10<\/p>\n
1<\/p>\n
Bengawan Solo Company<\/p>\n
Name<\/p>\n
Institution Affiliation<\/p>\n
Course<\/p>\n
Date<\/p>\n
Executive summary<\/p>\n
Since the first launch of Bengawan Solo Company, it has always been considered among the most successful bakery chains in Singapore. The company has established its reputation for making high-quality pastries and cakes, which has made the brand obtain much popularity from its consumers in Singapore and other international countries. Based on its goals and objectives, the company is trying to introduce a new product line of cakes with patterns related to Chinese traditional culture in Singapore and add to its present product mix. The proposal focuses on various elements that the company should consider to launch cakes with Chinese traditional cultural patterns. The elements that have been outlined include Bengawan Solo’s situation analysis, marketing objectives and strategies, an action plan, performance control, and contingency plans. <\/p>\n
Under situation analysis, there is an evaluation of the company’s market segments that have demonstrated the projection of potential sales, including its general market size, growth trends, and future projections. Based on the market segments, Bengawan Solo will consider all the significant forms of segmentation to improve its marketing effectiveness. These forms of segmentation include demographic, geographic, psychographic, and behavioral segmentation. The company will also have to establish various marketing objectives such as promotional, growth, profitability, and market share objectives. Some of the marketing strategies that will be examined include undercover marketing, scarcity, relationship, and cause marketing. <\/p>\n
The company should follow specific steps in launching the cakes with Chinese traditional cultural patterns in its action plan, such as defining its target users, validating the product, developing a go-to-market strategy, and setting the pre-launch stage. Performance control will be achieved by focusing on the input, output, and behavioral controls based on specific policies, norms, organizational structure, and any administrative information in the business. Additionally, contingency plans will play a vital role in the success of Bengawan Solo; hence it should follow specific steps, including program management, planning and execution, testing and exercise, and program improvement.<\/p>\n
b. Situation analysis<\/p>\n
i. Evaluation of market segments<\/p>\n
For Bengawan Solo Company to improve its effectiveness in marketing, various factors must be considered, including market segmentation. Through market segmentation, Bengawan will target the persons who are most likely to become satisfied company clients. For the organization to segment its market, it must split up into various groups with the same features and separate the audience based on certain qualities, giving room for more precisely targeted marketing and personalized content. The evaluation of market segments in Bengawan Solo Company will mainly focus on demographic, behavioral, geographic, and psychographic segmentation. <\/p>\n
Demographic segmentation<\/p>\n
Demographic segmentation will be the most straightforward method for Bengawan to determine its customer groups. This will involve looking at various recognizable non-character qualities like gender, age, religion, ethnicity, income, religion, education levels, and the role in a company (Kotler, & Keller, 2016). With demographic segmentation, the company should target working adults between the ages of twenty-three to fifty in Singapore. This will be the appropriate population to target because various varieties of the company’s products would appeal to consumers who are ready to try a pleasant and unique snack. There are also many Chinese people living in Singapore; hence incorporating their traditional cultural patterns in the cakes will significantly boost the product’s sales. Most Chinese persons living in Singapore have not returned to their homes after a long period; thus, they have greatly missed their culture. To provide products related to their culture, Bengawan Solo will combine various pictures of Chinese traditional culture with the shapes of the drinking cakes. Some of the pictures that can be combined with the cakes include the Forbidden City, the Great Wall, and the Monkey King, all found in China. These snacks should, in a way, seem to have a greater unit price compared to the other regular or initial varieties. Additionally, it would mainly target middle-class and above individuals and those with a higher yearly gross income. <\/p>\n
Geographic segmentation<\/p>\n
Geographic segmentation should also be the easiest way to identify and group customers to their physical location by Bengawan Solo in Singapore. The company should define the physical location of its customers by defining various regions, cities, and even the postal codes in Singapore. Being aware of their consumers’ location will allow for all forms of considerations when advertising to customers. Bengawan Solo Company will introduce the cakes with Chinese traditional cultural patterns into the Singapore market because the market has continued to be attractive to various businesses due to its open business environment, increased consumer spending, rising incomes, and rapidly changing demographics. Singapore can also establish Bengawan Solo outlets to promote the expansion of the business and facilitate the introduction of a new product line. Besides the company being able to introduce its new product lines, geographical segmentation will also serve as a crucial part of seasonal segmentation, which will let the business market its season-appropriate products to consumers (Camilleri, 2018). <\/p>\n
Psychographic segmentation<\/p>\n
This form of segmentation will mainly concentrate on the personalities and interests of the consumers. Bengawan Solo Company will examine its customers and define them according to their lifestyles, beliefs, values, life goals, and personality traits. The cakes with Chinese traditional cultural patterns will encourage most Chinese people to continue embracing the culture and lifestyle of certain foods sold in the market. This will result in higher sales and more revenue because numerous Chinese people live in Singapore, where the product will be launched. For psychographic segmentation to enhance highly effective marketing that customers will consider enticing and exciting to them on a much more personal level, Bengawan Solo Company must perform good research in the Singapore market. According to research, most of the corporation\u2019s target audience would continuously be keen on getting the very best price they could want. <\/p>\n
