The application of a proper marketing theory can help in the progress of an organisation in the local as well as in the international market. According to Sargeant and Macquillin (2016), the development of a proper marketing mix by identifying the elements involved that can help in enhancing the quality of the organisations is analysed based on the effectiveness of the market. Hair and Lukas (2014) is of the opinion that it is important that the development of the market take place based on the Categorization of the target market as well as the plans developed for its promotion. At the same time every organisation need to take into consideration the factors that affect the growth of a market. The report analyses these approaches so that a proper marketing strategy can be developed for a company located in New Zealand.
The report sheds light on the progress, which has been made related to the research work that concerns the analysis of applied marketing plan and research. The selected topic for the research includes the marketing strategy that is adopted by Nelson Stoke situated in New Zealand. It has been seen that the Nelson Stoke has opened a new Yoga Studio for the expansion of its business. Hence, effective marketing strategies need to be developed so that the Yoga Studio can grow in the market and at the same time enhance the level of fitness for the people of the society. The establishment of the Yoga Studio can help in the growth of the market locally and help in earning an enormous profit for its expansion into the international market.
Nowadays, New Zealand has managed to expand its business in areas that are beyond its boundaries (Lovelock & Patterson, 2015). However, a proper marketing research needs to be undertaken so that expansion in international boundaries can be made. The researcher aims to analyse the current situation in the market of the country and the manner in which Nelson Stoke can expand its yoga studious in the country as well as outside of it. The research analyses the factors that are involved in the development of a proper market and at the same time proposes strategies that are involved in the market. Marketing plan is developed for the promotion of the yoga studios in the market of New Zealand.
The aim of the research is to formulate a business and marketing plan for the development of the yoga studio so that it can make profit and at the same time flourish in the business market effectively and efficiently.
In order to complete the research in a successful manner, it is necessary to formulate objectives that can help in maintaining the course of the research. In the case of this particular research, the objectives include:
The research is based on the analysis of secondary data and the adoption of quantitative research design. The reason behind the selection of this particular research type is the fact that it analyses the market and the manner in which business can be developed in the markets of New Zealand. At the same time, the adoption of secondary research can help in reaching the objectives and suggest recommendations for the development of the yoga service at Nelson Stoke. Approaches used for conducting the research can help in responding to the research objectives set by the researcher.
The objectives that have been included for the research can be met with by analysing relevant information and materials that are collected from various sources. These sources of collecting the information includes relevant books that is found online, reliable internet sources, database, newspaper, journal articles and magazines. In order to enhance the quality of the work, the researcher had even visited libraries so that relevant information about marketing can be gained. The information that yoga services are not developed in the city is gained from conducting a thorough analysis of the city by the use of maps to locate places.
The contribution of the lecturers also helped in the development and completion of the research. The lecture notes provided by the teachers helped in gaining a successful insight about the application of marketing strategies and analyse the factors that affect the market. Apart from this, information regarding the development of yoga centres, it effectiveness and the benefits that it provides can be gained mainly from the secondary sources. Information regarding India and the manner in which the people use yoga are obtained from researching the internet. Hence, it can be said that these analysis have helped immensely in the development of the research.
The research has been conducted using marketing scoping also as it helped in the analysis of gaining ideas about new services in the market. It is for this reason that the idea of developing a yoga service was put forward and based on it the development of the topic was formulated. Apart from this communication, testing was done so that any customer or potential stakeholder of the business can be contacted. This can help in understanding the concept of the marketing as well as identify the potentials that exist in the market. Hence, decision was taken based on the application of the proper research metholdogy.
The marketing analysis is conducted to understand the factors and forces that exist in a market, which in turn may provide hindrance in the progress of an organisation. According to De Mooij (2018), the market analysis is done based on such forces that are essential for an organisation to develop. Without proper analysis of the market, organisations may find it difficult to dominate the market. In the case of the yoga service, it is necessary that the marketing factors be analysed so that the potential for success can be gained. The analysis considers factors and forces that have an affect the external environment of an organisation.
Political: The political factor usually denotes the intervention of the Government in the activities of an organisation. Armstrong et al. (2012) stated that the interference from the Government may or may not be directly related to activities of an organisation. The political factors may also consist of identifying the influences in terms of rules and regulations that are presented by the existence of any political party.
As observed by Brown (2016) in New Zealand, the rate of political influence is less and therefore, advent of political parties or its influences in the field of organisational operations can be less. It has also been seen that New Zealand has managed to continue come out of the shades of Australia and form trade relations with other countries such as China. Therefore, this signifies that New Zealand has grown in the competitive market and it is mainly due to the support received from the Government. Hence, Shaw (2016) states that a conclusion over the success strategy proposed by actions of the Government can be considered in this case.
