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Marketing Methods for Reaching out Potential Customers

University: Imperial College London

  • Unit No: 8
  • Level: Post Graduate/University
  • Pages: 10 / Words 2423
  • Paper Type: Assignment
  • Course Code: SIT716
  • Downloads: 30
Question :

This assessment will cover the following questions:

  • Define the market for the product you are supplying.
  • Evaluate the market with the market strategy.
  • Discuss the main competitors of the business and how your products are better than others.
  • Evaluate the marketing methods business imply to ensure they reach out to potential customers.
Answer :

INTRODUCTION

A strategy for success is a composed depiction of life of business. A proper business plan advises that how business is formed in step by step process. This report covers the business plan regarding the formation of mobile application for collecting reward points and redeem them at particular store.

SECTION 1

1.1 Business summary

The business plan in about a mobile app that collects the reward (points and stamps) cards and shopping cards such as sainsbury's, costa caffe etc. Idea behind this concept is to create a single application to collect rewards and points and redeem them at particular area and single point. The application will be considered as ClickR that will provide various options and facilities to complete the sections.

1.2 Business aims

“Aim of the business is to provide a single app to get benefits with a single click”

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SECTION 2

3.1 The core products and service

This application mainly provide redemption services regarding purchase and selling products. Click R will reduce the burden of carrying extra reward cards. All the credit points will be stored at single place. Users will be able to get benefits after spending money through the app.  Users will get various options to redeem these points through various retail stores as Tesco. Clients can get benefits by redeem the credit points at Costa coffee shop. 

3.2 The business's products and service USP

All shops with one click is the main USP of the Crick R mobile application. Customers can redeem the reward points by their own choice and interest without any specific terms and conditions. The idea behind the application is to consider the purpose and challenges by compressing the techniques with collecting reward points.

3.3 Other products/Service going to selling

This is the first phase of introducing the business plan in front of customers. If the plan get successful then Click R will extend its redemption options with clothing stores.

Also Read: Process and Life Cycle of Product Development - Samsung

SECTION 3

4.1 Typical customer

There is a separate classifications are made subject to customer groups. Most of the customers belongs form female category. Users be able to consolidate the customer base with various terms and norms with usage. Medium income class groups are the targeted customers.

4.2 Base of customer

It is expected that approx thirty thousand reward application users are available in the UK market.

4.3 Branding that have chosen

There are type of stores and restaurant sections are opted for redemption of points. Tesco retail stores and Costa Coffee are the main brands opted to promote this application. These are two multinational brands that can be emerged the number of customer to use the Click R application.

SECTION 4

Competitor analysis

It is analysed that there are three main competitors are working effectively in market as Bink Loyalty& Reward, wallet and E-points Reward & Recognition application. There is a separate analysis of competitor analysis is done regarding these organisation is as follows;

  • Bink: It is the main application where you can store and view all your devotion cards on your telephone, and connection your ordinary instalment cards to naturally gather focuses and rewards.It can be considered as Payment Linked Loyalty.
  • Wallet: It is a finance tracker or planner application that helps users to track their daily spending and provides solutions to control them. Activity plan, management and reporting with finances and solutions regarding currency changes are some essential functions that are useful for users.
  • E- points:
E-points is a broadly utilized focuses compensate stage and system with various steadfast cardholders frequently remunerated through E-points arrange. This application is intended to enable buy to connects with their clients. Appreciate the incalculable advantages of E-points.

SECTION 5

Marketing strategy

  • Ansoff matrix

This is one of the essential technique that helps in determining the market strategies and plans for better understanding and classification. This strategy can be implemented as follows;

Market development

  • There is a targeted group is required to analyse for market development subject to use of Click R mobile application.
  • There are some users that wants to explore the reward formation and task with adequate changes are analysed with critical changes.

Diversification

  • This procedure is little risky: there's frequently smal degree for utilizing existing control for accomplishing economies of scale, it is require to set a pitch totally extraordinary items or administrations to various clients
  • The options for redemption points are required to explore more in terms of determining the process more.

Market penetration

  • Setting the price adequate to competitors
  • Provide additional cash back offered and quality standards for clearing the sections.

