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Three Monkeys, Identification Of Relevant Online Consumer Behavior
Three Monkeys, Identification Of Relevant Online Consumer Behavior
The world of business has experienced massive changes in terms of consumer preferences hence displayed consumer behavior. Since the discovery of the efficiency of information, communication and technology innovations in e-commerce and other related interactions, these two fields have become almost inseparable. Despite the presence of mixed fortunes in various industries regarding relative receptivity to online markets, it is impossible for modern business to contemplate expansion and sustainability without e-commerce. Among the most sensitive industries in terms of consumer behavior, the food industry ranks among the most affected. In line with the most basic tenets of e-commerce, e-marketing becomes an important area of consideration for the entrants of this field of making market presence be felt across the various market segments (Ferrell and Pride, 2011).
In view of the appropriate realignment to deal with e-commerce at Three Monkeys, the management will have to assess the relevant market in the Brisbane, in the country, in the Pacific region and perhaps across the continent and beyond (lonelyplanet.com, 2011). This will facilitate in the development of the market profiling regarding the food consumers in the relevant market. Towards the establishment of the appropriate consumer behavior with regard to online transactions, it is important to identify the indicators of the appropriate market trends towards e-commerce. As indicated, internal overview of the market in line with the regional picture will be used to project the expected outcomes of Three Monkeys adopting the e-marketing platform.
In general, the food market across the globe has significantly changed due to shopping preferences where consumers perform other transaction on the online platform than ever before. Due to changes in preferences for shopping for other products, food outlets have found an easy market from the shoppers who search for their products of choice on the internet. In Asia for instance in the populous India, it has been reported that changes in consumer behaviors particularly in shopping illustrate an increase in e-commerce for the food industry (Gupta, 2009). Across the Pacific region, there are reports of increased preference for online transactions which make the food industry among the most likely destination for online shoppers (fortunecity.com, n.d). Alternatively, there is need of instant service across the global market as consumers want to adopt the cheaper method of shopping for products at the comfort of their homes and offices. Due to this, the fast foods industry has increasingly become popular in the food market. To this end, making it even easier for consumers to obtain relevant information about their food products of choice online is a successful venture for food industry (Hirekenchanagoudar, 2008). This trend has been among the strengths at world food giants, McDonalds who also provide free internet services at their outlets for the internet crazy consumers frequenting them.
Based on studies on consumer behavior and market trends in terms of marketing, there is an increasing demand for online presence by marketers who want to capitalize on the readily emerging online market. In terms of the consumer behavior, there is an increased attraction for popular eating centers across the Pacific which can be utilized to capture consumer behavior for the benefit of the Three Monkeys’ e-marketing strategy (Fallah, 2006). As an illustration, there are indications that food consumers can stick to one outlet for purposes of identifying with the popularity of the outlet regardless of the quality. This behavior presents Three Monkeys with a rare opportunity to make it known to the huge online market of their popular following and expand the market while being keen to eliminate negative tags that would drive away the consumers. Consumer behavior of ready and fast foods reminiscent of the economic times where people need to rush to their business engagements can favor Three Monkeys in its limited size (fortunecity.com, n.d). The appropriate e-marketing strategy will have to factor in the fast food attraction behavior that will enable defining the economy and the induced consumer likes and dislikes.
It is clear that the e-marketing profile at the Three Monkeys needs to factor in market trends as guided by consumer behavior with considerations of the effective marketing insights coming into play. The size of the food outlet in comparison with other giant food market players could illustrate the need to use consumer behavior as an indicator in terms of e-marketing success by the players (Ferrell and Pride, 2007). E-marketing is not only a channel to improve productivity but also presents a challenge to the food industry to consider embracing emerging consumer behavior and remain receptive to modern ways of doing business. With the integration of the international community into a global village through globalization, e-marketing offers a chance for businesses to tap from the international market through a clear online presence.
