Marketing Capstone Essay Example

"Mainstreet Committee" to acquire insights on the local business environment. Furthermore, we will undertake traffic research to identify the most optimal location for our business.

In order to achieve success, there are several steps to follow: obtaining a lease for a property that is strategically located with high foot traffic, ample parking space, and appealing surroundings; collecting sales data on antique stores in the local area; and creating a range of specialty products within the broader category of antiques.

Create a plan of action consisting of techniques and maneuvers to put into action. Justification/Necessity Evaluation: The project was necessary for two reasons. Primarily, it was imperative to verify the likelihood of opening additional antique shops in our area. Additionally, devising a marketing scheme was essential to facilitate progression towards operating triumphantly.

Our reason for finishing the project is to attain the aforementioned objectives. For our antique store to thrive, an official marketing plan is crucial. We understood that our probability of not succeeding is higher if we don't implement a structured plan. TimelineDescription of Goal/Objective/MeasureStartCompletePersonnel Start the project, establish, and finalize the goals and objectives. The measurement includes a roster of goals and objectives. 9/2/20079/9/2007 Project Manager, Ernest Madden and Antique Appraiser, Beverly Madden Identify the necessary resources to accomplish the project.

On 9/9/2007, Project Manager Ernest Madden and Antique Appraiser Beverly Madden obtained a copy of the latest business study conducted by "Operation Mainstreet." On 9/12/2007, Ernest Madden developed a mission statement for their business. On 10/2/2007, Ernest Madden and Beverly Madden contacted the Ashland Mainstreet Committee to solicit information and assistance in opening their business. From 10/8/2007-10/28/2007, Ernest Madden performed a traffic study on the

blocks where they would like to locate the store. On 10/15/2007, Ernest Madden researched the market for feasibility of another antique store in Ashland, Kentucky. On 10/21/2007, Ernest and Beverly Madden developed their line of specialization within the broader heading of antiques. From 1/7/2007-1/15/2007, they developed an action plan of strategies and tactics to be implemented and finalized the marketing plan. From 11/16/2007-12/31/2007, Ernest and Beverly Madden created Section B: Project Plan: Project Steps.

Regular meetings were held with the project team in order to assess project progress and plan upcoming activities. During these meetings, the project was evaluated and discussions were had on how to proceed.

To begin with, we had to establish a mission statement for our company to determine our exact business scope. We then sought information on the local economy and market through sources such as the internet and advice from business leaders in the area. Finally, we conducted a traffic study to pinpoint the blocks within our desired location that had the best traffic patterns.

Following our initial research, we investigated the sales figures of other antique dealers in our local vicinity. Subsequently, we conducted a market analysis to determine the viability of opening another antique store in Ashland. To ensure our proficiency, we created a range of specialty antiques to emphasize. Ultimately, we devised an implementation plan detailing the strategies and tactics required to execute our proposal.

Resources Needed: To carry out the project, we required various materials and supplies. Firstly, a suitable meeting space was necessary. Additionally, an office was mandatory, furnished with a phone, computer, and in-general office supplies such as a printer/copier, paper, etc. Furthermore, transportation was required for

traveling between different locations. Our team comprised solely of two members; my wife and myself.

By utilizing an existing computer with Microsoft Office, there was no need to acquire special computers or software, resulting in cost savings. The estimated budget for the project was $100.00 and 100 hours, covering expenses such as office supplies ($22.00) and cell phone minutes ($36.00).

Auto Expense: $72.00
Project Manager: Ernest Madden, 73 hours
Antique Appraiser: Beverly Madden, 21 hours
Project Roles and Responsibilities: Members of the project team include myself and Beverly, my wife. Each team member has specific responsibilities. As project manager, my duties involved performing most of the leg work to develop the marketing plan.

Beverly was in charge of managing mail correspondence and supporting me with research tasks. Our team evaluated the project progress during each meeting, discussing if we were meeting our objectives. We assessed the success of the project and agreed to pursue our current course. We found it helpful to review our execution of each step along the way, discussing our progress and identifying potential areas for further development.

