Marketing a new retail business Essay Example

Marketing a new retail business Essay Name: Jayna Kerai Candidate Number: 8709 School Name: Queens Park Community School Centre Number: 12304 We will write a custom essay sample on Marketing a new retail business specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing a new retail business specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing a new retail business specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Contents TASK ONE ACTION PLAN TASK TWO Part A: Introduction Part B: Business Objectives Part C: The Importance of Marketing Part D: Identifying the Target Market TASK THREE Market Research Questionnaire TASK FOUR Part A: Carrying out my Questionnaire Part B: Getting my questionnaires filled in Part C: Other ways of getting my questionnaire filled out Part D: Different types of Market Research TASK FIVE Part A: Analysing my research Part B : Creating my charts/graphs Part C: Analysing my graphs Part D: What I expected from my research Part E: Evaluating the effectiveness of my research Part F: Discussion of how the research will affect business decisions about marketing Part G: What impact will this have on my business? TASK SIX Part A: Competition in my area Part B: Main Competition Part C: Factors that influence my competition Part D: Factors that influence my business Part E: How my competitor will influence my business TASK SEVEN Part A: Types of Promotion and Advertising Part B: Costs of Advertising Part C: Advertising my Business Part D: Laws that affect my business Part E: How advertising will affect the success of my business TASK EIGHT Part A: Conclusions: Final decisions on marketing my business Part B: Constraints to my Business Part C: Improvements to my marketing plan Part D: Improvements to my research Part E: Environmental, Financial and Social effects BIBLIOGRAPHY APPENDIX TASK ONE ACTION PLAN WHAT DO I NEED TO DO? (N.B. Write in the future tense e.g. I will need to write a definition of marketing) WHAT INFORMATION DO I NEED? What do you need to find out in order to complete the task? WHERE WILL I GET IT FROM? Name the textbook you use. Name the people who helped you. Name the organisations have you used. Give the address of websites that you use. WHEN WILL I FINISH IT? Put in dates for each task. DID I ACHIEVE IT? WERE THERE ANY PROBLEMS OR CHANGES? ANY OTHER COMMENTS? Explain any difficulties you had in getting information or completing the task by the date you planned. Task 2a) I need to decide on my business and its name. For my coursework I needed to investigate other business and what type of business would be the best to open I will make this information up 26-01-07 At first I could not decide what business to base my coursework on, but then I chose a bakery because I had also based my Information and Communications Technology coursework on. Task 2a)business and I needed to type up my introduction The information I will need to achieve this is my business, what type of ownership it will have, the reasons why I chose it and why it will be a successful business I will get my information from myself about the bakery as it is imaginary 30-01-07 The only problem which I came across was that I found it difficult to find reasons why my business will be successful but I resolved this problem by researching more about Task 2b) I also had to identify three objectives and how they use SMART. I need to find the definition of business objective and find examples of business objectives I will get my information from the websites. http://www.buseco.monash.edu.au/mkt/dictionary/ 03-02-07 The problem which occurred is that I did not know how to make an objective because I did not know what SMART was. WHAT DO I NEED TO DO? (N.B. Write in the future tense e.g. I will need to write a definition of marketing) WHAT INFORMATION DO I NEED? What do you need to find out in order to complete the task? WHERE WILL I GET IT FROM? Name the textbook you use. Name the people who helped you. Name the organisations have you used. Give the address of websites that you use. WHEN WILL I FINISH IT? Put in dates for each task. DID I ACHIEVE IT? WERE THERE ANY PROBLEMS OR CHANGES? ANY OTHER COMMENTS? Explain any difficulties you had in getting information or completing the task by the date you planned. Task 2c) I need to say why marketing is important to my business and what would happen to my business if I did not have any form of marketing The definition of marketing and how marketing affect business. I will get my definition and information of marketing from -Contemporary Marketing Wired (1998) by Boone and Kurtz. Dryden Press. http://iws.ohiolink.edu/moti/homedefinition.html 10-02-07 In this section the problems which occurred is that I could not think of reasons for how if I did not use marketing how it would affect my business, but then I investigated more into marketing and found how it affected my business. Task 2d) I need to identify the target market of my business and why it is important for me to know who my target market is To find the definition of target market and why it is important for businesses I will get my definition and information about target market from http://en.wikipedia.org/wiki/Target_marketing 14-02-07 In the section the only problem that arose is that I could not describe who my target market was, however I simply investigated more into target market and found, realised that my target market is Task 3) I need to create my own questionnaire for scrumptious To research the layouts and types of questions to ask in questionnaires I will get this information from other questionnaires which I have created and knowledge in marketing. 