At the Three Monkeys outlet in Brisbane, it will be important that the initial stage of formulation of e-marketing strategy of choice is the upgrading of its online presence in a dramatic way to coincide with the emerging preference of online transactions. Identifying the specific strengths such as the atmosphere and preference for group times at the restaurant must be adopted to facilitate the creation of a unique portfolio based on popularity. In addition, it will be vital for the strategy to ensure that the restaurant presents its e-marketing mix in a clear way touching on products, pricing, location and promotional needs for various consumer preferences using interactivity (Ferrell and Pride, 2008).
References
“Feasibility Study of E-Marketing Strategy on Fast Food Industry” (n.d) Retrieved from: HYPERLINK “http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm” http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm
“Three Monkeys Coffee House” (2011) Retrieved from: HYPERLINK “http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee” http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee
Fallah, A. (2006) “Three Monkeys West End: South Brisbane,” Retrieved from: HYPERLINK “http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/” http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/
Ferrell, O. C. & Pride, W. M. (2007) Marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2008) Foundations of marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2011) Marketing. Mason, OH: Cengage Learning
Gupta, K. B. (2009) “Consumer Behavior for Food Products in India” Retrieved from: HYPERLINK “https://www.ifama.org/events/conferences/2009/cmsdocs/1063_paper.pdf” https://www.ifama.org/events/conferences/2009/cmsdocs/1063_paper.pdf
Haig, M. (2001) The e-marketing handbook: an indispensable guide to marketing your products and services on the internet. London, UK: Kogan Page Publishers
Hirekenchanagoudar, R. (2008) “Consumer Behavior Towards Ready-to-eat Food Products” Retrieved from: HYPERLINK “http://etd.uasd.edu/ft/th9670.pdf” http://etd.uasd.edu/ft/th9670.pdf
Three Monkeys as a family business
Three Monkeys as a family business
Executive Summary (100)
Three Monkeys is a family business in form of a food outlet that offers a wide range of food services to the Brisbane community and to visitors of the City. Service delivery, cheap offers and quality of food products offered at the restaurant are the main selling strengths that significantly determine the customer satisfaction since its inception. However, due to the presence of giant food companies in the food market sweeping the Pacific region and abroad with far much better marketing mix, a proper e-marketing strategy is needed in order for Three Monkeys to remain competitive (fortunecity.com, n.d). A company background coupled to its market presence outlook is discussed to highlight the appropriate approach in the formulation of winning e-marketing strategies as concluded and backed up by the recommendations.
Company Background
Three Monkeys is a private business located in Brisbane which has a variety of competitive threats from giant food companies such as McDonalds in Brisbane (Ferrell and Pride, 2011). One f the most important competitive advantages enjoyed by the competitors thereby creating a real operation threat to Three Monkeys is e-marketing. In terms of an e-marketing presence at Three Monkeys, there is a huge gap that illustrates the threat posed by competitor companies which have an excellent to above average presence. Marketing has gone to a higher level that must be embraced at the food industry since the food market has also been diversified to capture online consumer following. To this end, there a several ways in which Three Monkeys can improve its online presence to capture the growing marketing trend that relies on the internet to reach to consumers of the changing food market.
Development of e-Marketing Strategy
Based on studies on consumer behavior and market trends in terms of marketing, there is an increasing demand for online presence by marketers who want to capitalize on the readily emerging online market. In terms of the consumer behavior, there is an increased attraction for popular eating centers across the Pacific which can be utilized to capture consumer behavior for the benefit of the Three Monkeys’ e-marketing strategy. As an illustration, there are indications that food consumers can stick to one outlet for purposes of identifying with the popularity of the outlet regardless of the quality. This behavior presents Three Monkeys with a rare opportunity to make it known to the huge online market of their popular following and expand the market while being keen to eliminate negative tags that would drive away the consumers. Consumer behavior of ready and fast foods reminiscent of the economic times where people need to rush to their business engagements can favor Three Monkeys in its limited size (fortunecity.com, n.d). The appropriate e-marketing strategy will have to factor in the fast food attraction behavior that will enable defining the economy and the induced consumer likes and dislikes.
