1. BSBES404 Market New Business Ventures
Answer:
Section A
Identify Any Problems With Business Current Marketing Activities
Previous/Current marketing activity
Effectiveness- Reasons
Handouts
· Limited effectiveness as people generally do not pay adequate attention to the contents of
the handout.
· Handouts are generally distributed randomly to the available person. The distribution is
not filtered or segmented adequately. Therefore, the overall marketing strategy fails to
focus on specific target segment who can be transformed into consumers
Advertising on unknown newspaper
· Print media has witnessed significant reader base in the past few years with the
emergence of digital platform (Evens, 2018). This trend will reduce the visibility of the
2. marketing campaigns.
· Marketing campaign in an unknown newspaper will result in limited visibility and overall
outreach of the marketing campaign by AMC.
Reducing the price
· Competitive pricing can be effective, if the quality is comparable with rivals (Hong, Wang &
Yu, 2018). In this case, AMC will be considered a brand with higher value-for-money than
the other alternatives.
· Price reduction can be perceived as an indicator of lower quality by a section of the
consumers who prefer to pay premium.
Identify CMR’s/(Business) Target Market
Target Market and characteristics
Who is the key target Customer?
Demographic characteristics
Age: 25-45
Gender: Male, Female
3. Income: $ 5000-15000
Where does the client come from?
Local
Regional
National
Psychographic characteristics
Social class: The target group of social class will be consumers who are price and cost
conscious. The general tendency of the consumers is to prefer the brand that offers higher
value-for-money
Lifestyle: Couples and family persons are the core consumer groups. The consumer groups
tend to prefer a budget-friendly restaurant with decent ambiance. The core consumers are
generally working professionals who have a busy schedule and seeks to maintain a work-
life balance.
Values: The core perceived values of the consumers include high quality of food across
cuisines, as compared to the cost invested by the consumers (Barbee & LeMay, 2018).
Moreover, courtesy of the hotel staff is prioritized as one of the significant values by the
target consumers. The décor and furnishing of the hotels are also considered among core
values.
Benefits sought by the client.
4. Safety
Performance
Aesthetics
Social
Economic
Plan New Marketing Activities For Business
New Marketing Activities
Explanations
Product
· Multi-cuisine restaurant that offers Italian, Chinese and Indian food
· Chef’s special items will be part of the special attractions for each of the cuisine categories
· Efficiency and courtesy will be part of the overall service standards of the restaurant staff
Price
5. · Competitive pricing will be the core approach by the restaurant
· The strategic objective will be to ensure that the brand is perceived as both affordable and
of high quality
· Pricing will be established as one of the core competitive advantages of AMC
Place
· The restaurant will be sustained as the primary distribution channel for the services
· The digital platform including website, mobile app and social media will be leveraged as
distribution channels
· Third party food delivery apps will be collaborated as additional distribution channels
Promotion
· Experiential event will be arranged to launch the special menus in each of the cuisines
· Advertisements in prominent newspapers, food magazines
· Announcements, posts and blogs in the social media pages
· Commercials on digital video portal and during prime time on TV
· Experiential event by inviting popular social media influencers who will taste the new
6. menu and provide review on social media
Section B
Resource Requirements
Marketing Activities
Personnel Required
Resources Required
Budget
Measure Of Success (Monitor)
Example: Print Media –local newspaper
7. Personal Assistant to arrange media briefing and/or press release to three local
newspapers
Press Releases
$ 2,000.00
Number of impressions - 10000
Print Media- The Sydney Morning Herald will be selected as the primary print media as it is
the leading newspaper nationally (4imn, 2019). The other newspapers are The Age and The
Australian
Marketing executive will collaborate with the newspaper representatives to communicate
the schedule, content and negotiate the rates
Press Releases
$ 3000
Number of impressions-6000
8. Social Media- Facebook and Instagram will be the primary social media tools
A third-party digital marketing team will be consulted. The marketing team will discuss and
finalize the contents and frequency of the social media posts.
