MARKET AND MARKETING STRATEGIES

MARKETAND MARKETING STRATEGIES

(Institutionalaffiliation)

(Date)

Thecentralideaof marketingis to delivervalueto customers.Thevaluecreatedleadsthecustomerto demandandpayforthegoodsforservicesoffered.Therefore,itcan be observedthatthemainobjectiveof marketingis to createandmaximize customers’value.Marketingaffectsallstakeholders includingthefirm as a whole,customers,suppliers andotherthirdparties.Marketinginvolvesenduringrelationshipsamong sellers,buyers’suppliers andotherstakeholders. Therelationshipis dueto theexchangeinvolvedamong theparties.Fora relationshipto be effective,propercommunicationis required(Fill,2002).NAMEANDLOCATION Forthispaper,thebusinessideais thecreationof a restaurantin theheartof Los Angles city.Theventuresnamewill be “Easy luxury.”Easyluxurywill dealwith theprovisionof foodanddrinks.Officeandhomedelivery,and takeawayserviceswill be availed.STRENGTHSANDWEAKNESSES Asan entrepreneur,I havediscoveredthatmy mainstrengthsandweaknesseswill affecttheventure.However,thestrengthssupersedetheweaknesses.Therefore,I standa betterchancein thesuccessfulintroduction,maintenanceandgrowthof theventure.Beinga restaurant,marketinformation,which I pose,provesto be crucial(Lovelock,2009). Thefactis dueto thelegalrequirements,stiffcompetitionas wellas thetypeof servicesoffered.Ethicalmattersalsocomehandin handwith theventure.Themajorstrengthas discoveredis innovation.Innovationis importantsince marketdemandsandconsumertasteandpreferencekeepson changing.Beinginnovative enablesaventureto be successfulbecauseitis an easiertaskof developinga neworadvancedproductwheninnovationis present(Lovelock,2009). Waysof deliveryof theservicetoois affectedby innovation.Thecompetitors,dueto locationare stiff.Mostof thecompetitorsare largefirms that havea marketingnamesince theyhavebeenin placefora longerperiod.However,as my strengthshows,consumersare alwayslookingfornewqualitiesin a serviceorproduct.Therefore,thelevel of innovationputin placewill aidin creatingandmaintaininga competitiveedge(Lovelock,2009). Weaknesses,includingtheshortageof financesto makehugeventures,however,will affecttheventure.POTENTIALCUSTOMERS Easyluxuryis a brandnamethat will attractmanypotentialconsumers.Beingsituatedin theheartof Los Angeles city,themajorconsumersare thepeopleworkingin thecity,mostof whoworkin scheduledofficetime(Ziethmal&amp Bitner, 2003). Therefore,thetimethat isusedfortakingmealsis limitedaccordingto theschedule.To enableEasy luxuryto beattheoddsof stiffcompetition,servicessuchas officedeliverywill be in place.Thecityhas a largenumberof consumerstherefore,itis evidentthatthemarketis not fullyexploited.New peopleenterthecityeveryday,givingthesizeandtypeof consumersa changingpattern.Dueto majorundertakingsin thecity,majorityof theconsumersdemandsquickservices.