Economical: The economy of New Zealand is considered as the 53rd largest economy in the world and is the 69th largest after its measure in terms of PPT. As stated by Malhotra and Peterson (2014) New Zealand has a globalised economy as it mostly depends upon trade relations with other countries. These trade relations allow New Zealand to be surrounded in a dependable manner and the alignment of the country with that of its neighbour Australia can be seen as an advantage. This may open up vulnerability of the country in terms of any economical debacle such as economic fluctuation. Babin and Zikmund (2015) are of the opinion that any economic fluctuation may mean considerable loss for the country as trade relations with other countries can be hindered.
Hence, it can be said that for Nelson Stoke to continue with the plan of developing a yoga service, support from people renowned for yoga instructors need to be recruited. An analysis of this form of exercise can be seen as a speciality in India as the exercise is considered as a traditional approach in the country. Hence, it can be said that to recruit yoga instructors from a foreign land can be a challenge for Nelson Stoke if the economy of the country does not remain stable. Strauss and Frost (2016) are of the opinion that in order to continue with the steady flow of income from foreign countries via trade, the support from the Government is required. Therefore, it can be said that keeping aside the economic fluctuation of the country and the world, the establishment of the yoga service centre proposed by Nelson Stoke can be a success.
Social: As stated by McDonald and Wilson (2016) the social influence depends upon the manner in which society supports the growth and development of an organisation. A developed society can provide an analysis of the manner in which it can help in the growth of an organisation. An important aspect that needs to be done is the fact that social support can be in the form of online procurement of analysing the existing society or through support via making purchase or availing of services. At the same time, Lusch and Vargo (2014) stated that the social influence could help a company to be removed from its existence due to any illegal activities.
In the case of New Zealand, it can be said that the social influence can be positive but can shift to being negative with one false step. This is mainly because the population of the country is small and at the same time, the country protects the environment in which it operates. Therefore, in the case of the yoga services, the support of the society can be a big influential factor. This is mainly because yoga promotes the health of the people and therefore, it can receive positive feedback from the society.
Baker (2016) is of the opinion that the social influence can be helpful for organisations as it maintains an economic growth and helps in enriching an organisation with human resources. In the case of the yoga centre, the social influence can help in the growth of the service and promote the form of exercise along with Nelson Stoke in the world map. Hence, objectives of the company can be achieved. Therefore, the social influence can help in influencing the development of the yoga service in a positive manner.
Technological: In the modern world, technology plays an important role for the development of an organisation. The dependence of an organisation is mainly on the technological influence and the manner in which technology plays a crucial role in the development and growth of an organisation. Bamossy and Solomon (2016) are of the opinion that New Zealand is one of the technologically driven countries in the world. Influence of technology is used by many organisations in the country and at the same time, it helps in the development of a steady economic growth.
Therefore, implementation of technology in the country can be considered as a positive influence for Nelson Stoke as the development of the yoga service can be made with the help of the technological factors. Solomon (2018) observed that with the effective use of technology, the yoga service could receive a boost in its popularity. This is mainly because the service can receive instructions from the target instructors and at the same time with technology, it can ensure growth at the world stage. This can help in maintaining an effective communication with the instructors, the participants and the stakeholders. Hence, the technological involvement can help Nelson Stoke to develop the yoga service and at the same time help in its growth.
Environmental: The environmental influence is one of the most important factors that are needed to be considered by an organisation. According to Garnica and Viveros (2017), the manner in which the environment can help in the influence growth of an organisation is that it can help in the development of sustainability. Sustainability is one of the most important aspects that are needed to be considered by an organisation as it can help it to determine the factors responsible for its growth. In New Zealand, the environment is considered as one of the best in the world, and the people are aware of the activities needed to protect any harmful effects in the environment. The picturesque environmental factor is one of the best in the countries and as stated by Fill and Turnbull (2016) is even considered as the reason behind the attraction of the tourists.
Hence, for the development of the yoga service, the environmental aspects of the country are needed to be considered. This is mainly because the implementation of the yoga service or conduct of the activity requires fresh air to breathe in. With the type of environment that exists in the country, it can be said that the environmental factor may not pose any type of threat to the development of the service. Hence, the environmental factor can be considered as an important aspect for the development and growth of the organisation.
Legal: According to Charter (2017), it is necessary to understand the legal rules and practices that are followed in a country before setting up an organisation or business. This can help in maintaining the legality of the business and at the same time ensures that support from the society is received. In the case of New Zealand, the influence of the laws of the country is derived from the laws in Australia. Hence, any organisation that might decide to set up a business in the country need to understand the laws of Australia and identify any changes that exist in the laws of New Zealand. Hence, it can be said that in order to continue business in New Zealand, the legal policies relating to the establishment of companies, policies and rules in engaging in business need to be understood.
One advantage that Nelson Stoke can gain is the fact that it is a New Zealand based company. Babin and Zikmund (2015) stated that problems regarding understanding the laws of the country might not be an issue for the organisation. However, it needs to keep in mind that every law related to the development of the yoga service be kept in mind. For example, the fact that the Nelson Stoke aims to build a second service along with its existing service require the support from the stakeholders as well as legal documentation. Along with this, Armstrong et al. (2014) stated that the support from the Government is also needed to understand any changes in policies.
