Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

In this research I have choose the company of Boulevard Restaurant. At here I will analyze their external environment and Internal environment. Other than that I also have find out their STEP (segmentation, position and target). The main reason I do this research it is because I want to know more the market situation at Mir and want to the how to do the marketing analysis. 1. 1 Company background Mr. Young Wan Kong, the head chef and owner of Boulevard Restaurant, was running Boulevard Restaurant In 1 996, at Boulevard Shopping Centre. It is famous by the antistatic service and quality foods.

The Boulevard Restaurant was attract many people whether it is wedding banquet, celebration of ceremony, group celebrations, birthday party, people always like to swing the election in the restaurant seats banquet. The restaurant wins the government royal standard frame on 2004 and passed the SISSIES Identification assessment on 2007. Those things make our staffs willing to create more and more tasty foods for consumers. There are various kind of dishes on menu which including edible nest of cliff swallows, shark fin , Canton styling stir fries and many special dishes.

With the market demand, and are very particular about the modern style, restaurant venue and arrangement must also contend with the changing times and needs change. Liquor lease seats are often faced with various aspects of the problems, such as the space is limited, and cannot provide to the customer needs, and the emergence of congestion and other issues, the majority of venues catering restaurant Is a modern market needs. Boulevard Restaurant with three story shop house at Mir’.

The new restaurant can accommodate up to 160 seats, with the broad wing on the ground floor has a hall, ND floor conference room and VII room, 3rd floor is a banquet hall for a banquet. Wide headless banquet hall, the most suitable official, associations, private large banquets, is a completely meet the needs of modern society and the market restaurant 1. 2 Problem issue The problem they have facing now days are:- a) The cost is high b) The food of restaurant is not HALL c) More competitors in Mir d) Do not have related web-site Environment analysis also known as external environment analysis.

External environment analysis is referring to PEST analysis. PEST analysis is mean Politic, Economic, Social and Technological analysis. The main reason that we need to do PEST analysis, it is because PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. The PEST analysis headings are a framework for reviewing a situation is used to review a strategy or position, direction of a company, a marketing proposition, or an idea. 2. Political In the food and beverage industry in Malaysia, the entire restaurant got many type of rule need to follow and most of the thing before they need to do and open a business, they need to apply the license before they do. For example, restaurants ant to play music at their restaurant or outside of the restaurant, they need to apply and every year pay an amount of fee to run this system. Other those that if some of the politic policies have change, all of the business that who got related in the policies all need to follow the change.

Other competitors have the Hall license so that they can sales food to Malay and they also can do the Malay people business, in this type of situation they can earn more if company with the Boulevard Restaurant 2. 2 Economic because when economic down tern, customer will try to save their pocket money to make sure that, they have enough of money to use. Other them that, when the economic down tern most of the pricing for the product and material will increases, but for a standard restaurant they cannot keep changing their prince by following the economic change. . 3 octal& cultural a. Social Social in the PEST analysis is mean the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends in social factors affect the demand for a company’s products and how that company operates. For example, an aging population may imply a smaller and less-willing workforce. Furthermore, companies may change arioso management strategies to adapt to these social trends. B.

Demographical Age and couture most of the time also will affect a business, for example, a person become older and older thee food they like also will be change, other them that, most of the time we also can see when a person is young, they like to eat sweet but when they are become youth, number of eating sweet will become less and less. Income also is the main problems that affect people want and need. It because most of them will not going to this type of high level of restaurant to have a meal.

In the Mir market other competitors all of the got many type of menu to attract customer go to their restaurant to have meal . Other tem that they also have may choose like they also have buffet and other. All marketing plan begins with a situational analysis, an assessment of the internal and external environmental factors are to be analyzed which affects the product, brand or organization. There are different points which come under it on the basis of which we will analysis our situation in the market. 3. 1 SOOT ANALYSIS STRENGTH: – Their spaces are very big so can sit many people. Centre between east and west Mir City. – Parking Spaces – Able to cater multifunction (wedding, birthday, etc) WEAKNESS: Lack of internet advertisements – Niches market (because is a non hall restaurant) be choose – Price is over customer expectation OPPORTUNITIES: – Come out more type of food menu with difference prices THREATS – Strategic Location – High quality – Less menu can – Promotion – More and more rule are come out and need to follow and some need to – Many restaurant have more low cost product 2.

The Competitive Situation The restaurant industry is not an easy business to enter into because there are lots of excellent players already positioned themselves successfully but reliance as an excellent brand can really add up its value in this business. The various competitors in this business are highlighted below: A. Mac Dona’s B. Burger King C. KEF D. Pizza Hut 3. The Promotion Situation Boulevard Restaurant already enjoys an excellent brand name, so this will prosper the marketing initiatives taken to promote its restaurant business.

The company will be planning to promote heavily through newspapers, magazines and social media. 4. Marketing Objectives of Boulevard Restaurant The main objectives of Boulevard Restaurant are: ; To make the company’s presence in the Restaurant industry. Increases the target market ; Increases the image of the company To find out what are the problem they are facing now ; Come out the best The Company will initially be looking to open up their restaurants in the metro cities and then will look to diversify into other cities which are something as per the long term strategy.

The marketing communication plan originates from the marketing plan and an integral part of the latter. The marketing communication objectives are laid down so as to fulfill marketing goals. In the marketing communication plan we select the right communication tools, integrate them, plans accompanying media and messages, and also allocates the communication budget to various tools. Following are the steps involved in the marketing communication planning process to be undertaken for Reliance Restaurant: 4. 1 Situational analysis Like the marketing plan, in this we will also analyses the promotional situation.

Following are the some common areas of analysis: Before that, when got the festive and their restaurant opening, they Just got do promotion and advertisements. But until now they do not have any undated promotion and advertisements. Other them that, most of the time we cannot see their advertisements at newspaper or road sided Audience situation: Most of the people every time they have seen the food advertisements or some new menu come out at a restaurant most of the people will sharing with their friend and more and more people go to try.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

It includes: copying information directly from the Web or books without referencing the material; submitting Joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own. Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the procedures set down by the university. The coursework should exhibit formal research skills I. E. Tit a table of content, proper citations, references, and appendixes. The coursework write up must be able to demonstrate critical analysis and application of both theory and practical issues of the company that you have selected. Student may include additional relevant data/ information apart from the proposed guidelines in conjunction to your research.

Additional marks will be awarded for such attempt. You should bind your coursework with the Assignment Cover Page as the 1st page and Grading Sheet for report (Appendix A) and presentation (Appendix B) as the 2nd page. Your report should not be more than 2500 words. Appropriate PAP Referencing System will be employed where applicable. You should submit Turning report (below 25% plagiarism percentage). You should also submit a copy of CD containing the softy version of your report. COURSEWORK 1 – QUESTION You are a marketing manager and are required to prepare a marketing research report for a new product to be produced by your manufacturing company (from any country).

