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Marketing plan for Black Timing Chip
Introduction:
Black Timing Chip is a Race Management Service. This firm is planning to launch a national level race service by not only popularizing the different races but also by making it widely acceptable with high levels of charisma in marketing the races and also by using higher visibility for participation in these races by educating and creating awareness of the same .
Marketing plan for Black Timing Chip
Marketing plan of any company is prepared and operated at tactical and strategic level. The strategic marketing plan defines target markets and products or services that will be offered by the company on the basis of value perceived by the customers. All these activities are carried out on the basis of an analysis conducted to find out best available market opportunities. On the other hand, tactical plan describes marketing tactics i.e. product features, merchandising, promotion, pricing, distribution channels, etc. These planning are implemented at various levels of organization, monitoring results, and taking corrective actions on any deviation from the predefined objectives (Kotler, Keller, Brady, 2009)
The target market:
This is an untapped market with very few people even being aware of what the company is planning to sell. Hence the whole population especially the youth will be the definite target . The chances of making money legally are very high. This is the concept that has to be driven into the minds of people as this is just a race and not gambling or speculation .One has to participate in this event to win .
Since these events of obstacle races are extremely difficult and very tough, people who take part in them must be very gutsy and willing to participate. This is the challenge and this should be the marketing philosophy. Consumers will look at the product because every human by nature is adventurous and likes to take up very tough challenges. The motivation that more and more people should participate in such obstacle races is what is targeted at.
The market convictions:
The market is a definitely ripe one. People want to take off on some adventure every weekend. An opportunity to be adventurous and gutsy is in the neighborhood and so participation of local people will definitely be there. The market conditions are still in the initial stages with such races not being so popular but as more and more awareness and promotion for such events are done this craze will definitely catch the people’s eyes. Presently the financial sector is the most typical market for such races. The people who have participated have said that it has been a tremendous stress buster after being in their hot seats for five full days.
This is the message that needs to go around. The market is broad and there is no demographic segmentation of the market. The niche segment has not yet been established.
The consumer behavior is what decides the success of this venture. The market has to be an adventurous fun loving one. There are no dangers in these races as has been proved. The race just costs a few dollars in registration fee and a good pat on the back if people are able to overcome the obstacles. There is no prize money but a sense of achievement. This is what the consumer needs and hence the race is open to all.
The competition is just beginning to catch on. The races are already held by few clubs as organized events. The Black Timing Chip can bring in more participants through its online registrations and logistics distribution of racing events. The firm is now developing software that will allow for people to register for such races from wherever they are and also allow them to participate in nearest towns where Black timing Chip has such events being held. Since the market is largely empty, the untapped space could be the competitive market for the firm.
The firm has an elaborate highly personalized event management campaign design not only to attract participants but also to improve enrollments. The event mangers and participants are all those who have already taken part in such races hence, they hold events in a very personalized careful manner speaking to participants and getting their confidence.
Conclusion
A simple marketing plan is what s required for the firm. This simplicity will attract customers as the message is clear and bold .Simple fun adventure and elation of spirits is what the company will offer to its market.
References:
Kotler Philip, 1997, Marketing Management: Analysis, Planning, Implementation, and Control, Ninth Edition, Prentice Hall, U.S
Kotler Philip, 2000, Marketing Management, 10th Edition, Prentice Hall, USA.
Kotler, P., Keller, K.L., Brady, M., Goodman, M. and Hansen, T, 2009b, Marketing
Management, 1st European Edition, Pearson Education Ltd, Harlow.Kotler, P. and Keller, K.L, 2006, Marketing Management, 12th Edition, N.J. Pearson Education Inc, Upper Saddle River
Marketing Plan 20 hrs
Marketing Plan 20 hrs
You will create a marketing plan for your PT/Fitness business where you were interning at. You are tasked with coming up with a marketing plan that will generate more clients to come to your facility and utilize your services. To market your product or service effectively, you must identify your customers, know their needs and wants, and satisfy those needs and wants. Developing a simple marketing plan is not as time consuming and expensive as you may believe. While a marketing plan is not the sole factor in ensuring success for your business, it will greatly increase the likelihood that your business remains relevant and has the greatest chance of succeeding.
Here are 8 steps to help guide you through the process.
