3. Corporate Services by S&C (CSSC) will undertake
commercial operations using a service convenience business
model. The service convenience model is a hybrid of the
service model and the customer convenience model. A
service model describes how an organization gives intangible
value to its clients, whereas a customer convenience model
simplifies things for the consumer in comparison to industry
standards. The marketing and legal requirements are very
important as it relates to any business that is in operation.
Marketing aspect of any business is geared towards targeting
clients who are willing to be a part of greatness. The legal
requirements covers the framework of any business and it is
recommended that all business be guided by a legal policy.
Introduction
4. Why is marketing crucial to the
operation and success of new
ventures
According to Bibhakar (2015),
marketing is the act of
conceptualizing, pricing, promoting,
and distributing ideas, commodities,
and services in order to generate
exchanges that meet individual and
organizational objectives. Marketing
is critical to the operation and success
of new businesses since it informs,
assists you in understanding your
customers, increase sales, engages,
offers friendly competition, and
promotes your brand (Belasco, 2017).
5. Marketing
strategies that
the internet and
social media
have provided to
new venture
businesses to
reach their
target market.
Digital marketers now use social platforms as a powerful tool.
Both small and large organizations utilize it as the engine for
all facets of their operations, including sales, marketing, client
relations, and online commerce. Every marketing division
aspires to develop their expertise in social media marketing.
Social networking applications like Facebook, Twitter, and
Instagram have been employed as marketing tools in this form
of internet marketing.
6. Four (4) Marketing Strategies for
Business to reach their Targeted
Audience
1. Establish goals and objectives
By establishing goals and objectives for
their usage of the platforms, marketers
may start to increase the success of their
social media marketing campaigns. It is
essential to match this strategy's
objectives with the objectives of the
company. Having these goals in place will
also make it easier to assess the efficacy
of social media marketing initiatives.
7. It is advantageous for firms to compile information about current clients. These statistics show who is making
online purchases and how they are interacting with a company. After identifying the target demographic,
marketers should do research on the channels that customers are most likely to utilize. Instagram is a useful
platform for fashion businesses to connect with their target market. A Software as a Service (SaaS) company
whose customers are more business-oriented will use LinkedIn. Businesses should spend their time where
their target audience is spending their time on social media because each social channel draws a distinct
demographic.
2. Determine the Intended Audience
8. 3. Choose the Appropriate Platforms
Although various social media platforms are used by different
audiences, it is not a smart idea to begin advertising efforts across
all social channels at once. Marketers should start by becoming
adept at a few social media platforms. Important business sites
include LinkedIn, Facebook, Twitter, and Instagram. However,
other platforms, like Pinterest and YouTube, have a place when it
comes to promoting or advertising goods. Each has a particular
market niche and set of uses. For instance, Twitter is a fantastic
platform for exchanging thought leadership and obtaining real-time
information, but posts are only allowed to be 280 characters long.
Targeting decision-makers on LinkedIn is a great idea because it is
the hub for all business professionals. Facebook and Instagram are
experts at using pictures, videos, reels, and live feeds to
communicate stories visually after expanding operations on a few
social media sites and building a fan following.
9. 4. Create
or
collaborate
on a
content
strategy
Businesses should give serious
thought to the social media
information they post.
Marketing professionals
shouldn't post content only for
the sake of producing it.
Social media is one platform
that companies may use to
communicate their messages.
When a prospect or customer
receives the same information
and promotions over many
channels, a multichannel
marketing approach is being
implemented.
Creating timely and pertinent postings is
always a good idea, but businesses should
make sure that information they produce
on other platforms can be reused for
social media. Businesses should often
promote new blogs on social media when
they are published. Marketers should
disseminate promotional information
across several weeks at various times to
optimize return. The same holds true for
newly released deals and locked content.
When a new campaign starts, marketers
need to make sure that the relevant
information is distributed. In order to
increase the number of people who see a
new webinar or white paper,
organizations should undertake a multi-
week marketing campaign when they are
planned or released. 2021 (LaFleur)
10. How new
ventures can
utilize guerilla
marketing
strategies to gain
a competitive
advantage
Guerrilla marketing is a type of advertising that engages
audiences or potential consumers by using outlandish tactics
and techniques to promote goods or services. US marketer Jay
Conrad Lewinson created the idea in the 1980s, drawing
inspiration from military jargon. It is a more affordable
alternative to expensive advertising campaigns that concentrate
on efforts specifically aimed at entertaining rather than
informing consumers. Internet, 24-hour access and interaction,
weblogs, blogs, and stickers are a few of the approaches.
