Identify and evaluate marketing opportunities_2

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Royal Melbourne Institute of Technology *

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BSBMKG541

Subject

Marketing

Date

Feb 20, 2024

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docx

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3

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Section 1: Explore and evaluate marketing opportunities The Business Provide an overview of the business including: products and/or services offered its strategic objectives and goals its organisation structure. Dark Roast Java is a coffeehouse that located in downtown Pleasantville that offer residents a new style of coffeehouse with unique flavour coffee drink with a relax and comfortable environment. Product offer : coffee drink which include cappuccino, mocha, latte, vanilla ice blended drink and others Strategic Objective : - Increase customer base by 15% - Increase company total sales by 10% - Increase customer loyalty and brand awareness by 10% Organisational Structure : - Owner - Accountant - Executive Chef - Restaurant Manager - Chef - Barista - Waitress - Dishwashers - Assistant chef Market needs Provide an analysis of the market relevant to the business, for example: Market trends Growth rate. Market Trends : Most coffeehouse do not focus on marketing plan and advertising and they are more rely entirely on word-of-mouth marketing. Besides, there are wasteful consumption excessive at market base on the research. Growth Rate : The coffeehouse revenue is expected to increase with revenues of $750,000 in the first year and increase $1,000,000 in year three. New markets Based on your review above, identify new markets for the business. Identify at least three. New product – Dark Roast Java will increase more new drink and food products which to provide more options for customers High-Profile location – Dark Roast Java will located in the prime section of Pleasantville in the heart of shopping and entertainment area which will help in increase on customer base Expansion – Dark Roast Java will expand more concepts of all
types are being developed. Marketing opportunities Based on your review above, identify marketing opportunities for the business. Identify at least three. - Market expansion - Reduce costs - Credibility - Information exchange - Effective advertising with technology improve Innovative approaches Identify and describe two innovative approaches that you have used to explore and develop marketing opportunities. Explain how the techniques you used assisted in the development of marketing opportunities. Customer Segmentation : To better understand customer demand, it is important to better create consumer segments to share common characteristics first. The variables may include age, gender, income, education, lifestyle, attitude or others. Examine Direct Competition : It is important to look at supply and understand on existing company in market where we are competing while analyse on opportunities. Organisational fit Describe how each of the marketing opportunities you have identified fit with the organisational goals and capabilities. Increase customer base by 15% - Undertake effective marketing strategies - Enhance technologies - Make use on social media to connect with customer Increase company total sales by 10% - Adapt new technologies - Upgrade social media pages and websites - Enhance promotion of company Viability Provide an analysis of the financial viability of each of the marketing opportunities yoy have identified. For the website management and design, it will cause in expenses in monthly basis which will required to provide an evaluate of platform that will be used. There is enhancement for new technologies and there will required costs expenses here.
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