Step 1: State your marketing objectives -Rubric (valid for 2.5 hours)
You would like to increase awareness of the product or service you provide, increase sales and revenues by a certain percentage, and/or increase the number of customers who utilize your product or service. For example, your objective(s) could be to increase the number of clients by 25 percent by the end of next year, sell more of your products/services.
Step 2: Identify demographics of your target market -Rubric (valid for 2.5 hours)
One way to determine your customer demographics (e.g., age, sex, profession, income level, education level, residency, individual or business, etc.) is to write a description of your target audiences. Once you have done so, focus on only those customers who are most likely to utilize your service. As your business and resources grow, you can focus on a wider segment of the overall market.
Step 3: Identify your competition -Rubric (valid for 2.5 hours)
There are several ways to go about identifying the competition. One way is to identify other businesses that are offering somewhat similar services to the customers you are targeting and within your price range. Once you have identified your competitors, analyze two to four such businesses by answering the following questions. How are these businesses doing in terms of demand for their product/service? What are the similarities and dissimilarities between your product/service and theirs? What are some of your competitors’ strengths and weaknesses? What do the customers think about your competitors’ product/service? Can you capitalize on some of your competitors’ weaknesses? How can you create better value for your customers? What pricing strategies are your competitors using? Can you improve on their strategies?
Step 4: Describe your product/service -Rubric (valid for 2.5 hours)
A product may be a commodity or service, or both. What products/services are you offering? How is what you offer different from your competitors’ product or service? How do customers perceive the benefits of the product/service you are providing? What do customers perceive as the special features of your product/service?
Other questions to keep in mind when defining your product/service include the following: Can you appeal to environmentally conscious or health-conscious customers? How are you going to present your product/service to customers? Is there an increase or decrease in the supply of your product/service on the market?
Step 5: Define place (distribution strategy) -Rubric (valid for 2.5 hours)
When we talk about place, we are thinking about more than just the physical location of a business; place also includes how you plan to get the product/service into the hands of your customers (the place they need it). To do this, you need to answer the following questions: How widely do you plan to geographically distribute your product/service (e.g., locally, in-state, multi-state, nationally, internationally)? Are you going to be selling directly (direct marketing) to customers?
Step 6: Choose your promotion strategy-Rubric (valid for 2.5 hours)
Promotion refers to the entire set of activities that inform people about your product/service. Promotion induces customers to prefer your product/service over those of your competitors. Promotion is simply how you get people to know about the product/service you provide. It deals with how and what you want to communicate to customers/ buyers. Several tools can be used, including mass media (radio, television, internet, newspapers, magazines, yellow pages, billboards, etc.), direct mail, personal contacts, trade associations, and social media (Facebook, Twitter, Pinterest). You also need to identify the amount of resources (human and capital) you can set aside for your promotions
Step 7: Develop a pricing strategy -Rubric (valid for 2.5 hours)
There are several pricing strategies such as cost-oriented pricing, flexible pricing, and relative pricing. Cost-oriented pricing strategy involves setting your price at a certain percentage level, say 25%, above your service and time cost. Flexible pricing strategy is where you vary the price depending on the buyer or time (e.g., time of year). Relative pricing strategy is simply using the prevailing market price to set your own price whether it is above, below, or at the same price. No matter which pricing strategy you use, you need to be aware of the following: What are the pricing strategies used by your competitors? What is your cost of production? Typically, your price should be based on the prevailing market prices and your costs. It should cover your full cost of production and include a profit. You can do simple market research to learn about what prices customers would be willing to pay and what prices your competitors are charging.
Step 8: Create a marketing budget -Rubric (valid for 2.5 hours)
Since you do not have unlimited resources, it is best to identify how much time and money you want to allocate to marketing.
Marketing Plan should be written in APA style, 10 to 15 pages long (not counting Cover and Citation Pages), double space, one inch margins. Use font Times New Roman size 12. Correct grammar is important.
Library and Information Management
LIM Portfolio
Name:
Professor:
Institution:
Course:
Date:
1.0 Introduction
Effective transmission of information from one person to another is very important because it enables the receiver of this information to effectively carry out his or her duties and the sender on the other hand to confirm that the receiver has responded appropriately to the instructions. Various information management models can be applied to effectively manage the flow of information in a library, an archive, a museum and a job seeking centre in order to achieve the highest results through effective communication (Grover, Greer & Agada, 2010). In a library, the nature of information is the documented findings of various researches carried out in the past; in an archive, information is in the form of records of past events; in a museum, information takes the form of scientific specimens, works of arts or other objects of permanent value which are stored in order to be used for exhibition, study, research among other uses. In this essay the role of Shannon-weaver, 5 rings and information transfer cycle models in the management of information in these four situations is discussed.