Prior to the designing and launching of the new product, you have to conduct a marketing research to identify the feasibility of marketing the new product. The marketing research report should cover critical analysis on the marketing environment, market segmentation, target marketing and positioning strategies. You are required to provide relevant Justification for the selected marketing strategies. Your report should include: Executive Summary (Appear. 200-250 words, excluded from the workaround) Table of Content Introduction – background of the company (company history and description of the new product) (Appear. 300 words) Marketing environment analysis – key macro- environment and micro-environmental factors. (Appear. 00 words) Market Segmentation – geographical, demographic, behavioral and psychological segmentation analysis. (Appear. 00 words) Target Marketing and Positioning strategies – types of targeting strategies, selected location and targeted market description, etc (Appear. 700 words) Conclusion (Appear. 200 words) List of References Appendices (if relevant) Appendix A UNDERSTANDING MARKETS AND CONSUMERS GRADING SCHEME (REPORT) Assessment Criteria Weightings Marks Allotted by Lecturer 1. Introduction Company background New Product Description 10% 2. Main Content Marketing environment analysis – key macro-environment and micro-environmental factors.

Market Segmentation – geographical, demographic, behavioral and psychological segmentation analysis. Target Marketing and Positioning strategies – types of targeting strategies, selected location and targeted market description, etc. (30%) (20%) 3. Conclusion 4. Report formatting: Appropriate citation and references. Style and readability including proper organization of answers. Involvement and critical discussion 10% 1100 125 Comments: Executive Summary Apple is the first in the world is making goods, but in one of China’s most successful company is because our performance has always been ranked first, so we market in China has a relatively firm.

Apple recently launched a new product, we take effective traceries to promote sales of new products and analyze a number of relevant data, we analyze the macro and micro environment for Apple, including the advantages and disadvantages in the Chinese market, through a fine sub-markets, we want the best product for the Chinese market, so we developed a strategy to overthrow the goal. Table of content Introduction———- Marketing environment analysis— Market segmentation— Name of Student: No. Conclusion———- UP Student ID: ___up_up up_up Target marketing and positioning strategies ______up_up List of references———– POI Introduction Company Background Apple was founded on April 1, 1976, in the high-tech enterprises in innovation and famous.

Design and construct a new pod and Mac laptop (desktop computers), ISO X operating system, as well as symbol of the phone and pad. Apple introduced the first mobile phone phone 36 (phoenix, 2008) kiosk version of the official to provide inclusive language. Then launch of the new phone, named phone ASS. S on behalf of speed, it runs twice as fast as previous generations of the phone and more, and joined the compass, camera and other functions (phones, 2009). Apple released relied opening was held in San Francisco Convention Center. Apple CEO Steve Jobs released the fourth generation phone, model phone 4 (phones,2010). Subsequently launched phone AS, ISO 5 system and use cloud (2011, phones).

Apple announced that it will convene the conference in San Francisco, this conference released a new generation phones (phones,2012), then the official website of stock phones and declared the shutdown phones. (Phoenix, AS, 2013) Apple released phone c and phone as, the authorized sale phone 5 and phone 4 (except China and Brazil) and announced the shutdown. This year, Apple leased phones, following the death of Steve Jobs introduced the latest version. New product description l, as Apple’s managers, with the technology changed over the years, mobile phones have become thinner and lighter and faster. With the latest developments in our company is to market a new variety. Phones is Apple’s latest product, this phone is a system used socio, with a powerful amah battery capacity and can not be replaced, and our CPU is Apple AY + MM motion coprocessor 2. 1 GHz (128 bit dual- core) and PR GX6650, and after the phone’s built-in capacity since we was to be expanded to a maximum of BIBB. And our latest cell phone camera quality supports maximum 4264 3448 resolution. In addition, the appearance of the phone we has introduced a new color. Phones biggest feature is that it is not the same as the previous Apple phone by shaking the arm can be switched to the song of the interface, which is the most significant feature of this phone us. The series was two products. The price is fixed at 6,000 Yuan.

Marketing environment analysis Micro-marketing Environmentalists micro-?environment essentially refers to the company’s own environment and the business which is directly linked to units or individuals formed environment. The Apple group micro-economic development a great extent by the impact of macroeconomic, the relationship is both macroeconomic and microeconomic development is harmonious with each other mutual restraint. Company Itself eve of the Beijing Olympic Games, Apple opened its first mainland Chinese apple store, Located in a prime location in central Beijing, So focused on the purchasing power of expatriates and people came pastime, relatively strong purchasing power, But it is not targeted, focused around the lack of effect, so demanding marketing tool.

Competitor the field of smart phones, android market share in the global hegemony is undisputed, But as more and more people use ‘phone, android system usage dropped by 1. 4%, The largest competitor is Samsung, Samsung update speed, reasonable price war, the screen is big, In contrast, phone updated once a year is relatively slow, Competition in the industry as well as etc, Motorola and LEG. Marketing Intermediaries 1) Differentiated combination competition of Apple’s Mobile Intelligence is the development trend of the mobile phone market, but also the opportunity for Apple. Apple phone success comes from a combination of multi- angle difference.

Apple pod rely on a combination of the MPH market + tunes big success, then in the mobile phone market with ‘phone ; app store portfolio, By product, performance, LU (operating system), channels and services, and other aspects of differentiation rout competitors. 2) Innovative marketing strategies hunger phone before listing The so-called hunger marketing refers to commodity provider intends to reduce production, Regulation of supply and demand, manufacturing shortage of illusion, the purpose of higher commodity prices maintain and reparability. ‘phone’s hunger and traditional marketing strategy is different, In the process of the implementation of Apple’s marketing strategy, we see that he did not go to control production to create the illusion of market demand, but the product of a market-related information into hunger, So that consumers are eager to learn phone.

Customizable buyers focused on the young and high-income groups. Due to the success of its brand apple shape, Show more than Just a cell phone phone so simple, He represents a pursuit of innovation and the spirit of individuality, while preventatives of the wealthy. High brand loyalty buyers, almost after using the phone people not used to other brands of mobile phones, this makes Apple has a large number of loyal fans. ‘phone technology and design makes near-perfect lead in similar products, it has a strong competitive edge. So weak bargaining power of buyers. Macro-marketing Environment Macroeconomics is relative to the microeconomics.

Its study is overall economic activity and social consequences, as well as the overall economy, Including production, income, price level and employment levels to analyze the entire immunity. The macro external environment for the development of the Apple group has an important influence, the integration and adaptation of macroeconomic environment policy and social economic environment ensures that the Apple Group can go better in the long-term strategic development of the road. Economic Environment China’s GAP growth in the year, which means that residents’ disposable level is increased. While Apple’s products more expensive, but most Chinese people are still willing and able to buy. Especially as the Yanking River Delta region, north-Canton rear residents have the ability to buy more; this is an opportunity for Apple.

