6Ssmn315 Marketing Strategy And Planning Assessment Answers
Answer:
Introduction:
The launch of the new creative workshop have been planned in order to create a workshop such that the culture of the people of Hong Kong could be reflected in the culture as well as in the products. This assignment highlights the mission and vision of the workshop, along with the services and products that would be offered. The marketing mix of the workshop is described along with the market segmentation. The creative workshop will be such that the customers can come and order the products of their choice that will reflect the culture of Hong Kong. The plan of opening a creative workshop that will reflect the culture of Hong Kong is thought of, in order to protect and preserve Hong Kong’s culture.
2. Mission and Vision
The mission and vision of the creative workshop is to preserve the culture of Hong Kong and provide such articles that will be customised, as well as reflect the cultural heritage of Hong Kong (Burgess et al. 2014). The creative workshop also has the mission to serve its customers with the best quality customized products such that the tourists as well as the local people might use them as a token gift from Hong Kong. The long term goal of the creative workshop is to spread the culture of Hong Kong in various countries all around the world. The objective is to sell good quality customized products that bears the culture of Hong Kong. This objective is specific, measurable by the sale of the company, attainable, relevant and time specific.
3. Product and service description
The products and services that are obtained in the creative workshop are dedicated to promote the culture of Hong Kong. The products include a wide variety of gift items, food products, items of daily needs each of which are designed such that the culture of Hong Kong could be preserved. The services include installation of furniture that reflects the culture of Hong Kong (Burgess et al. 2014). The food items include preparations of pork, duck and chicken. Various gift items and articles of home decors include models of dragons, in pose of dragon dance. Thus, in all of the products, the creative workshop attempts to reflect the culture of Hong Kong, along with making them attractive as well as customised.
4. Marketing Mix
The market mix includes all the aspects of a product or service. The marketing mix consists of 7 Ps. These are as follows:
Price: The price of the products and services are kept low, such that it becomes easily affordable by all.
Place: The creative workshop is open near the Summertown area of oxford, such that it is easily accessible by the people. Moreover, the place is of high public gathering, thus, facilitating the sale (Gero and Maher 2013).
Process: The process includes how the raw materials are transformed into the actual product. The process is followed diligently, such that the customers could get the best product.
Product: The products are of high quality and reflect the culture of Hong Kong. They are customized as per the choice of the customers (Thornton 2016).
Promotion: The promotions of the products have a key role to play. Leaflets and brochures are distributed as a promotional strategy. This is done to attract more customers. Moreover, during the first month, heavy discounts and introductory offers were also given to the customers (Yasui et al. 2016).
People: The people include the customers. They play a key role, in enhancing the sale and promotion of the creative workshop (Chen 2014).
Physical evidence: The physical evidence are the products, which are of the best quality.
5. Segmentation of the market
The targeted audience are the tourists and the local people of Hong Kong. The tourists are targeted, as they could buy the products and preserve the culture of Hong Kong as memento. The local people, especially the young people are targeted, such that they would buy the products, and inherit the culture of Hong Kong (Gabriel et al. 2016).
6. Objectives
The objectives are to ensure that the products are attractive and have a good market. The creative workshop also aims at preserving and promoting the culture of Hong Kong, through the products and services. These objectives are relevant for the creative workshop, since this is the vision with which it has been build (Burgess et al. 2014).
7. Porter’s 5 forces
The five forces of Porter’s and their effects are as follows:
The bargaining power of the buyers: This is low, since the products are unique and customised and gives very less scope for the buyers to bargain (Burgess et al. 2014).
The bargaining power of the suppliers: This is high, since a variety of suppliers are needed for the variety of raw materials (McNeil 2015).
Threats of new entrant: The concept of creative workshop is new and emerging. Hence, the threat of new entrants is very high (McKeever 2016).
Threats of substitute: The threat from the substitutes is low.
Threat of competitors: There are many competitors, and the threats from these competitors are high enough.