2.0 Information Process Models
In this section, a detailed description of three information processing models is carried out. These models include the Shannon-waver model, the 5 rings model and the information transfer cycle model. An analysis of these models is done so as to provide comprehensive information regarding them and how they can enhance success or be limited (fail) in the transfer of information within a library setting (Pandey, 2004).
2.1 Shannon-Weaver Model
According to this model, effectiveness in communication is possible when the following five elements are at their optimum level of performance: the source, the transmitter, the channel, the receiver and the destination (Steinberg, 2007). This is important because for information to be sent effectively, the source must be authentic and must ensure that this information is well encoded. Similarly, the device being used to transmit this information must be of high quality in order to ensure that all the necessary information is transmitted accordingly without any form of distortion. The channel used should not only be affordable to both the sender and the receiver, but must also be effective in ensuring that the quality of information being sent remains high throughout the communication process (Berk, 1989).
It is indicated that effectiveness of this model when the receiver is in a position to understand the language being used by the sender and should also have all the necessary equipment to enable him receive the information at its highest quality. In this information processing model, distortion of information may occur as a result of physical noise, being caused by poor technology or semantic noise caused by the receiver’s failure to understand the message either because of his or her literacy level, emotional state, distractions among other factors. These are some of the issues that must be dealt with to ensure that the communication process is smooth and effective.
This model puts in consideration the sender, receiver, channel, receiver, noise and feedback besides the encoding and decoding processes that ensure that the flow of information is effective. It can be inferred from this model that it is the simplest model as it offers a unidirectional form of communication and enables people to understand the negative impacts of ‘noise’ in promoting effective flow of information (Narula, 2007). Through using an appropriate communication channel and encoding a message that the decoder (recipient) is capable to understand, and noise is managed, then the feedback received will portray effective flow of communication through developing a mutual understanding.
2.2 Information Transfer Cycle Model
In this model, information is taken through a number of processes before it s ready to be used. The first process is the information creation process. This according to Vicker and Vickery (2004) can be done through basic research or applied research. In basic research, one carries out a study in order to come up with new information on a particular phenomenon. In applied research, the study is directed towards achieving a specific objective and it involves the use of existing knowledge in solving a specific problem. These two classes of research lead to the creation of knowledge in particular fields. This created information is then recorded and organized in a manner that would make it easy for any potential user to access it.
The stated process could involve the arrangement of the information according to the subject, medium among other criteria which would make it easy for the user to easily access it. The information is then stored either for short or long periods depending on the nature of the information and the needs of potential users (Berk, 1989). Once the information has been stored, mechanisms should be put in place to ensure that the information can be easily accessed by potential users. Depending on the diversity and quantity of information, various access systems can be used like catalogues, indexes among others. The final process of information management in this model is delivery. This is refers to how the information seeker should gain information. The mode chosen depends on a number of factors like the nature of the information seeker, the cost of the delivery mode and security.
2.3 The 5 Rings Model
In this model, information falls into five types: internal, conversational, reference, news and cultural. Internal information consists of the messages which run our internal systems thus allowing our bodies to function properly. Conversational information refers to both formal and informal messages that are exchanged between and among people. Reference information on the other hand refers to information that runs the world; news refers to the documentation of events as and when they take place while cultural information is an expression of any kind which comes to terms with the current civilization (Narula, 2007). This model just like the other two is very important in the management of the flow of information in various institutional settings.
3.0 Episodes
3.1Library
In a library, the information transfer cycle model is applied extensively in the management of the flow of information. This is because information found in the library originated from the researches having been conducted by scholars in the past. This information, after having been created by these researchers, was then organized by these scholars in manner that could be easily accessed by potential users like students and other researchers. The organized information was then stored inn the library for long or short periods depending on the nature of the information and the needs of potential users. The decision on whether to store a given documentary on a long term or short term basis depends on the relevance of this information to the users (Grover, Greer and Agada, 2010).
If this information was bound to be useful for a long period of time, then it could be stored in the library for a long period of time. If on the other hand, its usefulness was limited to a given short period of time, then a short term storage period could be in the offing. Access to this information is very important because the reason for its storage is to ensure that it can be accessed by those intending to use it. In a library setting, catalogues are used to access this information. The delivery mode could either be electronic or print media depending on the needs of the user as well as the financial capacity of the library.