The marketing plan was officially implemented upon completion of the project. This occurred during the first meeting in Ashland, Kentucky attended by Beverly Madden and Ernest Madden on September 2, 2007. At this meeting, it was decided to begin crafting a marketing plan for the new venture and to keep written records of all meetings going forward.

After discussing how to record our activities and expenses, we agreed to keep comprehensive but straightforward notes and scheduled our next meeting. I was chosen to

serve as the project manager for our team.

Date September 9, 2007

Attendees: Beverly Madden and Ernest Madden

In our meeting, we discussed the resources required for the project. These include office space, a computer with internet service, office supplies, a phone, and our automobile. We agreed to use the office facilities of Bevern, Inc, which we already own and keep a record of all incurred costs. Additionally, we decided to reimburse Bevern, Inc for actual expenses related to completing this project. All expenses would be actual except for automobile usage.

To determine expenses for using our car, we would rely on the standard federal mileage rate, while also taking into account the time spent. We agreed to note down the time spent in our written records during a meeting held on September 16, 2007 with Beverly and Ernest Madden in attendance. The meeting focused on the importance of understanding the local market and economy, prompting us to gather more information for discussion at our next meeting planned for two weeks later on September 30, 2007, which was also attended by Beverly and Ernest Madden. During this later meeting, we discussed our mission statement.

Despite the academic nature of the suggestion, we were encouraged to proceed with it in order to gain a better understanding of our industry and optimize our operations accordingly. While we did not draft the actual mission statement, we began discussing its elements and committed to working on it prior to our next gathering.

On October 6, 2007, Beverly Madden and Ernest Madden met to talk about reaching out to the Ashland Mainstreet Committee to request help and information about starting their business. On October

13, 2007, the same attendees met again to discuss the ways and timing necessary for conducting a traffic study on the relevant blocks for their store. During this meeting, it was determined that Ernest Madden would complete the traffic study and present his findings at the next meeting. On October 20, 2007, Beverly Madden and Ernest Madden reconvened. During this third meeting, Ernest Madden shared the results of his traffic study.

We held meetings on November 4, November 11, and November 30 in 2007 with attendees Beverly Madden and Ernest Madden. During the first meeting, we discussed the feasibility of opening another antique store in Ashland by researching the local market. During the second meeting, we decided to specialize in glass, jewelry, music and war-related antiques. Finally, during the third meeting, we developed an action plan with strategies and tactics to be implemented and finalized our marketing plan. It was agreed that the marketing plan was complete and we should move forward with the actual implementation stage. Currently, the original project has been completed.

Despite possible alterations, the plan will be executed according to its original design. Appendix A contains the mission statement which was the first task accomplished. Its purpose is to serve as a reminder of our business’s true nature. Additionally, we collaborated with the “Ashland Mainstreet Committee” to gain insight into the surrounding commercial landscape.

Understanding the location is crucial because not knowing can lead to a lost path. The group provided us with insights on population, income, and employment in our target market. We proceeded by conducting a traffic study on the specific blocks planned for our store. The results from our first

choice revealed backed-up traffic caused by left-turning cars, making minimal curbside parking difficult to access.

Through our investigation, we discovered that the third spot boasts advantageous parking and traffic conditions. Additionally, it is located in proximity to a community whose inhabitants exhibit a propensity for antiques; this demographic tends to be older than their counterparts. We utilized Manta.com's complimentary internet access to collect valuable data on the sales performance of other antique shops within the vicinity. While we recognize that this information may not be wholly precise, we regard it highly as it furnishes us with a broad outline of potential competitors.

Our main objective is to recognize the leading performers in sales and market share, and pinpoint which subcategories of antiques we will specialize in. Making this decision early on is crucial so that we do not become a generic store. We will focus our expertise on antique glass, jewelry, musical instruments, and war-related items. Although we may venture outside of these areas, our primary attention will be directed towards them.