11. Utilizing an existing environment is the basis of ambient
marketing. Advertisements are placed in unusual locations
or on unusual items. Ambient marketing has the odd
location of an advertisement, which draws attention on its
own. Consequently, these advertisements make intelligent
use of the surroundings and impress viewers. That much is
obvious—the concept is so smart and original that it
creates a lasting impact and is truly stunning. Execution is
another crucial component of this marketing. This will
influence the audience as intended and help elicit the
desired response. The following are some benefits of
ambient marketing for new businesses:
Attracts attention
Easy to remember
Low price
It can go viral – people want to share interesting
experiences with friends, most often using social networks
Reaching a wider audience, such advertisements are often
placed in places where many people pass, thus reaching a
wide variety of audiences.
12. Marketing Plan Corporate Services by S&C Limited
Description of Service
Corporate Services by S&C Limited is company that
provides array of services to its business clients,
company Secretarial Services, annual Filings with
Companies Office, tax Administration of Jamaica &
Department of Cooperative and Friendly Societies, tax
Filing with the Tax Administration of Jamaica, data
Entry services for Large and small business.
Target Market
The Corporate Services by S&C Limited is targeting
large and small business firms. According to research,
there is an increasing need for services providers,
particularly in the local market. Corporate Services by
S&C Limited provide an essential service to high or
low- and middle-income businesses while earning
enough profit to sustain the business. This service will
encompass all fourteen parishes of Jamaica.
13. Marketing Plan
Corporate Services by
S&C Limited
Market Analysis
An analysis of the market provides data on
various market factors, including industries,
clients, rivals, and competitors. For a
particular good or service, you may also
ascertain the link between supply and
demand. Corporate Services by S&C Limited
can decide on potential marketing methods
more intelligently based on these insights.
Data analysis-savvy marketers have had a
significant positive impact on several
organizations over the past few years, and
other businesses are starting to take notice. In
fact, the Statistical Institute of Jamaica
(STATIN) projects that by 2028, employment
of market research analysts would increase
20%, which is substantially faster than
average.
14. Marketing Goals
Increase brand awareness
Boost brand engagement
Generate qualified leads
Competitors
In order to differentiate your products and services from those
offered by your competition, competitive market research looks
for and contrasts key market metrics. A competitor analysis was
conducted in order to identify competitors in our industry and
research their different marketing strategies.
15. Pricing Details
Name Cost $
Company Secretarial Services $450,000.00 p.a.
Annual Filings with Companies Office $25,000.00 per filing
Tax Administration of Jamaica & Department of Cooperative and Friendly Societies
$10,000.00 Monthly
Tax Filing with the Tax Administration of Jamaica $25,000.00 per filing
Data Entry services $5,000.00 per day
Legal Documentation drafting $80,000.00
Bookkeeping $50,000.00 p.a.
Financial Management Report $120,000.00 p.a.
16. Advertising Plan
Two strategies will be used to sell The
Corporate Services by S&C Limited.
Our initial strategy will involve
creating a well-designed online website
that describes our services and is made
easy and appealing in order to grab
customers' attention and pique their
interest in our offering.
One strategy will involve using social
media sites to advertise. This marketing
strategy is quite effective in luring
potential clients. A financial reward
will also be provided by The Corporate
Services by S&C Limited, such as a
10% discount for the first referral, a
20% discount for the second referral.
As individuals naturally prefer to
spread good bargains with their
business associates and/or partners, this
will be successful in bringing in new
business for the firm and motivating
our customers' behavior.
17. Establishing an online presence through our website and using popular
social media platforms like Instagram, Twitter, and Facebook will be
another marketing technique. To deliver a smooth and uniform
information outflow, all platforms will be connected.
Additionally, we'll put a lot of effort into meeting with and conversing
with our clients in order to gain their perspective. We'll utilize this
platform to provide a plethora of useful information about our product
offerings with customers as well as to demonstrate our knowledge and
skills.
The Jamaica Gleaner and the Jamaica Observer are the two main local
newspapers that the Corporate Services by S&C Limited will use for its
advertising campaign. The newspaper's classifieds ads will include the
advertising. Given that readers frequently turn to newspapers for their
detail information more frequently than other media, newspaper
advertising provides the chance for large dissemination while also being
one of the more dependable forms of advertising.
