New Service DevelopmentSaroj rajbahakEssay Writing30/08/12INTRODUCTIONThe busine

New Service DevelopmentSaroj rajbahakEssay Writing30/08/12INTRODUCTIONThe businesses can generate revenue from selling new service to existing
customers or new customers. The business has to be diversified to be able to
sell it to new customers. New products or service can turn out to be greatly
profitable for the business if they are uniquely designed and they can have
first mover advantage. Also the product or service should be less prone to
imitation otherwise there can be competitors in the marketplace. However the
businesses can protect their uniqueness of the product or service by copyright
or patent laws. There should be perfect marketing plan beforehand and the
situation analysis should be done prior to launch of the product or service. Without
proper planning and forecasting the product or service could lead nowhere but
to the failure. This paper aims at developing a service and environmental and
feasibility analysis of the need of the same. Service Idea New service idea is based on survey. The business would visit the companies to
find out the number of electronic items in their offices and analyse whether
those are sufficient or not and what are the scope of other electronic items. This
information could turn out to be very useful for electronic company as they can
approach those companies and get their products sold. The business would get
commission from electronics companies on every product being sold to those
companies. Or the business can take a fixed amount for sharing the useful data
to the electronics companies. This does not call for big capital investment.
The business can be started with a small office having few sales people survey
people and analysts. The survey people will fix up the appointments with the
corporate houses that they want to perform a survey. After getting the survey
done the survey people will hand over those data to the analysts who would perform
an analysis of the needs of electronic items. On the basis of the data the
sales team would contact electronic companies to discuss the business prospects
and close the deals. Unmet Customer Needs There are numerous survey companies
but there is no such company that is engaged in such kind of survey. In this
cut throat competition the electronics companies are vying to get their
products sold. They conduct different kinds of marketing and sales activities
but they really need some new ideas to get their products sold. The electronics
companies have no data available on the very need of electronic items in the
corporate houses. Corporate houses are places where these companies can sell
their products in great volumes and with the expansion of these corporate the
demand of the products will always be there continuously. The electronic
companies strive hard to into the corporate and make relations with them. Such
kinds of service would really help a great deal in reaching the corporate easily
and get their products sold. Target MarketThe target market for this service would be all the electronics companies electronic
retailers and distributors. The local sales team of the electronic companies
should be contacted and business prospects should be discusses with them to
finally reach at an agreement. There are a number of global electronic players
in Australian market as well as local manufacturers. The business would target
them all and close its deal with those who offer good price for the service.
The agreement can take any shape i.e. either on the basis of the items sold or one
time agreement of the price. The company should analyse which one is more
paying and then it should go for the same. However this process should be
exercised initially once the business would get going the company would be
able to differentiate which one is the more paying and it can freeze the same. Sometimes
local manufacturers can pay more than big giants so that they can get their
products sold and expand their business. It is advised that the business go for
dealing with many electronic companies rather relying on one or two. This would
foster good ties between them which would be beneficial in the long-run.
Relying heavily on only one or two could turn out to be disastrous if they
choose not to take service anymore.Existing Alternatives and Substitutes The players in the electronic industry face many challenges due to cut throat
competition in the marketplace. They need to be innovative in their every function
so that they can mitigate those challenges. The companies need to make strong
sales so that they can optimise their profitability. The commercial spots can
be the biggest prospect as they can get their products sold in bulk and they
can even have continuous sales from business houses (Clarke R. & Collie D.
