Marketing Strategies BBQfun: Evaluating the Competition and various Impacts of Tactics
Question
Discuss the Marketing Strategies of BBQfun
Answer
Introduction
BBQfun established on the year 2009, it provides various products and assimilates with regional and imported merchandises. The company has faced a lot of competitive pressures such as changes in technology, changes in customers confidence. The company has tried to defeat that and kept its sales up and has maintained its a profit by using strength of organization and marketing tactics. This is the only way company can use the bbqfun marketing strategies effectively. BBQfun is functioning well in kenmore and Gold Coast stores. This bbqfun marketing strategies project searches various marketing and business Scope to expand its wings nationally.
Comparative Market Information
Southeast Queensland State: The company functions in Queensland, the economy of Queen’s land is booming exceptionally. People buys new houses and is growing 4.8 million every year. According to the company’s report Queensland gives the company a great opportunity to increase the purchasing power of customers as Queen's land has the lowest unemployment rate of about 1.4 percent.
Geographic: BBQfun tries to overcome the competition by doubling it's market share in Brisbane. The targeted geographical area is of about 2 million people. The company aims to target 2.3 million customers. Stores market footprint should be felt within the geographical area of 30 kilometres. The area is a very critical part in the future of the company.
Demographic: By providing various types of merchandise the company is surely going to full fill the demands of both men and women. However, the company shows interest on the people ageing from 20 to 50 and who has a stable income. The company targets the people who have finished their education such as undergraduate and pursuing postgraduate and has a household earning of about $90,000.
Customer requirements: BBQfun company leaves no stone unturned in understanding the customer requirements. It should understand the issues relating to selection. The company has various option to choose from as a result meets the demand of the customer. It should also give importance to the accessibility for the customers. The fierce price used by BBQfun should be thoughtful according to the requirement in the selected market. The company has to charge on competitive price otherwise it has no other option. However, it guarantees quality of the product as well as meets the expectations of customers. The company has embraced a lot of potential customers by providing them their services and products.
Legal and ethical requirements: The privacy act 1988 regulates how a company should handle the information of it's customer. This is a very important act and the company must follow legislation to function in Australia. According to this act any data, material, or feedback of a customer should be given the respect it owns. The company should never disclose confidential information of any customer publicly such as phone number, customer name, medical records, signature, correspondence address, bank account details etc. In order keep the information of the customer private the company should use the privacy act. The Anti-discrimination Act 1991 is very important to serve the consumer with equality.
Another powerful statute to run the business conditions is Competition and Consumer Act of 2010. The company like BBQfun has the responsibility to safeguard the heed of the customers by providing good products. Australian direct marketing Association has been established by the country to supply critical marketing code of practice. According to the practice the direct marketing Provides fair marketing room and opportunities for everyone. The model of Australian ecommerce states to take measures to fulfil the expectations of potential customers. To achieve more success the company has built online infrastructure.
Market share: The company has gained over 40% of the market share, with it's locally made products and with its services. The outdoor lifestyle market is to make 6 percent growth yearly. The outdoor lifestyle had a value of $400 million in 2012. Many different factors are responsible for this growth, The customers of the company has proved of having capabilities to buy products with these factors at many levels.
Market trends and developments: The opportunities for a company to grow and survive in Australia has been possible because of the marketing trends prevailing in the country. The sponsors have treasured the opportunities in the market. The presence Inferior quality product production at a mass level has affected the market lifestyle. The market trends also have been influenced by selection. For an instance there is a demand for high-quality products. People do not accept limited offers because of great number of options.
New and emerging markets: Because of low level competition in market, businesses are seeking latest and booming markets as a point of growth in outdoor lifestyle market. This market has a chance to expand itself. The company should increase it sales by focusing on outside store site. This organization has the opportunity to increase is growth by providing online services. BBQfun also has opportunity to expand itself by focusing on South East Queensland by targeting the potential customer.
