How to Apply Marketing Concepts in a Small Business - Free Essay Example

Sample details Pages: 10 Words: 2901 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Analytical essay Level High school Did you like this example? Apply marketing concepts within a small business Outcome1 1.1 Define the following objectives of marketing in terms of the organizational objectives as identified in your marketing plan Sell products / services selling product to customers are the most important thing in a business such while selling your product you have your marketing plan and see where your business stands in market, even u have to see your production condition, quality and the value of your goods which your business is supplying so you can generate more customers and in the business the service is most important thing without good service your business can face lots of problem such losses, less sales, less in demand in market and last it can happen is closer of your business so to provide service is the most important think in a business to run successful business. Generate new customers- generate new customers simply mean that you bringing new customers to your business, that is more important thing in a business a businessman should do . (Example Malaysian airline they just lost a airline but they can generate new customers like offering more baggage on the board, lower the price and provide good service like while travelling offer refreshments, drinks and foods depend on time of the flight.) Develop and maintain customer loyalty Is to offer existing customers loyalty programmes such as loyalty cards on which they get discounts and extra service. Loyalty card will enable customers to qualify for more benefits such as cheaper price rates and discount on items purchased. Maintain image -To maintain company product image and engaging into community works also sponsoring sports and social youth to maintain they name high in the market. Provide information-is to provide information to customers and management in every financial year. 1.2 Explain the implication of the following marketing concepts to business operation as identified in your business plan Don’t waste time! Our writers will create an original "How to Apply Marketing Concepts in a Small Business" essay for you Create order Needs -need simply mean to provide hundred percent to their customers to buys their product. So company also needs to know their customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ needs so they know what they have to provide their customer in order to gain they trust and attract more new customers into the business. b) Demand- a company have to know what are customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wants or needs, if they is an business than there will always be a demand in the market which they have to supply in order to gain in the business. c)Market- the market is a place where business is conducted where business can reach to the customers. Its like any other strategy component, an organisational mission should fit both its internal characteristics and the opportunities threats in its external environment. e)Marketing mix is general phrase used to describe the different kinds of choices organization have to apply in the whole process of bringing a product or service into the market. Marketing mix help us to decide how to take new offer into the market. It can also be used to test your existing marketing and strategy. When u success in the market you have to focus on the following things following thing in market mix; Product- does it meet their needs Place- the customer can find the location and suitable place. Price- if its affordable for customers. Promotion- marketing communications and advertisement can reach to the customers. e)Promotion -is an important function of marketing as there are numerous of products out in the market. The business should know what is in the demand and market on same thing by putting same product on promotion and less the price even they can put discount e.g. (buy one and get another one on half for price ) which we attract lots of customers into your business. Sometimes in promotion you have to consider on your stock as well not to disappoint your customer if they needed something which is in the promotion list and its out of stock in your shop. f) Public relations- public relations involve the cultivation of favourable relation for organization and products with key public through the use of variety of communication channels and tools like aspect of marketing promotion, public relations, are used to address several board objectives such as including building product awareness, creating interest, providing information, stimulation demand and reinforcing the brands. g) Se rvice à ¢Ã¢â€š ¬Ã¢â‚¬Å" is what you provide to customers through many ways of marketinge.g. (Internet, flyers, newspaper, radio and television )it should be clear for customers to understand what you talking about. Good customer services will always keeps the customers coming again and bad service will always dishearten customers, business as well where customer donà ¢Ã¢â€š ¬Ã¢â€ž ¢t return back to your business. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very important to keep your customer service good so that you get many customers, if good service you provide customer wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t go away from you they will again return back to your store and also they will advise others about the service he getting from certain place. Bad customer service will keep the customers away from your business. h) Advertising à ¢Ã¢â€š ¬Ã¢â‚¬Å" is a form of communication allows customers to attract and purchase or take some action upon products, ideas or services. They are many form of advertisement such as newspapers, magazines, radio television, internet and telemarketing. Which you can do to increases the selling of your product in the market. Using the following marketing media compare their advantages and disadvantages, in a marketing products/service of business operation as identified in your business plan Radio Advantages Disadvantages The advantage of radio advertisement is that advertisement can reach general public covering massive mass area since people lesion radio during the day, at work, at home and even in the car. The disadvantage of the radio is that people canà ¢Ã¢â€š ¬Ã¢â€ž ¢t go in detail on the advertisement and what the product look like and it size etc b)Television Advantages Disadvantages Television are nowadays are used in every home. The advantage of television is that it permits the company to reach large number of people on a national or regional level in a short period of time. