External Marketing Audit
Discuss About The Marketing Knowledge Tomarketing Principles.
Musgrave is one of the leading food retailer and wholesaler in Ireland. Someof the brands of the company include Supervalu, Daybreak and Centra that serve the overall marketing of Ireland. The major market place for the company is the wholesale supplier to retail, foodservice and SME’s. Thecompany claims that it feeds every 1 people from3. The strength that makes the company differentiated from its competitors is its strong network of the retail partners.
As far as company’s mission and ambitions are considered, it has been analysed that the company wants to be the most trusted and the sustainable brand in the country and wants to make the difference between the life of the people by developing a positive environment and impacting the planet in a positive way (Donovan and Henley, 2003). The company not only focuses on performing in sustainable way but also inspires the partners to be sustainable.
Musgrave is the family business that has started in the year of 1876 and now it is the sixth generation family business. It has been suggested that the company has to look for the four key areas in order to ben better and different. The first area is food leadership, the second one is building better brands, the third one is partnership and the fourth one is people.
A marketing audit can be defined as the systematic analysis of the marketing environment, objectives, aims and strategies that helps in identifying the key strategies problems, issues and opportunities. It acts as the base to design the new improvement plan for the company to enhance the performance. Following are some of the factors that need to be focused upon:
Macro environment analysis: it is the analysis that helps the company to analyse the impact of some of the external factors on the strategies and the activities of the company:
Political factors:
Political factors are the factors that include the policies and the government intervention in the business and the industry activities (Burt, Dawson and Sparks, 2004). It has been analysed that companies that operates in the retailor or wholesale sector in Ireland, the companies have an advantage fromthe political side of the country. This is because the companies can easily trade and transport the good with the EU countries. Thecompanies like Musgrave have to follow the legislations of EU as well as Irish legislations. These laws provide equal employment opportunities for the people. Musgrave is following the similar laws and policies and experiencing a continuous growth since years (Holmström, 1997).
Macro Environment PESTLE Analysis
Economic factors:
The retail sector in Ireland exceeded the sales of around €30 billion each year and it accounts for around 12% of the overall GDP of the country. It has beenanalysed that retail sector in Ireland has a positive impact on the economy of the country and same can be observed in the case of impact of economy on the retail sector (Colla, 2004). It has been analysed that retail sector in Ireland is experiencing a great growth because of the economic stability in the country. Economic stability helps in increasing the purchasing power of the customers and thus the retail sector gets the benefit of that same.
Social factors:
As far as the current trends are considered, it has been analysed that most of the customers in Ireland loves to shop at “one-stop” store for bulk shopping. This is the reason why Musgrave has diversified their offerings in the store. As more and more women are becoming independent thus they are looking for jobs and Musgrave providing the same to them (Fernie and Staines, 2001). Although Musgrave is the company that offers the customers with grocery and food products but because of the change in the food habits the company has also moved to serve the customers with healthy food.
Technological factors:
With the advancement in the internet and e commerce, it has been realised that the retail sector is getting adversely affected by the same. The online retailing is experiencing the great growth as the people in today’s time believes in convenience and easy shopping that require less efforts. Most of the retailers are operating their business online as well as offline (Alexander, 1990). It has beenanalysed that Musgrave has made great investment in online business as it has been realised by the company that the habits of shoppers in Ireland is shifting towards online shoppingthe company has started its online selling through the most successful online platform that is Alibaba. Other than this, social media is also influence the sale number of the retailers these days, this is because it provides the raw data and preferences of the customers to the company and thus it becomes easy for the companieslikeMusgrave to target the audiences (Bearden, 2006).
Legal factors:
In terms of legal factors, it has been realised that there are Irish laws that needs to be complied along with the EU food hygiene regulations. One of the laws is Food safety Authority of Ireland Act 1998 that needs to be followed by the companies like Musgrave. The Food Safety Authorities ensures that whether the companies are following the EU laws or not.
The Market
Environmental factors:
Environmental issues are the very important aspect for the managers of the retailing companies like Musgrave. In recent years, the Ireland government is more concerned about the company’s contribution in climate change and reduction of pollutants (Hutt and Speh, 2005). The retail sector of Ireland is very much bound with laws and regulations that deal with environmental protection and waste management under the Act of Waste Management Act 2001.