Posts, blogs, announcements of promotional offers
$6000
Number of positive reactions on the social media posts
The official website will be made more dynamic by adding additional features such as
ordering, purchasing, order tracking SEO optimization,
Third-party digital media experts will be collaborated by the marketing team to optimize
the official website
Dynamic update of promotional offers, discounts, new menu additions
$6000
Average Click-through rate for the links will vary form 65-70%
9. The commercials will be created and aired during prime time hours on TV
The management, in-house creative team and freelance filmmakers will collaborate to
create the content
30-secinds AV commercials
$ 5000
Viewership and response to the commercials
TOTAL
$ 20000
Gantt Chart
18. Provide an evaluation report of the marketing activities for the relevant stakeholders.
Marketing Activities
How it will be evaluated
When it will be evaluated? Any Comments
Social Media
· Number of followers in the Facebook and Instagram pages after the implementation
· Reviews and feedback shared by the consumers on the social media communities created
by AMC
· Reviews shared by the consumers on the credible social media review portals
· Surveys conducted on the digital platform regarding the suggestions for improvement
· The surveys and the overall number of likes will be monitored monthly
· The marketing team will be responsible for creating the improvement graph for overall
likes, community members, followers
· The rate of increase in positive reviews will be assessed monthly
· The pattern of the feedback will be analysed to explore common traits
Experiential Event
19. · Number of positive comments on the overall reviews shared by the social media
influencers
· The increase in footfall and revenues after the implementation of the experiential event
· The quality of reviews on the food review portals on the digital platform
· The increase in the overall traffic in the official website
· The positive comments of the FB and Instagram users will be assessed monthly.
· The overall increase in the footfall and revenues of AMC will be monitored quarterly.
Moreover, the half-yearly and annual revenues will be monitored
· The improvement in the overall traffic on the official website will be monitored weekly
Website
· Click-through rate of the number of visits by new and existing users will be one of the
evaluating criteria (Zhou, 2019).
· The number of new followers or subscribed members of the official website of AMC
· The number of positive reviews and feedback offered by the visitors of the website
· The click-through rate of the official website will be assessed bi-weekly. The comparison
will provide the data to set new strategies for website management
· The number of new followers will be assessed each month and the result will be compared
with the previous periods.
20. · The positive feedback will be assessed monthly to explore best practices and limitations
Audio-visual media
· Commercials of 30 to 60 seconds duration will be prepared. The commercials will be aired
during prime times of news and entertainment channels. The strategy will be evaluated
through digital viewership data
· The commercials will also be aired on the digital video platforms. The number of views
and positive responses will be assessed.
· Each slot of the commercials will be evaluated based on the overall viewership data. The
data will be assessed monthly.
· The number of views on the digital media platform will be evaluated each week. The
strategic objective will be to compare the overall in popularity of AMC.
Compare The Marketing Activity Results To The Expected Outcomes That You Listed In
Section A And Identify Any Improvements
The initial strategic objective was to increase the digital ordering of food by 20%. The focus
on SEO optimization, adding ordering and tracking mechanism to the website are among
the key factors that will boost the overall digital transactions of AMC. One of the strategic
objectives has been to strengthen the print media promotion. The inclusion of prominent
newspapers will support the objective. The strengthening of social media presence has been
among the key objectives. The inclusion of dedicated digital marketing team will help to
achieve the objective. The overall impact of the marketing activities will collectively
increase the overall revenues of the organization by 25% in the next one financial year.
References
4imn. (2019). Top Newspapers in Australia by web ranking | 4imn.com. 4imn.com.
Retrieved 4 January 2022, from
https://www.4imn.com/au/#:~:text=%20%20%20Newspaper%20%20%20%20,%20%2
0Southban
21. Barbee, K., & LeMay, S. (2018). Money, Marketing, and Missions: Ethics and the Structure of
Not-for-
Profits.https://digitalcommons.georgiasouthern.edu/cgi/viewcontent.cgi?article=1036&co
ntext=amtp-proceedings_2018
Evens, T. (2018). Media economics and transformation in a digital Europe. In Comparative
media policy, regulation and governance in Europe: Unpacking the policy cycle (pp. 41-54).
Intellect.
https://biblio.ugent.be/publication/8560297/file/8560300
Hong, Z., Wang, H., & Yu, Y. (2018). Green product pricing with non-green product
reference. Transportation Research Part E: Logistics and Transportation Review, 115, 1-15.
https://fardapaper.ir/mohavaha/uploads/2019/06/Fardapaper-Green-product-pricing-
with-non-green-product-reference.pdf
Zhou, G., Mou, N., Fan, Y., Pi, Q., Bian, W., Zhou, C., ... & Gai, K. (2019, July). Deep interest
evolution network for click-through rate prediction. In Proceedings of the AAAI conference
on artificial intelligence (Vol. 33, No. 01, pp. 5941-5948).
https://ojs.aaai.org/index.php/AAAI/article/view/4545