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s also fasterà ¢Ã¢â€š ¬Ã¢â€ž ¢s way of advertisement in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s worlds. The disadvantage of television advertisements is mostly very expensive in terms of creative production and air time cost. c)Print media advertisements Advantages Disadvantages Access to target market à ¢Ã¢â€š ¬Ã¢â‚¬Å" like give potential advertises to their pricing per placement While newspaper advertising is cost efficient, magazine advertising can be costly depending on the popularity of the magazines d) Print media editorials Advantages Disadvantages Its has the advertisement about the product or service which the company want to advertise and can be in coloured prints and full on details can be added Can be boring thing for the customers since it will be containing full details on its advertisement and also advertisement is shown somewhere, people wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t be able to see it from far e)Brochures Advantages Disadvantages Save customers time, easy to access and also companies can pop brochures into mailboxes with potential customers without any hassle. Many time people donà ¢Ã¢â€š ¬Ã¢â€ž ¢t go through the brochures, they just put it in the bin without reading it. business have to spend lots on printing side like if they to drop in the mail boxes outof 1000 maybe 40 will be attracted to the advertisement. F) Telemarketing Advantages Disadvantages Is a great tool to improve customer relationship in many way like for example people introduce new products to them also staff get more change to talk to their customers .telemarketing make easy to expand sales territory like phone allow to call local, national and even global prospect to sell the product like people can call from Europe to try and sell things. They is lesser control of process given to the customers, company has no control to tell customers what time to open and close and what to promote on phone since they wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t be able to see the products. g) Public relation Advantages Disadvantages It can be achieved at very low cost when comparing to other promotional effort. A well structured campaign can result in the target market being exposed to more detailed information than they receive with other forms of promotions. That is media sources often provide more space and time for explanation of a product. Identify the three (3) types of products and/services for target audience of business Operation as identified in your business plan. The three types of products and services for target audience of business operation identified are as follows Bread à ¢Ã¢â€š ¬Ã¢â‚¬Å"is eaten by everyone in this whole world. As experienced personally before in Fiji , I have seen that the parents feed their children who are even babies with bread dipped in tea or milk. Its has a good source of fibre and the shop will sell all sort of bread for example plain bread in different sizes same with fruit beard and whole meal so the target audience are basically any one above the age of 5 years old. Butter is also a demand of wide variety of people. People used butter in many dishes they cook and also in toast as well. Vegetable is eaten by almost everyone. So the target audience are the people who are vegetarians. So main target audience are the vegetarians who leave in Auckland region. 1.5 explain the following marketing mixs identified in your business plan Product services à ¢Ã¢â€š ¬Ã¢â‚¬Å" it will be displayed in such a ways that people will be attracted towards the shop and the quality be really good and also all product will be fresh and healthy. Pricing à ¢Ã¢â€š ¬Ã¢â‚¬Å" the company will put aside some cash to research about the pricing of the products. For example the travelling around the place and looking for the prices of the same products and allocating the prices of it own products. Promotional situation- as discuses earlier that the company already aside cash for promoting about the shop and product which will be selling to customer and also the product which we will sell wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t give any chance for customer to complain about the prices. So the company will be promoting through brochures, public relations and more. Distribution strategies- the company has put around 3000 dollars to create more space in the shop for our customers are comfortable an an we are looking at the ways to give our customers the best service ,so we can arrange space in the shop for example where customer can set and rest for a while if the shop is bit busy Based in the marketing plan that you have developed do the following: 2.1 Identify the sources of market information about similar product and service (O2 à ¢Ã¢â€š ¬Ã¢â‚¬Å"ER 2.1) The two source of market information are through the competitors and the customers feedbacks. We came to new that our service which we provide to the customers are not up to standard and that some of the prices may be higher than our competitors so we will continue to our customers feedback and follow up on our competitors to know in which area we have to change strategies. 