2003). However it is as easy as it may seem to reach them. The companies can take
the help of TVs outdoor media print advertisements or directly call them to
reach these businesses but none of them will give any accurate demand of the
products. Also there are other competitors as well who are trying to reach
them by these activities. They really need some easy and innovative ways to
reach them. This new service may have different substitutes but this can turn
out to the most accurate and easy to cater to the demands of the products.MARKETING PLAN Awell formulated marketing plan
will lead this service to the success. The service has all the essential elements
to become successful and the only thing that requires is the proper marketing
and placement of the service.Product:Theservice is designed
to be innovative which does not have similarity with any other service. However
it has alternative services that can solve the purpose but they have different
modus operandi. The service is meant for electronic companies most of which are
huge in size and have global presence. If the service gets recognition from
these big giants there will be no obstacle on the way to become global. The
service is quite prospective and can turn out to be very successful. On top of
these it does not require huge capital investment. So even if the business
fails the company does not have to suffer huge losses (PricewaterhouseCoopers
2008).Price:The business should charge premium
price as it will be dealing with mostly the global giants. The service yields
direct results and this is linked to the profit of the company which is visible
on the surface. Also the service is unique in itself and it will help
companies to combat competition. The electronic industry is going through
severe completion and the players do their every bit to capitalise on the
profit which is not an easy task. The companies spend heavily to get the sales
done and that too on the basis of the forecasting whereas they can be sure of
getting sales through this service.Place:The business can establish
itself in a city of its choice and then can expand itself to the whole of Australia. First
of all it has to cater to the electronic players operating in that area. Once
the service will start yielding good results those players would like to have similar
kinds of services in their other territories. After getting sufficient demand
from people the company can expand its operation to the whole of Australia step
by step. However it is not as easy as it may seem considering Australia is
one of the largest countries in terms of area. It would take quite long to
catch up the whole country.Promotion:Ita great deal of
effort and money when a business takes off. People are not aware of the company
and its offerings. The company has to reach to the masses and make them aware
of the service offerings. Here the target audience of the business is the
electronic companies thus the company does not necessarily need to spend
heavily on reaching to the masses rather it should focus on the handful of the
companies. The company can take the help of brochures mailers business
magazines newspapers etc. for its promotion activity. The promotion material
should have strong messages that the targeted audience feels the urge of the
same. PEST ANALYSISPolitical:The Australian liberal
democracy is combination of the British Westminster system constitutional
monarchy and American federal structure. The federal system divides power between
federal government and the States. This has led to concern about financial relationship
between federal government and the States. The political parties in Australia work
as an organization having people of like-minded. The growth of any business
depends upon the kind of ruling party and the financial policies in Australia. Generally
the political parties are quite supportive for businesses. The liberal policies
introduced by these parties have fuelled the Australian economy and the growth
is an ongoing process there. A healthy environment for business would help a
great to this service to be successful (ABS 2004).Economic:Australia is developed country and
it has GDP of over $1.6 trillion and it is growing at around 3% yearly. The
total worth of the country is approx. $6.4 trillion. The GDP per person is in
excess of $44000. The industry employs over 10 million people out of which 1.1
million people are in business services. Australia has performed well
continuously on economic front and there is always a great scope for businesses
to grow here. The economy is dominated by the service sector which represents a
whopping 68% of the GDP. The service sector has seen considerable growth over
the years. The property and business service have dominated this sector. This
is a good sign for the service we have selected. Australia is quite rich in natural
resources and thus it is one of the major exporters of the natural resources
throughout the world (Australian Government 2004).Social:Theinitial population of the
country was of British origin. After World War II the migrantsfrom
Europe came in especially Italy
Greece Germany Yugoslavia
the Netherlands Turkey and Lebanon. The migration was driven
by the Australian policy of increasing population and workforce in the country.
Later on the country liberalised its policy more and open its doors for the
migrants from South East Asia. This is the
reason why Australia
has become a culturally diversified country. The country has a great blend of
people from all over the world and a blend of their culture as well. However the
culture is dominated by Europe (Coase R. 1960).Technological:Australiahas performed quite well in information technology and
communication over the years. Over 6 million households in Australia have
access to internet connection. R&D expenditure has increased drastically to
over $ 20 billion. The country boasts the latest technologies in every field. The federal government agency is responsible
for granting patents and rights designs and marks. With the ever changing
technology world over the country does not lag behind in those technologies. The
country is one of the most technologically advanced countries in the world. ConclusionThe service idea has a great
business potential if everything is planned in a right way. The service is
unique and it can create a big and visible difference in sales of electronic
items. The electronic companies will be greatly benefitted from the service. There
is no company in the country that offers such service and there is a need of
the same for the customers that are the electronic companies. There are alternatives
of sales in the marketplace but there is none that is as much accurate and
certain as the service is. The company has to make marketing plans is a way
that is perfect for the service. This does not require huge capital investment
to start with and initially the service will be delivered in a particular state
and once it gets popular it will be launched countrywide. The political
economic social and technological conditions in the country are quite favourable
for such a business service.
above solution is my previous assigment on the basis of the above solution i have to do new assignment . question are below?
Report
Cover Sheet?
Table
of Content?
Executive
Summary?
Product/Opportunity
Overview ?
Situation
Analysis:The organisation and current
situation o
External
Environment Analysiso
Competitor
Analysiso
Porters
Competitive Analysiso
Company
Analysis (SWOT)?
Market
Analysis & Segmentationo
Target
Market Audience & Segmentso
Market
research on your Target Audience?
Marketing
Strategy:o
Define
your Marketing Mix and reasoning Product
Price Promotion Placeo
Positioningo
Unique
Selling Propositiono
Marketing
Methods/Implementation?
Marketing
Budgeto
Forecasts
& Estimates?
Conclusion?
References
(List your research and make sure to use APA in-text citation in the body of
your report)1.
Submit
a viable realistic and appropriate marketing plan for an entrepreneurial
marketing concept (product/service).