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One of the fundamental procedures involved in any successful business operation is creating and implementing a marketing plan.

Extracts from this document...

Introduction

INTRODUCTION One of the fundamental procedures involved in any successful business operation is creating and implementing a marketing plan. A market is a particular group of buyers-or in the case of libraries, users or clients-who needs services. A marketing plan consists of several components, each of which is described below. Before writing a marketing plan, it is necessary to define your target market and to understand its needs. This involves conducting market research such as, user surveys, focus group interviews, and information interviews to provide insight on what the customers really expect. India and Srilanka have a diverse cultural heritage. Sub continental people living in Australia do not have adequate facilities to experience their culture and let their children learn more about it. This is a growing concern to these people. The cultural school proposed in this business plan can provide services to fulfill this need. The marketing edge in this business plan is that many activities are provided under the same roof. Customers will have the luxury of choosing from a collection of cultural activities. They get to introduce their children into an environment which will provide them with a cultural experience. There is no organisation in Australia which offers such facilities to these people. The competition to the business plan will be from small organisations or individuals who specialize in a particular field and have built a reputation. But these competitors can not provide the ultimate cultural experience this business plan proposes. A good comparison for the concept will be the food courts through out the country. Even though they serve the same product (food), they can serve specialized products to cater individual taste and choice under the same roof. This allows the customer to choose or combine his or her requirements with out having to worry about searching or traveling to various places. As a result it saves time and creates opportunity to choose. ...read more.

Middle

The flyers and the handouts will be given at schools, temples, cultural activities and get together. The local papers such as paramatta times and home bush times would be a good way to reach the target audience in those suburbs. Place - convenience Selecting the right location to start the business is very important. It should be a place which is very convenient for our target audience. This business plan has selected strathfield as the location to start the business. Research shows the concentrated population of Indians and srilankans in an around strathfield. Strathfield is a suburb which has the right infrastructure and public transport. PRODUCT LIFE CYCLE Kotler defines product life cycle of a product as 'the course of a products sale and profits during its life time.'(Kotler et al, 1998. p. 400). No product can sell for ever in the market. Every product or service has its life span. It is very difficult to predict the life span but we can come to an acceptance of the concept. There are five major stages a product goes through. They are product development, introduction, growth, maturity and decline. Assignment one clearly discusses the product life cycle of indo srilankan cultural school. PRODUCT LIFE CYCLE The above diagram explains the product life cycle. During the losses development stage it is important to have the cash flow to continue the business. This is discussed in the financial plan which is to follow. During the growth and maturity stage the profit and loses are calculated and a projection can be made. New technology and lack of free time can cause a decline in the services. This can be handled through innovation and contingency planning. No new data has been gathered to contradict the data in assignment one. A financial plan will support this product life cycle in the later part of this report. STRATEGY FORMULATION Goals indicate where a company wants to go in the future. ...read more.

Conclusion

Hiring professionals: Teachers are paid on hourly basis and pay is depending on the number of students per class are admitted. For example: $ 100 an hr for a vocal class as the students for vocal are expected in large number Instruments: $ 75 / hr Expected student for each class Number of students per class Number of classes per day or week or month This can be forecasted for the first quarter of the business. According to the surveys, no. of admissions and response from the customers, forecasting for the following period would make the job easy Revenue calculation - breakeven point and further growth in the business horizon with additional projects (audio album release, concerts or stage shows, tour, etc) . CONCLUSION Indo Srilankan cultural school is about giving a cultural experience to its customers. It proposes to delight and enrich its customer's satifaction. There are a few schools in Australia which offer a few of the activities that this cultural school offers. But they offer only one of these activities and not a combination of activities. This business plan gives the advantages of offering various activities under the same roof. By doing so we can allow the customers to choose form a variety of activities. Children learning a particular activity will be exposed to other cultural activities which will create a better knowledge of Indian and Srilankan culture. It also provides a family experience in an Indian and Srilankan cultural environment. Active participation by the customers in an activity can create a better understanding of the culture. It also provides entertainments which can be enjoyed by the whole family. Matured customers can devote much time in philosophical and religious classes and workshops. This will relax their mind and body and elevate them to more spiritual heights. This business plan will be a success as it has many features and it is one of its kinds. Research has clearly shown that the target markets wants and needs. This business plan promises to deliver services to this market segment. 1 Tharumakulasingam Uthayashankar S0022966 ...read more.

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