Profitability: The ultimate goal for any company is to make profits. The profitability of a firm depends largely on the economic factor of the country. The real state market in South East Queensland is boosting, hence increasing the economy of the country. This shows the income is increasing at a fast pace. The level of probability of any market is also dependent on political factors. The government of Australia has started to develop new laws to increase the production and growth. The company BBQfun should utilise this opportunity to maximise its profitability.
Sales figures: The reports of sales in the outdoor lifestyle is outstandingly uplifting. From the year 2014, the company has reported continuous growth by an increase of sales and gross profits. The total sales for the consecutive last 3 years from 2014 to 2016 were $11 million, $12 million and $15 million. The gross profit also showing similar growth trends as of $5.11 million, $6.5 million, and $7.5 million. This is an indication that show BBQfun is going to be benefited in the years ahead.
Potential New Markets:
Export markets: The company is required stretch its operation in the export market. There are many countries seeking for outdoor lifestyle merchandise at affordable price. This is geographical opportunity for the company to increase its sales by expanding it's customer base and build it's reputation. Some market cannot enter because of having obstruction.
Evaluation And Analysis: The best way to get in the targeted market for a company is market penetration. It has been noticed that the company is growing and acquiring a large market share. The company will thus pay more attention to the prevailing businesses that covers Brisbane and Sydney. To complete with other businesses the company needs to increase it's business beyond the South East Queensland. In order to compete effectively the company needs to build online infrastructure for shopping and also have to open new outlets.
Strategic Marketing Approach: The company must search for new tactics to make it successful in the expansion of new markets. Using various marketing tactics would help the company to expand it's market share by bringing new products and diversity. With the available products the company is trying to enter the present market to compete with other Competitor in Brisbane and Sydney. The company Must introduce new products in the market. BBQfun will conquer competition and increase profits by e-marketing platform. Joint venture can be a great way to share the cost and also to get into a competitive market. The company should keep itself up to the mark by using bbqfun marketing strategies in times of uncertainty of the business environment.
Marketing Mix: Price advertisement promotion distribution end customer service main keys that marketing mix analysis pays more attention to. The comparable price that the company provides for the comparable quality is called pricing strategy. Marketing tactics also controls the mix such as e-commerce, direct marketing and business to business are very important to draw in potential customers in the present market. According to Hall, Jones and Hoek advertisement and promotion are very important and will be helpful for the company. The company should use advertisements and put them in the Brizzy and other public campaigns to increase its marketing. BBQ fun company should pay heed to customer service because existence revolves around it. This investment is important 2 potential customers as the company can refer them to it's peers.
Competitive Analysis
Competitors’ performance: Every player in this game tries every possible way to a attract and keep their customers. The yard outdoorZ and BBQ R Us are the major competitors of BBQ fun. Although all competitors could not achieve success because they have failed to understand customers concerns properly. The Yard has few selection option. However, the company also lacks in marketing itself properly as well as to draw the attention of its customer. The turn off point of BBQFun company is that the young professionals who are being targeted tends to buy things from one-stop shopping which seems to be very convenient for a highend product. Competition is also being faced by Outdoorz lifestyle product seller such as furnishing and trinkets, by the R US company. By using ecommerce options in Adelaide and Melbourne BBQ fun company can create an impact.
Large company there offers outdoor lifestyle products is Outdoorz. It produces the product at the best market value and it never indulges itself in important goods. Few stores can be seen across Australia. This company spends a huge amount in advertising and gives the rivals some competition. However, productions of the company is of low and medium quality that brings an advantage to the BBQ fun company that provides great customer service and high quality products that beats down outdoorz.
Marketing opportunities: The company tries to attract its customers by providing them high quality and wide range of products which have moderate price and also guarantees the product with great customer service. The company understands the market, the basic needs of the market is based on quality, fashionable and creative outdoor lifestyle products which fulfils the need of the customer. BBQfun gathers data from various sources such as ABS statistical and other personal sources thus understands the requirement of the potential customers and else how to communicate with them.