The retail sector of Ireland is the most crucial and the critical sector of the country and is considered as the country’s biggest sector. If the competitiveness o this industry needs to be safeguarded it is required by all the stakeholders to work altogether. It has been realised that the Irish retail sector has experienced the great change in the last decade in terms of increased competition, dynamic consumer behaviour, developing customer expectations, technological innovation etc (Kotler and Armstrong, 2013).
As per the analysis, it has been suggested that the grocery sector in Ireland experienced a growth by 2% for 12 weeks in the end of July 2016 as compared to the sales of last year at the same time.
The latest supermarket share figures published recently for the 12 week ending period April 26th, show a rise in the Irish grocery market value and highlight intense competition for the grocery top-spot (Armstrong, et al. 2015).
The total grocery marketing has grown by 1% in value for both the 52 week period and the 12 week period ending April 26th 2015. An increase in total number of shopping trips has offset a drop in spend per trip over the period. For the latest quarterly period the average household made 56 grocery shopping trips spending €1,229, highlighting a small rise, while average spend per trip amounted to €21.90.
Looking at the meat category, total meat sales grew by just under 3% compared to the same period last year, driven by increased trips and a rise in volume per trip. For the latest quarterly period there was a decline in meat sales value in excess of 1%, which was offset by a rise in volumes (Brassington and Pettitt, 2005).
As per the analysis, it has been realised that the grocery retailer industry is highly competitive in Ireland, it has been suggested that Supervalu and Tesco are the major competitors of each other and have the market share of around 22% which is followed by the market share of Dunnes that is around 21.9%.
Competitors
https://www.statista.com/statistics/534106/grocery-market-share-ireland/
As far as the figure is considered, it has been analysed that Supervalu that is the brand of Musgrave is at the top of the list and Dunnes that is also the brand of Musgrave has the number third rank in the market share list. This suggests Musgrave in total has captured good market that makes it a leading player in the industry (Uncles, 2002).
This is the model that helps in analysing the impact of various factors on the company and also to analyse the industry attractiveness.
This is the factor that provides the information about the bargaining power of the buyers in the industry. As far as the power of consumers in Irish Retail industry is considered, it has been analysed that the bargaining power is in the hands of the customers (Wood and Suter, 2004). This is because of high competition and availability of various brands in the industry. This is one of the reasons why Musgrave has started various offers and discounts that helps the company to cater the customers better than the other leading players in the industry (Armstrong, et al. 2014).
Bargaining power of suppliers: in general, if the bargaining powers of suppliers are considered, it has been suggested that it depends on the popularity and the brand image of the supplier. In case of Musgrave, it has been analysed that the famous companies like Coca cola and Pepsi have high barraging power while the products with low popularity or brand value have low supplier power in front of Musgrave (Wilson, 2000). In most of the cases Musgrave is considered to have more power in comparison to the Irish suppliers. This is because Musgrave is the leading retailer in the country.
Threat of rivalry: this is the aspect that deals with the threats that posses by the companies because of the presence of level of competition in the industry. It has been realised the competition is very tough in retail sector of Ireland (Lees-Marshment, 2014). Supervalu of Musgrave managed to be at the top of the sector but Tesco is not behind. The competition amongst both the companies is neck to neck. Substantial growth has also been seen in the general retailer such as Aldi and Lidl and this they may also compete with the companies like Musgrave in future.
Threat of substitutes: there are various substitutes that exists in today retail market, it has been analysed that the substitutes for Musgrave is definitely the cheaper brands like Aldi and Lidl. When Ireland faces the financial crisis, the people switched to buy their products from such cheap brands (Hoffman, et al. 2005). Other than this, the small retailers’ shops are also the substitutes for the supermarket or one stop big retailers. This is because it is easy for the regular customers to buy the products from the shops nearby.
Threat of new entrants in the sector of retailer market is very low. This is because whenever a new company enter this industry, it has to face many barriers. The biggest barrier is capital. It is a very capital intensive industry and the company has to develop a new understanding of the industry and invest a large amount of capital which is very difficult (Goodstein and Polasky, 2005).