Developing a practical action plan was crucial for the success of our store. Without it, starting with momentum would have been difficult. Thanks to our achievements, we are confident in our ability to hit the ground running. This reassures us since time and money are precious investments. Additionally, during the project, we had the pleasure of meeting some wonderful people.

During the project, Larry Jones, Chairman of the Ashland Mainstreet Committee, praised us for our plans, stating that more entrepreneurs should take the time for preparation before beginning business ventures. John Christie, a committee member and esteemed real estate mogul in the area, also commended

our preplanning as a step that retail tenants should consider. Ultimately, our success will be determined by satisfied antique buyers. Additionally, one of the demonstrated competencies in this project was BK01 003730, the ability to identify an organization's market orientation.

Identifying elements in the marketing mix is crucial, as it starts with comprehending the seller's situation. This is where the market orientation comes into play in marketing, leading to a better understanding of the client's requirements and working towards fulfilling them. While working on my project, we already had knowledge about the type of merchandise we would be vending, but through market research, we were able to identify the local demand for our unique antique specialties. BKO1 003731.

In the project, the four P’s - place, product, price, and promotion were highly emphasized. We arrived at the conclusion that products such as glass, jewelry, music, and war-related items would be in higher demand in our locality. Furthermore, we discovered that initial impressions of business locations are not always as significant as they initially seem. Our plan of action was detailed for both price and promotion aspects. Each of the four components is crucial and should be included in any complete marketing plan.

•BK01 003738 Discuss trends in the microenvironments of marketing with a focus on uncontrollable factors affecting buying decisions, such as cyclical economic conditions. The included appendix highlights the role of economic data in influencing marketing strategies.

Marketing is influenced by various factors, including cultural changes, new technology, disasters, and political changes. Economic and demographic data were analyzed in this particular project to identify competition from a market standpoint. A correlation between competition and demand exists in the

realm of marketing.

When supply is limited and demand is high, competition is at its peak. This type of competition has a different effect on pricing compared to products that are easily obtainable. Each competitor has unique abilities that need to be maximized by their respective firms. In the project at hand, Beverly's expertise in antique appraisal will be utilized to identify sought-after and valuable products. Furthermore, the design of a sales force is impacted by various factors, regardless of the size of the team. In BKA1 00038212, issues associated with sales force design are explored, even though our project only had two sales personnel.

When it comes to successful selling, there are a few key elements to consider. It all begins with product knowledge - a thorough understanding of what you're selling. Equally important is knowing your customer, which may require effort to understand their unique needs and desires. Without this understanding, it's difficult to direct them toward products that are a good fit. Effective communication, empathy, and sales skills are also vital to the selling process, making it easier to connect with customers and meet their needs.

•TABL 001084 - The topic of legal liabilities that businesses face encompasses several areas, such as sexual harassment, discrimination, privacy, and security. These liabilities can result in expensive litigations, cash settlements and corrective measures being enforced. Sexual harassment involves an employee feeling coerced by a colleague or supervisor to engage in sexual activities.

Sexual harassment, which can include non-action inducing conversations, and discrimination based on gender, race, age, religion or health condition resulting in unfavorable treatment are violations of employee rights. Employers who invade employees' privacy by obtaining unnecessary information

may be liable for any harm caused including verbal abuse, theft or injury since they're accountable for providing a secure work environment.

Oldtowne Antiques Mall would face liability for the listed conditions, and it is our duty to educate our staff to prevent these actions. If any of these actions were committed by our employees, we would be held accountable under the law. This pertains to the importance of government regulation in business and commerce as they enforce judgments related to such liabilities.

Our business is subject to both state and federal regulations that are enforced by the government. These regulations cover various aspects of our operations, such as minimum wage, worker safety, overtime, workers compensation, facilities for the handicapped, and hiring practices. We strictly prohibit discriminatory hiring practices and require compliance with minimum wage laws and overtime regulations. Additionally, we must provide adequate facilities for the handicapped and follow OSHA regulations to ensure workplace safety.

