Traditional Marketing Projects Analysis - Paper Example

The Tarpus event planners business will be located on the outskirts of the city; it will be offering services to reception decoration, birthday parties, baby showers, budgeting on the total cost of the event, snacks or meals to be provided and invitation card decoration.

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Marketing Environment Analysis

The macro environment includes societal factors that affect the microenvironmental forces they entail the demographic, economic, technological, political and cultural forces. These factors influence the ability of a business to serve its potential customers (Stanton, 2007).

Regulatory Analysis: Regulatory environment entails the government contribution towards the firm and what regulations the business has to meet in order to operate. Any change in the legal context greatly affects the marketing decisions of businesses through production capacity, pricing, promotion and service delivery. First, the company needs to register as a licensed business with the registrar of enterprises to ensure that the firm has not assumed another companies name, verify it is offering legalized products and services. This enables the government to levy taxes on the registered business.

Competitive Analysis: The competitive environment entails the people who offer similar services and products, in the region, about ten businesses are offering the same services like The Gracia event planners. The business will come up with strategies like new market penetration strategy to ensure that we are providing unique services different from what is on the market already. The competitive strategies may entail promotion and advertising, offering a broad range of events decoration like outdoor event planning, after sales services and customer follow up after request of our services (Lnitt, 2000).

Economic Analysis: The economic environment is affected directly by the countrys economy .if the financial condition is bad the consumer trends will be affected the .the economy is the region has been stable we, therefore, hope that the consumer patterns will not be affected so much if there is a slight change in the economy.

Technological analysis : the technological environment deals with the global market, we not only aim to offer our services to the region the business will be located there for in order to reach out to more people we will be required to connect will people through online networking in order to get a glimpse of what is trending .technology has an impact on how businesses market their products and services, through the Internet companies can market themselves on a global level through business websites .Technology will, therefore, has a positive impact on the business in the marketing sector for adverts and connect with people in the different regions.

Social analysis: the social environment reflects the impact the products and services offered will have to the society. In offering environmental friendly events like planting grasses in the event garden and flowers will directly be supported by the people in the community. In addition, the social environment may be labeled in terms of the cultures and norms of the people .for an event planner business the business will be set up in an area where people have diverse and outgoing spendthrift life patterns since in a rural set up people do not observe the outgoing lifestyles of setting up events in clubs or holding meetings in board rooms.

Target Market Analysis

A target market is a market niche that a business will be targeting to sell directly its products and services. This is the people who have a need that needs to be filled. Target market analysis ensures that the business offers products and services that will be profitable both in the short run and long run.

Demographic: Demography deals with the people in the location, age, gender, income, ethnic background, and age. Our main target market is the young working class generation between the age of (25-30) mostly ladies; they are our target market since they are usually busy at work and do not have enough time to plan for parties and birthdays, they also earn good income that caters for luxurious lifestyles. We narrowed down our target market to ladies since they spend 70 % of their earning on self-satisfaction in holding birthday parties, ladies night and barbecues, for the year ended 2016 there were about 400 parties organized by the Gracia event planners. Therefore, the market need is more than the supply. Our event planning services will entail planning for their parties indoors at home, club areas, budgeting their decorations and cost of holding parties. The target group gets the good income, being our potential target market the rates offered will be affordable to them; their earnings bracket enables them to have a high consumer purchasing power. Through our target market analysis, we will be able to come up with a communication strategy to reach out to our prospective customers.

Geographic: Geographic analysis for the region will be the analysis of the market size, market density, and the climatic condition. The business will be regional; it will serve a whole state, the location we chose will be more favorable since the region has an excellent climate for outdoor arena events, the area does not flood. The market density of the area is high since most of our target customers reside in the area. Therefore, the business is projected to pick up and establish faster.

Psychographic: This will entail the analysis of personality, attitudes, traits and habits of the prospective customers .a right attitude towards our products will prompt them to seek our services more often hence meeting their needs. However, a bad attitude towards the kind of services we offer will trigger then to resist our operation in the region resulting in the downfall of the business. The business motives will, therefore, be to fulfill the client's personal needs of satisfaction in the products and services we are offering.

Benefits sought and usage rates: the segmentation of benefits are on the benefits the customers derive from the type of service they pay for. This way, customer profiles can be developed by examining demographic information associated with people seeking certain benefits. The company is flexible and can fit in diverse lifestyles to ensure that the clients derive maximum benefits. The 80:20 rule should apply in benefits derived from the services offered. Whereas, usage rates is the measure of the consumption function of the customers, if the customers derive more benefits then they are likely to use more of the products .this analysis will enable us to come up with different marketing mix aimed at different market segments as we reach out to different markets regionally .this can be attained through coming up with loyalty programs where we reward the frequent users with offers (Keillor, 2007).

References

Stanton W.J. (2007) . Fundamentals of Marketing. (7thEdition) , New York, McGraw Hill.

Lnitt T. (2000). The Marketing Model. New York, McGrow Hill.

Balshlow SC (2000). Traditional Exchange and Modern Markets: New York Prentice Hall.

Greer T. V. (2007) Marketing in the Soviet Union, New York, Holt Rinchart and Winston.

Preston, C. A. (2012). Event marketing: How to successfully promote events, festivals, conventions, and expositions. Hoboken (N.J.: J. Wiley & Sons

Rinallo, D. (2011). Event marketing. Milan: Egea.

Kotler, P., & Keller, K. L. (2016). Marketing management.

Keillor, B. D. (2007). Marketing in the 21st century. Westport, Conn: Praeger.

Mehndiratta, V. (2008). Event management. Chandigarh, India: Abhishek Publications.