2.2 Identify the provision for competition in offering services, prices and promotion They are two shop in same area just two mints work distance between them. So they both in big competition in many, the sales promotion that these two competitors are doing is that they have loyalty card which give customers more chance in the shopping and discounts so it basically the more you shop, the more you save. The second promotion that they have is the 15% discount that they have. The prices are reasonable and people can afford it and so I urge the management to think about our prices. They have reduced their prices since they know that we had done research before allocating our prices. So we have to change our price and think about another strategy to give more computation between two shops. 2.3 Assess the impact on marketing decision of the following external factors to consumer behaviour a)cultural- it is a part of every society and is the important cause of persons wants and behaviour .cultural factors have significant effect on individuals buying decisions. Every person has his own habits, behaviour ,principles which he/she develop from his family status and backgrounds. b)social- factors which impact the buying behaviour of customers. Like if they is idiancustomers will not touch the beef product same apply at homes that more strongly influenced by the member of the family, like if husband tel l wife to cook certain dish, the wife cant change the decision of cooking any thing else since she has to respect her husband and therefore we will loose the business from customers if the family want to eat vegies but elder says somethingà ¢Ã¢â€š ¬Ã¢â€ž ¢s else to cook. C)economics- it has a high influence of the buyer. If the income and saving is high he ohh she will manage to purchases more expensive products, where else if the income is low they buyer will always purchases in expensive products. So the company will have both expensive and cheap product but the quality products for all customers. d)regulatory- important that some assessment is made about all of the costs, prices , preference and constrains that customers face in making a decisions. e)technological- computers and electronics communication networks play an increasing part in handling and processing of information since equipment is more precise and cheaper than work of people, they provide fasters storage and exchange information. If the customers feel happy with the new technology such as new credit card machine it will be faster for consumer and they will be satisfied with our services. f)Demography-the company taken consideration on their products. Like for example the shop of toothpaste for all ages and genders. The toothpaste tube has got cartoon character on it and different size for kids and then is a large pack for the adults as well and then there are a lot of products in the shop which is for everyone customers will be happy can it will be easy for them to choose. g)competitiveà ¢Ã¢â€š ¬Ã¢â‚¬Å"you have to understand buyer behaviour in dealing with marketing , the demanding product will go fast. Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s market have been very competitive. So to attract customers, the company that really understand how consumer will respond to different product features , price and advertising appeal has great advantage over its competitors. 2.4 Assess the operation à ¢Ã¢â€š ¬Ã¢â€ž ¢s competitive advantage and disadvantages of marketing analysis in business operation. Advantage à ¢Ã¢â€š ¬Ã¢â‚¬Å"the shop is allocated in very good location. The public has very good assess since customers are provided transport parking for an hours .secondly the product is very high quality and the company has researched about their product to sell and which ones are needed by customers. Disadvantages- the price in the shop is bit high in comparison to other shops nearby. So the company has done a market analysis and found out that our prices are bit high. Secondly the parking the parking area cant accommodate all our customers as we are gaining on new customers. 2.5 Identify the changes in business process and service delivery you feel would enhance the marketing of the operation. Marketing mix à ¢Ã¢â€š ¬Ã¢â‚¬Å" promotion , price, people and place Business process . operation process the product in the shop will be displayed according to the promotion. The product will be moved around in the shope to take customer attention . opening hours, the shope will be open 24 hours a days and seven days a week to provide customer services. Outcome 3 Below is a scenario where McDonald conducted a survey on customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s history. Read the scenario and do the following activities: 3.1a) The customers need for MacDonald product to get the best of the option available in term of good service fast service since more people are really in rush during their breaks and the quality product they needed. It been regular and potential customer need of taste to be considered in McDonald choose in quarter pounder. b) the actual need of the customer is to have the meal in McDonaldssince its fast in services so most of the customers are looking through that most of the time and the product are same in all McDonald and even the taste and the perceived needs are the perceived needs the customers tend to overlook the actu al need and look optional available to them its like customer does not want to change their burger and try to have something new product which have been bought in the stores. c)in this case study customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ needs are aside to enjoy the meat product of McDonald the customer need is to look for other option available in the store. It can be a result of customer been vegetarian and look for snack wrap or if the customers does not like meat and vegetable with the need of concerns McDonald should try to meet the need of the customer by introducing fish product n also more option on vegetarian customers. 3.2The objective of conducting the survey is not achieved as desired as due to making the data which is not sufficient to come to conclusion the need of the customers and what customer will like to order in future. With the provided data it is hard to consider if the customer will like to match the same needs of the products and to know about difference in the produ cts which is growing with the demand and need of the customer.