An environmental factor for the business to consider is that he newspapers are all made from trees, which are cut down. Also handling out leaflets can produce vast amounts of litter if ignored and thrown away. Therefore as a result of this I will have to use recycled paper as its more environment friendly. This links to a social factor, which is under threat contrary to dropping, leaflets. My business could receive a bad image because of this and potential customers could be forced away from my service and search elsewhere.
Again this links to a financial factor which due to the bad image because of dropping leaflets, it would be a waste of money printing and producing them. In Media Advertising the radio can be very good and very effective, as a wide variety of people of all ages listen to the local radio so this could have a big impact on market share if a radio advertisement was brought. However local radio stations can be very expensive for a small business, which will prove to be a large economic factor, but if the business becomes successful in the next year it could afford to use radio advertisement.
The main objective of ‘Electrical Retailer’ is to survive and gain as many sales as possible. By my recommendations the business is able to appeal to the whole of the local area through newspapers, leaflets, billboards on transport which displays great value for money of all ages. This will bring in more customers and revenue in order to build up a larger market share. I have completed all of my research objectives through questionnaires, newspapers, radio stations, the Internet and other sources to produce the best recommendations I can.
The strengths of these recommendations are that the business is able to advertise easily and effectively to the local area with relatively low costs as the business grows, I have suggested radio as a good advertisement when affordable. The limitations of my suggestions are that special deals that I use in an attempt to gain customers could be quite a gamble, this should only be short term as the business could lose a lot of money if not carefully looked after. Another limitation on leaflets is that they could cause litter so they cannot be used too much. SECTION 7 EVALUATION
My original predictions were to use Sales Promotion and Direct Mail but I then realised that after doing my research I could use a wider variety of methods. I kept to Sales Promotion, as this would be the best way to attract new customers and gain a larger market share. Instead of mailing leaflets to every house in the area I thought that it would be easier and more cost effective if the leaflets were handed out in town. This would attract potential customers, as those interested would take a leaflet missing out the people who would be considered as a waste, becoming more efficient.
Another method I selected was Media Advertising through newspapers, as small advertisements are cheap and a lot of people read the newspaper all round the local area bring more possible customers who would hear about the business. Overall I think that my project was done well as I was able to determine marketing strategies and decide which would suit a small business. I was able to research many aspects of marketing and learn how I could encourage people to shop at ‘Electrical Retailer’.
If I were to do this project again I would spend more time on market research and broaden my knowledge especially on competitors, and their methods of promotion. I would also look at costs to advertise on the Internet so that when my business grows I can use that as a way to promote my business. Another factor is the size of my budget I had to work with, again with success, which is a possible outcome; many environmental, social, and financial factors would disappear, as I would no longer use leaflets to promote my business.
On the other hand an outcome which I was surprised with was that people read in the local area daily rather than the majority reading weekly. This could in the future affect my business because with my budget not as high as id like it to be, I won’t be able to advertise in national papers which tend to be daily. This outcome wouldn’t help to improve the business if I wanted to expand in subsequent years, a future objective.