre Name Southend High School For Boys
Centre Number16605
ContentsPage
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
TOOLSHow Are We Going ToJustification
Use These Tools?
Cinema40 second advert using thePeople 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.
MagazinesFull 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
Newspapersbusiness objectives. Free voucher. sections.
Market coverage.
Widespread readership.
Billboards A nation wide campaign withGood reach and
billboards concentrated mainlygeographical selection,
in areas of opening the business. therefore an effective
national campaign can be achieved.Out of homeaudience.Repeatedexposure.Relatively low cost.Strong impact.
PR The use of a celebrity on opening This medium will reach Press conference - photo callsa 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, extendlength of coverage, and
increase opportunities to
see.
TOOLSHow Are We Going ToJustification
Use These Tools?
Direct MailThis should comprise of a letterArouse awareness of
and a leaflet giving details ofcampaign to wide market.
shop name and the goodsExpand our distribution
available to the public. Alsonetwork.Allows the if customer can order by phone campaign to target
selectively.
LeafletsThese will make up anIt is clear and concise
Postersinformation pack.The method of communicating
(Free Stickers, leaflets will be distributedwith 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-Shirtscampaign will receive ongoing promote constant interest
Pens, Mugsincentivesin 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 specificpurpose.
Secondary Researchis data collected by others which may be of use toother 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 methodsThe disadvantages in these methods Reliability.It is out of date.
Cheaper.Available data may not fit the Time saving.required purpose.
Obtaininga national picture.You may not be sure how dataComprehensive 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 1
Between 1 and 40Between 40 and 60
Greater than 60
. Do you visit Fast Food?
DailyWeekly
RarelyOccasionally
. Do you consider that there is a need for a new Fast Food shop in this area?
YesNo
MaybeNot Sure
4. Would you use the new Fast Food shop opening in your area?
YesNo
MaybeNot Sure
5. Do you believe that Fast Foods have an environmental commitment?
YesNo
MaybeNot Sure
6. Are Fast Foods committed to producing healthy food?
YesNo
MaybeNot Sure
7. Are Fast Foods implementing reusable materials?
YesNo
MaybeNot Sure
8. Does Fast Foods encourage environmental values and practices in closerelationship with Local Communities?
YesNo
MaybeNot Sure
. Do Fast Foods encourage deliveries of different types of goods, eg fresh,frozen and chilled foods in suitable vehicles in order to reduce dieselconsumption and fuelemissions?
YesNo
MaybeNot Sure
10. Do you think the cost of eating at Fast Foods is
CheapExpensive
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, kids menu, 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 .11.5 vat on trade over £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.SPICC (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 StudentsWorkers (Lunch)
Income=Retail market is attractive to higher income groups, however, socialclass is unknown. This point is linked with geographical segmentation.
Gender=This involves targeting the business to a particular sex.It is likelyto be attractive to the health conscious people, the market for which, has been considerably expanded in the 180'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 loantimes 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 particularfield, sothere is every opportunity of making good deals and especially ifheard 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 helpto 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
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