5. Strategy and Implementation
5.2. Marketing Strategy
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5.2. Marketing Strategy
One core element of our strategy will be that of differentiation from our competitors. In terms of marketing we intend to ensure that our name and services are marketed on an extensive basis so that customers are aware of our existence. In price, we intend to offer reasonable and competitive prices in comparison to competition and we need to be able to sustain that. Our service marketing will strive to ensure that we establish long relationships with clients.
5.2.1. Marketing Expenses
Initial marketing and training expenses will be relatively high as we seek to become known on the market and staff get trained in the professional provision of our services. This will be brought about by the development of sales literature and advertising expenses. As our market share increases and capital is generated, further marketing programs and the expansion of those in existence at the time will be undertaken, to ensure market development. However with time these programs will start generating revenue for the business, which we shall in turn reinvest.
5.2.2. Pricing Strategy
We will be competitively priced in relation to the dictates of the market. Due to the introductory nature of our services we intend to implement a penetration pricing strategy which will ensure that potential customers are not frightened away by our prices, up until our services are appreciated and fully operational. However this will dictate that our costs are prudently kept so as to ensure our financial goals come to fruition.
We intend our income structure to match our cost structure, so as to ensure that the salaries we pay to our employees to assure good service are balanced by the cost we charge to the customer.
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5.2.3. Promotion Strategy
This strategy will be based primarily on informing potential customers of the existence of our services and making the right information available to our target customer. The intention will be to highlight the benefit of utilizing our services, which will include:
Access to the knowledge and experiences shared by the community
Enjoy the companion of people with same interests in sport.
In such a market we cannot afford to appear in or produce second-rate material with poor labels that make our services look less than they are. Hence we intend to leverage our presence using quality brochures and other sales literature, including promotional material such as pens, complimentary slips and pads. We intend to spread the word about our business through the following:
1. Advertising:
This shall be undertaken through trade and industry publications, which are read by tourists, as well as the local newspapers. A constant look out will be made of any special editions in the local newspapers, which may provide an opportunity for us to advertise our services and business name.
Fu’s B&B will also be advertised through professionally done brochures, and other such sales literature, which allow enough detail to be communicated about the services offered by the company. This literature will be mainly targeted at potential clients and placed or made available at strategic points, such as travel agencies. With time we also intend to utilize billboards to advertise ourselves, likewise located at strategic points. Hence we intend to design
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airports and other such areas where tourists typically pass by. However in doing so we always intend to obtain the consent of the respective authority.
2. Personal Selling:
Undoubtedly customer solicitation face-to-face will be a powerful form of promotion mainly due to the fact that its flexibility will enable us to match the customer's needs to specific attributes of our services as well as giving concise details of what we have to offer. Another important determinant in utilizing personal selling is the fact that we are relatively new on the market. As such, potential customers/clients will, to a certain degree, be skeptical towards the intended services and how they are able to benefit from them.
In cases where the opportunity of obtaining a large order exists it may be necessary for the top management to go out personally, especially considering the fact that we are still a relatively new firm on the market. However this shall be the situation in the majority of cases due to our relative infancy.
3. Trade shows:
These are increasingly becoming important as more firms establish in the country and hence the need to be known. The organization aims to promote itself through attending trade shows and expositions. Not only will these increase awareness of our services and business name, but also enable us to interact with potential clients who may decide to utilize our services.
4. Internet Marketing:
The increasing growth of the Internet as an information source provides an opportunity for ourselves that we may exploit. This is particularly so in view of the increasing dissemination of information over the World Wide Web, as individuals and groups look at obtaining the best deal
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possible. More often than not these individuals and groups seek out information over the Internet due to its relatively low cost and ease of use helping to minimize time wasting.
However this will require adequate planning so as to ensure that all information on the website is accurate and up-to-date, ensuring we market a professional image.
In all the above we intend to communicate our ability to deliver a good service that will satisfy the customers’ needs. Hence our messages will influence the engagement decision of prospective customers by emphasizing our customer focus and, persuade prospective clients that we are different from our competitors. All the above promotional tools shall be well integrated and utilized in tandem so as to maximize their effect.