Marketing Strategies Assignment

Marketing Strategies Assignment Words: 3344

They carry out their Market Research through a PR Agency as they find it difficult to find time for this. The fact they have a PR Agency and a Marketing Manager shows strength in the running of the business. Doorman’s Innovative aspect is their day time Restaurant/Bar and their night time BAR/Club/Entertainment venue. Weaknesses: There is limited space on the dance floor on Friday and Saturday nights. ; There is a lack of space for future further development. ; The proximity of the front exit to he main street with possible accidents and also with the public consuming alcohol.

The ‘credit crunch’ would push the public away from going out but at the same time some people may want to ‘get away from it all’ by going to Doorman’s to socialite. Opportunities: Doorman’s has considered coaches from different towns to bring people from all over to come to Doorman’s. This allows them to attract customers from Lettermen, Monogram and Deere and the bars in Belfast. ; Doorman’s has also thought about putting a path way between Doorman’s and Au Natural for a possible pick up area. ;

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Another opportunity for Doorman’s is to provide the taxi service to their customers so they can leave their cars at home and get safely back without any hassle. ;Doorman’s can also provide a testing service to regular customers to keep them up to date with latest development in Doorman’s Threats By Doorman’s not providing a testing service, this can effect there publicity with consumers. ; Also because of the credit crunch people have no money to go out and have a drink or sit in and have a meal.

This is an economical effect ; Market demand is also affected by the location because there are so many pubs and restaurants to moment with. ; The threat from competitor’s such as, The Terrace hotel and Downer’s and also pubs and clubs within Cockatoos. ; The impact of healthy living would emphasis on eating and drinking healthy and consuming less alcohol and exercising more which is a threat to Doorman’s PEST analysis stands for “Political, Economic, Social, and Technological analysis. This describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Political factors include government regulations and legal issues and define the formal and informal rules under which he firm operates. These are areas such as: tax policy, employment laws, environmental regulations, trade restrictions and tariffs and political stability. Economic factors are economic growth, interest rates, exchange rates and inflation rate.

Economic factors can affect the purchasing power of potential customers and also the organizations cost of capital. Social factors often look at the cultural aspects and include the demographic aspects of the external macro-environment. These are some social factors: health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Technological factors include ecological and environmental aspects and also can determine that the barriers will lower the entry, minimum efficient production level and also influence outsourcing decisions that need made.

Technological factors look at elements such as automation, R&D activity, technology incentives and the rate of technological change. Political Analysis The I-J government is driving towards greater safety within a vehicle by showing adverts of drink/ driving and what the affects of drink driving have on your life. The continued reduction in the number of drunk-driving fatalities is strong proof that hey are all working together to make a difference.

One of the main political factors which is viewed by the government is the Environment protection and regulations, as they want to encourage more companies to become aware of the distribution of waste and want to keep an eye on them offering fines, business closure and court cases. Another political factor would be tax where the government closely look and analysis every business regardless what kind of sector they are in. Business’s such as Doorman’s will have to pay a certain amount of tax to the government to sell goods or services on.

Economic Analysis The main issue now is that we are now in a Recession which means less dispensable income meaning there will be less money coming into business’s such as Doorman’s. This is a big treat towards Doorman’s bar as the public will probably not be going out as much or spending money on food or drinks. Doorman’s is trying to keep their customers by putting on drink sales and food sales. For this month Doorman’s has a January sale, 7 days a week at any time with very low prices on drinks. This is good as it will attract customers to come as they know they won’t be spending that much money.

Another issue at the moment is that the economic growth which means Doorman’s products and services will increase throughout the economy. If the economic growth continues Doorman’s will lose out on money as they will have to pay the same amount and then receive the same amount of products. As the economic growth grows then the employment levels will increase to satisfy the demand on Jobs As people’s lifestyles are changing everyday we never know what could come next. People are losing their Jobs which more people are working from home which is not good.

Society is changing with increasing numbers going into third level education to et good Jobs which means people may leave there part time Jobs, which is a threat towards Doorman’s as there most of there staff would be third level graduates. As people are worried about using their money this could mean that Doorman’s could see a decrease in attendance and probably a decrease in sales. Technological Analysis Doorman’s helps the environment but recycling boxes by crushing them down and also using different bins for white, green, and brown glass bottles to be melted down and used again.

This is a very good factor for Doorman’s. Competitor Analysis Name of Business A threat or Not Gleason This would not be a threat as this club is in Cockatoos which is to far away from Doorman’s to be a competitor Auckland This would not be a threat as this club is in Cockatoos which is to far away from Doorman’s to be a competitor The Mint This would not be a threat as this club is in Cockatoos which is to far away from Doorman’s to be a competitor, although this is a very popular bar/night club.