The internal marketing audit is important to focus on the activities and performance of the companies. It is the process to evaluate the factors of internal to recognize the strengths and weaknesses of the company (Hill, 2008). The Operating Results, Strategic Issues Analysis, Marketing Mix Effectiveness and Marketing structure and systems will be discussed in below:
It has been realised that Musgrave is conducting its operations with great profits. It has been analysed that the company is experiencing a growth year after year.
the above financial highlighted of the company suggests that the company’s group turnover is equal for the year of 2015 ad 2016 but it has experienced a great growth in the profits before tax numbers. The value of net cash has also increased with a year gap. All this information suggests that in totality, the company is receiving a hike in its profits (Mallor, et al. 2004).
In this section of the report, the focus is on the objectives and the strategies of the company. It has been analysed that the major marketing objective of the company is to be sustainable, profitable Omni-channel brand that are different and better. This suggests that the company wants to be sustainable in its practices, wants to earn profits and also wants to give best services and products to the customers (Honig, 2004). The major focus of the company is to develop the brand that provides the shoppers with the access of both online and offline stores. The company focuses on achieving the trust of the customers with the digital landscape as well. The company currently segment the market as per the classes (Palmer, 2004). The company serve the market with all the types of brands that are cheap as well as expensive but mostly the market that is being targeted by the company is premium class. The core competency of the company is its market leadership and expansion of the business. The business ahs large market share and run the operation with many brands thus it benefits the company to acquire more and more market share. The company uses the differentiation strategy to position the products in the market. It has been analysed that Musgrave is the company that wants to be different and better and thus it is required by the company to make the efforts to be unique in the market. The company is serving the market with offline as well as online medium (Keegan, O’Callaghan and Wilcox, 2001).
This is the section that defines about the effectiveness of the already existing marketing mix of the company. It has been analysed that the products that are offered by the company are branded and are quality products that serves the market with great quality and trust. The place by which the company offers the products is online medium and offline in store mediums. The company focuses on many promotional strategies that helps the company to market its products. Differentiated and premium pricing strategy is used by the company to distribute the products and serve the market (MacKeown, 2007). As far as the process is concerned, the company has many employees for its different functioning and there are various business units of the company. The physical evidence of the company can be shown by its logo and the products along with the in store ambience and the last one is the people that involved all the investors and stakeholders of the company.
Marketing structure of the Musgrave is attractive which includes the marketing organization, marketing training and interdepartmental communication. Musgrave is also facing tough competition like others but due to effective trained employees and better communication between employees, it places the position in the market. The marketing system of the Musgrave is supportive that enable it to take decision in proper manner (Collins, 2000). Musgrave beliefs in planning before implementing new things into market and it has control over the stores and the decision making process.
Strengths:
As far as the strengths of the company are considered, it has been analysed that Musgrave is the company that is the market leader in the market. It has been analysed with the above discussion that it has the largest market share in the industry in Ireland and thus leads the market over Tesco. Another strength that can be considered here is the unavailability of the products and the brands. The company operates with many brands and two of the most famous brands that have great market share in the sector are Supervalu and Dunnes (Foley, 2005).
Weakness:
The price wars and the high price of the products by Musgrave is the biggest weakness for the company. This is because the company may lose the market in the coming years of it does not reduce the prices of the products that are available in low process in Aldi and Lidl. These new players are taking the advantage of financial crisis and Ireland and attracting the customers with their low pricing strategy (O’Riordan and Wilkinson, 2008).
Opportunities:
the biggest and the most important opportunity that the company has is to reduce the priced and position the products and the brands as the reasonable brand for the products so that the cost of the Irish people who are middle class can relate themselves with the brand. This opportunity can be explored and exploited only when the company make efforts in this direction by changing the positioning statement and the path of the brand.
Threats:
High competition from the other low priced brands is the biggest threat for the company. It has been analysed that the retail sector in Ireland is very saturated ad the competition is very high in this sector thus it act as the biggest threat for the companies like Musgrave (O’Loughlin and Szmigin, 2005).
