Discuss about the Entrepreneurship for International Conference on Knowledge Discovery.
This piece of writing is review of a marketing plan which is compared with the marketing plan of “Blueprint Business planning Pty ltd”. The major goal of the Blueprint Business planning was to develop Consultancy Company for the small and medium size organization in Australia. However, this business plan of Fast Eddys is about launching new product in Australian market. Fast Eddys is fast food retailer and it runs its operation across Australia. On the other side, major target markets for of Blue Print Business plan is small business managers holding managerial positions in the SMEs in Sydney and New South Wales of Australia. So, the organizational functions and operation of Blueprint Pty ltd and Fast Eddys is different. However, the marketing approaches for both the plans are little similar which will be compared in the flowing sections.
The mission of Fast Eddy is to serve people with innovative food items and help people to live a healthy and tasty life. On the side, the major mission of Blue print Pty ltd is to provide proper management education and programmes to the small and medium size organizations in Australia. The mission statement of the two plans help to observe that Blueprints’ mission statement is more realistic and achievable compared to the mission statement mentioned in the business plan of Fast Eddys. This is because small and medium size firms are in the need of proper business guidance to fulfil their marketing objectives while Fast Eddys products and services are already introduced by many others in the sector. Fast food market is competitive and thereby, it could be difficult for the organizations to achieve its mission.
It is identified that Fast Eddys is family friendly, nostalgia themed 24 hours café that delivers real food to meet any taste or appetite anytime. The first established in 1979 but in 2003, the organization’s former owner Mark took possessions of round remaining outlets in Western Australia. The 7 days open policy helped the firm to rapidly grow in the Australia market (Fast Eddys Perth 2018). Conversely, Blue print’ Pty ltd is a recent business that has been founded to fulfil the growing needs of proper marketing approaches of small and medium size organizations. According to Mullins, Walker and Boyd Jr (2012), if a business plan has to achieve its goals and provide positive return, it has to pay attention to the current affairs and recent marketing issues. Thereby, it is worth mentioning that Blueprint’s business plan follows the right track of processes.
When it comes to business goals, it is identified that the short term business goals of Blue Print is to employ at least one individual with the salary of approximately A$42000 p.a to satisfy all operating expenses to create a total profit of at least A$2000 for the future investment. On the other side, the long term goal of Blue print Pty ltd is to establish a consultancy firm employing up 5 people belonging to Sydney and deliver the consultancy service. On the other side, the major business goal of Fast Eddy is to serve community across Australia with more than 2100 restaurants so the customers can find the outlet even in Airports, mall, college campus and each downtown of cities in Australia (Fast Eddys Perth 2018). The business goals mentioned in the plan of both companies seem to be realistic and achievable because the goals are specific in figures and numbers.
In order to conduct the market research, the some key data sources have been used in the business plans. To conduct the business plan of Blueprint Pty ltd, the sources such as Australian Bureau Statistics, NSW Small Business Advisory network and interviews with several business entrepreneurs of small and medium size organizations. On the other side, to conduct the market research for the business plan of Fast Eddys, the major data sources such as Australian Bureau statistics, Annual report of Fast eddy, morning star data and organizational blogs and newsletter of fast food organizations in Australia.
The review of scenarios of fast food industry in Australia, it is identified that fast food industry in Australia has been dynamic and competitive. It is transparent that demand of fast food products and services are rapidly increasing because customer is heading towards the innovations in food items which means the demands of more new items at the reasonable price (Morgan 2012). Moreover, Australian Bureau of Statistics indicates that consumption of technology such as internet is increased to 89% in Australia; thereby, the business are adopting technology to speed up the operation and provide a more convenient services to the customers. This means that fast food firms are trying to start online selling to reach the customers in the remote areas and this helps them to increase their customer base (Abs.gov.au. 2018). In addition to this, the review of fast food market in Australia also indicates that fast food organizations face a constant threat of new entrants because the cost of entering the fast food market comparatively less than establishing a proper consultancy or manufacturing organizations.
On the other side, the market analysis of Blue print indicates than there is a growing and proper demand for generic management consulting services even though the sector is not fully developed. In addition, the services are usually provided aiming at the large corporations because the micro or the small organizations are too small to afford the cost of a business plan. According to Australia Bureau of statistics, the small and medium size firms need more training and guidance to understand and deal with business challenges. When it comes to competitors in market, it is identified that the competitors seem to be similar to its potential strategic allies such as some management consultant groups working for SMEs training.