Apple generally better in our economic and financial environment. Cultural Environment Americans always like new things and innovations, Apple’s products always lead the trend is such to attract the attention of consumers, the success of leading the market. Moreover, China’s population has always been considered the high price is certainly better than a low price, There herd mentality and psychological comparisons, Apple products in China’s market is all goes well, People would rather Penn a few thousand dollars to buy a ‘phone rather than spend a thousand to buy domestic mobile phone. Technology Environment Technology is essential for the United States, is the driving force of economic development.

In addition, the speed and the invention of new technologies but also to Apple’s technical challenges, in particular for the development of new Apple products, new technology investment pressure. With the rapid development of the core technology of the notebook, a significant reduction in costs in China, modular components mature, with the conditions so that the cottage manufacturers and UAPITA to enter the electronics market, Whether in the mobile phone industry or notebook market, There will be a lot of imitation Apple products, So, Apple is facing piracy crisis inevitable. Policy Environment The United States is a federal state, a presidential form of political organization, Implementation of separation of powers and checks and balances system combining party political system and the two-party system.

They are prepared to invest in the development of high-tech industry and give high importance. China is a socialist country, Led by the Communist Party of China, highly internalized political, So Apple’s political environment in our country faces is quite grim, and the Chinese government attach importance to foreign companies than state-owned enterprises, If Apple does not follow the provisions of China’s economic policies and the relevant foreign trade, develop the Chinese market is very difficult. Market segmentation Geographic segmentation Apple’s market is global, diversified development can help the company to survive, while the mainland is Apple’s major market, so Apple will set up branches in China.

Ranked first in the world’s most populous country, there are many potential nonuser customers, as well as ultra-high levels of consumption so that we have to promote our company’s products China as an important country. In China, the differences between regions is very obvious, the eastern coastal cities such as Guanos, Sheehan, with advanced technology and improve the economy, per capita consumption level is higher than the central and western regions, the purchasing power is higher than the mainland, the rural market and urban markets are resolved, rural consumers focus on price, while urban residents pay more attention to performance. Demographic segmentation For the Chinese market, Apple for the crowd of customers can be divided into groups according to age, gender, income, occupation and educational background.

The first is the successful people, they are more to pursue their own quality of life, for whom price is a factor to consider in the second, they pay more attention to the quality of the phone, the more the better performance. The second is that office workers, this group of people some of them think that the phone must be equipped with the best, while others are able to think, after all, the main factor for the price they are engendering whether to purchase the line. The third is young, they have no reliable source of income but living in this fast-growing community, they rely on the Internet, electronic devices to communicate, and they are the main consideration is the degree of fashion and performance, the price is not the primary condition, so this part of the the crowd is a very important market.

The fourth is still living in backward rural users, the phone is not the most important for them, and if they want to buy the phone price is definitely a primary consideration, so for this part of the population of our market is not very open, and only developed economy , and to let them go off level, and thus to broaden our market. Psychology segmentation Customer perceptions and attitudes affect consumer psychology, according to the user’s status, we users are divided into three parts, the first is a consumer to buy a long-term, they identified this product will choose this product a second is the potential consumers, they are hidden consumers, giving them a little time, or if the product effect will become our buyers, the last one is no consumer, they would not come to buy our kind of products.

Generally fixed buyers have a good understanding of the product, they Just need us to provide better service, and for potential buyers, we want them to become real buyers. Behavioral segmentation Behavioral segmentation is based on the usage behavior of consumers who understand the product or to divide. Customers first are the pursuit of the interests of some of our products is produced for the benefit of our customers. They will choose to buy. The second is loyalty, there are two ways to increase the number of products, the first is to get new clients, and the second is to retain existing customers. More loyal customers will drive more potential customers to choose our products.

The brand’s loyal customer strategy is used to acquire new customers is very different. Target marketing and positioning strategies Targeting strategies Positioning strategy is divided into undifferentiated, concentrated, and differentiation. And our company phones relative enrichment and differentiated positioning is not accurate. The increasingly fierce competition in the mobile phone industry, consumers prefer high performance and low price of the phone, but different price positioning is different, so if you give consumers the same promotional information, regardless of the price level, the more consumer-oriented public choose who will go to the new products, so that our marketing activities are more targeted and efficient.

Marketing Strategies Our company’s marketing strategy involves the internal and external environments. We are willing to combine phones and some preferential marketing mix model information into a marketing tool on the market too much because if we do not introduce some information to attract our consumers that we can be eliminated. For the external environment in which we use the price of marketing for successful people and young people, they have their own views on the high-performance mobile phone, and have a strong brand awareness. We only need to give some preferential policies on it. And for those residents living in the more remote is the broad message to make us know they know our products, improve visibility.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

In this paper, a detailed analysis of the relevance of marketing concept in today’s world has been presented. Moreover, a managerial report is given on the implementation of marketing concept in McDonald’s Pl. The analysis on the influence of company’s chosen philosophy at its strategies and external environment is also given in the write-up. In the end recommendation have been made on how to implement successfully marketing concept as a management philosophy Introduction For any organization to compete in the rapidly changing market has to adopt a certain systematic approach to ensure its progress in the future.

The company has to adopt a specific philosophy by making a decision that how it will harness its strengths to show progress and satisfy the consumers (Kenton et al, 2007, p. 86). The philosophy has to be selected on what tools the company should use in order to achieve its desired goals and objectives and how the firm can manage and market its products and services effectively. There are four fundamental marketing philosophies that a firm can choose from production, sales, marketing and social marketing concepts.

Overview of the Company McDonald’s is a fast food chain of around 30,000 restaurants in more than 100 entries. The fast food chain serves about 52 million customers each day and is considered one of the largest food retailers (Paul & Roy, 2014, p. 99). It is part of an American daily life. The company has developed various management strategies and business programs for motivating resources and to progress in the fast food market. McDonald’s provides the best opportunity to evaluate organizational philosophies and their influences with the organization.

Marketing Concept Marketing concept is a management philosophy that relates organizational goals with customers’ satisfaction. According to Kettle and Keller (2012) argues that the marketing is a concept of penetrating business within the existing market. Identifying and satisfying the stated and unstated needs of the clients can only achieve the objectives of a firm. Marketing is the process of management responsible for identifying; anticipating and satisfying the customer needs align with the company objective (JIM, 2001).

The needs of the customers are not obvious all the time and they also keep on changing. It does not mean that the manufacturers forget about creativity and innovation and only strive to meet the customers’ satisfaction but they would encourage innovation so that the clients get satisfied. The concept of marketing orientation is based on the knowledge that sale is not dependent on aggressive promotional forces but on the decisions of the consumer to buy a specific good or service. Those companies, which adapt this strategy, design and manufacture their products as per the needs of the customers.