Next year planning:
Below are the marketing objectives that re developed as per the discussion that has been conducted above. It is required to frame the marketing objectives so that the marketing plan for the next for Musgrave can be developed.
- Increasing the market share in the sector by 50%.
- Positioning the brand as the reasonable brand that is for all.
There are two kind of objectives are settled as per the Swot analysis and the marketing audit including internal and external audits. These two objectives are Strategic Thrust and Strategic objectives.
There are various kinds of strategies that can be used by the company to market the products and to expand the business. The first strategy is market penetration strategy. This is the strategy that deals with penetrating into the market with the existing products (Bredin, Fitzpatrick and O’Reilly, 2002). The next strategy is the products development strategy that deals with developing the new products for the market. The next is market development strategy that deals with developing the market and the last is the diversification in which the new products are developed for the new market. The strategy that is required by the company called Musgrave here is market development. This is because pw the company has to target the dew market by positioning the brand as the reasonable brand.
The strategic objective of the Musgrave is to increase the market share and customer acquisition, strengthening the financial resources, physical resources and brand loyalty. Musgrave want to attain increase 50% online revenue in the next 1 year. Brand awareness and brand loyalty is necessary for increasing the growth of the company (Collins, Burt and Oustapassidis, 2001). The brand awareness and brand loyalty will enable company to attain the higher market share. To attain the objectives Musgrave need to stay relevant and competitive in the market. The strategies should be put in place in term to accommodate for the key features of the online customers of Musgrave. It will allow the company to deliver the suitable content to attain the brand loyalty.
The core marketing strategy comprises the achievement of marketing objectives. The core strategy of Musgrave is defined below in term of target market, competitors target and competitive advantages.
The core target market of Musgrave is related to the techno savvy, self-centered, millennial generation and environmentally conscious generation whose age is around 16 to 24 years old. In terms of class, the people of middle class need to be targeted in the new marketing plan of the company. Ecommerce enable youth to find various variety at one place, it is evident that this age group holds the expected profit potential for the brand while launching an online site. Effective target marketing allows the business to maintain the sustainable relationship with its customers.
Musgrave is the leading company till now but still Tesco is the biggest competitor for the company. Tesco low price strategy is weakling in the pillars of Musgrave in the market. It has been realized that another new players from Germany such as Lidl and Aldi may also compete with the company in future because of their low prices (Perkins, 2001). As Ireland is facing the issues of financial crisis thus it is required to attract the people with low price strategy.
Musgrave can attain the competitive advantages by providing the better quality in the products and services to the customers in comparison of competitors. Customers are the key of success and it is vital to provide them post-sales services for maintaining the customer relationship for a long time.The execution of collection of marketing strategies will enable Musgrave to achieve the competitive advantages and differentiation (Woods, 2017). There are various competitors of Musgrave such as Tesco and ALdi that are getting advantages from the market thus it can be the threat for Musgrave.
Marketing mix decision aids the organization to take decision after evaluating the various components of the market.
Product
The company like Musgrave should introduce the products that are of low cost so that it can be served to the middle class people as well. This helps the company to strategy the new set of market and increases its market share.
Price
the pricing strategy of the company is premium in nature but now the company has to opt the low price and differentiated strategy at the same time to serve the another set of market that falls under the category of middle class people (Perkins, 2001).
Place
The online channel enables Musgrave to approach the customer from all over the world. Globalization is one of the major drivers for change. It is required by the company to invest more in online stores so that it can cater the whole world’s market.
Promotion
There are various methods available to promote the products and services in the market. The company needs too make itself visible in the market and position the brand differently than before by campaigning. Advertisements etc.
People
The people strategy is the component of the marketing mix in which Musgrave constantly observing in order to attain the customer acquisition and SMART objectives. Customer satisfaction is necessary for the growth of the company so the company should provide the training program to the employees for providing the better services to its customers.
Process
As far as the process is considered, it has been analysed that the company needs to cut down the cost in its operations so that it can serve the market with low cost and low price products.
Physical evidence
Physical evidence is the element which affects the satisfaction of the customers. This element defines that in which manner customers can perceive the quality of services. The image of the Musgrave can be affected through physical details of the company.