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Strength · Strong positioning strategy including the presence of reputable celebrities in the outlet · Large variety of products ( chicken items) (Fast Eddys Perth 2018) |
Weaknesses · Limited market share despite the increasing demand of fast food products · Poor engagement in digital media (Heasman and Lang 2015) |
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Opportunities · Fast Eddy can adopt digital media channels to reach remote areas in the country to enhance customer base and market share |
Threats · As the cost of establishing a fast food business is less, existing organizations tend to face the challenge of new enters in the market. |
Table 1: SWOT analysis of Fast Eddy
(Source: Heasman and Lang 2015)
Conversely, in the business plan of Blue Print Pty ltd, SWOT analysis of the firm indicates that organization has a substantial SMEs advisory experience which links to NSW small and medium size organizations but the potential weakness is one person operating at present in the external consultancies. However, it is certain that organization experiences potential growth opportunities because there is an increasing growth in the external training programs and the growth of ongoing training services. In addition to this, the consultancy industry does not have high presence of competitors but the market is very sensitive to fluctuation of economy. However, Australian Bureau of Statistics implies that The Sydney Yellow Page listed almost 123 management consultancies, 3000 accountancy practices, 20 public agencies as well as 34 commercial training provides in the city. This figure ensures that the demand of consultancy services are gradually increasing in the sector, which is a good news for the consultancy firms like Blue Print consultancy group.
The market research data and process in the business plans of both Blue print Pty ltd and Fast Eddy helps to state that market research approach of Blue Print Pty is more effective and appropriate with respect to competitors’ analysis, strength and capabilities and business challenges analysis. However, it is important to note that Blue Print’s business plan did not talk about the political and economic environment impacting the consultancy sector in Australia. Conversely, Fast Eddy plan implies that the plan the talks about the importance of adopting digital media channels or online selling practices which could be one of the major ICT initiative. The business plan of Fast Eddy’s business plan did not highlight the political insights and facts because it is certain that fast food sector in Australia do not experience any significant barrier in the political environment. So, Fast Eddy pays attention to a wide external market environment for conducting the market research. Therefore, it is worth mentioning that market analysis approaches used in the business plan of Fast Eddy is little more effective than the approaches used by Blue Print Pty ltd.
According to the business plan of Fast Eddy, the organization mainly provide large variety of chicken items, burgers and other chicken snacks. As the purpose of its business plan Fast Eddy is determined to launch a new product in the market. The goal of the planning is to acquire new market by lure customers and providing them with different varieties of chicken items.
When it comes to target market or target customers, the business plan of Fast Eddy mentions about the small and scattered market places in Australia such as college campus, large shopping malls, airport platforms and downtown of the major cities of Australia. According to Wognum et al. (2011), target market selection has to be specific and reachable. This means the target market should be selected on the basis of reaching criteria. On the other side, Badia-Melis, Mishra and Ruiz-García (2015) mentioned that market selection is not the only task that marketers consider while designing the target market strategy; the marketers have to think of the people who they are going to approach for the product, Thereby, in the case of Fast Eddy, the target consumers include the young people such as high school teenager and college goers. Moreover, fast Eddy also thinks of targeting the urban families of the large cities in Australia, who often go out for short meal and snacks.
Conversely, in the business plan of Blueprint Pty Ltd, the products include all small and tiny parts of firm activities. Hence, the major target market of Blue print is small and medium size firms with 10 to 100 employees. The organization emphasize on the Sydney’s metropolitan areas and some established firm with the sustainability of two years. However, Cross, Belich, and Rudelius (2015) mentioned that organizations with limited sustainability periods are hardly able to implement a broad marketing plan because such organization suffers due to limited internal resource such as finance and human resource. In addition to this, Müller and Hamm (2014) mentioned that the needs of the consultancy services are rapidly increasing because the medium and large organizations are also haunting the market consultants to enhance and innovate their businesses. Therefore, it can be mentioned that the target market strategies mentioned in the business plan of Blue Print requires more attention if it is compared to strategies of Fast Eddy.