Their agenda is to make profits by satisfying their customer. Many organizations from today’s world have chosen this philosophy and brought the organization to success such as Disney, Procter & Gamble, Toyota, McDonald’s, Nikkei and many others. McDonald’s Implementation of Marketing Concept McDonald’s is one of the most famous and successful companies that have adopted marketing concept philosophy in its business operation. The first thing that comes into people’s mind for fast food is McDonald’s. The organization has a huge brand equity, which helps to gain various competitive benefits.

The reason of the achievements of the company is considered to be the strategy to prioritize client satisfaction with its managerial process (Melodic, 2014, p. 10). Around the world McDonald’s, deliver services with best quality and customer value. Understanding the needs of customers in different regions the company changes its recipes and services accordingly. The fast food chain adopts the strategy as per the taste and preference of each country. It gives importance to the culture and religion of its customers.

For instance in Malaysia, Indonesia and Saudi Arabia McDonald’s restaurants serve only hall meats, where as in India beef items are not part of the menu. This gives it distinguishing position in the fast food business. The firm keeps on doing customers surveys and researches to monitor the quality of its product and revise and the level of client satisfaction. The management keeps on doing brainstorming for cutting costs, increasing quality and speeding up delivery in order to bring greater value to its consumers. McDonald’s has made a new brand image with the new marketing campaign call “I’m loving’ it” in order to expand its growth.

The company is trying to fit into every person’s lifestyle no matter from which region he is. To understand the preferences of the customers it is important for any organization to build quality relationship with them. McDonald’s Strategy Influence Its Business Structure McDonald’s in China McDonald’s open its first store in city of Sheehan, Southern China in 1990. Before starting the business there, McDonald’s management carried out a business research of about 5 years through which the company gathered information about the income level of the people and the likes and dislikes of Chinese people in food (Han, 2008, p. 5). The management decided to redesign the internal environment of the restraint as per the Chinese culture and customs. Even the size of the chairs and counters were re-designed as per the height and physical structure of the Chinese people. In he beginning, McDonald’s wanted to promote its American Burger in China but it did not achieve the same success that KEF had. The reason behind this is that Chinese do not like meat as much as they like chicken, which is the main ingredient in Cuff’s burger.

After understanding the core issue, the company tried to add chicken in most of their dishes in order to achieve client satisfaction. McDonald’s in France The French people are not happy about the storming fast food chains. In order to boost its sale in France, McDonald’s remodeled its restaurants by introducing wood- beam ceilings, hardware floors and armchairs. The company also add new flavors into their dishes to satisfy the French Clients (French & Smith, 2013, p. 1356). The food items prepared solely for the French customers are Brioche, espresso and other sandwiches.

McDonald’s in other countries adapts this strategy as well. For instance in Canada, the fast food chain has started Canadian feature breakfast. Mac. Chicken Premiere is added to the menu in Belgium. Thus, to cater the needs of its clients McDonald’s make all possible efforts and that is the reason for the progress of the firm in today’s rapidly evolving food chain market. McDonald’s Strategy Influence Its External Environment Health issues Now-a-days people are becoming more conscious about their health and living standards.

McDonald’s as a fast food restaurant has faced difficulty in Justifying its presence in such rapidly growing health consciousness. People think that fast foods are harmful for health and are opting for more nutritious and healthy options (Han, 2008, p. 72). According to a report of World Health Organization, fast food items cause obesity in kids and can also cause cancer. Issues regarding health have become a major obstacle for the fast food business as a whole. Many customers have switched to the healthier offerings by fast restaurants such as Cuff’s mashed potatoes and Subways sandwiches.

In order to face the challenge McDonald’s has also come up with healthy dishes such as salad and other options in the menu card. Focus on Children McDonald’s always gives special attention to the children of every region it is working. The Happy Land of McDonald’s offers happy meals that also have a toy in the food box (Vaginal, 2001, p. 97). McDonald’s management has initiated computers with games that help the children to check their imagination power and help in boosting he brand. The reason why McDonald’s focus on children’s needs are: Children are the biggest customer group of the food chain.

Since, the beginning children like the atmosphere of McDonald’s. The cartoon characters and the colorful environment of McDonald’s tend more and more kids to become the potential consumers of McDonald’s products and services. To make McDonald’s a family brand it was important to give priority to children’s’ needs and wants. The rates of the kid’s meals are low but it tends the company to get greater benefit as the kids do not generally come alone to the restaurant. Generally, they are accompanied with their parents or some elder siblings.

By maintain brand loyalty with kids McDonald is can get fit into the today and tomorrow’s culture. This helps the brand to build the loyalty of the future generation as well. The concept of “happy children” can bring in the entire “happy families”. Marketing Concept in Today’s World Marketing concept is considered a relatively new philosophy of business management. However, the essence of the concept was emerged before the Industrial Revolution. The needs of the business changed with change of time (Gunrooms & Lie, 2014, p. 220). The philosophies of products and services became marketing philosophies and concepts.

Marketing Concept is regarded as the formula of operating an organization or doing a business. The relevance and need of marketing concept in today’s business world can be Judged by observing the rate of globalization among organizations. Today no organization can limits its sale to a single society; rather it needs a number of different help to compete the rivals. The organization in order to expand their business in different markets have to understand the needs of the customers as per their culture and social values. Otherwise, the company cannot achieve the desired goal.

It will also not be able to make its mark in the new market. For that, it has to gain the confidence of the consumers that will be gained by catering their needs and wants. Recommendations and Conclusion To sum up it can be said that is a company does not identify the client’s needs, reasons behind the shifting of customers’ interest and rapidly changing social trends; it will not be able to cope up with the market. Before adapting the marketing concept, McDonald’s was focusing on adding new outlets and witnessed 50% increase in the umber of restaurants within 5 years.

However, in 2003, the company decided to evolve its image and despite of increasing the number of restaurants tries to increase the sale in existing outlets. For that, it was needed that the customers get attracted to the brand. In order to attain profitable growth, build brand loyalty and encourage customer sot visit to the restaurants more often the organization has to give preference to the client’s needs and requirements. Management philosophies help in building beneficial relationships with customers. Marketing concept defines marketing as a method to determine the deeds of the customers and to enhance customers’ value.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

Before it went into liquidation Supplant sold the faulty television to the BBC Advertising Company. BBC used the television set for making presentations to its clients. Unfortunately, when BBC was presenting to one of its biggest clients, the fault in the television set caused it to explode damaging Abs’s business premises and destroying Abs’s DVD player which was attached to the television set. Fortunately, no one was injured. Does BBC have an action(s) against X Ltd for damages? Explain fully. QUESTION Nut & Bolt Pity Ltd operates a retail hardware store in Coalfield.

