Saturday, October 12, 2013

Business Coursework - Exemplary Work - Part Five


- FINAL RECOMMENDATIONS
Overall, to iterate my earlier recommendation I think their marketing function needs to be improved immediately as without this they are not reaching their full potential and if Rock ‘N’ Sole Plaice follow my recommendations above they will be able to reach the owner’s aim to increase their revenue by 5% (see appendix F7). I believe the one area in marketing that needs to be addressed is their promotion because other factors such as product, price and place all resulted in mixed opinions which must mean a percentage of the population is happy with them (see appendix A). Therefore, perhaps if they expose themselves to a wider customer base through a variety of promotions they will be able to bring in new customers, in which a proportion of them will be satisfied and thus become loyal customers. As a result, it will increase their performance as a business because they would generate higher revenues to reinvest in expanding the business.  

Tuesday, October 1, 2013

Business Coursework - Exemplary Work - Part Four


- STRATEGIES FOR IMPROVEMENT?
To improve this area, the sub sections of marketing need to be dealt with separately. Below I have identified some strategies for improvement in each area: 
-Product
To improve their product, which is the food at Rock ‘N’ Sole Plaice I would advise them to perhaps fire their current chef and hire an experienced chef who has previous work experience at a reputed fish and chips place in Britain. An advantage of this would be that the new chef will be able to make food that tastes like it does back home with good flavor thus resolving the complains stated that they lacked from my research which stated the food lacked taste (see appendix G, E). Although, a disadvantage would be that if they fire the current chef, morale may lower in the business as the employees would be afraid that they might lose their jobs. Alternatively, if Rock ‘N’ Sole Plaice do not wish to take such drastic measures they could sign their chefs up for some cooking classes so that food can be improved upon, this would have significant advantages; firstly, in comparison to my first suggestion this is less extreme, secondly, it would also increase morale as the chef would be happy to gain more experience. Although, this could have disadvantages; they chef could feel insulted and thus his morale could actually lower and another disadvantage of this is that it will definitely add to the businesses expenses.  Also, I think they need to start sourcing their food from another company as many complain the food is not fresh. The advantage of this will be that they will have resolved the complains of the food not seeming fresh, however a disadvantage would be that a disturbance in trade and change of suppliers may actually lead them having to increase prices to cover costs, which some may not be willing to pay and thus Rock ‘N’ Sole Plaice may lose some customers in the short term, but in the long term it would be beneficial. Moreover, they also need to improve on their range of food, they simply need to do this by adding more variety to their menu, perhaps they could look at some of the competitor’s menus and borrow their ideas, and also they could take a suggestion from their customer and expand their drink variety (see appendix A13). The advantage of this would be that they will become the dominant competitor and will be able to steal customers from their direct competitor, however as a result of Rock ‘N’ Sole Plaice doing this they would have increased competition, which may result in their competitor fighting back and thus improving their marketing functions too which would affect negatively on Rock ‘N’ Sole Plaice. Lastly, they also need to improve their food packaging, by paying attention to detail, perhaps they could use environmentally friendly packaging as one customer suggested (see appendix 15). An advantage of this would be that they would be becoming an ethical company and could establish themselves as environmentally friendly to gather more customers, although a disadvantage of this would be the high cost to use environmentally friendly packaging. 
-Price
Although, pricing was generally rated positively, it still has space for improvement. For instance, although they have taken into account their target market of students by providing a student menu, it still seems like 40% people do not feel it is affordable (see appendix A8). However, I do understand if they lower their prices more they would probably not be able to afford to be in business anymore, therefore I would suggest that they start giving small promotions to students such as giving 10% off if the customer presents a valid student ID or giving out cards where if you collect a certain amount of points you will be able to a discount or free meal. An advantage of this would be that it would motivate customers to eat more often at Rock ‘N’ Sole Plaice thus build customer relationships and as a result help reach the owner’s aim to increase revenue by 5% this year (see appendix F7). Although, a disadvantage of this would be that they would be losing on its full potential revenue as they are giving discounts and free meals, however I think this extra expenses would be balanced by the numerous customers this strategy would attract.
-Promotion
In regards to the marketing function, this area is the one that could be improve significantly and have the most impact on marketing. Firstly, they need to start advertising in magazines such as Timeout or newspapers such as 7DAYS or even a popular radio among students such as Virgin Radio. An advantage of this would be that they would be able to establishing themselves and attract more customers, although a disadvantage would be the high cost of advertising, which will add to their expenses in the short term. Alternatively, if they do want to take a cheaper option they could place advertisement in school newspapers of its surrounding schools (see appendix H1); an advantage of this would be that it will reach its ideal target market of students and perhaps their families too and it would be cheaper than my first recommendation, what’s more is that each of these schools have approximately 1000 students and therefore if it places advertisements on each of the seven surrounding schools newspaper Rock ‘N’ Sole Plaice would be exposing itself up to potentially 7000 students. However, a disadvantage would still be the costs and also that its reach would be limited within the school families only. In addition to this, they could improve on promotion by sponsoring events in schools such as International Day or Sporting events, where they could sponsor the food for Britain stalls, an advantage again would be the exposure to more customers however a disadvantage would be that again their reach would be limited within the school families only and also some parents may object to this for ethical reasons. Lastly, I think in order to reach their target market efficiently Rock ‘N’ Sole Plaice need to increase their social network strategy by firstly opening a Twitter account and also by promoting this new Twitter account and their current Facebook account on a large scale in the café by perhaps dedicating a chalkboard just to advertise their social networks. An advantage of this would be that by interaction through social networking could cause an increase in their customer base by encouraging people to share their pages and interacting with customers to create better customer relationships. The only disadvantage would be that they would need to get someone experienced to manage these accounts, as it can be very time consuming and perhaps complicated. 
-Location/Place
Even though the location appeared to be a slight problem, as 10% voted it not suitable (see appendix A9) I think any changes would be too expensive and risky for a business to do in only their second year of business. Therefore, I think Rock ‘N’ Sole Plaice need to start taking full advantage of their location by using the promotion strategies I have mentioned above. However, instead of changing its location I think they should expand their café, an advantage would be that by increasing the number of tables inside and reducing the number outside, they will be taking advantage of the space they have available and discarding complains of it being cramped.  Alternatively, a disadvantage would be the cost to rebuild infrastructure to expand. Regarding the actual interior, they should put up a more noticeable sign of Rock ‘N’ Sole Plaice by increasing its size and using brighter colors than just plain white as its background and adding a splash of color inside the café. The advantage of doing this will be that the ambiance would be improved, as Rock ‘N’ Sole Plaice would appear more appealing and noticeable. However, a disadvantage of this would be the cost to redecorate which will add to their expenses in the short term.