Therefore, after the analysis of the market using factors that may hinder or influence it, conclusion can be that highlights the link between the market factors. As stated by Papadopoulos and Heslop (2014) every factor influence one another and are linked with one another. This suggests that for an organisation to succeed in the competitive market it is essential that every factor be taken into consideration and mitigation strategies for success be undertaken. As observed from the analysis, the yoga service needs to undertake the influence of each of the factors so that it can attain its objective.
For example, the legality of the business needs to be maintained for gaining the support from the society as well as the Government. This can also help in the enhancing the trade activities that help in influencing the economy of the country. As seen from the analysis, the economy of New Zealand is largely dependent on the exchange of goods and services from foreign countries. As stated by Tuten and Solomon (2017) the manner in which the development of the economy takes place usually points to the political relationship that is maintained with other foreign countries. New Zealand has emerged as a trading nation and it is important that organisations involved in trade, remain aware of the policies and legal laws of the country.
At the same time, advancement in the technological factor is also important for the development and growth of the country. Ottman (2017) observed that the people of a society influence the development of technology. Hence, the people participating in the development of the yoga service can influence the use of technology. One of the advantages that Nelson Stoke possess is the fact that does not aim to manufacture any product. The yoga service intended by the company can help in bringing about peace in the country without causing any harm to the society. This can be a huge influence in gaining the support of the political factor in the form of Government, legal factor in the form of commencing with the idea and the social factor in the form of gaining support from the local people.
Development of the economy can also be taken into consideration if the yoga service aims to continue with its aim of recruiting quality yoga instructors from foreign countries. Hence, it can be said that the market analysis provides an overall positive indication for the growth and development of the yoga service of Nelson Stoke.
Belch et al. (2014) is of the opinion that one of the most important stakeholders of an organisation is its customers. The customers or the consumers of products and services are required to be satisfied so that development and growth of the organisation can take place. Hence, it can be said that analysing the customers is needed so that organisations can gain a competitive advantage in the business market. The analysis need to be made based on the habits of the customers, the purchasing power, buying channel and the recent trend in the supply of products and services.
In the case of the yoga service developed by Nelson Stoke, the analysis can help in the development of the service and attract the audience. Katsikeas et al. (2016) is of the opinion that one of the important aspects that need to be considered is the fact that the yoga service is aimed to be the first of its kind in the city. Hence, selection of the customers needs to be done carefully so that the business tastes success. In this regard, the characteristics of the service need to be taken into consideration so that it can help with the growth of the business. It is seen that yoga provides an opportunity for individuals to be fit as well as healthy. Hence, the habits of the people can be determined from the characteristic of the service.
Customers that are fit or are concerned about its health need to be pursued so that the business can develop. These customers need to be segregated and promotion of the new set up of the company can be provided by using social media. At the same time, it is also necessary to understand the channel with which the customers can make proper interaction with the organisation. Charter and Polonsky (2017) is of the opinion that development and effective use of a website need to be considered for making proper communication with the customers.
In the case of the yoga service, customers can enrol for the yoga courses from home without having to travel to the place for enquiry. However, one of the most important functions that need to be considered is the purchasing power of the customers. As stated by Kumar (2015) this is mainly important due to the economic factor present in the country. Hence, the prices of the services need to be pocket friendly so that it can help in the development of the business.
The recent trend in the services can be difficult to estimate, as the yoga service will be the first of its type in the city. However, analysis of the Indian market and the application in the Hindu society can be made to understand the advances made in the yoga technique. This can help in enhancing the business and the customers along with the yoga instructors can be satisfied with the technique used. Hence, it can be said that the analysis of the customers can provide the yoga service with opportunities to improve in the current market and fulfil its objectives.
As stated by Ashley and Tuten (2015) it is necessary for companies to face competition from other business. The competitors can help in determining the success strategies that may bring about success for an organisation. Without proper competition in the market, customers may be provided with only monotonous products and it may have a negative influence for an organisation. Hence, in order to bring out an innovative concept and understand the quality of the employees, existence of the competitors is needed. However, it needs to be kept in mind that the competencies of an organisation are more than its competitors in trying to gain benefits in the market (Posner, Williams & Posner, 2015). Keeping this mind, an analysis can be made about the yoga service that is needed to be set up in Nelson Stoke. From the analysis of the market, it can be seen that most of the factors are in favour of the company and its set up of the service.
However, one of the important things that are needed to be considered is the existence of the competitors. The fact that the choice of business is rare may be an advantage for the company as yoga services are rare particularly in a country like New Zealand. At the same time threat can be received from the fact that since the country is involved in trade activities and that the aim is to expand the yoga service, competitors from countries that have yoga facilities may be gained. In this case, the attributes that are presented by Nelson Stoke for the development of its yoga facilities need to be taken into consideration. As stated by Bendle et al. (2016) it is important to analyse the competition or predict the strategies that competitors may adopt. In this case, one of the advantages that the yoga service may have is the fact that it is the first yoga service to be set up in the city.
