Reference no: EM133013791

Marketing Management

Business Idea / Description:
New service providing business is going to be established. Scope of this business is to cater all the needs of corporate sector in order to provide best solutions to their identified needs and gaps. Variants of the offered services may include:

• Training & Development
• HR Consultancy
• Corporate Events.

Activity # 1: Key Customer Market /Identification of Target Market: Example:(SMEs)

• Identify the exact customer market which will be related to this business.
Customer market:
The customer market of this business is food restaurant which we are opening in this business.
• Identify the reasons why target market requires the offered services.
If your dream is to start a restaurant, take this advice to heart. Understanding your target customer will influence every decision you make, from the colors in your logo, to the type of cuisine, to the music you play.

It's much less costly to start out knowing your target customer and developing your brand message from the beginning. Being unclear about a specific target customer means your marketing and your whole restaurant concept will be unfocused and have no clear value proposition for your customers.

For established restaurants it can seem costly to reform your brand. But it's never too late to reset and improve your marketing. It could mean the difference between long term success and constant struggle. Developing your core clientele and understanding what motivates them is key to cultivating the restaurant success you desire.

Activity # 2: Client Needs Analysis:

• Determine the client actual need in terms of the offered service.
Actual need:
In the restaurant industry, good customer service means being friendly, available, attentive and quick to take care of customers' needs.
Being prompt doesn't mean rushing or hovering, but it does mean taking care of customers' needs in an appropriate time frame. Having to wait 10 or even five minutes for drink refills, butter, sauce or the check can quickly make a good dining experience turn sour. Customers can feel awkward when wondering if they should remind their servers about the request. They may even eat food without the proper condiments or a beverage - something no restaurant owner wants, because it can lead to poor reviews.

Restaurant owners can encourage their employees to offer prompt service by asking them to keep lists of customer needs or to care for one customer before moving on to the next.

Activity # 3: Client Demand States:

• Identify consumer's demand from this business.
Health
As consumers and businesses focus more and more on health, reducing obesity and eliminating toxins from the environment, restaurants feel the pressures to provide healthier meal options to their customers. Consumers look for safer, healthier and more nutritious offerings at local restaurants, supported by the health-care industry, the media and many companies aiming at maintaining a healthy workforce. The demand for healthier alternatives impacts the supply available for local consumption.

Supply
Restaurants that buy local produce and other food often align their practices with other local businesses as the trend to buy local continues in the 21st century. When small-business associations form buy-local campaigns, restaurant owners feel the pressure to gain local business support. Suppliers of local food and restaurant supplies must keep up with the demand as it grows. When local suppliers cannot fulfill their needs, restaurants must look elsewhere for supplies. Food suppliers impact the pricing, menu development and local perception of restaurants and their success
Spending
As businesses of every size look for ways to reduce spending, the business lunch, convention attendance and client entertainment often receive the ax or are greatly reduced. Business accounts form a significant amount of total restaurant spending, especially in areas that host conventions and cater to a business clientele. At the same time, rising income resulting from business expansion is one the most important factors in determining the supply and demand in the restaurant industry. According to the U. S. Department of Agriculture, rising income is the No. 1 factor that drives restaurant spending. Wealthier consumers also demand more amenities that drive the supply offered by full-service restaurants.

Financing
Other business trends that impact the supply and demand for opening new restaurants and expanding current operations are those driving the banking and financing sector. When banks tighten credit limits, expansion is curtailed, and restaurant owners and networks cannot meet the demand for new restaurants. Mergers and acquisitions of chains and single-owner properties decrease when the financial institutions tighten credit availability.
• What steps/corrective measures will you take according to the identified consumer demand.

The control of the raw material and products for inspection, with special attention to satisfy the governmental health rules, is a characteristic of the inspection stage. Likewise, the product control only by laboratory analysis is a feature of this stage. Moreover, quality control practices in process, application of statistical methods for quality control and the adoption of Good Manufacture Practices (GMP) and Hazard Analysis and Critical Control Points (HACCP) denote that the company has a slightly broader approach that inspection, i.e., a more preventive approach control in the production process. But when practice inspection and process control are well established in the company and efforts are directed towards continuous improvement, it can be inferred that the company is evolved into a system of quality assurance. Practices consistent with this era are shown by performing quality audits in different sectors of the company, adoption of quality systems across the supply chain and also implementation of programs for the development of quality suppliers of products and services. Companies that take a strategic quality management are those that use market research and specific indicators to measure customer satisfaction, such as consumer complaints, returns by wholesalers for the time of the product in the inventory and sales below target. Further, evaluate their products compared to competitors' products and apply techniques of sensory analysis to compare products and find sensory qualities required by the market. Concerned to improve their production processes, automate production lines and constantly launch new products into the market.

Activity # 4: Marketing Tools & Concept / Market Channels:

• Identify the type(s) of market channel through which services can be delivered to the clients.

Direct Sales Method
Some of the best examples of distribution channels in marketing are direct sales, which enable you to contact customers and prospects, without using an intermediary. Direct sales involve personal visits, mail order and online solicitation such as newsletters and email subscription. It gives you complete control over how you present your offers and the prices you can offer to your customers. Direct interaction means direct feedback, which lets you adjust your marketing strategy accordingly.

Virtual Service Distribution
One of the newest examples of distribution channels in marketing is offering virtual service. For example, a sales consultant could offer his services through a combination of phone, email, or video conferences that would make use of software available on cloud platforms. Remote service delivery is also available to artists and writers who create content on a freelance basis. For example, if you're a website content writer, you can create content for clients and deliver them on platforms such as Basecamp, which enable you to post content and maintain milestones without ever having to speak to your clients. By exclusively distributing your services online, you can save the costs of owning an office that requires a monthly rental payment for space.

Agents or Referrals
Using an agent or a referral is one of the best examples that channels of distribution are different for different products. Let's say that you make a living as a marketing guru who attends conferences and training sessions. However, you may not enjoy the marketing effort it takes to gain profitable clients. You can take advantage of professional agents whose job is to find work that matches your talents. These agents would take a commission off the work you book, and can even keep your name relevant within the industry through marketing. You can also take advantage of referrals through industry professionals. For example, if you're a wedding planner, you could establish a referral program with a wedding photographer or a wedding gown boutique in which you offer cross-promotions that benefit both your service businesses.

Distribution Through Publication
Many service customers have become used to the proliferation of publications that provides them with exactly what they need. In an on-demand world, for example, you can deliver your service through a blog that amplifies and explains various services that you offer, a website that not only sells your service but also offers written and visual content that answers questions and concerns related to your service, or an e-book that customers can order directly online. Keeping in mind that channels of distribution are different for different products, you may choose to monetize your publications or offer them as an incentive for your customers to buy a service. For example, if you own a customer-relationship management software company, you may choose to offer a specialized white paper about customer service marketing that prospects can download off your website. Once they download that white paper, you could offer a discount for them to purchase your software, or offer a free 7-day trial.

Attachment:- Marketing Management.rar