Moreover, the EPA has the authority to regulate any emissions from my business without considering the cost. TABT 001090 outlines the different business structures, such as sole proprietorships, partnerships, limited liability companies, corporations, and franchises, including their respective advantages and disadvantages. A sole proprietorship is the most basic form of business.

Partnerships, both simple and complex, are structures that offer little regulation, no fees, and require no registration. However, there are significant disadvantages to these structures. For instance, all revenue generated counts as personal income, and there is no protection from liabilities or provision for perpetuity. When forming partnerships, it is crucial to note that general partnerships require agreements filed publicly with minimal regulations. Additionally, creating partnerships is relatively inexpensive, but all

partners are liable for debts or misdeeds of any team member. Further, if a partner loses their investment, there are no provisions for perpetuity.

Limited Liability Companies (LLCs) offer a straightforward and economical formation process with minimal government oversight, and the ability to safeguard personal assets from any associated company liability. However, if partners depart or join, an LLC must be dissolved and then reestablished - with no guarantee of perpetuity. On the other hand, corporations can be either for-profit or non-profit, public or private, small or large, with an additional type known as an S corporation. The benefits of a corporation include limited liability for shareholders in the event of losses, separated income between personal and corporate use, and potential perpetuity. Yet, there are drawbacks such as dual tax on income, possible extensive regulations (primarily for publicly traded corporations), and costly reporting and stockholder meetings required.

Franchising provides advantages through the contractual relationship between franchisors and franchisees. This includes the ability to operate a well-known national business and access business procedures and marketing practices that would otherwise be unaffordable for a small business, at a relatively low cost. Furthermore, franchised businesses can generate higher returns than comparable non-franchised businesses. However, there are also drawbacks such as high upfront franchise fees and ongoing royalties and fees, as well as performance standards that limit management flexibility. If our antique store were a franchise, I would face greater upfront expenses and reduced autonomy in management.

TABT 001103: The explanation of the difference between consumer and business/industrial purchasing is crucial as it represents the biggest expenditure sector in the American economy.

The realm of consumer purchasing includes various domains

including food, clothing, fuel, entertainment, transportation, electronics and more. These purchases can either be premeditated or the outcome of impulsive decisions. Furthermore, this area also encompasses healthcare and other expenditures that may not necessarily align with the buyer's personal preferences. The only exemption to individual outlays on consumer buying is taxes. Conversely, businesses and industries also partake in comparable transactions but on a grander scale.

Initially, I'll commence with unprocessed substances such as coal, iron ore, and liquefied sulfur. They are crucial in the production of other final commodities. Furthermore, businesses acquire steel mills, components, railroads, and wide-bodied jets that are utilized to create products or generate profits for investors.

Consumer buying and industrial buying differ in their processes. Consumers may plan for big purchases such as cars and houses, but also make impulsive buys like gadgets, books, magazines and clothing. Conversely, businesses typically have formal procedures for purchasing, with dedicated departments and managers. They carefully plan their purchases, often soliciting bids for the lowest prices, and use written purchase orders and control procedures.

At my antique shop, I developed strategies for buying significant items such as equipment and merchandise. I organized official purchase orders for all procurement and implemented regulations to manage and track all purchases. BKA1 003799 Choose suitable approaches to encourage middlemen.

Reward power is the most suitable approach to motivate intermediaries. The utilization of economic or financial incentives is a primary motivator in this method and can yield successful results.

If a channel member is confident that the manufacturer will provide rewards for good performance, then they will be motivated to pursue communicated goals and directives. The benefits of a reward-based system can have both

short-term and long-term advantages, such as the possibility of being offered additional lines, territories or profits from the manufacturer, all in exchange for adhering to company goals. Nevertheless, the downside is that channel partners may develop expectations of receiving such perks for every change imposed by the company. However, there is a difference between legitimate power and the other power types listed.