Gyms can provide extensive competition to the yoga service centre. This is mainly because the gyms provide extra facilities for developing the physique and builds up strength. Yoga on the other hand, focuses more on keeping fit and brings about mental peace. Therefore, students and sports people may be attracted to the gym facilities so that physique can be developed that can help in enhancing the abilities of an individual. The Nelson Stoke can understand the threat from the gyms and develop solutions that can help in addressing the threat. Hence, solutions can be formed for mitigating the threat from the competitors. Webster (2015) is of the opinion that a smart way to enhance the business can be if organisations can consider providing deals concerning price bundling strategy.
Providing combo packages can help in the development of such a strategy and based on it the yoga service can be a step ahead of the competitors. Hence, it can be said that in order to continue its business successfully in the market, Nelson Stoke can develop the yoga service keeping in mind its benefit and the possible response it may receive from the customers. The analysis shows that competitors now are in scarcity and therefore, Nelson Stoke can gain the loyalty of the customers with proper development of its facilities. In this case, support from the stakeholders, which includes the Government and the society of the country, is needed. However, as observed by Baker (2014) one of the major considerations that are needed to be made is that the yoga service manages to innovate on a regular basis so that customers do not feel monotonous about its existence.
The marketing plan needs to be based on the elements of the marketing mix so that an analysis of the market can be done in a proper manner. As stated by East et al. (2016) the marketing mix provides a timely analysis of the marketing factors and at the same time, a relationship with the customers can be formed based on the analysis of the marketing elements. In the case of the development of the yoga service, the marketing mix can account for the implementation of practises required for the development of the organisation as well as for attending its objectives. An analysis of the marketing mix can be done that can help in understanding the elements and its effectiveness in the development of the yoga service.
Product: As stated by Grant (2016) the product is the ultimate element based on which the remaining elements can function. Without the existence of a proper product, it can be difficult for an organisation to gain an advantage in the market. As observed by Riasi (2015) product normally consists of two parts that includes the functional and aesthetical. This can help in providing service value to the customers so that identification of the brand can be made. In the case of the yoga centre to be developed by Nelson Stoke, the main product is the services provided. The various manner in which the yoga techniques are delivered need to be the functional service of the company.
This can also help in the analysis of the customer response and the identification of the brand. The analysis of the marketing analysis has shown that the yoga service can receive positive feedback from the customers mainly because it does not involve the emission of harmful components in the air. As observed by Porter and Heppelmann (2014) the people of New Zealand are health conscious and are inclined to take up exercises and physical contact sports. Hence, the development of a yoga service can help in the development of the health of the people.
However, one of the important aspects that need to be kept in mind is the fact that the service provided by the organisation is not monotonous. Continuous innovation in the development of the services is required so that interest of the customers can be peaked. According to Keller (2016), this can help in the development of the service and provide an opportunity to maintain the factors necessary for gaining a competitive advantage. A link between the service provided and the price of the service can be made based on the analysis.
Price: The price of the products denotes the wish list of the managers (Huang & Sarigöllü, 2014). The price covers the manufacturing cost and other expenses that are required for the completion of a product. Prices of products can be determined either as individual entity or in a bundle-pricing manner by considering two or more products. This can help in the satisfaction of the customer as well as provide an advantage in the market. In the case of the yoga services, the aim is to provide different packages for the commencement of the yoga centre.
Categories are made for young and adult people so that different techniques are used. According to Vomberg, Homburg and Bornemann (2015), the categorisation can help in the division of prices. However, the aim of Nelson Stoke is to maintain a pocket-friendly price so that customers can be attracted. The main reason for maintaining such prices is that it can help in the development of the business as it is considered new in the market. This can also help in remaining a step ahead of the customers in terms of the expense. The market analysis has shown that New Zealand is largely depended on the trade relations that exist between it and the other countries.
Therefore, as stated by Çifci et al. (2016) the price of yoga need to be kept at a medium range so that even during financial crisis, the business can continue to maintain the health of the customers. Apart from this, another reason for controlling the prices is that since it is a new business in the market, people need to trust the business. Excessive prices may cause the failure in the market and provide the company with a disadvantage. Excessive cost of providing the yoga service can be mitigated by ensuring that people find it convenient to travel to the centre.
Place: According to Datta, Ailawadi and van Heerde (2017), the place of an organisation signifies its existence and the manner in which it can continue to grow. For organisations that deliver goods and products in shops the location of its business plays a significant part. This is because based on the location of the place, the transportation cost can be determined and at the same time, customers can be attracted. At the same time as stated by Godey et al. (2016) the location need to be made in a place that does not have a similar type of business that may pose threat to the existing organisation.