E-marketing mix for Three Monkeys will have to consider the driving factors of the consumer population frequenting and likely to frequent the outlet in various perspectives. In terms of the insights obtained from the consumer behavior, the products, prices, place and promotion attributes of the e-marketing strategy will be considered. The food products that are offered at the Three Monkeys have a following among solo travellers, families and fun groups which will need to be clearly highlighted in the e-marketing product portfolio created for consumer sampling purposes (lonelyplanet.com, 2011). Price mix for the e-marketing strategy will consider the economic times and offer competitive prices against those offered by rival companies in the market. Offering a wider variety of products would facilitate the appropriate pricing strategy likely to keep the rivals on their toes and maintaining a significant market share. Place mix will entail offering a competitive highlight of the appropriateness of the location of the business in Brisbane for the various consumers. Providing the appropriate suitability reasons for the location of the business would require assurances of the safety, prestige, comfort and atmosphere attributes that can attract the consumers at the outlet. Promotional detail involved in ensuring that e-marketing strategy passes the test of critique will highlight the advantages of choosing Three Monkeys as the supplier of the day for food products from various perspectives. Using other media channels to attract the consumer attention may involve different online tools, for instance the social media which are becoming undisputed leaders in e-marketing (Haig, 2001).
Conclusion and Recommendation
It is clear that the e-marketing strategy at the Three Monkeys needs a complete transformation with considerations of the effective marketing insights coming into play. The size of the food outlet in comparison with other giant food market players could illustrate the missing gaps in terms of marketing success by the players (Ferrell and Pride, 2007). E-marketing is not only a channel to improve productivity but also presents a challenge to the food industry to consider embracing emerging marketing trends and remain receptive to modern ways of doing business. With the integration of the international community into a global village through globalization, e-marketing offers a chance for businesses to tap from the international market through a clear online presence.
At the Three Monkeys outlet in Brisbane, it will be important that the initial stage of formulation of e-marketing strategy of choice is the upgrading of its online presence in a dramatic way. Identifying the specific strengths such as the atmosphere and preference for group times at the restaurant must be adopted to facilitate the creation of a unique portfolio based on popularity. In addition, it will be vital for the strategy to ensure that the restaurant presents its e-marketing mix in a clear way touching on products, pricing, location and promotional needs for various consumer preferences using interactivity (Ferrell and Pride, 2008).
References
“Feasibility Study of E-Marketing Strategy on Fast Food Industry” (n.d) Retrieved from: HYPERLINK “http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm” http://members.fortunecity.com/sdem3/Backgrond_and_rationale.htm
“Three Monkeys Coffee House” (2011) Retrieved from: HYPERLINK “http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee” http://www.lonelyplanet.com/australia/queensland/brisbane/restaurants/cafe/three-monkeys-coffee
Fallah, A. (2006) “Three Monkeys West End: South Brisbane,” Retrieved from: HYPERLINK “http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/” http://www.newbrisbane.com/16/three-monkeys-west-end-south-brisbane/
Ferrell, O. C. & Pride, W. M. (2007) Marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2008) Foundations of marketing. Boston, MA: Cengage Learning
Ferrell, O. C. & Pride, W. M. (2011) Marketing. Mason, OH: Cengage Learning
Haig, M. (2001) The e-marketing handbook: an indispensable guide to marketing your products and services on the internet. London, UK: Kogan Page Publishers
three major forms of business organizations; sole proprietorship, general partnerships and cooperatives
Financial Management
Part 1
There are three major forms of business organizations; sole proprietorship, general partnerships and cooperatives. A sole proprietorship is a business that is not a legal entity owned and run by an individual. The decision making process is fast and dependents on the owner’s preference. The owner is also the main beneficiary of the profits realized by the business. However, the capital required by the business is provided by the owner who is also suffers the losses of the business. The business is terminated in the event of death of the proprietor or when they choose to withdraw by either closing the business or selling it to another individual where he can no longer manage it (Pakroo, 2008).
A general partnership as described by Pride, Hughes & Kapoor (2009) is a business organization formed by two to twenty individuals or entities with an aim of making a profit. It is an easy and inexpensive form of business that does not require many formalities. All partners are involved in management and rising of capital that is required in the running of the business. The losses incurred are also shared among the members. However, profits are divided among the members as per the capital contributions. The decision making process is long since members dispute each others suggestions. In the event that one member makes an unsound decision leading to huge losses, then all the members take responsibility for his/ her actions. In the event of death or withdrawal of a partner, then the business is dissolved unless the agreement written between the partners stipulates otherwise.