When the principal and partners establish a legal or contractual relationship, it results in an understanding of tasks and procedures to be carried out by the channel member. The company specifies certain requirements that must be met, as evidenced by the detailed contracts between insurance companies and their individual agencies.

There are numerous benefits to these agreements. Local policies and directives can be upheld by large corporations, and channel members can have assurance of ongoing corporate support as long as they comply. However, there are only a few, yet significant, drawbacks. The primary challenge is that legally binding agreements can make implementing changes or modifications difficult.

This issue affects both consigners as it pertains to expert power, which pertains to a channel member possessing indispensable knowledge or expertise pertaining to ongoing operations. Motivation stems from the partner's belief that adherence to the corporation's overall objectives is necessary for accessing said expertise. For instance, KFC's secret recipe is analogous to this situation. Despite the existence of other forms of power, franchisees recognize that abandoning the partnership agreement would preclude access to this invaluable knowledge. Benefits of this arrangement accrue to both parties.

The corporation has the ability to exert control over its channel partners, but the partners can reap the benefits of knowledge that they may not

acquire on their own. However, corporate espionage or other means of revealing secrets can be a drawback. Moreover, once secrets become widely known, it can result in a decrease in expertise. This could potentially have negative consequences for both parties' sustainability.

In our store, we eliminate intermediaries and sell directly to the customer. BKA1 003797 explains the difference between direct and indirect channels of distribution. Direct distribution involves the manufacturer selling directly to the end user without intermediaries. On the other hand, indirect distribution involves using channel intermediaries. Selecting between the two options depends on various reasons such as suitability of intermediaries. In cases where suitable intermediaries cannot be found, direct distribution may be the best option.

Whether it's a start-up company or a new product that requires extensive education for buyers, using intermediaries works best for well-known products that require no special training. As for me, I would need thorough training on the point-of-sale software.

In situations where a product has a service component such as warranty, delivery, setup, follow-up service calls, and ongoing customer support through a website, a direct distribution channel would be most effective. This aligns with the importance of identifying the roles of services as part of a product's overall offering.

Just as a warranty is crucial for selling new cars at their current price, authentication is essential in my antique establishment. Without it, customers would be buying old and worthless items. Therefore, authentication is viewed as a vital service component of the product/service package. In the context of motivating a sales force, identifying tools is discussed in BKA1 003819.

Despite the common belief that money is the sole motivator for a

sales team, there are several other incentives that can be employed. These include awards, promotions, privileges, praise and a sense of accomplishment. While using commissions, bonuses, premiums and other monetary rewards has proven to be effective in motivating sales staff, other non-monetary inducements can also be beneficial. For example, awards such as "salesperson of the year" can motivate others to strive for the same recognition in the following year. Furthermore, witnessing high-performing salespeople being promoted to management positions can also serve as inspiration for the sales team.

Encouraging employees' desire for success can be achieved through various incentives, including commissions, bonuses, and recognition from higher-ups. Alternatively, global outsourcing provides a cost-effective option for acquiring component parts in manufacturing as cheaper options are available worldwide. The globalization of production enables products to be sourced at significantly lower costs than domestic alternatives. However, it is important to acknowledge that there are potential risks and benefits associated with global outsourcing.

The advantages of specialization include improved quality, sufficient resource concentration, and uniformity across multiple countries. However, international trade carries several risks such as political changes affecting trade relations, fluctuations in global currency exchange rates impacting actual costs, fuel expenses incurred during shipping influencing the final delivered price, and potential impacts from international relations and wars. It is crucial to identify circumstances that necessitate a direct marketing promotion strategy (BKA1 003811).

Direct marketing is effective when intermediaries are not available or only partially qualified. It may be necessary to use this strategy until intermediaries complete their training. This approach is also appropriate for the unique or custom-made products that require a salesperson with specific technical knowledge, such as pharmaceutical sales. Drug reps

possess highly specialized knowledge of only a few drugs. Similarly, in my store, direct marketing may be necessary for the different types of antique that requires specific knowledge.