The marketing plan is the major process to expand the business internationally and for growing progressively. To implement the marketing plan, the department of Primark is restructured for attaining the competitive advantages (Furey, et al. 2001). New employees with specialization in marketing field are appointed to understand the marketing plan for the company and inessential staffs are fired to restructure the management. Marketing department is able to promote the business and mission of the Primark. Customer service, promotion, advertising for sale and distribution are the major component of marketing which should be handled by the marketing department. SMART objectives will be considered in the marketing plan to attain the target. There can be various issues regarding implementation of the restructured marketing department such as lack of skilled people, insufficient knowledge about the products and services and the lack of investment. Skilled people are necessary to implement the marketing plan for the company (Perkins, 2001).
Implementation plan is required to make by company to define the proposed strategies and its impact on the functions. The plan will focus on responsible person for the activities, way of carrying out the strategies, place of occurrence and the time of action.
|
Actions |
Starting date |
End Date |
Responsible Person |
Related Department (place of occurrence) |
|
Focusing on marketing research to introduce the products |
1st December, 2017 |
31st November, 2017 |
Senior level managers |
Top management |
|
Setting new aim and mission for the growth of company |
1st December, 2018 |
31st November, 2018 |
Management and Board of Directors |
Top level management |
|
Development of new ideas and views of employees |
1st December, 2019 |
31st November, 2019 |
Innovative people of the organization |
All related departments |
|
Enlarge the alternative way and execution of best ideas |
1st December, 2020 |
31st November, 2020 |
Marketing Employees of the company |
Marketing department |
|
Execution of marketing plan and strategies |
1st December, 2021 |
31st November, 2021 |
Advertising managers and marketing executives |
Promotion and Marketing department |
|
Marketing Expense Budget |
Jan |
Feb |
Nov |
Dec |
2009 |
2010 |
|
Advertising |
$ 5,000 |
$ 5,000 |
$ 10,000 |
$ 3,000 |
$ 1,20,000 |
$ 1,50,000 |
|
Catalogues |
$ 1,000.00 |
$ 1,000.00 |
$ 1,500.00 |
$ 1,000.00 |
$ 5,000.00 |
$ 8,000.00 |
|
Websites |
$ 2,500.00 |
$ 1,800.00 |
$ 1,000.00 |
$ 500.00 |
$ 50,000.00 |
$ 45,000.00 |
|
Promotions |
$ 50.00 |
$ 50.00 |
$ 1,500.00 |
$ 50.00 |
$ 1,600.00 |
$ 1,800.00 |
|
Shows |
$ 10.00 |
$ 10.00 |
$ 15.00 |
$ 10.00 |
$ 1,500.00 |
$ 1,800.00 |
|
Literature |
$ 100.00 |
$ 700.00 |
$ 50.00 |
$ 50.00 |
$ 500.00 |
$ 800.00 |
|
PR |
$ 10.00 |
$ 10.00 |
$ 10.00 |
$ 100.00 |
$ 300.00 |
$ 300.00 |