8. SWOT and PESTLE
|
Strengths · High demand among the customers · A series of workshops could be conducted based on one another. |
Weakness · The customers might have limited innovation. · The customers might not fit into one workshop. |
|
Opportunity · Technology · Rise in the concept of creative workshops |
Threats · The customers might lose interest after a certain period of time. · Threat from other competitors. |
|
Political |
· Political stability (Mukherjee et al. 2014). |
|
Economic |
· Economic support and stability |
|
Social |
· Rise in the demand of creative workshops in the society. |
|
Technological |
· Technical advancements facilitate creative workshops (Burgess et al. 2014). |
|
Legal |
· The legislation of the country promotes creative workshops. |
|
Environmental |
· The raw materials used are environment friendly. |
9. Discuss pricing and payment strategies
Initially the price of the products is kept very low, such that more customers are attracted to the creative workshop. Once the workshop gains market, the prices could be increased according to the contemporary market prices (Schaper et al. 2014). This pricing strategy is known as the penetration pricing and is an effective one, while launching a product or a service.
10. Promotion of the product
The initial promotion will be done by distribution of leaflets and brochures. Hoarding and placards are also used. Special introductory discounts are also used for the promotions of the products (Burgess et al. 2014).
11. Detailed planning process
|
Actions |
Timescale |
Responsibility |
Schedule |
|
Launch the creative workshop |
4 weeks |
Ensure a sustainable launch of the workshop |
Focusing on promotion |
|
Promotion |
2 weeks |
Promote the workshop and its products and services |
Focusing on attraction of customers |
|
Attraction of customers |
5 weeks |
Introduce special discounts and offers |
Successful creative workshop |
Conclusion:
The creative workshop is a good initiative that is focused on the promotion of the culture of Hong Kong, along with using the innovations and unique ideas to design customised products and services. This assignment highlights a detailed business plan of the creative worship. The mission and vision with which it is build is discussed in details along with an in dept SWOT and PESTLE analysis. The effects of the Porter’s five forces are also highlighted in this assignment. The marketing mix, and each of the components of a product or service has been highlighted, along with the most appropriate pricing strategy. Finally a business schedule of the various essential activities has been shed light upon in this assignment.
References:
Burgess, R., Robinson, A., Spalding, A. and Garrett, L., 2014. Visual Arts Data Skills for Researchers, Workshop.
Chen, L., 2014. Study on the Teaching Mode of Practice Orientation-based Workshop-taking the workshop of digital art creative research and development center in animation school of Shenzhen Polytechnic for instance.
Gabriel, A., Monticolo, D., Camargo, M. and Bourgault, M., 2016, November. Ontology to Represent the Knowledge Domain of a Creative Workshop. In Signal-Image Technology & Internet-Based Systems (SITIS), 2016 12th International Conference on (pp. 618-623). IEEE.
Gero, J.S. and Maher, M.L., 2013. Modeling creativity and knowledge-based creative design. Psychology Press.
McKeever, M., 2016. How to write a business plan. Nolo.
McNeil, J., 2015. The Rhetoric of the Prose Fiction Workshop–an Analysis of Teaching Methods at the University of East Anglia. Current Writing: Text and Reception in Southern Africa, 27(2), pp.132-138.
Mukherjee, O., Cedilnik, L.A., Schmitt, K., Hiscox, E. and Johnson, G., 2014. Easy for Who?: Creative Writing Teachers Respond to Criticism of the Workshop.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.
Thornton, G., 2016. Copyright and Creative Commons Workshop.
Yasui, T., Maeno, T., Shirasaka, S., Tomita, Y. and Ishibashi, K., 2016. Workshop-Based Policy Platform for Public-Private Partnership (WP5): Designing Co-creative Policy-Making Platform for Regional Development of Nagano. In Serviceology for Designing the Future (pp. 287-301). Springer Japan.
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