Marketing director of a small advertising agency
For this project I am taking on the role of the marketing director of a small advertising agency. I have been asked to a) Carry out market research and b) design a marketing campaign to help promote a new shop that is opening in Victoria. During this project it is very important that market research is carried out in order not lose money on products that won’t sell well and find the consumers wants. Using market research will benefit my business as using it can be a quick but not guaranteed way to success and will also do the following:
(1) Show what the competitions like and how you compare (2) Will they buy the product (3) What kind of customer will buy the product (4) What type of promotion will be most effective (5) What is the best price that would suit an average customer The area of which the shop will be is near a few tourist attractions and will be very busy. The busiest times would be on a Friday and Saturday night at around 7 o’clock as those are days, which adults tend to go out. Being in Victoria there will be many rival competitors around. Examples of these rival food restaurants that pose competition are McDonalds, Pizza Hut, KFC and Burger King.
Being the new business that it is the 4 p’s has an impact on the business. This is used when deciding a price for an existing or new product. A competitive business must be very careful to choose a price, which will maximise sales and profit. The 4p’s are 1) Price – of the product 2) Place – who sells the product example: the type of shop 3) Product – quality and design 4) Promotion – types of media used to advertise The right promotion for a business is evidential and can lead to the make or break point within that business and that is why I have decided to put an advertisement in the local newspaper, as it promotes the business to a target audience. As a marketing director I feel that this marketing campaign that I will be using will be ideal and cheap, as a new business needs publicity to get started.
Like any other Business that wants to be a success the business will have objectives. These being the following: To achieve survival – When a new business is set up the most important thing is to survive. This will enable the company to fight off competitors To provide a service to a satisfying degree – this point is not to make money but to provide an essential service to the public To make a profit – Depending on whom the business is run by profit is a main issue. But there is a danger to this as if you raise your products costs to make profit customers can stop buying.
The new business I have been asked to prepare a marketing campaign for is a small African food restaurant situated in Victoria at the top of Victoria Street next door to NatWest. The food restaurant will have highly qualified staffs that have been bought in from private agencies and Recruitment Agencies. Being a new restaurant the place will be fitted with air conditioning and a state of the art drinking Bar. Ideally the restaurant is for adults who have an eye for traditional African dishes but to an extent will compromise with customers who eat vegetarian and more English meals.
Finance is a major issue when starting up a business. Finance is money, which enables you to purchase goods and services. Without finance in a business there would be no business. The finance pays for wages and contributes to the buying of material assets. The Business has decided to become a sole trader organisation. This form of business is the most common and is operated by one person only. One of the reasons the sole trader organisation is so common is because there are very few legal requirements.