18. Marketing Budget
Items Cost ($)
Sales Materials $100,000.00 p.a.
Content/materials development $25,000.00 p.a.
Website development $15,000.00 p.a.
Paid digital advertising & Social Media
Management
$60,000.00 p.a.
Total $200,000.00
19. Legal
Requirements
There would be a legal procedure that the business would have to
go through in order for it to be operational. The creation of a
business bank account, renting or leasing a facility or piece of
equipment, employment contracts, and company registration are a
few examples.
Registration of the Company
The following factors would need to be taken into account while
registering our company:
Registration of the company name
Obtain national insurance scheme (NIS) registration
Obtain taxpayer registration number (TRN)
Apply for tax compliance certificate (TCC)
20. Registration of
the Company
Name
The firm would need to register the chosen
business name at the Companies Office of Jamaica
as the initial step. We would need to fill out and
submit a Company Name Search and Name
Reservation Form on the Companies Office of
Jamaica online or in person in order to determine
whether the chosen name The Corporate Services
by S&C Limited is available and acceptable.
Following completion of that, the following
registrations/documentations will be obtained upon
the registration:
National Insurance Scheme Number,
Taxpayer Registration Number
General Consumption Tax Registration
Number
Tax Compliance Certificate
Register for Statutory Deductions
21. Opening
Business Bank
Account
Our company will be opening an account with the National Commercial Bank (NCB). In order to open this
account we would be required to submit the following documents:
Certificate of Incorporation
Article of Incorporation or Memorandum and Articles of Association
Taxpayer Registration Number for the company
Valid picture identification for each signer
TRN for each signer
Proof of address for each signer (e.g. Utility bill or Post marked envelope no more than 6 months old)
Two references for each signer (if signers do not have accounts with NCB). You may choose any two
of the following: NCB customer (For at least 3 years or more); NCB Manager; Minister of Religion;
Justice of the Peace (Seal to be affixed); another bank's manager.
Audited financial statements of the business (or in-house financial statements for companies which have
been incorporated for less than eighteen (18) months or accounts prepared by a person who is duly
registered as a public accountant for companies with annual turnover of less than $40M – listing can be
found at www.pab.gov.jm).
Current Certificate of Registration under the Registration of Business Names Act (where applicable).
Previous bank references (where applicable)
22. Arrangement
for Rent/Lease
Facility or
Equipment
Our company is entirely online based therefore, we would not need to rent
or lease a physical space owing to the fact we are a start-up company. This
maybe applicable to us in the future should we expand the company.
Employment Contracts
The type of contract we are planning to use for our future employees will
consist of the following components:
Name of the company
Name of employee
Date of employment
Job Tittle
Duties of the employee
Probation period
Compensation package
23. Legal Advice for New Venture in order to
operate legally in Jamaica
In order to operate legally in Jamaica as a New Venture, one must take into consideration
the following:
Startup Activities- In order to operate legally in Jamaica the venture must be registered
with the Companies of Jamaica and under the Registration of Business Name Act.
Contracts- Most of the time, it is difficult to find new business start-ups that use proper
contract management processes. Regardless of how small or large your company is, it is
critical to remember that proper contract management processes are critical for business
growth. In layman's terms, proper contract management involves being able to control
costs, maximize the value of contract agreements, and minimize business risks.
Contract management entails overseeing all contracts from vendors, customers,
business partners, or employees. As a result, in order for your start-up to have a good
contract management culture or discipline, you should at the very least have:
24. Intellectual Property- Intellectual property (IP) refers
to mental creations such as inventions, literary and
artistic works, designs, and commercial symbols,
names, and images. Understanding intellectual
property (IP) can assist your company in becoming
more competitive and managing IP-related risks.
The IP system can be of great assistance to New
Venture Businesses:
Safeguard innovative products and services
Increase the market visibility, attractiveness, and
value of your products;
Differentiate your company and its products from
the competition
Gaining access to technical and business
information and knowledge
Avoid the risk of inadvertently utilizing third-
party proprietary content or losing your own
valuable information, innovations, or creative
output.
Copyright- The legal word "copyright" describes
the ownership rights that writers and artists have
over their creative works. Computer programs,
databases, ads, maps, and technical drawings are
all examples of works protected by copyright, as
are books, music, paintings, sculptures, and films.
