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Questionnaire Results - Marketing Strategy

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Introduction

Business Aims The aims of my business will be the principles by which it is run. The aims of my business are what I want to achieve in the long run, they are defined and general statements of intent. A successful business normally has a clear vision of what they hope to achieve and how to plan for the future. Therefore everything I do must be designed to achieve my aims. My main primary aims are: * Achieve profit Achieving profit is my business main aim. Like most businesses, excluding non-profit organisations, profit is what holds the business together and ultimately keeps it afloat. It is easy for me to say my business is going to achieve profit, but how do I actualise my aim? It is important, in order for me to achieve profit, for my business to be successful. * Survival Surviving as a business depends almost entirely on the level of profit achieved. In order for my business to survive, the amount of revenue received must be greater than the costs I have to pay. * Growth Growth is linked with the success of my business. If my business is successful I will have more disposable capital to invest in more computers, other premises in different towns, etc. My secondary aims are there to help my business to achieve its primary aims. ...read more.

Middle

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. With reflection on the knowledge I have gained about the products/services I am offering, my internet side of the business is a Star (High market share but no room for growth) and my caf� side of the business is a problem child (Low market share but potential to grow), which my market research proves. I aim to convert my caf� from a problem child into a cash cow, which will be possible according to the market research I carried out. It highlighted the fact that 65% of people would use my caf� if it met their needs better than that of other businesses. ...read more.

Conclusion

They will go there a) because it is convenient, but b) because they can trust in their food, which gives them an extremely big competitive edge over other businesses in their market. Because of their word-of-mouth advertising and the sheer popularity for their business, Shauls use defensive promotional activities to maintain their market share, and keep their customer loyalty. They do this by offering quality food at competitive prices in particular. They also have signs outside the shop encouraging customers into the business. They rely heavily on customer coming into the bakery, enjoying their experience and immediately become loyal customers. Shauls benefit from all products being produced within the store, which therefore allowing them to ensure good quality food. Also they do not diversify. They are both in the secondary and tertiary sexton meaning their make and distribute their goods within the same area of the business. One of Shauls problems within the public eye is that their prices are high. This may be due to the increased quality of the food provided, which loyal customers appreciate, for new customers it may be a problem. The business has saturated their market, over the long period of time they have been trading their have reach maturity and therefore, as I have highlighted previously, they use defensive marketing campaigns which will maintain their market. Because of this Shauls have produced a cash cow, a business which has little opportunity to grow, and yet creates a high level of revenue. BT Home Broadband Devon Library ...read more.

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