In the case of the yoga service centre, the location is aimed at the city of Nelson and in Stoke largely due to the lack of competition. As stated earlier, the yoga service developed is the first of its kind and the business can thrive due to this particular location. Apart from this, customers can be drawn from places that are nearby the location. An analysis of the map of New Zealand provides evidence that locating the yoga service centre in Stoke can help in drawing customers from places such as Nelson and Richmond. The distance travelled from the residential areas of the customers to the location of the service centre can be reduced and people can afford to walk to the place.
As stated by Schivinski and Dabrowski (2015) targeting people from two cities can help in the growth of the yoga centre and help in achieving the objectives. Relation with the price of the service can be made by considering that due to the less distance travelled by the people; they can manage to spend a little more on the services. Hence, competitive advantage can be gained on various fronts in the form of increase in the customers as well as the lack of competition at the places.
Promotion: In order to establish itself in the market, it is necessary that every organisation promotes its products or services. Not only the products, it is necessary that the organisations also get to be promoted in order to gain competence in the market. As stated by Gürhan-Canli, Hayran and Sarial-Abi (2016) the promotion is needed in order to establish its status in the economy. In the modern world, promotion can be done in various such as Facebook, Instagram and Blog. These sources have an easy way by which products, services and organisations can establish itself in the market.
Hence, it can be said that in the case of the yoga service, these methods can be used in order to identify the customers and promote the existence of the services. Sasmita and Mohd Suki (2015) stated that Nelson Stoke can use the social media as it is considered as the fastest method of spreading any new product or service. The people interested in maintaining health is usually the young generation. Hence, a relation can be made between the people involved in maintaining health as well as the group interested in indulging in social media. Hence, this can be a platform for the launch of the yoga services in the country. At the same time, good offers can be presented which may help in the growth of the company.
As stated earlier price bundle strategy can be used so that the yoga service can promote its services in the market. According to Christodoulides, Cadogan and Veloutsou (2015), other methods such as newspapers and televisions can be used in order to promote the yoga services. However, one of the important aspects that need to be considered is the fact that promotion methods usually incur extra costs. Hence, the budget needs to be made in a proper manner so that organisations can expand its reach. Such tactics can be applied by the yoga service so that it can continue its business in New Zealand.
Physical Evidence: The physical evidence is considered as one of the underrated 7-Ps that exist in the market mix elements. As stated by Zhang, van Doorn and Leeflang (2014) in the modern world, with the advent of online shopping, physical evidence does not have proper functioning in the market. Physical evidence usually denotes the action of individuals examining a product on a first hand basis. Physical evidence in the modern world is done based on the online technologies and the manner in which it can help in identifying the products. However, in the case of service industries, the physical evidence is important as the after sales service or the current service provided by the companies need to be judged.
Similarly, in the case of yoga centre, the physical evidence needs to include the services provided. Hur, Kim and Woo (2014) are of the opinion that physical evidence also includes the positioning of an organisation and its presentation in front of the customers. The atmosphere and the behaviour of the people involved in an organisation are taken into consideration with the physical evidence that is present. Therefore, the yoga service needs to provide the customers with an opportunity to identify the place in which the centre is placed and accordingly base its strategies. For example, it has been seen that the centre is located at the cross roads between two cities.
Therefore, the amount of customers that can be gained by the organisation is enormous. Hence, the physical evidence can be an important factor for the yoga service and help the organisation to maintain its objectives (Wang et al., 2015). Hence, a link can be made between places of the set up of the organisation as well as the physical evidence that exists in the marketing mix element.
People: According to Keller and Brexendorf (2017), the people can be the customers as well as the employees. Both these types are important stakeholders of an organisation and it is needed that managers implement strategies that can help in improving the condition of the people. In the case of the employees, motivation needs to be provided by monetary or non-monetary means. At the same time in the case of the customers, satisfaction needs to be provided so that organisations can continue with its business. Saran (2016) stated that most organisations focus on the satisfaction of the customers so that it can gain profit in the market.
The satisfaction of the customers is important so that the yoga service centre can be promoted in the market. The response provided by the customers is used to develop the service centre and at the same time ensure that profit can be gained. In this regard, a link can be made between the other elements of the marketing mix and this particular element. The response of the people can be positive mainly if the product and prices offered by a company are of good quality with a pocket-friendly price (Chatzipanagiotou, Christodoulides & Veloutsou, 2018). In the case of the yoga service centre, it can be seen that the prices of the services provided by the organisation is aimed to be pocket-friendly.
Hence, the satisfaction of the people is important for success. At the same time, a link can be made between the customers targeted by the organisation in terms of fitness and an urge to adopt yoga as a means of progress in the society. In this regard, it can be said that the process adopted for attracting the attention of the customers also need to be taken into consideration by the yoga service centre.
Process: The process undertaken by a company mainly can be associated with manufacturing industries. As stated by Ding and Tseng (2015) the process undertaken need to be sustainable as well as need to be free from all types of products that may contain hazards to the environment as well as the human beings. Hence, it can be said that the process undertaken by an organisation is the key for ensuring the quality of the product. In the case of the yoga service centre in Nelson Stoke, the process involves the service process. The process undertaken to provide every individual with an opportunity to enrol in the yoga service can be considered for the benefit of the company.