Mr. Nut and Ms Bolt are the directors. Nut is the managing director. He manages the retail store, while Bolt looks after the accounts. Nut and Bolt have agreed that all company transactions involving more than $1,000 will only be made with the approval of both directors. Nut leased a new Ford car in the company’s name from H Cars Pity Ltd. The cost of the lease is greater than $1,000. Nut did not tell Bolt about the transaction. Nut used the vehicle for his own purposes and to drive to work each day.

H Cars is owned and operated by Nut’s brother-in-law who knew that Nut did not have authority to enter into transactions over $1,000. When the first account from H Cars arrived, Bolt refused to pay arguing that the company (Nut & Bolt Pity Ltd) was not liable for the debt as Nut did not have authority to enter into transactions over $1,000. H Cars insists that the company is liable. Is the company (Nut & Bolt Pity Ltd) liable for the debt? Explain. QUESTION Mary, Fred and Chris agree to start a restaurant in Melbourne. They decided to write down the rules of their agreement.

Some of the rules are that they decide to share profits and the management of the restaurant. They start their business which turns out to be very popular with the local residents. They also buy lots of items for their restaurant including a brand new Italian coffee machine that cost several thousand dollars. Mary and Chris want to put a clause in the agreement about what will happen to the coffee machine should the agreement end, but Fred persuades them that they do not need the clause. After a year Fred says that he is tired of the restaurant and that he is going to leave.

Mary and Chris tell him not to leave, but one night he leaves without telling them, taking the coffee machine with him. Mary and Chris are furious when they find out what has happened. They want the coffee machine back and they want to make sure that Fred is no longer part of their business. What can they do? Mary and Chris decided to let the coffee machine go to Fred as it was Just not worth the trouble. In fact, that coffee machine had previously produced such a hot coffee that one of the customers received second degree burns on her lips while she only wanted to enjoy a short black.

Do you think that Mary and Chris should be worried about whether the customer has a claim against both of them under tort of negligence? QUESTION Tartan Ltd was incorporated in 1999. Abigail, Banquet and Duncan are the directors. Tartan’s constitution sets out the company’s objects as being the importation and sale of Scottish cloth and clothing. While investigating Tartan’s competitors, Banquet discovered that there was a fabric producer in Sydney producing cloth of equal quality to the imported cloth that Tartan was selling.

Seeing an opportunity, he purchased several hundred yards of the cloth and sold it to several of Tartan’s customers making a profit of $50,000 which he kept for himself. Unfortunately Tartan’s business has not been very successful. The company’s audit for the financial year ended 30 June 2000 revealed that the company had failed to make a trading profit. It further revealed that Tartan’s liabilities were three times its assets, and that it had been unable to pay its suppliers for the last six months. However, these matters were barely discussed at the director’s meeting which immediately followed the audit reports.

Instead the directors resolved that the company borrow $2 million to purchase more tartan fabric. Four weeks after borrowing the $2 million, the company was put into liquidation. Discuss the liability of the directors. Holly is a clothing designer and manufacturer. She sells her clothes by direct mail. In January she sent her 2008 catalogue by post to all her customers. One of the customers was Joyce. Joyce filled in the order form provided in the catalogue and posted it off on the 1st March. Joyce ordered three dresses marked at $50 each.

Shortly afterwards Holly sent back a letter saying that Jockey’s three dress would be dispatched in the next seven days, but that the price of each dress was $250. Unfortunately, the printer had made a mistake when printing the catalogue. Joyce isn’t want the dresses at $250 each. Which of the following is the most accurate statement? EXPLAIN your answer. Holly is contractually bound to supply the dresses at $50 each. Joyce is contractually bound to accept the dresses at $250 each. Joyce is not contractually bound, but she must send a letter to Holly before the dresses are dispatched.

Joyce is not contractually bound, and she does not have to send a letter to Holly. QUESTION Will and Ben run a small plant nursery called Flowerpot Men. Will does not take an active role in the day to day management of the nursery and so Will and Ben have greed that Will should only receive 25% of the profits whilst Ben will receive 75%. They have also agreed that Will should only be liable for 25% of the costs of the business. No one but Will and Ben is aware of this arrangement. After being successful for quite a while the business collapsed and closed down.

Ben has taken all the cash out of the bank and disappeared. Before leaving, Ben borrowed $10,000 from a finance company, Rip-Off Ltd, at very high interest rates. Ben told Rip-Off that he was authorized by Flowerpot Men to borrow the money for the purpose of expanding the business. This was not true. The money disappeared along with Ben. Rip-Off wants Will to repay the $10,000. Will claims that he is not responsible as the money was used for Ben’s own purposes. Alternatively, Will claims that, if he is liable, his liability is limited to $2,500 (I. E. 25%).

In addition, Will was contacted a week later by a person who said he paid Ben $1,000 for a new sapling which had not been delivered and that Will should reimburse him. This was one of many complaints received by Will indicating that Ben was still taking orders from even though the business was closed. Explain whether Will is liable to Rip-off for $10,000, $2,500 or for nothing; and what Will must do to prevent himself being liable for further liabilities incurred by Ben. Goody Beatrice operates a successful crockery selling franchise called “Beak’s Bowls and Crucibles” (“BBC”).

John Proctor Pity Ltd is keen to open a BBC outlet in the Melbourne suburb of Clayton. The parties reach an agreement that John Proctor Pity Ltd will operate a BBC shop in Clayton for a period of five (5) years. In addition to other terms, the agreement states: 7. Goody Beatrice promises that she will not open another Beak’s Bowls and Crucibles shop within the Clayton area during the franchise period (I. E. 5 years). 8. John Proctor Pity Ltd will operate the shop strictly in accordance with the laws and regulations set out in the Crockery Industry Act.

In March 2003, John Proctor opened its shop. However, one year later, a Crockery Industry Act inspector visited John Proctor’s shop, and soon after this, John Proctor was charged and found guilty of breaching the Crockery Industry Act. Goody Beatrice immediately cancelled the remainder of the franchise agreement and opened another Beak’s Bowls and Crucibles franchise in Clayton. Goody Beatrice decided to operate this new franchise herself. Advise John Proctor Pity Ltd whether it has an action for breach of contract against Goody Beatrice, and (if so) what the appropriate remedies might be.

Moneymakers Pity Ltd is a company set up for the purpose of providing its clients with financial advice. Every month Moneymakers Pity Ltd sends out a three-page advice sheet to its clients. Last month Moneymakers advised its clients that they should buy shares in X Ltd as they were a very good investment. In fact, Moneymakers Pity Ltd had failed to read X Lad’s financial reports which suggested that X was likely to main in a depressed financial state for the foreseeable future.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

As of 2007, the Hairier Group has established a total of 64 trading companies (19 located overseas), 29 manufacturing plants (24 overseas), 8 design centers (5 overseas) and 16 industrial parks (4 overseas). Consistent with Harrier’s position as a global brand, the company employs over 50,000 people around the world. It is the one of China’s Top 100 IT Companies. The business scope of Hairier: technology research, product development and manufacturing, trade and financial services.