A cooperative is a business that is a legal entity that comprises of individuals with common interest coming together with an aim of making profit. The capital required to run he business is raised by members inform of buying shareholders. The members then become shareholders and appoint a board of directors to manage the organization. The main advantage is that a corporation is a legal entity that survives in the event of death or withdrawal of a member. Membership is voluntary and so is the withdrawal. A shareholder can sell their shares and withdraw from the business. The shareholders are entitled to dividends after each financial year on which they are required to pay taxes. However, cooperatives are hard to form as compared to sole proprietorships and partnerships because of the many formalities required (Gitman & McDaniel, 2008) and (Pride, Hughes & Kapoor, 2009).
The financial manager has three major decisions to make; where and how much to invest, source of funds and the amount of dividends offered to shareholders leaving the rest for expansion (Baker & Powell, 2005). In order for the financial manager to make such decisions, he/she should be aware of the objectives of the company. The decisions should also be based on the criterion of maximizing profits for benefit of shareholders and the company in general and acquisition of wealth for the company.
The financial manager according to the decisions he is required to make has goals that seem unattainable. A lot of responsibilities about the financial aspect of the company are left for the financial manager giving room for unsound decisions and also embezzling of funds. The goals should be spread out to other departments or there should be involvement of other managers in assisting the financial manager to make these kinds of decisions.
Part 2
As indicated in the New York Stock Exchange homepage, NYSE provides a means through which investors can trade their shares in public companies listed for trading. Trading is a form of auction where traders buy and sell stocks on behalf of investors. On the other hand, according to the NASDAQ homepage, it is an electronic screen-based trading market dealing with securities. It indicates the buying and selling price of stocks to avoid spread rate which is meant to benefit traders. NASDAQ provides information about stocks of listed companies just like the NYSE in an electronic board. Both organizations trade in stocks in using an automated system. The New York Stock Exchange however, only deals with stocks for public companies located in the United States while NASDAQ is found in all the six continents in the world making it possible for people in one continent to invest in another.
The Public Company Accounting and Investor Protection Act of as described by Welsh, Ropes & Gray (2002) was a bill enacted in to law as a result of the collapse of major companies leading to the loss of investors’ money. These scandals shook the confidence of the general public in the stock exchange which forced the government to come up with the act to help in protection of investments. The act only applies to public companies and deals with areas of auditing, governance and disclosure of financial reports to enhance the confidence of investors in both the company and the stock exchange.
The stock exchange is a very lucrative place to make money. It is also a place where huge losses can occur if one does not make sound investment choices. As a potential investor, it is important to get as much information about the company you are going to invest in before actually buying the stocks. Seeking the advice of an expert is important to ensure that the investment made has a minimum risk and is bound to give returns (Michael, 2010).
Reference
Baker, H. & Powell, G. (2005). Understanding Financial Management: A Practical Guide. USA: Wiley-Blackwell. Print.
Pakroo, H. (2008). The Small Business Start-up Kit. California: Nolo Publishers. Print.
Pride, W., Hughes, R. & Kapoor, J. (2009). Business. USA: Cengage Learning Inc. Print.
Gitman, L. & McDaniel, C. (2008). The Future of Business: The Essentials. USA: Cengage Learning Inc.
Welsh, Ropes & Gray (2002). “The Public Company Accounting Reform and Investor Protection Act of 2002: Public Markets and Government Oversight” Wall Street Journal. July 25, 2002.
Michael, J. (2010). “How to Make Successful Investments in the Stocks.” Ezine Articles Retrieved from (November 11, 2010) HYPERLINK “http://ezinearticles.com/?expert=Micheal_James” http://EzineArticles.com/?expert=Micheal_James
HYPERLINK “http://www.nasdaq.com” http://www.nasdaq.com
HYPERLINK “http://www.nyse.com/home.html” http://www.nyse.com/home.html