Product development

  • This is essential to elaborate the sections for product development

 

SECTION 6

8.1 Premises

It is required to set up the head office in Greenhorn, United Kingdom.

8.2 Equipment

Item required

Already Owned

New or second Hand

Purchase from

Price

Server and network system

 

This is one of the essential aspect in terms of retaining the network system and server settings.

HOST-LE

£101.99

Models for mobiles

This item was already owned by programmers at initial stage

It is essential for modifying the system and implement new mobile technology to demonstrate them in single format

GO Mobile UK

 

Mechanism's for each mobile device

 

 

GO mobile UK

£159.99

Cross platform tools

 

It is important to clarify the system approach and management approach.

The fonehouse

£199.99

8.3 Transportation

There is a local transport required to pick up and drop of employees. Free Cab facility for both sides will be provided to employees and staff members of organisation.

8.4 Legal requirements

Various type of legal requirement are required to follow for making the mobile application. Few legislations are defined as follows;

  • The Telephone Consumer Protection Act (TCPA) and related Federal Communications Commission rules.
  • The TCPA notably provides for private causes of action and high statutory penalties for violations.
  • The Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CAN-SPAM) rules regulate certain commercial email and text message communications to consumers.

8.5 Insurance requirements

Scarcely any variables should be viewed as when settling on a choice about the application circulation, for example, which stage suppliers are more prescriptive than others, which would contact more group of onlookers, and so on. The Apple App Store, Google Play, and The Microsoft Windows Phone Marketplace are the biggest application stores and are additionally stage suppliers. Nonetheless, stage suppliers/application stores change in their prerequisites and frequently expect you to pursue specific consistence strategies. The understandings offered by application stores and stage suppliers (e.g., Apple's iOS Developer Program License Agreement or's Google Play Developer Program Policies for Android gadgets) regularly try to fuse different extra use or consistence strategies that may have results to the improvement and appropriation of the application and they likewise may indicate specific terms that must be incorporated into an end client concurrence with clients of an application.

8.6 Management and staff

Management is an essential part to manage the sections of business in effective manner. There is a particular list is given below with required staffs

  • IT manager
  • Programmer
  • Search engine optimiser
  • App manager
  • System application

8.7 Additional information

Apart from it various designs and graphics are required to set up out for determining strategies and plans. The property rights regarding logo, source code and intellectual properties for managing the sections and departmental sections.

SECTION 7

Cost and pricing strategy

A) number of units in calculations

£10000

B) Product and service cost

£50000

C) Total production cost

£60000

D) Cost per unit

£60000 / 350

E) Price per unit

£171.42

G) Profit margin

£228.56

H) Mark up %

33.33% = 57.14

SECTION 8

Sales and Costs forecast

Sales and costs forecast

1

2

3

4

A) Products and services

£20000

£25000

£30000

£35000

B) Product and services

£55000

£65000

£77000

£80000

C) Product and services

£65000

£75000

£85000

£35000

D) Assumptions

It is assumed that in festive season customers and clients be able to consolidate the financial terms and analysing the procedure for better operational and management.

MARKETING PLAN

Promotion type

 Medium

Frequency

Expected cost (£)

Television 

ITV

30 seconds

15000

 

Channel 4

30 seconds

15000

Billboards

Side of bus stop on a busy high street

For 10 weeks

1500

Radio

At national station

1 minutes

20000

 

At regional station

5 times for 30 seconds

12500

News paper

The sun

3 times

81000

Magazines

Regular page full

Local news paper

5000

 

 

 

150000

 

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References

  • There is a particular section is prepared to analyse the sections of business in which the application can create its market section. These sections are analysed on the basis of shop groceries and the registered users that visit their accounts.
  • Brace, I., 2018. Questionnaire design: How to plan, structure and write survey material for effective market research. Kogan Page Publishers.
  • Comley, P., 2012. Online market research. Market research handbook. pp.401-419.
  • Gustafsson, A., Herrmann, A. and Huber, F. eds., 2013. Conjoint measurement: Methods and applications. Springer Science & Business Media.
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