Analysis of Marketing Strategy and Plan

Question: Explain about the marketing strategy and plan. Answer: The market analysis shall consist of the following constituents: Customers- The assignment relates to the Vietnamese population taking the library services in Victoria, Australia. These services would be provided for the customers availing the services of the Vietnamese immigrants comprising of different religions. As such, books and various other resources relating to the English language as well as the citizenship test practice shall be utilized to attract potential customers towards the brand. The customers shall consist of customers from different age groups and demographics. In addition, they shall have a variety of needs and wants to address consumer issues and react accordingly. Free English classes shall enable the library to attract the attention of the substantial Vietnamese population in Vietnam. In addition, to create a positive perception on the Vietnamese population it shall be necessary to develop pertinent marketing policies to assist the business organization in its growth. As such, it can be said these policies have to be based o n the Vietnamese culture and traditions to create greater consumer awareness. Product - The product and service offerings shall include meeting the needs of the business organization. The product shall also include provide all the educational requirements of its consumers. In this regard, the product offerings would include the online resources that would assist the individuals to Australian culture and religion. As such, books comprising of different topics relating to sport, literature, culture and religions pertaining to the local culture shall be applicable for the process. Besides this, textbooks composed of Vietnamese culture and religion would be offered to the students. This would assist the business organization to cater to different sections of the society and have a larger consumer base. The product has to attract the Vietnamese population to ensure larger inflow of sales revenue. In these regard, it can be said that the choices and trends of the consumers have to be considered in a detailed manner to sell products that shall have relevance to the V ietnamese immigrants present in the Brimbank area in Victoria. Industry Benchmark The industry benchmark of library resources shall include the necessary resources of a business enterprise. The sales revenue of a business organization would be compared with the domestic and the international market. In this regard, it can be said that the customer service policies shall also be evaluated with the necessary resources of a business enterprise. According to Hardwick et al. (2014), the industry benchmark shall reflect the necessary constituents that would assist the business enterprise to engage with the necessary standards of a business enterprise. Therefore, to reach a wide section of the consumers it would be necessary to adhere to the standards of the industry and have greater inflow of sales revenue. The industry benchmark shall also relate to the positive consumer perception and the level of consumer service offered to the employees in an organization. Thus, the library ha to meet the expectations of the Vietnamese population to have a positi ve impact on the business performance of an organization . Suppliers - The suppliers would include people who specialize in Vietnamese culture to supply relevant books and documents to aid the organization in its growth. Therefore, the distribution channel has to be organized to enable suppliers in their job. Effective human resources policies shall be formed to develop good relations with the suppliers. Thus, competitive strategies should be taken to retain the existing suppliers and explore newer markets in the Victoria. According to Agudo et al. (2012), the suppliers have an essential part to play to meet consumer demand and expectations and ensure organizational sustainability. Competition - The business competition would be intensive in the market. Thus, it would assist the management of the business organization to frame effective marketing and operational policies to ensure market survival. Acceding to Baker and Parkinson (2016), the competitors would include various educational institutes and other libraries to facilitate market competition. Developing an edge over the consumers would assist the business enterprise to achieve greater sales in the market. Many educational institutional institutions offer these courses to the participants. It shall be essential to understand the needs of the Vietnameese population and the area of expertise they would require training . Target Market The target market segment shall be the Vietnamese culture and population in Victoria and the rest of the country. In this regard, it can be said that the target market segment will enable a business enterprise to meet consumer needs and expectations. The library shall relate to the market segment and offer services accordingly. In this regard, it can be said that the market segment of consumers shall be formed as per the operational an d the marketing policies of a business organization. The target market segment shall consist of people from all age and demographics from the Vietnamese culture and populations. As such, the target market segment shall be school as well as college students of Victoria. According to, Turnbull and Paliwoda (2013), it is essential that the target market segment is identified for achieving a constant rate of sales revenue for the business organization. The target market segment shall be composed of Vietnamese immigrants who are an essential part of the cus tomer base in Victoria. In addition, educational institutions would be a valuable source of revenue for the library. Marketing Objectives The following are the marketing objectives of a business organization Raising consumer awareness - The levels of consumer awareness should increase, leading to greater visibility for the brand. This shall ensure that consumers are aware of the brand and its services. Baudet and van der Meulen (2014), this shall reduce the need for sales promotional and the marketing policies of a business enterprise. In the context of the library it is essential that the marketing policies are structured accordingly to assist the business enterprise in its growth. The services offered to the Vietnamese population shall create a positive influence on the consumer awareness levels and then would lead to business sustainability . Consumer services - The