Introduction to Marketing for the Innovation - MyAssignmenthelp.com

Question: Discuss about theIntroduction to Marketingfor the Innovation Journal. Answer: Introduction Having identified that the major challenge of Burma lane restaurant is mainly triggered by marketing and competition, it is now important to find out how this company can strategize its operations to overcome the pressure it gets from other companies. One of the techniques which this company can use to challenge its competitors is adapting the best marketing mix strategy. The fact that this restaurant is beautifully decorated and provides sweet Asian dishes has the potential of improving its turnover or profits if good marketing plan is established. According to Doughty (2013), an effective marketing strategy begins with considered and well-informed marketing strategy. Single marketing mix strategy will be ideal for this company because it will assist it to avoid confronting with other bigger companies. This company should decide to concentrate on a single segment which the management feels it is likely to yield the highest profit. Promotion According to Fromm Garton (2013), a successful product or service means nothing unless the benefits of such products are communicated clearly to the target market. This means it is important for Burma lane to expose the benefits of its products to the target market. The company can do this by concentrate in a single segment and mainly focus on promotions. The reason why it is fundamental for this restaurant to focus on promotions is because its problem was triggered by lack of advertisement which is a fundamental tool in promotional marketing mix. Advertising typically covers communication strategies that are paid for like for example TV advertisements, print media internet, radio commercials, and so forth. In the recent times, companies seem to from focusing offline to online strategies. Burma lane, in this case, should come with advertisement as its single promotional tool. According to Guevarra (2010), majority of companies which use advertisement as their promotional tool realize a significant increase in revenue. The management should also aim at using the most influential channels to advertise like social media. Harden Heyman (2011) suggest that promotions require the right channels to be used for companies to realize the benefits of this strategy. In this case, Burma lane restaurant should emphasize on using social media because in the recent days it has been one of the most effective ways of advertising. According to Hess (2011), social media is the better channel for promotions because it assists organizations to target a large number of people, and it is cheap and fast. Another way of succeeding in using advertisement as single marketing mix to address Burma lane restaurant marketing issue is through designing unique adverts. The manner in which adverts are designed determines the effectiveness of this marketing mix component (Doughty, 2013). The advertisements should be designed in a manner which can inform the audience about the products, and the reasons which should make the consumers to purchase them. Pricing According to Irina (2013), price states the amount of money which an organization offers its products to the consumers. Burma lane should also come up with one pricing strategy and offer a uniform price to every consumer who buys the product under the same condition. This will aid in making the consumers feel the company values them irrespective of their differences in various factors like income, preferences and so on. The best pricing strategy should be based on various factors including the quality of products, pricing strategy used by competitors, the target consumers and so forth. Because the aim of this company is to improve turnover or profit through addressing the competition problem, it should consider two major factors when deciding on prices. The first consideration should be the prices used by the competitors. The management should ensure its prices are closely related to those of its competitors because consumers always compare prices when making the decision of which company to purchase from. The second consideration is the quality of its products. Burma lane restaurant should ensure that the prices match the quality of its products. According to Luther (2013), consumers purchasing decisions is influenced by quality and the prices charged. This means the prices charged should be worth the quality of products offered. Product According to Mohammed (2012), product means the tangible items or intangible services which consumers purchase from an organization. Product is important because it defines what the company provides in the target market. The products offered should be unique in terms of quality and physical appearances so that the consumers can be able to differentiate them from those of competitors. Because the company will use a single marketing strategy, the product should also be the same across all segments. Establishing one type of product with little or no variations for all consumers will play a role in boosting revenue because of various reasons. The first reason is it will be easy to conduct marketing because the marketers will emphasize on a single product. The second reason is because the company will be able to make proper decisions on how to develop the product. Pauwels (2014) argues that when there are no competing products or services in an organization, the possibility of developing product which matches consumer expectations are always high because the company dedicates its efforts and resources towards that product. This means Burma Lane can establish a strong product by establishing a single marketing mix and concentrating on a single product. The product should be designed in a manner which can assist the company to customer loyalty. The management should ensure its products are of high quality and meets customer expectations. According to Tybout Calder (2010), consumer loyalty is attracted and maintained by companies which produce high-quality products. This indicates that Burma lane restaurant can win customer loyalty through ensuring its products are of good quality than those of competitors. Place Placement or distribution is a fundamental part of the product mix definition. A company must position its product in a place which the potential buyers can access them. In the case of Burma lane restaurant, the products should be positioned in its restaurants to ensure the target consumers can easily access them. In practicing single marketing mix, the company should also come up with one distribution system aimed at entire market. The advantage of using this type of distribution system is that it will enable the management to monitor when product needs to be delivered and in which quantity and quality. Single distribution system aimed at the entire market will also assist the company to improve its distribution system, deliver products at the right time, learn changes in consumer buying behavior and so forth. Budgeting and Cost To succeed in the marketing process, the company will be required to allocate at least $10000. This money will cater for the advertising cost, improving the distribution process, and other marketing aspects required to make the single marketing mix effective. In addition to other advertising methods, the company will mostly rely on social media for advertising because it is highly effective. The following is a one year budget concerning how the company will allocate money in different advertisement methods. Advertising method Allocation Advertising through social media(Facebook, Pinterest, Instagram, linkdn twitter, YouTube) $3000 Print media( newspapers, magazines, etc) $2000 Billboards $2000 Advertising T-shirts and Caps $800 Restaurant menu design $1200 Miscellaneous expenses $1000 Total $10000 Conclusion Burma lane can address its problem by of not having enough exposure in the local market and improve its turnover and profit through adapting the right marketing strategy. Single marketing mix is ideal for this company because it will allow specialization and best utilization of available resources to assist this company in attaining a competitive advantage. The management should ensure the company has a well-developed product which targets a single market segment, and there is good pricing of products which are based on the quality of goods and prices used by competitors. The company must also ensure it uses single promotional tool, and in this case, advertisement is ideal because one of the major factors which triggered its problem is lack of advertisements. The products should be strategically positioned its products in all of its restaurants so that the potential customers can easily access them. Another factor which can assist this company to improve turnover and profit is ensuring its products are sold at reasonable prices. References Doughty, H. 2013. Flux: What Marketing Managers Need to Navigate the New Environment. The Innovation Journal, 31(1), 78-90. Fromm, J Garton, C. 2013. Marketing to Millennials: Reach the Largest and Most Influential Generation of Consumers Ever. New York: AMACOM. Guevarra, R. A. 2010. Marketing Dreams, Manufacturing Heroes: The Transnational Labor Brokering of Filipino Workers. New Brunswick, NJ: Rutgers University Press Harden. L Heyman. B. 2011. Marketing by the Numbers: How to Measure and Improve the ROI of Any Campaign. New York: Amacom. Hess, E. D. 2011. Growing an Entrepreneurial Business: Concepts and Cases. Stanford, CA: Stanford Business Books Irina. P. 2013. Product Innovation Strategies on Emerging Markets: Bringing Theory and Practice Together. European Journal of Interdisciplinary Studies, 5(2), 58-90. Luther, W. 2011. The Marketing Plan: How to Prepare and Implement It. New York: AMACOM. Mohammed. A. 2012. Establishing Sales Organizations in Emerging Markets: The case of Saudi Arabia. Review of Business Finance Studies, 3(2), 65-70. Pauwels. K. 2014. Its not the Size of the DataIt's How You Use It: Smarter Marketing with Analytics and Dashboards. New York: American Management Associations. Tybout, M. A Calder, J. B. 2010. Kellogg on Marketing. Hoboken, NJ: Wiley