21-02-07 In this section I found that I did not know what type of questions to put about promotion, so I looked at other examples of questionnaires and related to my business. WHAT DO I NEED TO DO? (N.B. Write in the future tense e.g. I will need to write a definition of marketing) WHAT INFORMATION DO I NEED? What do you need to find out in order to complete the task? WHERE WILL I GET IT FROM? Name the textbook you use. Name the people who helped you. Name the organisations have you used. Give the address of websites that you use. WHEN WILL I FINISH IT? Put in dates for each task. DID I ACHIEVE IT? WERE THERE ANY PROBLEMS OR CHANGES? ANY OTHER COMMENTS? Explain any difficulties you had in getting information or completing the task by the date you planned. Task 4a) I need to identify the different types of sampling, and write how each way is carried out and the advantages and disadvantages of them. Then explain why sampling in necessary and what type I will use and why. I need to know the different types of sampling, how they are carried out and both the disadvantages and advantages. I will research different types of sampling over the internet www.tardis.ed.ac.uk/~kate/qmcweb/scont.htm 28-02-07 In this section I had forgotten the different types of sampling which I could use. I sorted this by finding the types of sampling on the internet Task 4b) I had to explain who and where I will be getting my questionnaire filled out by I need to know who got my questionnaire filled out by and in what location I should know this because I and friend got the questionnaires filled out 05-03-07 In this section I had difficulties trying to get all of my questionnaires filled out. To resolve this I took a friend to help me get them filled out. Task 4c) I need to explain other ways, which I could have gotten my questionnaire filled out. I needed to know other ways in which I could have distributed my survey and what are there benefits and disadvantages. I will conduct further research on types of sampling. I will ask my aunty who is doing a marketing degree Miss M. Patel 25-3-07 In this section I had forgotten the other methods of conducting my survey, and could not get in contact with my Miss Patel, but then I went to her house and she explained other ways. WHAT DO I NEED TO DO? (N.B. Write in the future tense e.g. I will need to write a definition of marketing) WHAT INFORMATION DO I NEED? What do you need to find out in order to complete the task? WHERE WILL I GET IT FROM? Name the textbook you use. Name the people who helped you. Name the organisations have you used. Give the address of websites that you use. WHEN WILL I FINISH IT? Put in dates for each task. DID I ACHIEVE IT? WERE THERE ANY PROBLEMS OR CHANGES? ANY OTHER COMMENTS? Explain any difficulties you had in getting information or completing the task by the date you planned. Task 4d) I need to identify the difference between primary and secondary research. I need to know what field and desk research is, there advantages and disadvantaged. Then find examples of them. I will get my examples and definition on the internet www.fastlinksolutions.co.uk/typesofm.htm 31-03-07 In this section I did not know examples of secondary research, but then I found it on the search engine Google. Task 5a) I need to identify different ways I can analyse my questionnaires and decide which one I will use I need to know the different ways in which my questionnaires can be analysed and know their advantages and disadvantage I will find out different types of graphs, charts and tables from a spreadsheet software such as Microsoft office excel 07-04-07 In this section I did not the know the advantages and disadvantages of the different types charts, graphs and tables Tack 5b) I need to analyse my questionnaires by tallying on a master questionnaire and then turning them into graphs I need tally up on a master questionnaire and turn them into graphs and charts I will get my data from my primary research, my questionnaires. 13-04-07 In this section I found it difficult to analyse the tables from the questionnaires, but then I was given a method by Mr Goldsmith. WHAT DO I NEED TO DO? (N.B. Write in the future tense e.g. I will need to write a definition of marketing) WHAT INFORMATION DO I NEED? What do you need to find out in order to complete the task?

