INTRODUCTION
The businesses can generate revenue from selling new service to existing customers or new customers. The business has to be diversified to be able to sell it to new customers. New products or service can turn out to be greatly profitable for the business if they are uniquely designed and they can have first mover advantage. Also, the product or service should be less prone to imitation otherwise there can be competitors in the marketplace. However, the businesses can protect their uniqueness of the product or service by copyright or patent laws. There should be perfect marketing plan beforehand and the situation analysis should be done prior to launch of the product or service. Without proper planning and forecasting the product or service could lead nowhere but to the failure. This paper aims at developing a service and environmental and feasibility analysis of the need of the same.
Service Idea
New service idea is based on survey. The business would visit the companies to find out the number of electronic items in their offices and analyse whether those are sufficient or not and what are the scope of other electronic items. This information could turn out to be very useful for electronic company as they can approach those companies and get their products sold. The business would get commission from electronics companies on every product being sold to those companies. Or the business can take a fixed amount for sharing the useful data to the electronics companies. This does not call for big capital investment. The business can be started with a small office having few sales people, survey people and analysts. The survey people will fix up the appointments with the corporate houses that they want to perform a survey. After getting the survey done, the survey people will hand over those data to the analysts who would perform an analysis of the needs of electronic items. On the basis of the data, the sales team would contact electronic companies to discuss the business prospects and close the deals.
Unmet Customer Needs
There are numerous survey companies but there is no such company that is engaged in such kind of survey. In this cut throat competition, the electronics companies are vying to get their products sold. They conduct different kinds of marketing and sales activities but they really need some new ideas to get their products sold. The electronics companies have no data available on the very need of electronic items in the corporate houses. Corporate houses are places where these companies can sell their products in great volumes and with the expansion of these corporate, the demand of the products will always be there continuously. The electronic companies strive hard to into the corporate and make relations with them. Such kinds of service would really help a great deal in reaching the corporate easily and get their products sold.
Target Market
The target market for this service would be all the electronics companies, electronic retailers and distributors. The local sales team of the electronic companies should be contacted and business prospects should be discusses with them to finally reach at an agreement. There are a number of global electronic players in Australian market as well as local manufacturers. The business would target them all and close its deal with those who offer good price for the service. The agreement can take any shape i.e. either on the basis of the items sold or one time agreement of the price. The company should analyse which one is more paying and then it should go for the same. However, this process should be exercised initially, once the business would get going the company would be able to differentiate which one is the more paying and it can freeze the same. Sometimes, local manufacturers can pay more than big giants so that they can get their products sold and expand their business. It is advised that the business go for dealing with many electronic companies rather relying on one or two. This would foster good ties between them which would be beneficial in the long-run. Relying heavily on only one or two could turn out to be disastrous if they choose not to take service anymore.
Existing Alternatives and Substitutes
The players in the electronic industry face many challenges due to cut throat competition in the marketplace. They need to be innovative in their every function so that they can mitigate those challenges. The companies need to make strong sales so that they can optimise their profitability. The commercial spots can be the biggest prospect as they can get their products sold in bulk and they can even have continuous sales from business houses (Clarke, R. & Collie, D., 2003). However, it is as easy as it may seem to reach them. The companies can take the help of TVs, outdoor media, print advertisements or directly call them to reach these businesses but none of them will give any accurate demand of the products. Also, there are other competitors as well who are trying to reach them by these activities. They really need some easy and innovative ways to reach them. This new service may have different substitutes but this can turn out to the most accurate and easy to cater to the demands of the products.
MARKETING PLAN
Awell formulated marketing plan will lead this service to the success. The service has all the essential elements to become successful and the only thing that requires is the proper marketing and placement of the service.
Product:Theservice is designed to be innovative which does not have similarity with any other service. However, it has alternative services that can solve the purpose but they have different modus operandi. The service is meant for electronic companies most of which are huge in size and have global presence. If the service gets recognition from these big giants there will be no obstacle on the way to become global. The service is quite prospective and can turn out to be very successful. On top of these, it does not require huge capital investment. So, even if the business fails, the company does not have to suffer huge losses (PricewaterhouseCoopers, 2008).
Price:The business should charge premium price as it will be dealing with mostly the global giants. The service yields direct results and this is linked to the profit of the company which is visible on the surface. Also, the service is unique in itself and it will help companies to combat competition. The electronic industry is going through severe completion and the players do their every bit to capitalise on the profit which is not an easy task. The companies spend heavily to get the sales done and that too on the basis of the forecasting whereas they can be sure of getting sales through this service.