The key products that Hairier Group produce: refrigerators, commercial air-conditioners, microwave ovens, washing machines, dishwashers, televisions, mobile phones, and computers, etc. There are 240 subsidiary companies and 30 design centers in Hairier Group. The brand value of Hairier was $ 11. 8 billion in 2008 and it is the top 4 in China. It can influence all over the world. (Hairier Group Homepage, 2012) Hairier Culture: Innovation is our soul. Its Enterprise Culture is “the base for sustainable development”.

Hairier Spirit is dedication and pursuing excellence. Hairier Style is rapid reaction. The soul of Hairier Culture is innovation spirit. There are five globalization strategies in Hairier Group: globalization design, globalization of manufacture, globalization of marketing, globalization of purchase and globalization of capital operation. 2 The Micro and Macro environment A micro and macro environment has two separate meanings in business. In economics, the micro environment is the study of issues at an individual level.

Known as microeconomics, this field focuses on the choices made by individuals, as opposed to the whole market group. Micro in terms of business indicates the items a company can control, often internal processes. Macroeconomics (the opposite of microeconomics) is the study of large-scale theories relating to consumer spending, inflation and money supply. In business, the macro represents items outside of the company’s control. When studying economic information, economists look at ceremonious because individuals often behave differently under alternate economic conditions.

A major difference between the study of a micro and macro environment is opportunity cost. Opportunity cost represents the potential return lost when an individual selects one choice over another. This is important in microeconomics because individuals often have limited income when making decisions. By studying the individual choices and movements of a consumer, economists can then make determinations for an entire group. This results in the study of macroeconomics, which looks at overarching issues that affect all consumers n each group defined by economists.

Businesses separate issues in the micro and macro environment to aid owners and managers with completing tasks and earning the highest profit available in the market. Micro issues can be the amount of skilled labor within the company, production processes used to manufacture goods, facilities owned by the company, internal policies that dictate employee actions and other related issues. All these issues fall under the direct control of the firm. The management team can therefore change these items, issues or policies to improve the operating environment of the company.

Companies may study the differences between micro and macro environments in order to determine which items they can change to maximize productivity and profit. Macro issues in business can represent any item or issue not directly controlled by the company. Availability of raw materials, government laws and regulations, number of eligible employees available to hire and the threat of competition can be Just a few major forces that separate the micro and macro environment.

Companies will often identify these factors and create policies that help them cope with the potential problems that may arise with each one. Studying the macro environment may also require the help of outside consultants more in tune with the changes of this environment. (Geoff L, 2012) The micro- environment analysis of Hairier Group: a) Market size and market demand: Household market in Finland experienced value sales increases slowly in recent years. Consumers’ lifestyles are becoming more hectic as the demands of the workplace increase.

There are alternatives to making clothes and household textiles. B) Investment situation in Finland: Fenland’s economic policy has been to keep a high standard of living during the last decades. Foreigners are permitted to own real estates as well as shares in Finnish companies. Tax benefits for the development areas and the benefit is restricted to qualifying industries. C) Market Segmentation and buying behavior: End users of 18 -?25 years old; End users of 26-?40 years old; End users of 40-?60 years old; End users over 60 years old.

The macro-environment analysis of Hairier Group: a) Social and culture factors: Finns pay high taxes but get a lot in return for their money. The Finns are generally very honest and quiet. In Finland, there is a good balance between family and working life. ) Technology factors: Finnish largest industries are electronics, machinery, vehicles, and other engineered metal products, forest industry and chemicals. Finnish technology industries are small in size, as are the country’s population base and overall economy. ) Economic factors: Lower commodity prices and growing slack in the economy should bring down inflation from the current high rate. There are a lot of opportunities of Finnish economy to be benefited into the globalization such as the opening international trade policy and foreign direct investment. D) Political factors: Fenland’s general trade policy emphasized: dismantling barriers to trade and investment and participation in an open world economy. Government also reduces the amount of starting money for limited companies from 8000 Euros to 2500 Euros. 3 The importance of marketing research 3. Importance of marketing research Market research is an objective, systematic way of learning about the market, your customers, the competitors, the risks you might have and any other information you need for making a decision. For example, you make a market research in order to know the people who buy or might buy your products; the requirements of your customers; what prices they can pay; their requirements for shipping; the places for buying; their age, gender and income level; their attitudes and perceptions; your advantages and disadvantages; major legal requirements needed to get the name or label information for your products etc.

Besides information about the target market, your customers, your competitor and your products, you also need information about customer analysis, choice modeling, competitor analysis, risk analysis, product research, and advertising research. (Harrier’s marketing analysis, 2012) As a business owner, you can not afford to make errors in Judgment. Your savings, your family, your future and your business reputations are all at stake. Market research is a critical step and the methods can be used to help you answer the related questions and are essential to the contemporary business.

Some research seeks information related to how to expand sales while other methods are designed to help decide whether a new product should be introduced or not. A good market survey has to include a list of specific questions to answer. The answers will provide information to use in making a decision how to proceed to reach your company’s objectives. As the purpose of any racket research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organizations, whether they are large or small.

As market research require s a systematic, objective collection and analysis of data, methods for gathering information may include questionnaires, how to form questions to ask, whether to ask face to face or by handing out written forms, and how to be sure questions get the response your company needs-?poorly formed questions may result in information that is useless. Other methods include offering customers a chance to see, use or taste the product, and to respond by offering their opinions. Comparing two different placements of products to see if where the product is displayed affects sales, is common.

Various methods of market research can be used to find out such information. (Hairier group marketing channel strategy analysis, 2010) 3. 2 Example and explanation of qualitative and quantitative techniques Qualitative: Qualitative research concerns the gathering of information which can be interpreted in a number of ways,for example people’s views and attitudes to Hairier Group’s products. With this type of research the goal is not to simply look at statistics,This type of research cannot be quantified in numerical terms and this is not the objective of it anyway—but to analyses opinion,beliefs and attitudes of individuals.

This main qualitative research techniques used are: Group Discussions, Focus Groups and In-Depth Interviews. This form of research is often called “soft” research. It is characterized by ‘open ended’ questions, What, Who, When, Where, Why, How. This form of research is good for the depth the researcher can go into with follow up questions. Focus groups and interviews are the most common gathering mechanisms of qualitative data. In terms of qualitative methods, Hairier Group usually uses several methods such as face to face interviews, free phone and online discussion forums.