Behavioral segmentation<\/p>\n
Being a new product line, the company would be launching cakes with Chinese traditional cultural patterns to first-time and potential consumers. The company will ensure that those cakes can be enjoyed by customers and be used on regular occasions. The cakes with Chinese traditional cultural patterns should be convenient to increase Singapore’s food and beverage consumer trend. According to research, most people in Singapore spend nearly thirty-five percent of their income on food and drinks, which has also increased the purchasing power of consumers.<\/p>\n
c. Marketing objectives and strategies<\/p>\n
Marketing objectives<\/p>\n
Bengawan Solo Company should consider various marketing objectives for the cakes with Chinese traditional cultural patterns such as profitability, market share, promotional, and growth objectives. Other objectives that should be based on the products include increasing brand awareness, entering new international and local markets, attracting new customers, and increasing customers’ loyalty. Bengawan Solo should earn a profit as an objective in its operations which will also sustain the business. Some of the elements that must be looked at under the profitability objective are the net profit margin, financial leverage, return on assets, and asset turnover. The business net profit margin will tell the amount of money earned after selling the cakes, and the company has paid all its expenses, taxes, and salaries. Asset turnover of Bengawan Solo can be obtained by taking its aggregate sales and dividing them by total assets. <\/p>\n
Through a market share objective, the company will determine the fraction of market share it wants to obtain for the cakes with Chinese traditional cultural patterns. Raising the market share will be among the most significant objectives of the corporation because using market share as a measure of performance in business has various advantages, including being less reliant on macro-environmental variables such as the state of the economy or alterations in the tax policy (Indounas, 2018). The promotional objective will promote Bengawan Solo\u2019s cakes with Chinese traditional cultural patterns, thus increasing brand awareness. The management should first ensure that the promotional objectives are defined and planned by deciding what they want to accomplish and then determining what the business can provide as incentives. <\/p>\n
The main aim of the promotional objective is to enhance the introduction of a new product, raise brand awareness, and encourage repeat business, increase sales and increase business by attracting new customers (Roddy, 2018). Growth objectives will help the company analyze the present size of the business and determine or plan the growth strategies that can aid in attaining the anticipated level of development. Growth is a significant objective because it plays a crucial role in contributing to increased revenue. By creating business strategies based on development, Bengawan Solo can raise its market share, increase brand awareness, and obtain sales efficiencies, which translates to higher profits. <\/p>\n
Marketing strategies<\/p>\n
There are various marketing strategies that Bengawan Solo company can utilize to kick start their launch of cakes with Chinese traditional cultural patterns, improve its marketing plans, target its audience in a new way and even offer some help to the various campaigns. Some of those marketing strategies include undercover marketing, scarcity, relationship, and cause marketing. Relationship marketing will focus on the retention of customers and their satisfaction to promote the business’ relationships with the present customers to increase loyalty (Payne, & Frow, 2017). Cause marketing will connect the company and its new products to a particular social cause or issue. Scarcity marketing also will assist in developing the perception of a shortage which targets to attract consumers to buy products out of fear that they might not be able to acquire them in the future. Another marketing strategy that Bengawan Solo can utilize is undercover marketing which involves marketing to customers so that they do not realize that they are being marketed to. <\/p>\n
To create and choose the proper marketing strategies for the sale of the cakes, Bengawan Solo Company must use the marketing mix tool. This marketing tool will aid the company in thinking about which parts of the business they can modify or improve on to satisfy the wants and needs of the target market, add value and distinguish their cakes with Chinese traditional cultural patterns from other rivals in the market. The five areas that the organization needs to make decisions about include the product, price, promotion, place, and people. These areas are somehow controllable and will always be subject to external and internal marketing environments. The product element will entail what the company is offering as a whole to its customers. Bengawan Solo’s decisions about its new products will focus on functionality, warranty terms, appearance, quality, service, packaging, and branding. The enterprise will have to consider the main features, benefits, needs, and wants of consumers. For instance, it may add more or new flavors to its food products to extend its range. <\/p>\n
The prices should be set for the products by including all the parts that make up the business, its general cost including credit terms, sales, discounts, the advertised price, and additional payment arrangements. The company’s pricing should rely on its business position in the market (Thabit, & Raewf, 2018). For instance, if the cakes will be premium, they will have to set their prices to other smaller quality goods to reveal the improved packaging and quality of ingredients they provide. The promotion element will entail all the methods and activities that the company will utilize to promote its goods to the target market. These activities and methods can comprise advertising, direct marketing, public relations, sales, social media, and sponsorship. It is sensible for the organization to carry out a return on investment analysis when making promotion decisions since promotion costs can be substantial. The company needs first to find out its target market, the kind of media they consume, the cost of that media, the number of sales they need to cover, and the various ways it will collect data showing how the promotion has worked. <\/p>\n