Coach Man Inn This is also not a threat as it’s a small pub which does not compare to Doorman’s Downer’s Downer’s would be a little threat to Doorman’s as its right opposite it and also at times it has a good atmosphere. Although Downer’s does not offer food and Doorman’s does. Terrace I think the terrace would be a threat to Doorman’s as it offers promotions and also has live bands and events playing at it. But Doorman’s would always go that little bit further. Dry Dock As this is Justas pub there is no competition at all. The flax Minas this is Just a pub there is no competition at all.

The Market Tavern There is no threat with the market tavern as this is also Just a pub. Marry Bar Marry bar used to be a threat but then Doorman’s owner’s bought it over and made it into a modern high class night club/pub/restaurant. The Elk The Elk offers promotions, food and also night life but I wouldn’t think it was a threat to Doorman’s as it’s a good bit away from Masterful. “Frameworks or models which can be used to conceptualize or think about a firm’s markets, product and customers. ” Doorman’s uses marketing tools to establish and devise a successful marketing strategy.

In order to successfully market this new product there are three key tools which we need to use. These are Product Lifestyle Boston Box Nations Matrix The product lifestyle is the launch of a new product that progresses in a sequence of takes begin from the introduction to Growth, Maturity and Decline. These stages are strategy and the marketing mix. It has been said that every product follows a similar life course; however they can progress at different speeds. It is important for Doorman’s to carry out continuous research into new products and market trends.

The product revenue and profits can be plotted as a function of the lifestyle stages as shown in the graph below: Product lifestyle – Stages Research and Development Within the research and development stage the firm has to seek to build product awareness and also to develop a market for the product. This stage makes or breaks a product if you do not have research carried out. We used primary research which is also called field research or original research which is useful for finding new information and getting customers views on products.

We did this by spending time on making a questionnaire to receive up to date and specific customer views on our product so we can launch it out on the market at the right time. We want to build product awareness to educate potential consumers about the product. Introduction At this stage the product is introduced to the market through a focused and intense racketing effort designed to establish a clear identity and promote maximum awareness. Doorman’s will find it hard to make a profit at this stage as it is costly to launch a product on the market.

Within the introduction stage, Doorman’s will have to observe their product closely to see if the product moves or grows so we can see if we have to remove the product from the market. The pricing at the beginning is a skimming price strategy as the product will have little competition. By Doorman’s introducing their product to the market they are aiming to create a new view with promoting this to a broader audience. This is a very important stage for Doorman’s because if they don’t succeed past this stage then they will have to remove their product from the market.

Growth Next, consumer interest will bring about the growth stage, distinguished by increasing sales and the emergence of competitors. It is a rapid revenue growth where sales increase as more customers become aware of the product and its benefits and additional market segments are targeted. Doorman’s will be enjoying increasing market share and also the growth of their product on the market. Pricing at this stage will be maintained high if the demand is high, or reduced to capture additional customers.

With Doorman’s product reaching this stage means that competitors will become attracted to the market and they will be offering the same service to consumers. For example, other taxi services could be releasing new promotions or better services that might effect Doorman’s product’s growth but during customer attraction will allow it to grow. Also Doorman’s has already expanded over the years by taking over ‘Marry bar’ and making it a successful business where everyone loves to go now.

Maturity The arrival of a product’s Maturity stage is evident when competitors begin to leave he market, sales velocity is dramatically reduced, and sales volume reach a steady rate. Distribution becomes more intense and incentives may be offered to encourage preference over competing products. As more competition evolves here Doorman’s would have to enhance its products features to differentiate itself from that of competitors. This also means that costs will be much lower than usually because of this new competition.

At this stage the market reaches saturation and in some cases businesses leave the market at this stage due to poor profit levels however this is not he case for Doorman’s yet. Decline With continuing decline in sale signals means that the market has entered the Decline stage. This may be the cause of lingering effects of competition or new innovative products being introduced into the market. During the Decline stage a firm has three options (http://www. Entomb. Com/marketing/product/lifestyle/): The market is shrinking at the Decline stage, reducing the overall amount of profit that can be shared amongst the remaining competitors.

Great care has to be taken to manage the product carefully. It may be a possibility to take out some production sots, to transfer production to a cheaper facility. Care should be taken to control the amount of stocks of the product. Ultimately, depending on whether the product remains profitable, a company may decide to end the product but in Doorman’s case we do not have to this. Boston Box “The Growth-share-Matrix – commonly known as Boston Box” AS PER MONISH LIBRARY The Boston Box evaluates products of an organization according to their market share and to their growth prospects.

