Posted at 12.17.2018
As an enterprise specialist to Bob and Lloyd, it must devise a marketing plan for their junk food business, Delicious Goodness. Before getting into the depts of marketing principles and principles, it's important to see Bob and Lloyd in regards to what marketing is. Corresponding to Phillip Kotler, marketing is the communal process where individuals and teams obtain what they want and want through creating and exchanging products and value with others. It is the way management of any business should go about gratifying the needs and wishes of consumers as, the burkha function of the business.
A marketing examination of the company is a valuation into the kind of market for their products that exist to consume. This investigation is done through a thorough research using marketing tools such as Infestation analysis, SPICC research and SWOT examination which would in the end allow Bob and Lloyd to understand a knowledge into the kind of market they would like to enter into, making them aware of the options of market development or failure of the business and further implications on the potential of and the course where the business may be headed through identifying the strengths, weaknesses, opportunities and dangers of the business enterprise. The marketing model of Wright, 1999 is shown in appendix 2 highlighting these analyses.
A PEST analysis was firstly conducted, as a way of measuring the macro environment of the business enterprise through the politics, economic, communal and scientific aspects where Bob and Lloyd may come across.
Although a recent change in federal government, the government still stimulates the role of smaller businesses throughout the market. Bob and Lloyd's business complies with the laws and regulations and can therefore be easily approved as small company status. These laws are placed in location to ensure that residents are therefore benefited, for example; it is necessary that the business utilize locally produced recycleables, creating jobs for nationals which the business must be locally managed and managed. Bob and Lloyd can also benefit for being privileged to assistance from the business enterprise Development Company. The BDC's targets are based on providing complex and financial support to small and medium businesses to empower progress and development whilst creating those to also be internationally competitive. Additionally, federal has reduced corporate taxes to 25% of the net earnings of small businesses, and has initiated business owner of the entire year honours to encourage small company.
The economics aspects such as exchange rates and inflation rates must be considered in light of purchasing supplies that are not locally grown and in creating prices. Also, things of variety of income levels and wage rates, variances of ages and the habits of utilization within chosen geographic area to conduct business must be initially analyzed. Furthermore, the public features of the area must be examined, that is, the various types of races and religions used within area which would have an impact on sales during certain periods of the entire year, such as Divali and Eid. The percentage of the grey market in area is also a concern, since the old folks would become more health conscious, however, Bob and Lloyd would be catering for those through providing barbeque grill foods. Technological factors are a necessity in business, Bob and Lloyd would need to accommodate for the rate in which scientific advancements is happening. Thus, regular improvement and improvements would be required by new operations.
Suppliers of raw materials within area wouldn't normally be a concern, since there are various wholesalers and farmers within area. The only main concern here would be to develop and keep maintaining moral human relationships with suppliers to ensure efficiency within the resource chain. The business must also include communal responsibility within its local community which would ensure sustainability and good reputation. You will find no intermediaries involved with this firm; customers can go directly into business and purchase. Customers' satisfaction is most vital in marketing being that they are the ones who have the energy to make or break the business enterprise. Thus, customers' satisfaction and behaviours must be closely studied when identifying the type of fast food outlet. Challengers also play a major part in the forex market, there are many fast food stores within chose area, therefore Bob and Lloyd would have to come up with ideas of distinctiveness (highlighted in appendix 3 via McKinsey's 7S's construction) that would make customers want to buy from them.
Of the approximated 157, 295 inhabitants of the San Juan area, about 60% is of the working people. Because of globalization and the overly busy lives of people, it is estimated that about 80% of the working human population would eat out and about 8% of that 80%, at an average of 5033 persons monthly would engage themselves at Mouth watering Goodness in its first 12 months. Since Bob and Lloyd provide food for medical conscious and vegetarians, the targeted market is at age range 12-55. Bob and Lloyd would have a few local competition since they focus on a number of foods.
Bob and Lloyd's aims are focused on customer satisfaction, by guaranteeing customers' get good ideals for his or her monies spent on products and, through the high degrees of customer support and provision of after sales service shoot a larger portion of market share in the short run. Over time though, they wish to mature, innovate and multiply the business enterprise and compete at a global level.
This tool can be used as a major principle in modern marketing; it consists of Product, Place, Price, Campaign, People, Process and Physical information. Bob and Lloyd would provide a variety of high quality, mouthwatering food made by the best possible chefs in the region, focusing on customers' needs and wants. Place of the business enterprise is usually intended as a location of convenience to both Bob and Lloyd and consumers. The San Juan area is a very developed and fast growing region in all respects. There are no major programs of syndication existing here but one, the customer directly switches into restaurant and purchase. Pricing of products is really as per heading rate of price therefore of the kind of market, a market for fast food products. Though prices are set at this specific rate, Bob and Lloyd are still making profits on each unit for other costs; it is the only marketing tool which produces revenues. Campaign of products is major role in marketing, since it allows communication of and educating the public of the merchandise provided. Bob and Lloyd's method of doing so was through direct marketing of handing out flyers, the traditional "mic-man" transferring around the region, advertising on the internet through the Express Newspaper labeled as well as public networking through Facebook and twitter. In cases like this public networking is most effective as responses is readily available, which is an important tool in building the business, which is free. Delicious Goodness is set to be launched on 31st March, 2011 at the restaurant's mixture; a brief, formal opening service is planned with expected presented visitor, MP for the region, Dr. Fuad Khan, and an appearance by home-grown superstars H2O phlo to aid in gaining primary social status. Dr. Khan and the guys of H2O are friends of Bob and Lloyd.
People will be the backbone of your company. With integrated networking applied at Mouth watering Goodness, it allows contribution in decision making, assistance in handling issues and overall building good team working. Thus, Bob and Lloyd would benefit in having determined and reliable employees' resulting in satisfied customers through high specifications of services provided and great tasting food. Additionally, the processes in which customers are serviced would be proficient and professional, yet customer friendly focused. The physical information will be the employees and the work put in place of fabricating a soothing, welcoming and blissful ambience of the restaurant.
This is vital in this type of market since it distinguishes the characteristics, appearances and likes of the same products provided, by different suppliers, hence allowing consumers to easily identify their selection of product. A suggested brand brand for Bob and Lloyd's product comes in appendix 4. As an upcoming business in a market with many rivals; it is recommended that Bob and Lloyd brand their products, especially since consumers would want to remember the brand by first time tasting. It would also make the process of word-of-mouth of the merchandise simpler, hence easily gaining greater market talk about and good reputation.
In conclusion, it is recommended that Bob and Lloyd review the market every once in awhile with regards to the constant changes occurring throughout the market. This would permit the business to flourish in the possible development and masterpieces of food products, due to first-hand understanding of the many changes taking place; or additionally, it may permit the company to brace itself if there should be a setback in market.
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