The place aspect will refer to how Bengawan Solo gets its products to consumers at the right time, in the correct quantity, and in the right place. This will comprise specific distribution channels, market coverage, service levels, and logistics. The element of people refers to the customers, the business itself, and its staff (Pogorelova, et al., 2016). The company must consider its staff and customers to enhance the growth of its business. This will require understanding the wants and needs of customers, setting targets, and measuring their customers’ service levels to attract and retain loyal customers. <\/p>\n
d. Action plan, performance control, and contingency plans<\/p>\n
Action plan<\/p>\n
The company should consider appropriate steps to help them introduce the cakes with Chinese traditional cultural patterns in the market. Some of the steps that Bengawan Solo might take include defining the target user, validating the product, creating a go-to-market strategy, setting up the pre-launch stage, and then developing the next product. To define its target user, it must conduct market research and analyze the most common support questions and complaints from customers to identify what current offerings they lack. The company should review its older products to see what the clients have and have not liked about initial releases (Jedrusek-Golinska, et al., 2020). After market research, the company will validate the concept of its product by looking at what problems the product will solve, who it is for, and the reason somebody would choose the product over a competitor’s. After validating the product, the company will create a go-to-market strategy by getting aligned and evaluating its limitations. Setting the pre-launch stage will also be vital because it will build hype in the market. The business can incentivize customers through specific initiatives like free trials, rewards, discounted pre-orders, and other perks.<\/p>\n
Performance control<\/p>\n
Besides Bengawan Solo Company developing an appropriate organizational structure and implementing the strategies effectively, it must also establish appropriate administrative control systems. These corporate control systems will assist the management in checking how well the business is performing, determine areas of concern and then take various measures to deal with those issues. The primary forms of control systems that Bengawan Solo Company can utilize are behavioral, output, and input control. In output control, employees\u2019 performance will be managed and controlled with rewards or sanctions after assessing it centered on the administrative values and principles. The input control system will also seek to manage the selection and training process of employees and ensure the availability of necessary competencies in the workers as anticipated by the company for growth and development (Stehnei, et al., 2017). Moreover, under behavior control, managers will have to regularly monitor and assess workers’ activities concerning the standards of the business and reward them appropriately.<\/p>\n
Contingency plans<\/p>\n
In any business, success at times reflects the number of calculated risks the company is ready to take professionally and personally. That is why contingency planning will be crucial, and it will allow active risk management and proactive preparation instead of reactive decisions when Bengawan Solo Company encounters an emergency that can lead to failure. The steps that the company can take in contingency planning for such situations consist of program management, planning, execution, testing and exercise, and program improvement (Sadgrove, 2016). The organization should begin by employing a contingency planning team that comprises at least one representative from every department and each management level down to the most entry-level positions. <\/p>\n
The team members will determine the objectives of the contingency plan for every department and then carry out accurate risk assessments that result in developing the outline for reacting to each possible risk. The planning team should perform a detailed and practical risk assessment and an analysis of business impact. The risk assessment should be based on the business impact analysis followed by risk prevention and mitigation guidelines. After drafting the contingency plans, the company should distribute the plans and maintain every plan. It should keep each plan updated as the company goes through changes like hiring and firing and even adopting new technologies. <\/p>\n
References<\/p>\n
Camilleri, M. A. (2018). Market segmentation, targeting, and positioning. In Travel marketing, tourism economics and the airline product (pp. 69-83). Springer, Cham.<\/p>\n
Indounas, K. (2018). Market structure and pricing objectives in the services sector. Journal of Services Marketing.<\/p>\n
J\u0119drusek\u2010Goli\u0144ska, A., G\u00f3recka, D., Buchowski, M., Wieczorowska\u2010Tobis, K., Gramza\u2010Micha\u0142owska, A., & Szymandera\u2010Buszka, K. (2020). Recent progress in the use of functional foods for older adults: A narrative review. Comprehensive Reviews in Food Science and Food Safety, 19(2), 835-856.<\/p>\n
Kotler, P., & Keller, K. L. (2016). A framework for marketing management (p. 352). Boston, MA: Pearson.<\/p>\n
Payne, A., & Frow, P. (2017). Relationship marketing: looking backward towards the future. Journal of services marketing.<\/p>\n
Pogorelova, E., Yakhneeva, I., Agafonova, A., & Prokubovskaya, A. (2016). Marketing Mix for E-commerce. International journal of environmental & science education, 11(14), 6744-6759.<\/p>\n
Roddy, M. (2018). Promotional Marketing.<\/p>\n
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.<\/p>\n
Stehnei, M., Irtysheva, I., Khaustova, K., & Boiko, Y. (2017). Modeling of the strategic control system in the context of sustainable development of enterprise. Problems and perspectives in management, (15, Iss. 3 (cont. 1), 212-223.<\/p>\n
Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).<\/p>\n","protected":false},"excerpt":{"rendered":"
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