Lin (2015) is of the opinion that in service centre the process adopted by employees to render the services is always considered. Hence, it can be said that for the yoga centre the services undertaken can determine the difference between success and failure of the organisation. It has been seen that the process undertaken by the yoga centre is the traditional Hindu process. As stated by Royo-Vela and Hünermund (2016) this provides an opportunity for embracing the true culture of the yoga and applies it in the organisation. Hence, it can be said that the yoga service centre can receive positive feedback from the application of traditional yoga methods.
Therefore, after the analysis of the marketing mix it can be said that every element can be linked with one another and the dependence of each element can help in bringing about success in an organisation. In the case of the yoga centre, the application of the marketing mix needs to be based on the characteristic and aim of the yoga centre. The service as well as the price needs to align with one another keeping in mind the place at which it is established. The physical evidence that is the establishment of the yoga service centre need to be fruitful for the customers and the promotion can be done using social media, detailing the services provided along with the facilities. The target people can be satisfied by the adoption of the traditional Hindu yoga methods so that the business can grow in the market.
|
Element of the marketing mix for product form |
Expenditure |
|
Price |
$56,000 |
|
Promotion |
|
|
Cost of social media |
$3,000 |
|
Cost of advertisement |
$5,000 |
|
Cost of hiring instructors |
$2,000 |
|
Gaining a proper place |
$1,250 |
|
Direct marketing |
$450 |
|
Use of internet |
$900 |
|
Total |
$68,600 |
Table 1: Audit activity
(Source: Created by author)
According to Gürhan-Canli, Hayran and Sarial-Abi (2016), target market is referred to as the market where the management of the company wants to sell the products and services that are manufactured by them and includes the targeted sell of the customers for whom the marketing efforts of the company are driven into. The identification of the target market of a company is one of the most essential parts of the company as it is the building block to the development plan of the organisation (Sasmita & Mohd Suki, 2015). The management of the newly constructed Yoga Studio are well aware of the importance of the purchase experiences that are characterized by the satisfaction of the psychic and the personal needs of the customers.
The customers on the other hand care more about their experiences that are provided by the service providers and are willing to pay for each of them. Therefore, as stated by Christodoulides, Cadogan and Veloutsou (2015) the management of the company have to have a clear idea of the target market to offer their products and service to the most suitable person to ensure the maximum possible profit for the business. The target market of the yoga service centre includes the students, aged people and sports enthusiasts. These people can be attracted by appropriate market promotion strategy such as video promotion or social media promotion.
According to Zhang, van Doorn and Leeflang (2014), the market segments that will be created consist totally of different types of the customers each with their own different kind of choices or demands. According to, the top officials in the management of the Yoga Studios, the Categorization of the New Zealand market is quite critical because the market generally consists of a large number of customers who might have similar kind of demands. Therefore, for each of the market segment there are different types of the marketing plan. The market Categorization of Yoga Studio will help differentiate the different types of the people in New Zealand in different ways based on their skills of Yoga. The main Categorization models will be based on the traditional divisions. However, being a modern firm and competing in the highly competitive modern market, the company has to target the niche market or the young group of customers from different universities who prefer to stay fit and healthy.
The main yoga postures have been designed and incorporated in the course of the new Yoga Studio after completing a thorough market research on the needs and the demands of the particular kind of Yoga postures and courses for the customers in New Zealand. It is considered as the responsibility of the management of Nelson Stoke to ensure and implement the likes of the different yoga courses that are quite in accordance to the demands of the customers. As stated by Hur, Kim and Woo (2014) the marketing Categorization of the yoga market needs to be done accordingly after a detailed study of the yoga market.
Yoga Studio being an old racehorse in the New Zealand market has a thorough knowledge of the Nelson Stoke area. Therefore, they have the idea that Categorization of the market will pave the way for the fast response of the gradually changing requirements of the market, increases efficiency in the strategic planning of the business and improves the rate and analysis of the competition present in the market. The main factor on which the management of the company has segmented the market for its new business of Yoga Studio is;
According to Nyadzayo, Matanda and Ewing (2016), apart from this the economic and social behaviours of the business also stand out to be one of the main elements of the business organisation.
Apart from the above-mentioned Categorization, the management of the company also identifies other types of important kind of Categorization present in the following business. This includes the likes of
In marketing and business strategy, market position refers to the perception of the consumer on a brand or a product in relation to the competing brands and the products of the company. As observed by Charter (2017) the positioning of the market clearly refers to the process of the establishment of the image or the identity of a particular brand or product so that; the consumers perceive it in a particular way. The positioning of the company by the management of the organisation thus provides a luxurious tag to the organisation. The main aim of the management of Nelson Stokes is to ensure the superior positioning of the company in Nelson Stoke.