consumer services shall be enhanced leading to positively influencing the consumer services of a brand. Appropriate services at the right time would enable a business organization to facilitate consumer learning. In the case of the Vietnamese immigrants, the library shall have to offer effective consumer services relating to English communication skills and citizenship test practice seminars to the Vietnamese Establishing partnership with local colleges and universities shall assist a library to build greater financial and operational policies of a business enterprise. In this regard, it can be said that the partnerships shall facilitate a business organization to achieve e greater heights in the field of business. Dasgupta et al (2015) mentioned that Extensive business partnerships with reputed business houses should enable a business enterprise to gather resources for ensuring smoother business operations. Developing partnerships with local colleges and universities shall enable the library to attract Vietnamese students to the library. Creating a distinct brand identity shall enable a business organization to frame accurate marketing and operational policies of a business organization. However since it is a relatively unknown brand, the brand has to adopt extensive marketing as well as operational strategies of a business. In the context of the library, it can be said that the brand identity of a library shall attract the young students individuals interested in the Vietnamese culture. This would assist a business enterprise to make strategies to attract educational institutes and institutes of higher learning Expansive marketing strategies - Achieving expansive sales revenue shall enable a business enterprise to facilitate the growth and expansion of a business enterprise. In this regard, it can be said that factors like costs, nature of the product and service line, scale of operations and the size of the workforce are factors that can be considered in establishing expansive marketing policies for a business enterprise to achieve greater sales in the market. The library has to make pertinent strategies to attract a wider customer base after considering the attributes like the characteristics of the market as well as the demands of the Vietnamese Marketing Strategies The marketing strategy of a business enterprise can be explained through the 4 ps of marketing Product- Product refers to the nature and the quality of the service offering. Here, the capabilities of a product to match the needs as well as the expectations of the consumers are also considered. The library shall offer essential books and services pertaining to Vietnamese culture and traditions as per the demand of consumers in the society. Place- The library shall be located in place where it is easily accessible to the common public. In this regard, it can be said that the commercial viability of the institution shall be facilitated if it is located in a popular destination, which is frequently visited by college and school students. (Solomon et al. 2013). Therefore, the students shall acquire and gather knowledge with minimum amount of time and resources. Price The price of a product or a service have a large influence on consumer perception. The marketing plan shall reflect the consumer service provided like - Promotion - Adequate sales promotional policies should be conducted to raise consumer awareness about the new services provided by the library. Efforts should be made to develop informal relationships with the local Vietnamese population. According to Newton, P. and Meyer (2013), This would enable the entity gather sufficient income that would complement its business initiatives. The new services offered by the library would assist the Vietnamese section of the society to improve their English speaking and writing skills. Implementation strategies The following implementation strategies can be taken to create an effective marketing plan Reasonable cost - The books shall be lend at a reasonable cost to the buyer. This would ensure a steady flow of consumers, thereby, leading to greater sales revenue for the brand. In addition, this would assist prospective customers towards the brand. Organizing sales promotional events - To organize sales promotional events would facilitate a business enterprise to develop interpersonal relationships with consumers. In addition, this shall create more visibility for the brand and shall assist the business organization to sustain brand loyalty. Identifying consumer trends and preferences - It remains essential to recognize consumer trends and preferences of the Vietnamese population and react accordingly. Special emphasis should be laid on Vietnamese culture and traditions in Victoria. Framing marketing strategies as per the marketing policies shall assist the entity to gain a bigger market share. Emergence of substitute training service providers in the Victoria shall pose a serious threat to the business prosperity of the library. As such essential marketing and operational policies shall be required to overcome such threat and emerge successful in the market. Budget Costs Budget Costs - The Budget costs shall be reasonable as per the goals and objectives of a business organization. The business organization should be set at $41,183.85 annually. It is expected that such cost shall address the issues in the daily business functionalities. The project staffing cost will incur the largest expenses, and would occupy 79.64% of the total project budget (Mihart 2012). The business activities ranging from purchase of goods, lending of buildings as well as the transportation costs shall be covered by the budget costs in the business organization. In addition, the variable expenses for the organization shall be covered by the business organization. Evaluation Plan The evaluation plan of the library shall be assessed as per the goals and the objectives pre-determine d at the outset. Thus, the sales revenue and customer satisfaction levels of the organization shall be evaluated based on meeting customer targets and organizational expectation levels. The project is expected a rise in profits within the next six months. References Agudo, J.C., Crespo, A.H. and Bosque, I.R., 2012. Adherence to customer loyalty programs and changes in buyer behaviour. The Service Industries Journal, 32(8), pp.1323-134. Baker, M.J. and Parkinson, S.T., 2016. Organizational buying behaviour: purchasing and marketing management implications. Springer. 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