Monitor Marketing Strategies and Tactics BBQfun

Monitor Marketing Strategies and Tactics BBQfun Strategies and tactics used to monitor and implement the promotional activities BBQfun is a leading chain store organization in Brisbane. Due to the level of market saturation, and hence competition, it aims to expand its operations and market share alike, through a marketing strategy that has been formulated by its management (Kotler, Adams, Brown Armstrong 2005).Advertising We will write a custom report sample on Monitor Marketing Strategies and Tactics: BBQfun specifically for you for only $16.05 $11/page Learn More It has put the necessary mechanisms in place with an aim of achieving its goals and these include facilitation for payments through the introduction of convenient payment plans. In doing this, the organization has automated its stores to enable the customers pay their bills at their own convenience. Therefore, other than carrying cash wherever they go, customers will be able to use credit cards and visa cards to pay for their shopping. As a m eans of implementing the promotional activities of their wide range of products, the organization chose to reduce the prices of the essential goods while maintaining the quality of these products. This not only increased sales of the specific goods but also created awareness to the customer on the availability of the other goods. The company has also ventured into advertisements as this notifies the current and target markets on the existence of new products (Kotler et al. 2005). Monitoring has been done on the various methods of advertisements. The costs incurred in each of them has been analysed and compared with the returns. A promotion strategy yet to be laid out is the broadband roll out. This aims at cutting down the advertisement costs and reaching more people. Another strategy that is being used to monitor these activities is the launching of the loyalty programme. This has enabled the management to keep in touch with consumers and get their feedback on the products. The org anization has also chosen to use market displays in promoting the products and also opted to collaborate with other industries in the joint- industry wide promotions. All these strategies are specifically targeted at introducing existing goods to new markets. They are also used for introducing new goods to current markets.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Strategies and tactics being used to monitor product, pricing and distribution decisions In keeping track of the products and their prices, the organization has strategized on market research. This has helped them in evaluating the market needs and the market prices for competing products. In offering quality products at lower prices, the organization opted to outsourcing as a strategy since it would cost less to import similar goods as compared to manufacturing. The major challenge, however, on outsourcing was th e compromise in quality contrary to their agreement with the supplier. As a means of lowering the product prices, the organization is further venturing into internet marketing. This will not the affect product prices and so will keep their prices low. Another strategy that the organization plans to use is branding. In increasing their sales, they are planning to display the country of origin of these items on each of them. This will give the customers an opportunity to compare similar products of different origins and give feedback on their preference. In making distribution decisions they rely on market research and decide on which products to be taken in which areas basing on the demand. Also through their loyalty programme, they are able to contact customers and get their views on a given product. Monitoring of marketing results against targets in the marketing plan The marketing results for the just concluded financial year are a reflection of the targets that were set for the p eriod. The marketing department is a solid team that has not been cowed by threats posed by competitors. The main contributors to the combined growth in sales were the BBQs, accounting for 40% of the sales. The outdoor furniture was also influential, contributing 35% of the sales. The BBQ consumables settled the remaining 25% of the sales. The expansion of the business will play a significant role in increasing the sales volume. The increased sales volume will lower the average cost per unit and hence lead to an increased profit margin. This will be vital for the implementation of the guarantee offered to clients.Advertising We will write a custom report sample on Monitor Marketing Strategies and Tactics: BBQfun specifically for you for only $16.05 $11/page Learn More In marketing, it is important that clients timely receive after sales services pledged by the company. Research has indicated that honouring of pledges made to clients is an important marketin g tool (Ferrell Hartline 2010). It is observed that there is an increase in the contribution of sales from BBQ consumables. This is very important to the chain stores given that the marketing strategy targets clients visiting the stores in pursuit of consumables. The recently launched program aiming at enhancing customer loyalty is bound to hit faster with increasing sales from consumables. This will attract a number of customers and hence, a vital tool for monitoring progress made by the marketing team. Monitoring of marketing revenue and costs against budget The costs for marketing of BBQfun have increased in the recent years. It is noted that, in the last financial year, a total of $290,000 went into marketing. Advertising over the radio took a significant share; having received up to $70,000. The remaining $220,000 was spent on other means of product promotion. This was indeed an increase in expenses given that a majority of the product promotion tools were being used for the f irst time. There was a significant increase in revenue for the chain stores. This is attributed to the aggressive marketing that was carried out by the marketing department. The vibrant marketing strategy facilitated the creation of greater awareness for products offered by BBQfun. It is noted that the loyalty program alone, created 70% product awareness in Brisbane. This was significant in increasing the sales which in return ensured that the chain stores still earned a considerable increment in revenue. This was important given that a number of marketing tools that were employed had not been catered for in the previous financial year’s budget.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Variations in revenue and costs against budget Analysis of the latest IBIS report for the chain industry reveals the need for care in strategy execution. There is a general increase in unemployment and the interest rates are also scaling higher. These are serious issues which are bound to affect budgetary allocations for the current and future financial years. The revenues will be negatively affected by the higher interest rates since the costs will be going up. On the other hand, unemployment will lower the purchasing power and hence an overall decrease in revenue. Conclusion BBQfun is a fast growing chain store. In order for it to go nationwide, there is a need for greater investment in marketing. The current marketing strategy has been instrumental in achieving the significant growth that has so far been registered. It is, however, important that the chain store adopts a new marketing strategy, geared at driving the company towards nationwide operation. References Ferrell, OC Ha rtline, M 2010, Marketing Strategy, Cengage Learning, Connecticut. Kotler, P, Adams, S, Brown, Armstrong, G 2005, Principles of Marketing, 3rd edition, Prentice Hall, New Jersey.