Promotion & Price - Research Paper Example

SLP for MD03 Basically, the service business being launched is an Event Management Company called Phoenix Event Management. The location for the business will be in the heart of the city’s corporate district. The following section of the paper outlines the measures that can be taken in the implementation of the business in order for it to be a success.14. INFORMATION NEEDS OF TARGET MARKET(S). The information required by potential customers is related to the services offered by the business as well as its exact geographical location so that it can be easier for them to physically visit it.

Communication channels can also be segmented in order to reach a wide range of people given that the business particularly offers services which can appeal to different people. 15. PERSONAL SELLING Personal selling will not be used in this particular case given that there are no tangible products being sold. However, staff members will constantly interact with their customers.16. TRAINING The members of staff should be trained in order to improve their communication skills so that they can be competent when handling different customer queries and other needs. 17. INCENTIVES The sales force can be given incentives in the form of commission calculated from the revenue gained from every successful business they conduct in the company. 18. EVALUATION OF SELLING PERFORMANCESales performance can be evaluated through periodic monitoring the sales figures recorded over a certain period compared to the previous figures. 19. COMMUNICATION OBJECTIVES The main objectives of for the communication strategy include the following:To attract as many potential customers as possible.

To double the sales during the second half after the establishment of the business.To be a leader in the events management sector of business. 20. COMMUNICATIONS STRATEGYThe message is designed and tailored in such a way that it reflects the interests of the business while at the same time appealing to the needs of the customers. 21. ADVERTISING MEDIA TO BE USED.Channels of communication such as the internet, print as well as television are selected to disseminate this vital information given that they are accessible to a lot of people. 22. PUBLIC RELATIONS PROGRAM The public relations program is designed to portray a positive image of the company while at the same time countering any negative aspect that may exist. 23. SALES PROMOTIONSPrice discounts to regular customers will be used in order to create loyalty among them.

Price discounts can also be offered during off peak seasons in order to appeal to the interests of the customers. 24. ADVERTISING AND PROMOTIONS EFFECTIVENESSThe effectiveness of advertising and promotion will be measured through observing the performance of the organisation. An increase in sales means that the strategy is effective. Feedback from the customers can also be used to measure the effectiveness of the strategy used. 25. OVERALL COSTS The overall costs include advertising as well as wages of the employees are going to be used as the yardstick to set the price for the services offered. 26. PRICE SETTING & PRICESThe nature of the event will be used to determine the price and aspects such as duration of the event as well as the size of the delegation participating in that particular event will be used to determine the price.

For instance, for every delegation, $300 is charged for day services and this will include itinerary such as food as well as other related refreshment. An additional $50 will be charged to cover overnight expenses.27. TEMPORARY PRICE PROMOTIONSIf business is low, temporary price promotions will be used and we can revert to our usual prices once there has been a notable improvement witnessed. 28. PRICE DISCRIMINATIONFor individuals or small delegations of less than five people, lower prices will be offered in order to appeal to their interests.

The aim is to appeal to the needs of all segments in the market. 29. PROFIT EXPECTATIONSA 15 % profit margin will be used to calculate profit from the revenue generated. Our initial start up capital is $40 000 and we expect it to double in six months time. Our profit in six months time will be: 15÷100 × 80 000 =12 000. Therefore, we anticipate our profit to be $12 000 after six months of operation Sources Solomon M, Cornell LC, Nizan L, (2009). Launch! Advertising and Promotion in Real Time published online by flatworldknowledge.com. Accessed on August 8, 2011 at http://www.

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