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The document discusses Sport Outlet, a sporting goods retailer in Trinidad, and provides details on its market share, marketing mix, customer satisfaction surveys, financial projections, and planned promotional activities like producing loyalty cards, TV and radio ads, sponsoring local sports teams, and offering discounts. It analyzes Sport Outlet's performance between 2015-2017 and shows an increase in projected sales and gross profit as more promotional strategies are implemented.
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- 10. 18% 28% 2% 13% 8% 16% 15% Market share for SPORT OUTLET Sport Outlet Francis Fashion Fan Club Fan Zone Trinitrolley.com Kenny's Sport Centre Limited Bajnath Sports Centre
- 12. PRODUCT: The ‘products’ are concerned with the function and features offered by a good. They also incorporate factors such as quality, design, after-sales service and branding. PRICE: The prices charged for the products depend on a number of factors: the cost to make it, the level of profit required, competitor prices and the price consumers are willing to pay. PLACE: South Trinidad at Gulf City mall and the other at Trincity Mall in the Northern part of Trinidad. PROMOTION: The purpose of promotion is to create awareness in consumers or generate interest and desire to buy products. Promotion can also be used to create or change a brand image and maintain market share. PEOPLE: Employees and management to deliver the products to the customers and a timely manner with excellent customer service. PHYSICAL EVIDENCE: This pertains to how you, your products, or your company is presented in the market place; (layout of store, ambiance, working attire of employees, etc.) PROCESS: The distribution channel of Sport Outlet; its how you are going to get paid, and deliver your products.
- 15. Product Specializing in certain product or product line, can help differentiate the business form its competitors as it would be known for this particular product. Sport Outlet new and upcoming Nike Fuel Band SE would be presented in detailed in the latter part of this presentation. Price The prices charged for the products depend on a number of factors: the cost to make it, the level of profit required, competitor prices and the price consumers are willing to pay. Place South Trinidad at Gulf City mall and the other at Trincity Mall in the Northern part of Trinidad. Promotion: Promotion that involves the customers letting them has fun while they shop and learn about the current and new products, also showing them how important they are to your business. People: Employees and management to deliver the products to the customers and a timely manner with excellent customer service an assist in promotional activities. Physical Evidence: This pertains to how you, your products, or your company is presented in the market place; (layout of store, ambiance, working attire of employees, how promotional items are displayed etc.) Process promotional campaigns can assist in brining awareness to new product/products, also to help in involving customers in other promotional activities, which would help ensure customer loyalty and retention.
- 17. 10% 44% 8% 36% 2% Satisfaction with the product offering at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 1 (%) Customer's score of 2 (%) Customer's score of 3 (%) Customer's score of 4 (%) Customers undecided
- 18. 4% 78% 16% 2% Satisfaction with the quality of products at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 2 (%) Customer's score of 4 (%) Customer's score of 5 (%) Customers undecided
- 19. 26% 58% 16% Satisfaction with the quality of customer service at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 2 (%) Customer's score of 3 (%) Customer's undecided (%)
- 20. 50% 30% 20% Credibility and Trustworthiness of Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customers agreed (%) Customers disagreed (%) Customers undecided (%)
- 21. 80% 20% Sport Outlet's understanding of customer's needs Customer's agreed (%) Customer's disagreed (%)
- 22. 50% 10% 20% 20% The Dependability and Consistency of the service at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 2 (%) Customer's score of 3 (%) Customer's score of 4 (%) Customers undecided (%)
- 23. 44% 56% The Service at Sport Outlet being low-risk and free from danger Customers agreed (%) Customers undecided (%)
- 24. 48% 52% Perceived skill and knowledge of staff at Sport Outlet Customers agreed (%) Customers disagreed (%)
- 25. 40% 60% Responsiveness of the Service at Sport Outlet Customers agreed (%) Customers disagreed (%)
- 29. 34% 58% 2% 6% Satisfaction with the price of products at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 2 (%) Customer's score of 3 (%) Custoemer's score of 4 (%) Customers undecided (%)
- 31. 46% 50% 4% Easy Accessibility and Timely Delivery of the Service at Sport Outlet Customers agreed(%) Customers disagreed(%) Customers undecided(%)
- 32. 100% 0%0% Support of a Website for Sport Outlet Customers agreed (%) Customers disagreed (%) Customers undecided (%)
- 33. 58%26% 4% 12% Sport Outlet's effort to develop a close relationship with customers from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's Score of 2 (%) Customer's Score of 3 (%) Customer's Score of 4 (%) Customers undecided (%)
- 34. 84% 16% Consideration and Sensitivity of staff at Sport Outlet Customers agreed (%) Customers disagreed (%)