As put forward by Maehle and Supphellen (2015), marketing remains as the bridge between the product and the customer and it is rather a combination of all sorts of communication to the customers including advertising as well as public relations. Hence, the marketers’ job is to find the best or suitable form of promotion for the target market audience. According to the business plan of Fast Eddy, the application of 4p’s marketing mix may appear to be effective as this framework is covering all relevant aspects of marketing.
Product: Fast Eddy is determined to launch a new product called “Chicken Finger Box”, the box contains three chicken stripes, two crispy boneless chicken and crispy potato and tomato pickle.
Price: The fast food market has become competitive due to the presence of several competitors in the sector. In order to acquire new customers in the existing market, the organizations prefers penetrative pricing strategy.
Promotion: The fast food organization is determined to implement digital media in its advertising strategy. The organizations will use some popular social media channels such as Facebook, YouTube and Tweeter to publish its advertising content to the mass media and audiences.
Place: According to the plan, Fast Eddy is supposed to place its products in malls, outlets, college campus and other part of the market such as the downtown of the cities.
On the other side, in order to promote the services, the organization Blue Print promotes the enterprise and its services to the general community. Nonetheless, it would be useful for the organizations to make key clients aware of Blue Print’s presence in the market. In order to implement this, organization tens to use the business cards and letterheads, direct mail followed up by the telephonic contacts, some promotional literature and the Sydney Yellow Page under the management consultants. Blue print is also using the testimonials which a file of positive testimonials from the clients are taken into the account which can be used for the future marketing approach.
ICT is a significant aspect of today’s modern business organisations (Adamopoulos and Todri 2015). Understanding the importance of technology, Fast Eddy is determined to develop its websites and digital media channels. This means that the organization is supposed to utilize the digital media channels such as YouTube and Facebook for promoting its products and services. Such forms ICT helps the firm to create the maximum market exposure to its present and new market. On the other side, as the purpose of ICT initiatives, Blue Print is supposed to create its internet website which would display the inbound links from the other referring entities such as the government information agencies and online directories. As a part of its business plan, the organization is supposed to seek expertise to make sure that website is search engine optimized; thereby, the small business could seek advice in Sydney.
The evaluation of the business plan of Fast Eddy will be done on the basis of a set of Key performance indicators. Hence, the KPIs help to measure the performance of the plan. The following are some of the KPIs.
Conversely, the business plan of Blue Print mentions that effectiveness of the business plan will be measured on six months basis of sales data to identify what actually drives company’ work. For instance, if a major proportion of sales are coming from the distributional approach, the distribution will be considered as effective channels of sales.
Conclusion and Recommendation
In conclusion, it can be mentioned that the business plans of both the organisations need more attention. The business plan of Fast Eddy does not provide much details about the products about the use of technology, which is highly required. Fast food industry is highly competitive now; thereby, to remain sustainable, the organization must use technology in promoting their products and services, so that they reach the customers. On the other side, Blueprint needs to pay attention to its advertising strategies to reach their target clients because small organizations does not have adequate information about the approaches of consultancy services.
The business plan of Fast Eddy can be further extended by being more specific about the promotional elements. The organization needs to show why Fast Eddy is different than others in the sector. This can be done by using the social media channels in which the organization has to convey how delicious fast food items can create positive spirit among people. On the other side, Blue Print needs to promote its services in some particular business development websites where marketers seek for suggestions. By creating content on those sites, the firm can receive the segmentation information of clients.
References
Abs.gov.au. (2018). 8153.0 – Internet Activity, Australia, December 2017. [online] Available at: https://www.abs.gov.au/ausstats/[email protected]/mf/8153.0 [Accessed 17 Apr. 2018].
Adamopoulos, P. and Todri, V., 2015, August. The effectiveness of marketing strategies in social media: Evidence from promotional events. In Proceedings of the 21th ACM SIGKDD International Conference on Knowledge Discovery and Data Mining (pp. 1641-1650). ACM.
Badia-Melis, R., Mishra, P. and Ruiz-García, L., 2015. Food traceability: New trends and recent advances. A review. Food Control, 57, pp.393-401.
Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.
Fast Eddys Perth. 2018. Fast Eddys Perth. [online] Available at: https://fasteddysperth.com.au/ [Accessed 17 Apr. 2018].
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