Therefore,Easy luxuryhas to employefficientstaff.Thekindof serviceprovidedduring thefirsttimecreatestheimpressiona customerleavesholding(Ziethmal&amp Bitner, 2003). Therefore,thestaffmembershaveto utilizeskillstomakesurethattheconsumeris fullysatisfiedandhas a fullvalueof themoneyusedfortheservice.Thepotentialcustomersare different.Thefactis dueto thetypeof peoplein thecity.Beinga commercialcity,peoplefrom differentraces,opinionsandotherdifferentiated normsinhabitthecity.Therefore,Easy luxuryhas to provideservicesthat meettheconsumerdemandswith regardsto diversitiesavailable.PRIMARYCOMPETITORS InLos Angeles, thenumberof restaurantswellestablishedis large(Hall,2008). Therefore,competitionis stiff.Mostof theestablishedrestaurantsemploystrategiesthat differfrom eachother.Astrategythat isnot fullyexploitedis advertising.Therefore,Easy luxurycan takethestrategyof effectiveadvertisingto marketits name.Thoughadvertisingcan proveto be expensive,itis efficientin theargumentthat,potentialconsumerswhohavenot heardof theplacewill be willingto trytheservicesintroduced.However,thestrategycan be criticizeddueto loyaltyof someconsumerswhoare not easilyswayedfrom their favoriteplaces(Hall,2008). An exampleof a competitoris Bashan. Apartfrom thealreadygainedreputation,Bashan is knownforeffectiveservicedelivery,friendlyprices,qualityandhighstandardmealsas wellas adherence with thelaw.Therefore,chargingpricesthat are lowsoas to stealcustomersfrom Bashan will raisetheissueof qualityof servicesandmealsprovided.To enablecompetitionwith sucha restaurant,offersandafter salesservicescan be strategized (Hall,2008). Maintaininga goodreputation,by ensuringavailability of whatconsumersdemandwill alsoputtheEasy luxuryin a pointof competitiveedge.The following table demonstrates the possible strategies and counterstrategies that can be employed.

FIRM’S NAME

Bashan

Easy luxury

Standardized prices

Maintain a market friendly price level

Possible strategies and how to handle the competition task

Quality products

Ensure the products and series provision is of high standards

After sales services

Promote customers such as discounts provisions

Reputation management

Employ competent staff to satisfy customers

Reliability aspect

Advertise to create awareness and employ reliable staff members

MARKETRESEARCH Marketresearchthrough enquiry from potentialconsumersis a strategythat enablesa firm to standout (Proctor, 2000). Thoughnot manyconsumerswill be willingto givefeedback, itis worthto tryallpossiblemeansto understandthemarketthrough directcontactof consumers.Themainquestionsincludewhattheconsumersare demandingin thecurrentperiod,howtheconsumerslike theserviceto be deliveredandalsohowtheycan be supportedby thefirm.Asampleof thepopulacein thecityis likelyto givecorrectinformationwhensamplesizecollecteddiverse(Proctor,2000). By diversity,itmeansthattheconsumersbe of differentbackgroundssuchas race,financialstatusandopinionsas wellas beliefsheld.MARKETENVIRONMENT Apartfrom competitionandeconomicfactors,otherfactorsthat are likelyto affecttheEasy luxuryare technological,socialandculturalas wellas legalfactors(Brooks&amp Weatherston, 2007). Technology keepson changing.Fora firm to be competitive,technological advancementshaveto goin linewith whatthemarketoffers.Customerstasteandpreferencesalwayschangewith changesin theenvironment.Socialandculturalfactorsdeterminewhetherthecustomersviewthefirmas a respecter of thesocietyandtheculturethereof. Wherethesocietal normsare not maintainedby thefirm,itis possiblethatthere will belimitedornocustomersat all.Therefore,before establishinga venture,itis importantto be informedof thesocietyin placeandtheculturein themarket(Brooks&amp Weatherston, 2007). Legalfactorsincludelicensing andpaymentof taxes.Taxes,ifnot paidin timeattractsfinesandpenaltiesthat may goto theextentof leadingthefirmto bankruptcy.

References

Brooks,I &amp Weatherston, J. (2007) TheBusiness Environment. Challenges and Changes.Prentice Hall

Fill,C (2002) MarketingCommunications, Contexts, strategies and applications.Prentice Hall

Hall,W.K. (2008) &quotSurvival Strategies in a Hostile Environment&quot.HarvardBusiness Review. Sept-Oct 2008, pp 75-85.

Lovelock(2009) ServicesMarketing, people, technology, strategy.Prentice Hall.

Proctor,T. (2000) Essentialsof Marketing research:FinancialTimes.Prentice Hall

Ziethmal,&amp Bitner, (2003) ServicesMarketing: integrating customer focus across the firm,McGraw Hill, chapters 1,3 and 6