Product Launch
Product Launch
Introduction:
The basic tools of marketing assist in the success of any company. The use of marketing audits and SWOT analysis allows the company to segment and target consumers on the grounds of age, gender, religion, taste etc. Marketing research enables a company to gather, record and analyse information about these consumers. Ultimately a company must understand the needs and wants of their target audience to ensure customer satisfaction and expectation is met or exceeded. Through the use of marketing objectives and tactics employed through the generation of a solid marketing mix customer satisfaction should be achieved.
Company Objectives:
To cover start up costs sales of $540,000 in the first operating year need to be achieved. This involves having a minimum of 25 customers per hour spending a minimum of $5 dollars per visit. The outlet will open from 10:30am to 10:30pm. The product, price, promotion and place will all reflect this objective. The frequency of customer visits will be high, particular attention being paid to customer loyalty. This will be achieved through impeccable customer service, product/brand identity, and a suitable promotional mix - offering frequent visit discounts and sales promotions.
Market research and PEST analysis will be conducted and information gathered. Being a “first of a kind” outlet will influence the company into researching the local Singaporeans reaction and ability to relate to the Turkish perception. Product and brand names would have to be modern and suggest a modern image. The main products will be traditional Turkish Cakes and pastries; however, there would be a number of additional products sold to cater for different ages and tastes.
Marketing Audit
During the initial phases it is critical to conduct a market audit. We have to consider consumers competitors, suppliers and distributors. The best way to analyse a market is through marketing research.
The systematic gathering, recording and analyzing of data about a market problem is the best way to get in touch with the needs and wants of the consumer.
The marketing research conducted by our company will be simplistic and low cost and would be used as an effective target audience tool. The main objectives would be to establish; who is my customer? What are my customers purchasing habits? What does the customer think of my products? Who are my competitors and is my product priced correctly? The use of primary and secondary data will be...