Questionnaire Results – Marketing Strategy
Giving a good quality service will give my business a good image. It is important to have a good image. To achieve this aim it may be a good idea to train my staff effectively. The main difference between my primary and my secondary aims are that primary aims will be the main focus of my business; they are what I want to achieve most; e. g. to achieve profit. The secondary aims and those which will help my business achieve the primary aims, in a similar way that objectives help to achieve aims. For example the secondary aim to ‘maximise sales’ will help achieve the primary aim to achieve profit.
I have also set secondary aims which will give my business a good image e. g. Provide a good quality service. This will also help to achieve primary aims such as survival and growth. Including profit, aims and objectives are a key way of measuring the success of a business, if my business has reached its aims and objectives it will be seen as successful, which is why it is important to set realistic aims. It is necessary to carry out a new marketing campaign in order to meet these aims; to service, grow and achieve profit.
If I do no marketing, my business is likely to die, I have a successful enough internet side of my business but I need to market the cafi?? side more. This will give me a steady income and will give my business general stability, considering the market growth of internet use is phenomenal within the home, and less and less internet cafi?? s are used. In other words, if I increase the success of one side of my business it should allow some laxity in the success of the internet side, though it is also my aim to increase the popularity of the internet side. Marketing Aims Gaining Market Share
My businesses main marketing aim is to increase its market share. Market share is the percentage of the marketing which is ‘held’ by my business, on the internet side, within my area, I hold almost 100% of the market as I have no competition, therefore I have dominance over the market. Although I have no major competition on the internet side of my business, I aim to increase the popularity (thereby the market share) of the cafi?? side of it. This will enable me to receive higher revenue, not only from my internet customers but also from people who want a relaxing atmosphere to drink and eat.
From my market research I discovered that 68% of the current population of Honiton and the surrounding areas have internet access within their homes, and only 34% of the population said they may use my business from time to time. This is why it is important for me to increase the popularity of my cafi??. From my market research I have highlighted the need for a modern cafi?? within my town suitable for both men and women and all social classes and incomes. This will enable me to meet my generic aims (Survival, profit etc). On the product life cycle, internet cafis are at maturity and I anticipate they will soon begin to die.
This is because of the competition I have with home internet providers; they are minimizing their prices to encourage more people to use the internet. Due to this it is important to increase the popularity of my Cafi?? side of the business, therefore allowing me to survive, possibly grow and achieve more profit. These are my three main aims. Repositioning product mix It is my aim to revert my product life cycle by increasing the revenue received by the cafi?? side of my business.
This will mainly and most importantly allow me to survive which is an important generic aim. It will also make growth possible to pursue, as it isn’t possible with solely the internet side. Finally it will allow me to produce higher profit which will lead me to fulfil most other objectives which need cash injection. From my market research I found that my cafi?? would be popular within the younger generation and should therefore be forthcoming to that market, by having a modern interior, relaxing atmosphere and good quality healthy snacks.
Develop Product Mix
Another marketing objective I have to achieve is to develop a good product mix. There are four main types of products: Stars – If my business were a star it would have a high market share and good opportunities for growth. I may reach this point when my business is well established. At this point I will also have a lot of exciting opportunities for growth. Cash Cows – If my business were a Cash Cow I would have a high market share yet little opportunity for growth. I will also reach this point after becoming well established within the community.
However, my marketing will not be growing and my opportunities will be limited. Dogs – If my business were a Dog I would have low market share and low opportunities for growth. My marketing presence would be weak and it would take a lot of hard work to get noticed. I will not enjoy the economies of scale and I will find it difficult to achieve profit. Problem Children – If my business were a Problem Child, I would have a low market share and high opportunities for growth. At this point I would not be generating much revenue because I have a low market share, but there are high market growths so there is potential there.