For example, Hairier delegates some small teams to interview the customers in order to know their satisfaction with service and goods. Besides, Hairier sets up a chat on line to communicate with customers. (Report about analyzing the customer care strategy of Hairier, 2011 a) Quantitative: Quantitative research on the other hand seeks to establish statistical information about the object matter. This type of research tends to require a larger amount of research to be undertaken in order to be deemed as valid. The main research techniques include:observation, Experimental Research and Surveys.

This is known as ‘hard’ research. This form of data uses structure so that you can get numbers out of it, percentages, averages and so on. For this reason, questions are ‘close ended’ questions. Yes/No, once a week, 4 out of 5. The idea is to be able to load large amounts of data in computers, coded numerically to produce a statistical output. The manner in which respondents is chosen can be random or planned. In most cases, a sample is chosen to represent the general population. This sample can be random or stratified.

Which form is better depends on the size and type of target market you are researching. On the basis of quantitative methods, Hairier always use questionnaires, telephone surveys and online surveys. For example, in Harrier’s websites, it mainly shows an item named 24 hours Live Help. They always keep online and connect conveniently for customers, whatever in electronics, mobiles or any other products. Importantly, they set up a system which can help customers repair online. So long as o register your product and some repair needs of products. The company will connect with the repair sites immediately. Report about analyzing the customer care strategy of Hairier, 2011 b) 4 The importance of market segmentation and the process that Hairier Group may use to segment and target the market Market segmentation is the process of identifying your target demographics and then determining the best advertising mediums to reach that audience. Developing a focused marketing approach can increase your revenue and raise your marketing return on investment, according to the Center for Business Planning website. When you understand the importance of market segmentation, you begin to appreciate the value of precise marketing campaigns. Marl C, 2012) The importance and benefits of the market segmentation: (Market Segmentation & Targeting and Positioning, 2011) A. Understand Customers: To sell to your customers, you first must understand why they would want to buy your product. Market segmentation allows for the development of profiles of the many different kinds of customer groups who buy your products. You can use this information to create better marketing programs. It also can be used to develop products for your target audience. B. Maximize Product Potential: Segmenting your market helps you understand how your product is being used by various customer groups.

During the course of your market segmentation, you may come across an alternate use for your product that had not been previously discussed. You may discover a new market for your product. C. Improve Distribution Network: Market segmentation assists companies in developing more efficient distribution networks. By studying the buying behaviors of various target customer groups, you can determine the way that customers prefer to buy your product. If customers prefer to buy online, you will ant to focus on your online presence and reduce the resources you put into retail stores.

Market segmentation also helps you identify geographic areas where your products are popular. D. Gain New Clients: A comprehensive market segmentation analysis includes reasons why consumers are not buying your products. By understanding why the various market segments do not buy your products, you can alter your marketing or change your product development to try to gain new customers. It is important to have a balance when trying to gain new clients as you do not want to alienate and lose your existing customer base.

Arnold A, 2012) Based on the information above, I made a table to show the detail about the use of Hairier Group: Market Segmentation & Targeting (Hairier Group) Segments consumers Ta regret Age All the age, especially young couple Gender Male & female, especially female Income At least middle income Benefits Quality, service, convenience 5 An explanation of marketing theory supported by examples Marketing is defined as the activity of presenting the products a company produces to potential customers in the best possible way in order to make sales. Huh Z, 2012) The 4 Up’s of marketing are: product, price, place and promotion. . 1 Product Means product design and packaging that will attract customers. Making product lines that are different from other companies (product differentiation) to meet the needs of well-defined market segments is essential. Every product is subject to a life- cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, product differentiation is required and is one of the strategy to differentiate from its competitors.

Harrier’s strategy: Decent, fashionable, and graceful looking; Convenient ND special function; High quality; Excellent service; Leading life trend. Reasons: The price should match with Harrier’s marketing and brand position; Only products like this can compete with global giants. 5. 2 Place Means finding a suitable price for the product which depends on the company’s market share and how competitive the market is. Luxury goods often sell at a premium far above cost, while stocks of less popular products are often liquidated at heavy discounts in sales. Harrier’s strategy: Online shops; Local electrical operators and retailers.

Reasons: Online shopping is the most popular, fast and efficient way; Retailer is still the most effective way because of the sales network they have. 5. 3 Price Includes distribution or logistics which means getting the product from the factory to the customer through various channels, usually through stores (retailing) or direct sales to customers in their home and increasingly through websites (e-commerce). It can include any physical store as well as virtual stores on the Internet. Harrier’s strategy: The price adapts to the public; The same level with the global giants.

Reasons: Home-appliance is a public industry, everyone needs it; Lower price than monitors will lower Harrier’s brand value. 5. 4 Promotion Includes all communications to customers. Developing brand awareness among potential customers is critical. Advertising can be on broadcast media such as TV or the radio, or in print media such as newspapers or magazines, as well as roadside billboards. Public relations departments in companies prepare press releases which are sent to the media in an attempt to get free news coverage for new products.

Sponsorship deals, exhibitions, conferences, conventions, seminars or trade fairs and other events with presenters as well as plain old word of mouth advertising are also used to promote products. Harrier’s strategy: TV, Billboard; newspaper advertising; Sponsorship; Sales promotion; Public relations; Trade show. Reasons: Advertising and sales promotion are the most traditional way but effective and efficient; Public relations like sponsorship, social activities are a good way to improve brand image in public; Trade show-the best way to communicate with retailers. . 5 People, Process and Physical Evidence People: People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the individual needs of the person consuming it. Process: There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example – to achieve a 30% market share, a company implements a marketing planning process.

However in reality it is more about the customer interface between the business and consumer and how they deal with each other in a series of steps in stages, I. E. Throughout the process. Physical evidence: Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following buildings, equipment, signs and logos, annual accounts and business reports, brochures, your website, and even your business cards. Services Marketing Mix, 2012) Harrier’s strategy: Hairier University, built on December 12, 2010, is presented in the chain-linked business process reengineering background, in the information age new economy bandwagon to meet Hairier Group internationalization strategy. The ranges is set up to train employees of Hairier Group management methods and innovative base. It is the bridge which sends Hairier to the international market. 6 How the Hairier Group’s marketing mix responds to changing market conditions Hairier enters into European through a well designed marketing mix.

Hairier manufactures home appliances in over 1 5,100 different specifications under 96 categories, and sold in over 100 countries around globe. There are four kinds of products that are selling in the European countries, which are refrigerators, washing machines, flat-panel TV and media players. Hairier is promoting their products through advertisement and newspapers. From the view of place, Hairier target markets which are based on the potential customers. For the European market, Hairier entered into Germany first in 19 June, 1991, and then entered Italy, Russia and Netherlands.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

This was easily achieved as we had intended to decrease the price of our product from $30 to $20. Strategies that were to be implemented as stated in the marketing plan included our key promotional strategy, which was to promote our business and product using popular social media site, Faceable. Another promotional strategy that we used was to hand out flyers on market day. Out of the two the flyers worked best after looking at our customer feedback forms. We implemented a ‘skimming price’ strategy as Happy Hour was a new product to the market and we didn’t know how consumers would respond to it.