According to Saran (2016), the positioning will involve:
Continuing with the market
Nelson Stokes can continue with the growth of the market by ensuring that a continuation of the marketing strategy can be made so that it can position itself in the business. It has been seen that for the yoga service centre to continue its growth in New Zealand, the business needs to understand its importance and continue its development. At the same time, it is also necessary to formulate strategies that can help in its growth and knowledge of the company.
Knowledge of the customers
The marketing department of the organisation have to ensure to carry out a proper marketing research in order to stay updated latest demands and needs of the customers. This can help them to understand the type of customers that exist in the market (Riasi, 2015). The management must also have a clear and transparent idea of the people they want to include in the test rum with the yoga service centre.
Knowledge about company
Grant (2016) had seen that knowing the competence that a company possess is important as it can help in identifying the business and its employees. In the case of the yoga service centre in Nelson Stokes the company, need to understand its limits so that it can identify the strengths possessed by the competitors.
Knowledge of the competitors
Knowledge about the competitors is important as it can help in identifying the strategies required for a business to succeed (Ashley & Tuten, 2015). The yoga centre needs to analyse the impact of the competitor such as any gym centres so that the yoga service centre can be improved according to the demands of the customers.
The company aims to provide the best possible solutions in yoga so that it can be challenging for its competitors in Nelson Stoke. On the other hand, as stated by Belch et al. (2014) differentiation business strategy is also used by the organisation. It attempts to position itself as a company that provides unique products that is currently unavailable in other stores and other organisations. Armstrong et al. (2014) stated that expert learners who are hired from India and other Asian countries provide the special and innovative postures. The consumers generally expect more from a differentiated product and are therefore willing to pay more for a superior quality product. Lin (2015) stated that the presence of the superior quality product in the ranks of the organisation is helpful for the enhancement of business opportunities for the organisation.
The brand indicates the level of recognition that an organisation or product may gain in a market. According to Charter and Polonsky (2017), branding refers to the efforts put in by a manufacturing company in the hopes of gaining a recognition and popularity in the market. In the case of the yoga service centre that is developed in Nelson Stoke, the company need to establish its brand in the market. As seen from the analysis, one of the advantages that the company may gain is the fact that it is the first such institute that is set up in the city. At the same time, gaining customers from two cities can help the yoga centre to develop itself in the market.
Therefore, it can be said that the yoga centre have the potential of becoming one of the best yoga centres in the country and hope to expand its business in the international market. Hence, branding can help the yoga service centre to gain the required popularity and attain its objectives. As observed by Babin and Zikmund (2015) the branding can help in gaining support from the stakeholders and along with the development of marketing strategies.
As stated by Solomon (2018) the marketing strategy usually denotes the manner in which a business activity can be continued in a competitive environment. Marketing strategy can be made by analysing the marketing mix elements as well as the segmenting the market into favourable customers. An analysis of the marketing strategies can help in understanding the best strategy that the yoga service centre can adopt for the growth and development of the business. As observed by Webster (2015) these market strategies depend upon the external environment and the manner in which it can affect upon the growth of the organisations.
However, proper marketing strategy needs to be adopted so that the growth can be maintained in a proper manner. The analysis of the yoga service centre provides evidence that the promotional activities that are undertaken by the company can help it to grow. At the same time, the supporting external environment in New Zealand can help in the growth of the yoga service. Hence, it can be said that marketing strategies need to be developed based on the analysis of the external environment. This can help the yoga service centre to grow and develop in the market and attract more customers.
According to Stead and Hastings (2018), it is necessary for the social media to provide an opportunity for being involved in online interface. The yoga service centre can use the social media to promote its business initially and gradually promote enhanced services that it provides. Apart from the customers, the use of social media can help the organisation to attract talented yoga instructors from India. This can help in fulfilling the aim of the company to provide Hindu yoga technique.
This can be related to the physical evidence that is present as one of the marketing mix elements. The fact that people judge the yoga service centre can use the products based on the experiences effectively. Therefore, the yoga service centre can gain popularity in the country based on the experiences of the physical evidence derived by the people. Therefore, it can be argued that word of mouth is one of the effective strategies that is used for the development and promotion of service centres.
One such strategy can be that the yoga service centre needs to analyse the environment of the yoga service centres across the world. As stated by Baker (2014) the yoga services are a threat mainly from the Indian region. This is because India is one of the countries that had originated the idea of yoga and it can spread its preaching all over the world. With the type of success in New Zealand, it can be that threats from the Indian market may be faced. Hence, analysis of that particular environment can be made to mitigate the situation. Therefore, application of the Porter’s five-force analysis can be made to identify the growth of the industry.
|
Strength · Position of its location · First in the city · Traditional yoga classes |
Weakness · Customer satisfaction · Steady flow of income · Lack of marketing plan |
|
Opportunity · No competition · Possess the customers from two cities · Favourable external environment |
Threat · Economic fluctuation · Sudden development of modern yoga services · Decline of overseas services rendered for yoga |
Table 2: SWOT analysis
(Source: Created by author)
From the analysis it can be seen that the strength of the yoga centre lies in the fact that it is positioned in a convenient location. As seen from the previous analysis, the yoga centre gets the support of two cities that is Richmond and Nelson. Therefore, the promotion of the organisation can complement the convenience with which customers can visit the centre. At the same time it has also been seen that the yoga centre is the first of its kind in the city. Therefore, early loyalty can be gained and it can help in increasing the loyalty of the customers.