On that basis it can reveal insights about their financial needs or their ability to generate cash. The Boston box provides a ramekin for assessing the life-cycle of a project and allocating resources among different projects and campaigns. Doorman’s can use this to gain an indication of whether or not their new product will survive in the current market. The Boston Box consists of four sections which you can identify below: Question Marks ?? Why A question mark consists of a new product with a low market share but has a high growth rate.

This suggests that they have potential, but may require substantial investment in order to grow market share at the expense of more powerful competitors. A question mark for Doorman’s was the launch of promotions on their DOD and drink. For example, ‘Beat the Clock which was introduced with their of February. These were only short term promotions to attract customers to come more often between hard times with the credit crunch. Stars Questions Marks that develop successfully achieve higher market shares and finally become Stars.

Stars are often products in their growth phase. In order to maintain the high share in a growing market, they require further investment. A Star for Doorman’s would be their extension of ‘The Opera’ which was a growing phase for Doorman’s. Also because of the no door charge Doorman’s would always have a big rood as it attracts people and they do not want to lose regular people. Doorman’s has reduced prices as people could not afford the normal prices so they have cut prices that people can afford to come out and buy this is because of the down turn in sales.

Another star that was developed was the ‘Beer Garden’ which allows the smokers to smoke away from the non-smokers which is less hassle for Doorman’s to worry about. This is also an extension which is very popular with Doorman’s customers as there are insulted heaters, soft chairs and tables and also a bar outside which is a successful star. Cash cows When market growth slows down and the market becomes saturated Doorman’s products with a high share become Cash Cows. Due to the slow market growth rate, such products need very little investments.

They generate a positive cash flow. A cash cow that Doorman’s has is its restaurant and also another mature cash cow is Doorman’s regular customers because without these people they would not be able to run the restaurant which keeps them in a leading market share business. Dogs Dogs are products that have a low market share in the market with a low growth rate. Products from all other categories can become Dogs. Despite their poor prospects, Dogs can be profitable. For Doorman’s their seasonal menus would be a dog such as, Valentines day, Father’s day and Christmas.

These can only be put on their menu for so long because their season is up, but it’s not because they are being withdrawn. Doorman’s most recent Dog was the launch of their Christmas menu which consist of good deals for their customers. Anions Matrix Nations Matrix products or market suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets. Below here are four tools of Anions Matrix: Market Penetration Market Development Product Development Diversification Market Research is the gathering and evaluation of data regarding consumers’ preferences for products and services.

Market research is based around two researches which are Primary and Secondary Research. Advantages 1 . To study needs,wants and expectations of the customers. 2. To find out reactions of customers to products of the company. 3. To evaluate company’s sales promotion measures for suitable adjustment and improvements. 4. To study current marketing problems and opportunities for suitable follow up. 5. To suggest introduction of new products,modification of existing products. 6.

To study marketing competition,channel of distribution and pricing for suitable changes if necessary. 7. To find methods for making the product popular and raising its good will and marketing reputation. Source: http://wick. Answers. Com/Q/ What_are_the_advantages_and_disadvantages_of_market_research Disadvantages of Market Research: 1. It would be to time consuming 2. The cost of market research is too high 3. Sometimes not reliable Doorman’s uses market research a lot with there market manager Victoria Bell and heir PR agency that help them all over the country.

The advantage of Doorman’s using market research is that it can find out what their customers needs and also it can be useful for introducing new innovated products or services to the market. A disadvantage of Doorman’s using market research is that it can sometimes not be reliable for their product or service but this is what we are finding out by using market research. Conclusion Primary: Data collected for the first time, by a method other than secondary research, to answer specific questions.

There are many different ways of primary research like questionnaires, observation, interviews and focus groups which help collect the information that is needed. We used the method of Questionnaires for Doorman’s as it give us an insight to what the customer’s of Doorman’s want and also background information on how they get home and how much they would pay, etc. By using primary research we gathered up to date information about Doorman’s and its customers. Not only does primary research enable us to focus on our specific issues it allows us to have a higher level of control over how the information is collected.

Also unlike secondary research we do not have to spend any money for our information. Although it can be costly when you have to do a great deal of research. Primary research is also time consuming by deciding how you’re going to carry out the research and then waiting for it to develop. I personally think this would be a good source of research. External. There are many different ways of secondary research, with the internet, newspapers, magazines, trade Journals and minute reports. The market research manager Victoria Bell of Doorman’s came in for us one day and prepared a talk for us bout Doorman’s and its special features.

We were allowed to have a power point of Victorians as it was useful information that we needed to have and research. This is the method of secondary research we used as a group. By using this type of method for research is very useful for many companies that are not focusing on a certain issue and also who are not willing to spent enough time on researching information. It is very easy to find information on newspapers or the internet but researching something specific can be hard and time consuming which is a disadvantage of secondary research.

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