Place:The business can establish itself in a city of its choice and then can expand itself to the whole of Australia. First of all, it has to cater to the electronic players operating in that area. Once the service will start yielding good results those players would like to have similar kinds of services in their other territories. After getting sufficient demand from people, the company can expand its operation to the whole of Australia step by step. However, it is not as easy as it may seem considering Australia is one of the largest countries in terms of area. It would take quite long to catch up the whole country.
Promotion:Ita great deal of effort and money when a business takes off. People are not aware of the company and its offerings. The company has to reach to the masses and make them aware of the service offerings. Here, the target audience of the business is the electronic companies thus the company does not necessarily need to spend heavily on reaching to the masses rather it should focus on the handful of the companies. The company can take the help of brochures, mailers, business magazines, newspapers etc. for its promotion activity. The promotion material should have strong messages that the targeted audience feels the urge of the same.
PEST ANALYSIS
Political:The Australian liberal democracy is combination of the British Westminster system, constitutional monarchy and American federal structure. The federal system divides power between federal government and the States. This has led to concern about financial relationship between federal government and the States. The political parties in Australia work as an organization having people of like-minded. The growth of any business depends upon the kind of ruling party and the financial policies in Australia. Generally, the political parties are quite supportive for businesses. The liberal policies introduced by these parties have fuelled the Australian economy and the growth is an ongoing process there. A healthy environment for business would help a great to this service to be successful (ABS, 2004).
Economic:Australia is developed country and it has GDP of over $1.6 trillion and it is growing at around 3% yearly. The total worth of the country is approx. $6.4 trillion. The GDP per person is in excess of $44,000. The industry employs over 10 million people out of which 1.1 million people are in business services. Australia has performed well continuously on economic front and there is always a great scope for businesses to grow here. The economy is dominated by the service sector which represents a whopping 68% of the GDP. The service sector has seen considerable growth over the years. The property and business service have dominated this sector. This is a good sign for the service we have selected. Australia is quite rich in natural resources and thus it is one of the major exporters of the natural resources throughout the world (Australian Government, 2004).
Social:Theinitial population of the country was of British origin. After World War II, the migrantsfrom Europe came in especially Italy, Greece, Germany, Yugoslavia, the Netherlands, Turkey, and Lebanon. The migration was driven by the Australian policy of increasing population and workforce in the country. Later on, the country liberalised its policy more and open its doors for the migrants from South East Asia. This is the reason why Australia has become a culturally diversified country. The country has a great blend of people from all over the world and a blend of their culture as well. However, the culture is dominated by Europe (Coase, R., 1960).
Technological:Australiahas performed quite well in information technology and communication over the years. Over 6 million households in Australia have access to internet connection. R&D expenditure has increased drastically to over $ 20 billion. The country boasts the latest technologies in every field. The federal government agency is responsible for granting patents and rights, designs and marks. With the ever changing technology world over, the country does not lag behind in those technologies. The country is one of the most technologically advanced countries in the world.
Conclusion
The service idea has a great business potential if everything is planned in a right way. The service is unique and it can create a big and visible difference in sales of electronic items. The electronic companies will be greatly benefitted from the service. There is no company in the country that offers such service and there is a need of the same for the customers that are the electronic companies. There are alternatives of sales in the marketplace but there is none that is as much accurate and certain as the service is. The company has to make marketing plans is a way that is perfect for the service. This does not require huge capital investment to start with and initially the service will be delivered in a particular state and once it gets popular it will be launched countrywide. The political, economic, social and technological conditions in the country are quite favourable for such a business service.
above solution is my previous assigment on the basis of the above solution i have to do new assignment . question are below
? Report Cover Sheet
? Table of Content
? Executive Summary
? Product/Opportunity Overview
? Situation Analysis:The organisation and current situation
o External Environment Analysis
o Competitor Analysis
o Porters Competitive Analysis
o Company Analysis (SWOT)
? Market Analysis & Segmentation
o Target Market Audience & Segments
o Market research on your Target Audience
? Marketing Strategy:
o Define your Marketing Mix and reasoning Product, Price, Promotion, Place
o Positioning
o Unique Selling Proposition
o Marketing Methods/Implementation
? Marketing Budget
o Forecasts & Estimates
? Conclusion
? References (List your research and make sure to use APA in-text citation in the body of your report)
1. Submit a viable, realistic and appropriate marketing plan for an entrepreneurial marketing concept (product/service).
- Need to develop a plan, outlining marketing strategies and presenting an action plan (with a realistic budget) that an actual company could implement.
- The report is not to exceed 2500 words in length. (12 point, Arial font, 1.5 line spacing)