This can be an advantage for the yoga centre as the people can families itself with the yoga sessions and can understand the service it provides that can help them to remain fit. Another advantage that can be gained is the fact that the yoga centre aims to provide traditional classes. This can be done by recruiting talented individuals from foreign market. It has been seen earlier that the aim is to use Hindu traditional yoga approach so that it can effective practise can be maintained. Thereby, the customers can get training from experienced people that can help in the development of the service centre.
At the same time, the weakness can be analysed that need to be worked on by the yoga centre. One of the weaknesses is that the yoga centre needs to maintain the satisfaction of the customers. This can be challenging as the establishment is new and require enough resources and materials to provide the customers with the ultimate experience. Another weakness that can be is maintaining a steady flow of income. Without steady flow of income it can be difficult for the yoga service centre to continue its progress and achieve its objectives.
Hence, the financial stability of the yoga service centre needs to be maintained so that it can maintain a proper business and exceed in the market of New Zealand and beyond. The lack of marketing plan can be another factor that may have a significant impact on the development of the organisation. It has been seen from the analysis that the marketing plan developed for the progress of the yoga service centre can help in its growth. Therefore, these threats need to be analysed properly along with the threats so that the yoga service can be commenced in a proper manner.
The SWOT analysis also displays the threats of the yoga service centre. For example, economic fluctuation can be one of the major difficulties that can be faced by the organisation. The analysis of the external environment shows that it the economic condition may fluctuate based on the trade of the business. Hence, it can be said that the economic condition of the market need to be analysed before commencing with the business. At the same time another important threat is the sudden development of yoga service across the country.
The success of the yoga centre in Nelson Stoke may inspire the development of other yoga services across the country. Hence, it can be said that this is considered as an important threat for the continuity of the services. Loyalty of the employees can be threatened due to this. Apart from this decline may arise on the yoga services in the overseas market. This can be a threat as the yoga service can spread and experience gained from the Hindu traditions can be spread across the world which in turn can lower the productivity of the yoga service centre. Despite these threats the opportunities of the service centre can be analysed.
The analysis has shown that one of the biggest opportunities that can be gained is the fact that the yoga centre has no competition. The yoga service centre is the sole organisation in the city and therefore, free from any type of competition from other services. This can help in the creation of more competitive advantage in the market. Another opportunity is that the service centre possesses the customers from two cities. As seen earlier, Nelson and Richmond are the cities that can be a target for the yoga centre.
The expansion can develop slowly based on the responses received from these cities. Hence, it can be said that an initial advantage can be gained from setting up the centre in the borders of these cities. The analysis also show that the yoga centre receive support and a favourable external environment. This is mainly because the Government of New Zealand is stable and it provides excessive support for the development of the business. Hence, these opportunities can help in the growth of the yoga centre. Hence, the SWOT analysis helps in the analysis of the internal strength of the organisation.
As observed by Sargeant and Macquillin (2016) promotion of the marketing plan can be done by analysing the effective contributions made by the application of the promotional strategies. The analysis has shown that the manner in which promotion can be formulated within an organisation is by the use of social media. Most managers consider this to be an on-going trend as it helps in reaching a variety of customers. However, it is equally important to promote the analysis of the marketing plan.
In the case of the yoga service centre of Nelson Stoke, the company need to analyse its budget so that the marketing plan can be promoted. It has already been seen from the analysis that the marketing elements provide a favourable working condition for the service centre. As stated by Posner, Williams and Posner (2015) the marketing plan need to be based on the elements of the marketing mix as the support need to be gained from the analysis. The promotion of the marketing plan for the yoga service can help it to analyse its internal competence along with any external threats that may exist in the environment.
Conclusion
Therefore, it can be concluded in order to succeed in a competitive business it is necessary to develop a proper competence in the market. The manner in which this can be done includes formulating a proper and effective marketing strategy. In the case of the yoga service centre set up at Nelson Stoke, the opportunities based on which the organisation can survive is by analysing the market that exists. This can help in gaining an idea about the changes that need to be made in the business. Every element of the marketing element can be associated with the external environment that affects the growth of a business.
It is the duty of the managers of the yoga service centre to contribute in finding the relation and make strategies that can help in the growth of the company. The use of cost leader strategy can help the yoga centre to continue its growth in the business and at the same time attain the objectives that are formulated. The internal capabilities of the company can also provide an understanding of the strategies that can be used for the development of its business. Hence, it can be said that overall the analysis of the external environment as well as the marketing mix elements points to the fact that the yoga centre have the potential to become successful in the New Zealand market.
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