Product Launch
Product Launch
Introduction:
The basic tools of marketing assist in the success of any company. The use of marketing audits and SWOT
analysis allows the company to segment and target consumers on the grounds of age, gender, religion,
taste etc. Marketing research enables a company to gather, record and analyse information about these
consumers. Ultimately a company must understand the needs and wants of their target audience to ensure
customer satisfaction and expectation is met or exceeded. Through the use of marketing objectives and
tactics employed through the generation of a solid marketing mix customer satisfaction should be
achieved.
Company Objectives:
To cover start up costs sales of $540,000 in the first operating year need to be achieved. This involves
having a minimum of 25 customers per hour spending a minimum of $5 dollars per visit. The outlet will
open from 10:30am to 10:30pm. The product, price, promotion and place will all reflect this objective.
The frequency of customer visits will be high, particular attention being paid to customer loyalty. This will
be achieved through impeccable customer service, product/brand identity, and a suitable promotional mix
– offering frequent visit discounts and sales promotions.
Market research and PEST analysis will be conducted and information gathered. Being a “first of a kind”
outlet will influence the company into researching the local Singaporeans reaction and ability to relate to
the Turkish perception. Product and brand names would have to be modern and suggest a modern image.
The main products will be traditional Turkish Cakes and pastries; however, there would be a number of
additional products sold to cater for different ages and tastes.
Marketing Audit
During the initial phases it is critical to conduct a market audit. We have to consider consumers
competitors, suppliers and distributors. The best way to analyse a market is through marketing research.
The systematic gathering, recording and analyzing of data about a market problem is the best way to get
in touch with the needs and wants of the consumer.
The marketing research conducted by our company will be simplistic and low cost and would be used as
an effective target audience tool. The main objectives would be to establish; who is my customer? What
are my customers purchasing habits? What does the customer think of my products? Who are my
competitors and is my product priced correctly? The use of primary and secondary data will be influential
in determining the answers to all the above questions. The secondary data tools used will be surveys,
questionnaires, informal and affordable focus groups, visiting sales areas to quietly observe buying and
selling behavior and visiting sales areas to talk with sales personnel.
We decided that initially our products would be traditionally “home made” therefore, all catering would be
conducted on-site. This eliminates any external direct suppliers. However, there were a number of other
intermediaries that we will have to work very closely with to ensure the launch is successful. It is important
that a strong lasting relationship is build with all suppliers and wholesalers.
A PEST analysis will also be conducted to analyse the local market. Political factors – Singapore
Government policies/regulations and strategies may affect the business. It is important that we know
where and when we can advertise. In Singapore they may restrict advertising in certain areas and we will
have to adhere to local regulations. The recent tragic events in the USA have also created political and
economic uncertainty. Singapore is a company that is driven by its tourist industry. Airlines are
experiencing lower demand for flight and this has a negative impact on hotels, tourist attractions and
many other tourist orientated outlets. It must, therefore, be important for the marketing efforts and
business as a whole to rely deeply on tourists.
The current decline in consumer spending, due to the recession, must also be taken into consideration.
Consumers have a lower disposable income in comparison to this period last year. Unemployment has also
risen in recent months and this will affect consumer confidence as fewer people visit shopping complexes.
On the optimistic side interest rates are lower and this will have a positive affect on the purchase of the
premises. Lower interest rates will reduce the cost of borrowing if the company requires additional funds
in the future. The overall economic state of Singapore is optimistic for the future and there will be a boom
to follow the current slump.
Another influential area, that needs to be analysed during the market audit, will be the social and cultural
factors that may influence the demand for our products and ultimately the success of our business.