In regards to the ‘skimming price’ strategy we decided to sell Happy Hour at a reasonably cheap price of $30. Following on from the marketing plan we set our price to $30 per product or $50 for two on Market Day 1. In hope of making ore profits, we decided that we would reduce the price on the second market day to $20 per CD. The key problem our business team faced was inconsistent leadership and teamwork which impacted our team’s ability to agree, thus decision making processes were made difficult and left some team members unsatisfied. Another key issue that our business faced was gaining sponsorship.

Due to late applications of sponsorship, we were unable to fund our original product idea and had to alter the format from a hardcopy recipe book to a PDF on CD. This is turn affected the demand for our reduce as consumers preferred to have the physical item in their hands. Despite being financially unsuccessful, our sales space on both Market days received positive remarks and looked very professional (refer to figure 1. 1 in section 7. 0 Appendices). Customer Satisfaction was approximately 72% positive with 21 out of 29 customers rating our customer service 5 out of 5.

Although most team members were told what tasks they needed to complete at the beginning of the project, we did need to be reminded by the marketing manager to make sure everything was on track and that everyone was completing their own assigned asks. Deadlines were met, however, they were not met by the team members that were assigned to complete that deadline. Initially the workload was distributed evenly, but because team members did not always complete the tasks assigned to them, tasks ended up being completed by other team members.

There were difficulties in some team processes. These included organization and decision making processes. Decision making processes amongst our team was usually contested by others due to lack of leadership. Communication flow was another process that affected the company’s performance. Outside tutor sessions, lecture’s ND group meetings, team members of The Bar Exam got along really well. This was evident on Market Day 1 and 2 when the Bar Exam’s team performance was beaming with energy and excitement. I Outcome overall outcome of our company performance was negative.

However on both market days all team members interacted well with customers and worked well together giving a positive outcome to market day. | 2. Marketing System I Our marketing mix was not consistent. Product:Place:Price: Price was the most inconsistent of the marketing mix and effected the profitability and overall revenue of the business. Initially we sold the cad’s at $30. However on second market day it was decided that the price be reduced to gain more sales. Promotion branding was consistent. Handing out flyers had the most effect out of the promotional strategies.

When devising our objectives we took into account the SMART system. They were all specific, realistic however some were not measurable. We had many changes from what we had stated in our plan. Faceable promotion was not as successful as we had once thought it would be. I Outcome outcomes were negative because it led to members of the team not being enthusiastic about the IANAL product being a PDF format instead of a hardcopy recipe book. | 3. Financial Situation: I Our business was unsuccessful in meeting our profit targets. We had predicted in the marketing plan that the business would make a profit of $1100.

After both market days the business managed to make -$310 in profits. We were also unsuccessful in meeting our predicted profitability of 30% as we finished at an unprofitable-20% after market day 2. The Bar Exam’s turnover after both market days was $1550. Our top competitor, Cabaret Cocktails, turned over $2035 and was 28% profitable. One of the underlying factors affecting the profitability of the business was due to the lack of sponsorship. Because we were not able to get a business to sponsor us,we had to fund our product. In our plan we overestimated consumer demand, predicting that a total of 100 copies would be sold.

The predicted profitability was affected by the fact that the product was sold at such a heavily discounted price of $10 on the second market day. Selling the product at this price effected our overall financial situation as we had previously calculated all figures in the break-even analysis with the assumption that we would sell the product at an average price of $25. Despite the fact we were using a skimming price strategy and that we were trying to market the recipe book as an affordable product, we should have been selling the product at a much higher price of around $80. Deconstructions had a negative outcome of The Bar Exam’s financial situation. I 4. Financial Situation: we had previously calculated all figures in the break-even analysis with the 4. 0 Problem Identification Communication, Sponsorship, Leadership and Teamwork are the key problems that will be discussed in the following paragraphs. Communication Communication amongst team members was one of the key problematic issues our business faced during the planning and implementation phases. Sponsorship Another major issue we faced was gaining sponsorship and assistance from businesses.

Initially the product was going to be a printed AY booklet, however, having applied late for sponsorship, we were unable to go through with it as it was excessively costly. Consequently, this meant the format of the recipe book had to be changed from a hardcopy book to a PDF file on CD. Knowing what businesses and to what extent they are willing to sponsor your equines, plays an important role in the planning phase. Knowing this information allows the pricing manager to determine how much of the budget needs to be set aside for specific costs for example, promotional materials.

During the planning phase Leadership & Teamwork Leadership and teamwork plays as the foundation of any business, especially during the planning phase as this is when all opinions, ideas are brainstormed and collaborated. The planning phase takes responsibility for the development of the product and it is crucial that all team members share their ideas and opinions during his phase so that everyone is satisfied with the final product. Leadership was often governed by more than one person in our business and it was hard to keep track of what needed to be done. During weeks two to four we implemented the planning phase of our venture.

However this was not carried out to our full potential because not all team members were present to bring their opinions and ideas to the table. Ultimately this meant that members were not doing the tasks assigned to them specifically, and so their tasks were carried out by others. The underlying issue that could have potentially fixed the problem of sponsorship, adhering and teamwork was communication. Communication is the foundation to each of these problems and with effective communication, for instance face to face meeting every week, we could have minimized all three of the issues our company faced. . 0 Statement and Evaluation of Alternatives Problem I Alternative solutions I Communication I Although there aren’t any alternative solutions, we could have pre-organized meetings on a weekly basis so that it was consistent and group members could rearrange other commitments in order to make it to the meetings to discuss opinions and ideas. I Sponsorship I Gaining sponsorship from businesses outside of Aquatic was something beyond our control, however, we could have taken actions that would have influenced these businesses to sponsor us.

One factor that would have impacted a business’s decision to sponsor us was our lack of preparation and organization. Simple tasks like researching costs and knowing exactly how much materials we required would of proven to these business’s that we are a team of organized students and are confident in seeing results. I Leadership ; Teamwork I A solution to this problem could have been telling group embers to respect one another and let one person lead the team. Also to take responsibility and not rely on others to complete designated tasks. I 6. Recommendations for the future In regard to sponsorship, our business should have had the product finalized in week three, so that the pricing manager could seek sponsorship as soon as possible. This would have also allowed time for this team member to gain product knowledge and determine what sort of materials we required help with. Communication, Teamwork ; Leadership From this project it is evident that we should have implemented more than one channel of promotion. We approached this project with the idea that using one channel of promotion would be enough to build our brand and promote our product.