- 41. 12% 76% 8% 4% Satisfaction with the level of Promotions offered at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 1 (%) Customer's score of 2 (%) Customer'd score of 3 (%) Customers undecided (%)
- 43. 96% 4% Suggestion of Loyalty cards at Sport Outlet Customers agreed (%) Customers disagreed (%)
- 49. (www.google.com)
- 50. 52%44% 4% Satisfaction with the Physical Environment and appearance of staff at Sport Outlet from a scale of 1 to 5 (1 being the lowest and 5 being the highest) Customer's score of 4 (%) Customer's score of 5 (%) Customers undecided (%)
- 54. Activity Details 2015 ($) 2016 ($) 2017 ($) • Loyalty Cards (redeemable at off-peak periods: Jan- Nov) Cost of producing loyalty cards - Every $10 = 1 point - Redeemable items : sneakers, socks and T-shirts 500,000 400,000 400,000 TV Ads - 15 seconds long on CCNTV 6, (most viewed TV channel according to media polls); airing 5 times from 6 pm to 7 pm for 42 days (6 weeks). 400,000 400,000 400,000 Radio Ads - 15 seconds long on 95.1 FM; from 4 pm to 6 p.m; playing 10 times per day for 42 days (6 weeks) 300,000 300,000 300,000 Website - Cost of website - Cost of Maintenance 30,000 5,000 5,000
- 55. Activities Details 2015 ($) 2016 ($) 2017 ($) Sponsorship 1. School Sports 2. Inter-col Football 3. Community Sports 2,000 5,000 20,000 4,000 10,000 10,000 4,000 5,000 20,000 Discounts (provided at off-peak periods) - 10% discounts - Provided on the first month of each quarter across a 3 year period 300,000 300,000 300,000 Nike Fuel Band SE - New product - $300 per band. 60,000 150,000 60,000 Social Media 1. Facebook 2. Instagram 3. Whats app 4. Viber - - - - - - - - - - - - Total :
Editor's Notes
- According McDonald (2007), a corporate objective describes a desired destination or result. Most often this is expressed in terms of profit. Objective 1 : To increase the quality of service at Sport Outlet from 5% to 15% for an increase in sales over a 12 month period between January to December 2015. Justification - Customers were dissatisfied with the service quality for Sport Outlet in terms of: reliability, responsiveness, communication and competence. Customers were also dissatisfied with the high prices and lack of promotional activities offered at Sport Outlet. This was impacting negatively on the perceived service and product quality at Sport Outlet which by extension led to customer disloyalty. Objective 2: To strengthen the relationship with customers at Sport Outlet from 2% to 10% for an increase in sales over a 3 year timeframe from 2015 to 2017. Justification – No efforts were made to develop a close relationship with customers. This was impacting negatively on customer loyalty at Sport Outlet. Sport Outlet had no online presence to communicate with customers. Based on the social trends from the Pestle Analysis and behavioural characteristics of Sport Outlet’s target market, customers were frequent users of social media and the majority of users had direct access to the internet and were the owners of smart devices. Hence customers agreed that Sport Outlet should create a website.
- Stay relevant through innovation. One great way to gain market share is to spot new trends ahead of competitors. Quick response to customers - Remember when leaving a voicemail recording that says, "I'll get back to you within 24 hours" seemed responsive? Snap up competitors. Sometimes the easiest way to get more customers is to simply buy them. Watch for competitors that might be up for sale and purchase their customer lists. Be more flexible. Are your competitors still expecting workers to warm a chair from 9 to 5 in their office every weekday? You could steal their best people by simply offering more flexibility in how and where people work.
- What is differentiation? According to Philip Kotler “differentiation is differentiating the firms market offering to create superior customer value” Is an approach under where a firm aims to market unique products and making current products or services different to differentiate themselves for competitors. Recommendations: 1.“Specialize” in something Every business which you consider to be a “competitor” could be selling the same products or performing the same services, but how many of them refer to themselves as “specialists?” If you have perfected a task, no matter how simple, it is completely accurate and justified to refer to yourself as a specialist. The can be simple as adding a new product that non or your competitors have. This can be used to differentiate your business for eg. it can be something your business is known for. 2. Share your vision Every business has a vision or goal for their future, and every business pursues that goal for different reasons. But not every business shares their vision with their customers! This is just a few sentences that described where you want your business to be in the next five or so years, and why exactly you are working so hard to get there. Now, share this with your customer and show them how important of a role they play in your dream, and how, without them, there would be no chance for success to be reached. Make them feel important and empowered as they are an important part in the success of your business 3. Have Fun A business who knows how to have fun, is sure to become well known in a short amount of time. Our world is full of seemingly bad news. So create a refreshing escape to customer where you encourage people to laugh, while at the same time enjoying the benefits of what it is you sell and also making them more aware. Doing business doesn’t have to be boring and feel like work all the time.