|
Seminars |
$ 100.00 |
$0 |
$0 |
$0 |
$ 2,000.00 |
$ 1,200.00 |
|
Service |
$ 200.00 |
$ 100.00 |
$ 50.00 |
$ 20.00 |
$ 1,020.00 |
$ 1,110.00 |
|
Training |
$ 500.00 |
$ 500.00 |
$ 500.00 |
$ 500.00 |
$ 6,000.00 |
$ 6,600.00 |
|
Other |
$ 100.00 |
$ 100.00 |
$ 100.00 |
$ 100.00 |
$ 1,200.00 |
$ 1,500.00 |
|
Total Sales and Marketing Expenses |
1.666666667 |
1.428571429 |
2.222222222 |
0.6 |
21.81818182 |
20 |
|
Percent of Sales |
3.00% |
3.50% |
15.00% |
15.50% |
||
|
Contribution Margin |
2300 |
2800 |
12500 |
12800 |
70000 |
90000 |
|
Contribution Margin/Sales |
76.67% |
80.00% |
83.33% |
82.58% |
70.00% |
75.00% |
|
Profit and Loss Statement |
|||
|
Month |
Apr 18 |
Apr 19 |
Apr 20 |
|
Income |
|||
|
Sales |
|||
|
Sale of goods/services |
€ 5,000.00 |
€ 6,250.00 |
€ 7,812.50 |
|
Sundry Income (e.g. Commission earned, franchise fees etc.) |
€ – |
€ – |
|
|
Etc. |
€ 500.00 |
€ 500.00 |
€ 700.00 |
|
Total Sales |
€ 5,500.00 |
€ 6,750.00 |
€ 8,512.50 |
|
Less Discounts/Commissions |
|||
|
Sales Discounts given |
€ 80.00 |
€ 100.00 |
€ 125.00 |
|
Sales Commissions paid |
€ 50.00 |
€ 80.00 |
€ 90.00 |
|
Total Discounts/ Commissions |
€ 130.00 |
€ 180.00 |
€ 215.00 |
|
Total Net Income |
€ 5,370.00 |
€ 6,570.00 |
€ 8,297.50 |
|
Cost of Sales |
|||
|
Opening Stock |
€ – |
€ 100.00 |
€ 125.00 |
|
Stock Purchased |
€ 2,000.00 |
€ 2,500.00 |
€ 3,125.00 |
|
€ 2,000.00 |
€ 2,600.00 |
€ 3,250.00 |
|
|
Less Closing Stock |
€ 100.00 |
€ 125.00 |
€ 156.25 |
|
Total Cost of Sales |
€ 1,900.00 |
€ 2,475.00 |
€ 3,093.75 |
|
Gross Profit |
€ 3,470.00 |
€ 4,095.00 |
€ 5,203.75 |
|
Expenses |
|||
|
General & Administrative |
|||
|
Bank charges |
€ 50.00 |
€ 50.00 |
€ 50.00 |
|
Credit card commission |
€ 10.00 |
€ 30.00 |
€ 30.00 |
|
Consultant fees |
€ 35.00 |
€ 35.00 |
€ 35.00 |
|
Office Supplies |
€ 100.00 |
€ 100.00 |
€ 100.00 |
|
Business insurance |
€ 100.00 |
€ 100.00 |
€ 100.00 |
|
Etc. |
€ – |
€ – |
€ – |
|
Total General & Administrative |
€ 295.00 |
€ 315.00 |
€ 315.00 |
|
Marketing & Promotional |
|||
|
Advertising |
€ 100.00 |
€ 100.00 |
€ 100.00 |
|
Promotion – General |
€ 50.00 |
€ 50.00 |
€ 50.00 |
|
Promotion – Other |
€ – |
€ 50.00 |
€ 55.00 |
|
Etc. |
€ – |
€ 10.00 |
€ 11.00 |
|
Total Marketing & Promotional |
€ 150.00 |
€ 210.00 |
€ 216.00 |
|
Operating Expenses |
|||
|
Newspapers & magazines |
€ 25.00 |
€ 25.00 |
€ 26.00 |
|
Parking/Taxis/Tolls |
€ 100.00 |
€ 105.00 |
€ 110.25 |
|
Laundry/dry cleaning |
€ 80.00 |
€ 100.00 |
€ 125.00 |
|
Cleaning & cleaning products |
€ 60.00 |
€ 75.00 |
€ 93.75 |
|
Sundry supplies |
€ 40.00 |
€ 50.00 |
€ 62.50 |
|
Equipment hire |
€ 250.00 |
€ 250.00 |
€ 250.00 |
|
Etc. |
€ – |
€ – |
€ – |
|
Total Operating Expenses |
€ 555.00 |
€ 605.00 |
€ 667.50 |
|
Motor Vehicle Expenses |
|||
|
Fuel |
€ 50.00 |
€ 50.00 |
€ 50.00 |
|
Vehicle service costs |
€ 15.00 |
€ 15.00 |
€ 15.00 |