Article review

Article review The article under consideration is written by Huston and Sakkab (2006). It dwells upon the application of a new model for innovation by one of the largest companies in the world Procter Gamble. The model is called connect and develop (CD).Advertising We will write a custom essay sample on Article review â€Å"Connect and Develop: Inside Procter Gambles New Model for Innovation† specifically for you for only $16.05 $11/page Learn More The authors compare the new model with the model largely used in 1980s ‘research and develop’ (RD). The RD model is proved to be less effective in the contemporary business environment (Huston Sakkab, 2006). The authors comment upon the peculiarities of the new model and provide some advice for the implementation of the new CD model. Huston and Sakkab (2006) point out that Procter Gamble first used the new model in 2002. The first product to be developed was a â€Å"line of Pringles potato crisps† which was launched in 2004 (Huston Sakkab, 2006, p.58). The company decided to find the necessary solutions outsides the company. The experience was very successful. Therefore, A.G. Lafley, CEO, decided to change the RD model into more appropriate and effective model for innovation. The authors state that the use of the new model led to the increase of innovation success rate whereas costs of innovation fell. Apart from providing good examples of the effectiveness of the new model, the authors give some advice. For instance, they note that it is important to determine the area of innovations. The company should determine the categories of products to be developed. When the categories are determined, it is possible to find institutions and individuals to collaborate with. The authors provide an effective pattern to determine areas of innovation: researching top 10 consumers’ needs, defining adjacencies and technology game boards. The authors also comment upon possible networ ks to use. Procter Gamble use propriety networks (technology entrepreneurs and suppliers) or open networks specially designed for CD model (NineSigma, InnoCentive, YourEncore, Yet2.com).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Huston Sakkab (2006) also comment upon the most appropriate time to use this model. Finally, the authors emphasize the rapid change of business environment which requires the use of the new model for innovation. Key points The article under analysis provides a detailed description of the use of the new model for innovation, CD model. The authors share a valuable experience of one of the largest companies in the world. It goes without saying that such a detailed and exemplary illustration of the model’s effectiveness can be very helpful for many other companies. The authors justify the effectiveness of the new model for innovation. They state that there are far too many resources outside companies, so it is but natural that companies can use those resources. However, they point out that it is impossible to create new products using the new model only as it can lead to failure. This is a very valuable tip for companies which are trying to adapt in the modern business environment. More so, Huston Sakkab (2006) stress that ideas taken from outside have been still analyzed by researchers in the labs of Procter Gamble. The authors provide particular examples when ideas were taken outside, but they were checked and developed by researchers of Procter Gamble. It is important to note that the authors comment upon each stage of the process of creating new products. Huston Sakkab (2006) outline helpful strategies of developing new products. For instance, many companies fail to implement the new model as they fail to choose the right ideas and develop new products. The authors note that it is essential to choose products which will meet top ten consumers’ needs and will ‘support’ existing products. The authors also name precise networks used by Procter Gamble. Of course, the same networks can be used by many other people interested in suggesting or acquiring various ideas. Finally, the authors highlight certain threats.Advertising We will write a custom essay sample on Article review â€Å"Connect and Develop: Inside Procter Gambles New Model for Innovation† specifically for you for only $16.05 $11/page Learn More The authors point out that it is crucial not to overestimate external sources or underestimate internal resources as ideas found outside usually need further development. Basically, the authors draw a successful pattern of the use of CD model illustrating all their arguments with particular examples. Follow-on research The new model for innovation has been discussed for at least two decades by researchers. Huston Sakkab (2006) focus on th e experience of Procter Gamble whereas Huizingh (2010) and Li Kozhikode (2009) deal with some other examples concentrating on more theoretical points. Thus, Huizingh (2010) dwells upon the essence of the notion. The author provides an analysis of the major peculiarities of the model. Interestingly, Huizingh (2010) states that there will be no such a term ‘open innovation’ (or Connect Develop model) soon as the model will be used by all companies. In other words, it will become a norm. Nonetheless, the author also stresses that although many companies used the model effectively, the further study is necessary as there are many essential phenomena to be identified. Huizingh (2010) points out that profound quantitative and qualitative research should be implemented. Li and Kozhikode (2009) also note that further study is necessary. The authors also mention several successful examples of the model implementation, but they stress that companies should be prepared to face certain threats as the strategies used by multinationals cannot be always used by smaller companies. It is important to note that Li and Kozhikode (2009) concentrate on Asian companies (and individuals) which are regarded as the main sources of outside ideas for Western companies. The researchers suggest that smaller companies should work out their own strategies using the successful experience of other companies (both multinationals and smaller companies). Li and Kzhikode (2009) focus on the implementation of the new model by multinational companies and smaller enterprises. The researchers point out threats which can both multinationals and smaller companies face. It is necessary to point out that both articles provide several successful examples of the use of the open innovation model.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Applications The article under consideration provides new insights into the process of new products development. The article depicts a successful model of new products creation. This model can be useful for many companies. The detailed analysis of the CD model provided can help companies develop their own strategies. More so, companies or even individuals can make use of the mentioned networks. Huston Sakkab (2006) also depict certain threats. For instance, the authors point out that companies should not underestimate internal resources. This is a very important observation which can be helpful for many companies. Admittedly, lots of companies fail to launch new products as they misuse successful strategies used by others. The authors comment upon every stage of the new products development using the CD model (providing helpful tips). Following that pattern companies will be able to work out their own successful strategies. The article under consideration can help companies to adap t and succeed in the contemporary rapidly changing business environment. Reference List Huizingh, E.K.R.E. (2010). Open innovation: State of the Art and Future Perspectives. Technovation, 31(1), 2-9. Huston, L. Sakkab, N. (2006) Connect and Develop: Inside Procter Gambles New Model for Innovation. Harvard Business Review, 84(3), 58-66. Li, J., Kozhikode, R.K. (2009). Developing New Innovation Models: Shifts in the Innovation Landscapes in Emerging Economies and Implications for Global RD Management. Journal of International Management, 15(3), 328-339.