External Factors: Business operations in Australia have been highly influenced by legislative aspects. The privacy of the customers such as their confidential information are protected by the privacy act. The act of discrimination laws of Australia states that the businesses and companies exercise equal opportunity in terms of employment effort. Competition and consumer act ensure that the business functions are empirical and are fair to all, this also make sure that the customers are safe guarded and competition is carried on fair means. The chances for success for any business is high because of fair business ground.
Situational Analysis: The company’s high -quality products, moderate pricing, product guarantees, impressive customer service stands out in the market which is filled with low quality firms. The market revolves around creative fashionable and good quality outdoor lifestyle merchandises that are demands of the selected market.
Market Summary: To understand the demands of potential consumer and to understand the best communication tactics the company depends on the data from various sources such as ABS statistical data and other personal sources. The population growth of South East queen's land is 4.7 percent, this is a opportunity for the company to grow and strive. South East queen's land has a low unemployment rate which is a plus point for the company. This market has a distinct feature because of its demography and geography. With a population of about 2 million at an area of 30 kilometre in Brisbane area stands as a distinctive geographical area. Thus serving as a great place to target potential customers of about 450,000. The company targets both man and woman aging from 20-50. Most of them are from CBD. The customers are educated and have completed their postgraduate and undergraduate level.
Market Needs: Flexible payment scheme is very much preferred by the customers hence the market understood and made it accordingly. Furthermore, the quality guarantees is of immense importance as the customer has opted for 3 year guarantees of the merchandise. BBQfun would take advantage as the Competitors provide almost same warranty. The company should utilize competitive cost for expensive outdoor merchandise. However, customer service will help with the available options. The quality of the product is very important for a targeted customer. Outlets of the company should be located in places where purchasing of the products could be more convenient to the customers.
Market Trends: Sophistication has taken over the outdoor lifestyle products as it has been demanded by the customer. Now customers are more informed is more inclined towards Sophistication. This sophistication can be seen on quality of the item selection of the product and its creativeness. the value of the market is estimated to be $13.5 billion.
Market Growth: The value of the industry at its inception was $300 million. And it has been growing exponentially of about 6 percent every year because of marketing tactics used via TV programs and because of the presence of intriguing and Inexpensive quality products.
Economy: South East queen's land economy has been growing at the very fast pace because of the rise in the price of real estate products. With a positive economic growth BBQ fun has presumed the rates of interest to be stable and the disposable income remains the same. The assumption tells us that the employment details remain unchanged and is at 4 percent.
Political: The future legislative directions have encouraged productivity and growth of the company on a great extent. The friendly practices helps the company to get a chance to outwit its rivals. WHS legislation also complies with future legislative directions hence improving the operations of these businesses in Australia.
Marketing objectives: By using ecommerce marketing strategy BBQfun will try to expand its marketing share. As it will make more convenient for people to purchase a product.
Changes: For the ease of access the company should select an ideal place to conduct its business by implementing the bbqfun marketing strategies. The company needs to find a good site by recognising new potential customers. The company should advertise itself by targeting local magazine radio and letterbox drops. It has a budget of $180,000 annually for advertising services. Boasting it's advertising campaign it will increase profitability. The company can advertise itself locally and with direct mail and put coupon as well as put articles about the company in the countries Brisnews magazine. The company will increase it’s sales by introducing this characteristics of bbqfun marketing strategies.
Conclusion
This report on bbqfun marketing strategies shows, the company is growing every year and has a possibility of outsmarting its competitions. With various marketing tactics like Social media, e-commerce, and telemarketing, the company can be benefited immensely and even overcome its rivals like The Yard. With the competition prevailing in the outdoor lifestyle market the company utilise its opportunities to the maximum in order to sustain its position beyond Australia. By joint venturing, exporting, and licencing the company can introduce latest products in the market. By conducting this bbqfun marketing strategies it is inferred that the company should invest in online marketing to shun competition. Bbqfun marketing strategy assignments are being prepared by our marketing assignment help experts from top universities which let us to provide you a reliable assignment help online service.