|
Tyres & other replacement costs |
€ 20.00 |
€ 20.00 |
€ 20.00 |
|
Insurance |
€ 10.00 |
€ 10.00 |
€ 10.00 |
|
Registrations |
€ – |
€ – |
€ – |
|
Total Motor Vehicle Expenses |
€ 95.00 |
€ 95.00 |
€ 95.00 |
|
Website Expenses |
|||
|
Domain name registration |
€ 20.00 |
€ 20.00 |
€ 20.00 |
|
Hosting expenses |
€ 25.00 |
€ 25.00 |
€ 25.00 |
|
etc |
€ – |
€ – |
€ – |
|
Total Website Expenses |
€ 45.00 |
€ 45.00 |
€ 45.00 |
|
Employment Expenses |
|||
|
Permanent |
€ – |
€ – |
€ – |
|
Salaries/Wages |
€ 100.00 |
€ 125.00 |
€ 156.25 |
|
PAYE |
€ 10.00 |
€ 12.50 |
€ 15.63 |
|
Superannuation |
€ 20.00 |
€ 25.00 |
€ 31.25 |
|
Other – Employee Benefits |
€ 20.00 |
€ 25.00 |
€ 31.25 |
|
Recruitment costs |
€ 15.00 |
€ 15.00 |
€ 15.00 |
|
Total Perm. Employment Expenses |
€ 165.00 |
€ 202.50 |
€ 249.38 |
|
Casual |
|||
|
Salaries/Wages |
€ 50.00 |
€ 80.00 |
€ 90.00 |
|
Recruitment costs |
€ – |
€ – |
€ – |
|
Total Casual Employment Expenses |
€ 50.00 |
€ 80.00 |
€ 90.00 |
|
Work cover Insurance |
€ – |
€ – |
€ – |
|
Total Employment Expenses |
€ 215.00 |
€ 282.50 |
€ 339.38 |
|
Occupancy Costs |
|||
|
Electricity/Gas |
€ 250.00 |
€ 312.50 |
€ 390.63 |
|
Telephones |
€ 50.00 |
€ 50.00 |
€ 50.00 |
|
Property Insurance |
€ 15.00 |
€ 15.00 |
€ 15.00 |
|
Rates |
€ 10.00 |
€ 10.00 |
€ 10.00 |
|
Rent |
€ 150.00 |
€ 150.00 |
€ 150.00 |
|
Repair & maintenance |
€ 60.00 |
€ 60.00 |
€ 60.00 |
|
Waste removal |
€ 25.00 |
€ 25.00 |
€ 25.00 |
|
Water |
€ 25.00 |
€ 25.00 |
€ 25.00 |
|
Etc. |
€ – |
€ – |
€ – |
|
Total Occupancy Costs |
€ 585.00 |
€ 647.50 |
€ 725.63 |
|
Other Expenses |
|||
|
Machineries |
€ 50.00 |
€ 70.00 |
€ 70.00 |
|
Vehicles |
€ 20.00 |
€ 20.00 |
€ 20.00 |
|
Equipment |
€ 50.00 |
€ 70.00 |
€ 70.00 |
|
Total Other Expenses |
€ 120.00 |
€ 160.00 |
€ 160.00 |
|
Total Expenses |
€ 1,800.00 |
€ 2,060.00 |
€ 2,263.50 |
|
Net Profit / (Loss) |
€ 1,670.00 |
€ 2,035.00 |
€ 2,940.25 |
|
Total Year to Date Net Profit / (Loss) |
€ 1,670.00 |
€ 3,705.00 |
€ 6,645.25 |
- Regular check on the plan: it is required to keep a check on the regular marketing activities.
- alternatives: development of various alternatives that can be implemented at the time of requirement (Collins, 2002).
|
SMART objectives |
Usage of metrics to evaluate the progress of new strategies |
Frequency |
|
Increment of sales by 50% at the end of five year |
Monitoring over the sales online as well as offline |
Quarterly |
|
Increment in the brand loyalty and brand awareness in adequate manner |
Market research Coefficient metric |
Quarterly |
|
Retain the customers |
Discount strategy |
Monthly |
|
Acquire number of online customers by end of financial year |
Traffic source metric will be used to monitor the customers who visit online websites and interested to purchase products via online |
Monthly |
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