3.2 Archive
In an archive, past records and the historical data of past events is stored for future use. The information transfer cycle model is also very effective in the management of information in an archive. This information is also taken through all processes involved in this model. It is first created through basic research on the people’s past ways of life or an observation of the same. It is then recorded appropriately and availed to the public for collection (Lancaster & Warner, 1993). It could either be restricted to a few people or made available to all the people depending on a number of factors. It is then arranged according to the topic, date created among other criteria to make it easy for people to access. Storage of this information is mostly done on a long term basis since a large proportion of it is of permanent value. Access to this information may also involve the use electronic catalogues among other means delivery being either in print or electronic media (Lancaster and Warner, 1993)
3.5 Museum
In a museum, information management applies both the information transfer cycle and the Shannon-weaver models. The information transfer cycle model is applied in the process of creation, collection, organization, storage and providing access to information while the Shannon-weaver model is applied most in the process of accessing and using this information (Chaturvedi, 2004). Information in a museum is obtained from the past events and past scientific studies which are then documented together with the supportive evidence. The whole process beginning with the creation of this information to the point of delivering it to the potential users is based on the information transfer cycle model. The Shannon-weaver model is applied when one is conducting a research with information from the museum forming a significant percentage of his source.
In this case, the source of information is the museum with information in different forms like scientific specimens, works of art among others. The channel used in most cases is usually oral communication whereby an employee in the archive explains to the researcher various aspects of the scientific specimens being studied. The researcher would have to be very keen on what is being explained in order to obtain information as effectively as possible (Berk, 1989). Various factors could cause failure of this communication process and therefore the concerned parties must address them. These may include poor emotional state of the receiver, physical noise or even the receiver’s prejudgment. If the receiver of this information is hungry or is in any other unstable emotional state, he may not get the message clearly. These issues must therefore be addressed for the communication process to be effective.
3.6 Job-Seeking Centre.
In a job-seeking centre, the nature of information exchanged relates to the specifications of jobs available for applicant; the applicants and their respective qualifications among others. The Shannon-weaver model as well as the 5 rings model is very useful in the management of information in this situation. According to the Shannon-weaver model, communication between the job-seeker and the agent must be very effective in order for the person to end up with the most appropriate job. This means that in communicating to the applicant about the available job opportunities, the agent must ensure that the channel being used is as effective as possible with as minimal distortions as possible (Pandey, 2004) .
This would ensure that the job seekers have the right information about the available opportunities and that only the right candidates apply for the jobs. In addition to this, during interview sessions, job seekers must pay attention to what is inquired of them in order to respond to the questions appropriately. It is also important that the right channel is chosen, for instance, if an oral interview is the choice, then there should be no noise within this environment. Both the job seeker and the agents should have right attitudes and in stable emotional states. The 5 rings model is application especially in the agent’s process of aging access to knowledge about new job opportunities in market.
4.0 Conclusion
In conclusion, information transfer is very important in organizations and therefore ensuring that the process is being carried out effectively should be one of the priorities of managers in these institutions. In transfer of information, one of the most important points to consider is the fact that information must be transmitted effectively and made available to the potential users in the most comprehensive manner (Steinberg, 2007). Access to this information can be enhanced by use of catalogues in libraries among other means. Whichever mode of accession is chosen, care must be taken to ensure that the mode of delivery is as effective as possible to the potential user.
References
Narula, U., (2007) Communication Models. Atlantic Publishers & Dist.
Steinberg, S., (2007). An Introduction to Communication Studies. Juta and Company Ltd. Print.
Chaturvedi, (2004) Business Communication: Concepts, Cases And Applications. Pearson Education India. Reprint.
Grover, R., Greer, R.C. & Agada, J., (2010) Assessing Information Needs: Managing Transformative Library Services. ABC-CLO. Print.
Vickery, A. & Vickery, B.C., (2004) Information Science in Theory and Practice. Edition 3. Walter de Gruyter. Print.
Berk, R.A., (1989) Starting, Managing, and Promoting the Small Library. M.E Sharpe. Print.
Pandey, D.K., (2004) Library And Information Science. Atlantic Publishers & Dist. Print.
Lancaster, F.W. & Warner, A.J., (1993) Information retrieval today. Edition 3.Information Resources Press. Print.