- PRICING In relation to the price satisfaction Fig 2.9 58% rated Sports Outlet prices as “3” from a scale from 1-5, however a rating of 3 means that more than half of the customer is neither satisfied nor dissatisfied. As stated in our objectives one of the goals was to increase sales. In order for prices to be more satisfactory with customers the company can adopt the strategies listed -Penetration pricing-Here the organization sets a low price to increase sales and market share. Once market share has been captured the firm may well then increase their price. -Skimming Pricing- The organization sets an initial high price and then slowly lowers the price to make the product available to a wider market. The objective is to skim profits of the market layer by layer. -Bundle Pricing- The organization bundles a group of products at a reduced price. Common methods are buy one and get one free promotions or BOGOF's as they are now known. Loyalty cards- this will however motivate customers to buy more while increasing sales.
- Customers can place their orders via Whats app, Viber and Facebook, so that when they walk into the store, they would not have to waste time searching for what they want. They can simply try on and purchase items which would not only assist in reducing queuing time but also in increasing the efficiency and effectiveness of the process. According to the (Report of Prime Marketing Consultancy Team,2014, p.25), based on the findings from the SPICC Analysis, competitors such as: Sports and Games, Trini Trolley, Francis Fashions, Sports and Games and Sports World all have their own website. Therefore, the website with it’s virtual chat room would help to expand Sport Outlet’s direct distribution and improve the relationship to which Sport Outlet has with it’s customers. According to the (Report of Prime Marketing Consultancy Team, 2014,p.20), based on social trends in the pestle analysis, people in Trinidad and Tobago generally live a hectic and busy lifestyle and based on Findings from the marketing p’s, the only means by which customers place their order is by walking into the store (Prime Marketing Consultancy Team, 2014,p.41). Therefore, having a website and a whats app, viber and facebook profile, would make it a more convenient process and distribution channel for Sport Outlet’s customers. The website, whats app, viber and facebook profile for Sport Outlet is recommended because according to the (Customer Satisfaction questionnaire, 2014), based on the results from 50 customers, 50% of customers disagreed that the service at Sport Outlet was delivered on time and easy to get access to; 100% of customers agreed that Sport Outlet should have a website which displays visually the full range of their products and provides detailed information concerning their product line and from a scale of 1 to 5 (1 being the lowest and 5 being the highest), 58% of customers ranked Sport Outlet at 2 in terms of it’s effort to develop a close relationship with them.
- According to Kotler (2012); promotions means activities that communicate the merits of the product and persuade target customers to buy it. McDonald (2007) defined promotions as; the general policies for communicating with customers under the relevant headings, such as advertising, sales force, sales promotion, public relations, exhibitions, direct mail, etc.
- 1. The Advantages of an Increase in Promotion & Advertising according http://smallbusiness.chron.com: • Market Share If you increase advertising and promotion expenditures, you stand a good chance of capturing market share • Higher Sales Growth Businesses that increase advertising and promotion during recessions actually experience higher sales growth during the recession • Increasing Value to the Customer Increasing your advertising and promotions forces you to think about offering more value to the customer. • Improved Reputation Your visibility through advertising and promotion builds your reputation with the customer. • Innovation Trying to increase your advertising and promotions can be an inspiration to get more creative, especially if money is tight
- 2. According to http://blog.stampsdirect.co.uk, Advantages of Loyalty Cards are: • Customer Retention – a loyalty card program is not only a good way to get new customers, it’s also a tried-and-trusted method of keeping them. • Increase Frequent Sales – loyalty card systems encourage customers to come back more often to take advantage of your special offers/discounts/rewards. The more the shop, the more they get in return. • Increased Product Awareness – loyalty card schemes can be an excellent way to increase your product awareness. It might encourage customers to try something new by simply offering them the chance to get one for free. • Increased Reach – loyal customers who enjoy your rewards might encourage their friends to join in. • Know Your Customer – through your loyalty card scheme you can track and analyze your customers shopping habits and adjust your loyalty offers to match their needs. • Customer Loyalty/Happiness – loyalty card schemes are excellent for making a customer feel important and relevant.
- Setting up profiles on the above Social media had no cost attached to it since it’s free. Sport Outlet can update their profiles weekly and communicate with their target audience via this media. This ultimately, will achieve the overall objectives of increasing the quality of customer service and strengthening the relationship with customers at Sport Outlet.
- Develop a Tracking System If your business plan contains measurable goals, develop a tracking system to assess where you stand regularly. Coordinate Business and Marketing Plans Business and marketing plans overlap in several ways, so reviewing both documents simultaneously on a regular basis helps you monitor and control the goals and measurements of each plan. Make Changes When Necessary A business plan is not an unchangeable document. Consider it a fluid plan that can be tweaked and updated as your business changes and grows. Don’t cling to elements of your plan that are outdated or no longer useful.