Marketing Strategies For Engaging Generation: Currency Consulting

Currency Consulting

Discuss About The Marketing Strategies For Engaging Generation.

Entrepreneurship is the process which are to be followed in the establishment of new business ventures(Drucker, 2014). One of the important factor that has to be seen is that the business may or may not profit focused for the founding individuals(Barringer, 2012). The governmental role in the development of the entrepreneurs in a country plays an important role as they provide them with necessary resources. The currency consultancy business needs to focus on number of factors ranging from the governmental viability to the international foreign exchange market to the trade relations for the success.

To establish any business in the market it is important that the need for the business in the industry is to be understood(Baker, 2016). One of the most important factors to be heeded are the stock market and stock trade currencies. The values of the currencies are liable to change with the changes in the international trade market. There is a large base of the stakeholders in the different operations whose busiesdepends on currency fluctuation and changes.

The defining of the target market in the initial stages of the business is extremely important for the success of any business in the market. Target market is the set of consumer to whom the different businesses wish to market their products(Armstrong et. al., 2015). This makes the target market consulting include the different exporters and the importers as well as the people who deal in the foreign goods as it makes them deal in the foreign currencies. Australia is a major importer of the goods like coal, wool, alumina wheat and iron. The main imports include machinery, crude oil and electronic items(Economy Watch, 2010). The target market of the business will include the exporters and importers who have an annual turnover more than AUD 200000.

The main aim of the business is to increase the profits to improve revenues in the organization. By decreasing the overall currency risk faced by the client, improved profits can be achieved in addition to minimized risk.

The provision of the daily consultancy to the clients will help in the improvement of the different services in the country relating to the currency movement and the usual shifts in the daily currency patterns.

The different clients who will be served will be given two options to make payments for the different services that are provided in the organization. The clientele can pay the full consultancy fee in advance for the service provided or they can pay half the fee and share 5% of the profit gained from the deal on which they asked for the consultancy services. The maintenance of the portfolio sheet of the clients will help in the tracking of the different profit and loses in the organization.

Role in Business

The business may not require huge expenses for their operation but there are certain initial investments that are to be made for the proper operations of the business in the organizations.

The critical success factors in an organization include  the number of clients that are new gained, the number of clients who renew their agreements, the total generated revenue of the venture and the overall brand positioning in the market. One of the important factors affecting the development of the organization is the relative standpoint and the competitive advantage of the organization.

Marketing mix are the set of tools that the organization uses to market its products to the target audience and clients in the organization. They include a number of factors.

The focus of the business will be on providing the guidance to the clients in their foreign transactions in the different foreign currencies. A dedicated advisor is to be provided to every client to maintain a portfolio of their overall market transactions. The reports are to be provided to the client on a daily basis. The research teamconsisting of three people will be dedicated to curating the research on a daily basis to every client. The current market transaction rates of the different currencies around the world will be provided to the different clients on a real time basis.

The business will operate from Canberra as its head of operations but will target the different clients dealing in the import and export business from around the country.

A premium skimming strategy is to be adopted by the business to provide the best services an attract clients. The services will be provided at a higher cost at first by the organization according to the price skimming strategy to recover the investment that has been done in the business (Zhang et. al., 2014).The price skimming strategy also helps in the premium brand positioning of the different products in the organizations (Spann et. al., 2014). In the due course of the operation the cost of the services will be reduced to provide the better service to the clients so that they can target the clients of the lower income group running small operations in the country.

The promotion of a product or service include the ways in which the products or the services can be made to reach the different target customers in the organizationsegment (Lovelock, 2011). The promotional strategies to be used in the marketing of the product include:

Benefits of Currency Consulting

Event marketing:A seminar can be arranged on a large scale where a number of different exporters and importers can be invited. Event management based marketing of one of the best and most proficient strategies that can be implemented in the overall success of the marketing strategies as a number of different consumers are collected under one roof(Daniel et. al., 2012).

Tie ups with associations: Considering that the import and export is the risky business there are a number of associations that operate on national and international levels helping the overall development of the trade. The tie up with these associations will be conducive doe the success of the business taking into account the other critical success factors such as the acquisition of the clients.

Digital Marketing:the process of marketing the different products in the market using the different digital platforms such as the search engine and the different social media platforms. Digital marketing is helpful as when presented in the right and the able format it has a wide reach and can reach out to the different consumers globally. It helps in the formation of the brand awareness and the brand recall value amongst its different consumers(Ryan, 2016).

Television ads on finance news channels:Television ads may not be the oldest form of advertising but has a wide array of approach in the modern society considering the market reach of the different products and services. The marketing of the business on the financial news channels will help in the achieving of the new business and improving the business as the majority of the people who work in this sector tend to keep themselves updated using the news channels. Moreover the people who are not technologically adept in running the social media can also be reached out using the television advertising.

Relationship marketing: The relationship marketing focusses on the development of a better relationship with the consumers by improving the different consumer engagement methodologies that can be implemented(Agariya& Singh, 2011). The word of mouth publicity has an important role in the improvement of the business strategies in the different organizations. The consumer relationship has an important role to play in the consumer retention and the client relationship is also imperative in the maintenance of positive market image(Kumar &Reinartz, 2012).  The business should therefore focus on the consumer relationship management for its overall success in the market.

Conclusion

Therefore it is seen in this report that the starting up of a new business is large process which has to focus on a number of intricate details for its effective implementation in the market. The business in the report is the currency consulting business which focusses ion the proving consultancy and support in the transaction to the different businesses which operate in the export and import sector dealing in the foreign currencies. The volatile environment and dependence of the import and export business on the international foreign exchange market has led to the need to such services being available in the market. To achieve success in the business along with the business acumen the employees should have a natural linking of the analysis and forecasting of the currency operation in the country. The proper marketing mix and the promotional strategies will help in the success of the organization.

References

Agariya, A. K., & Singh, D. (2011). What really defines relationship marketing? A review of definitions and general and sector-specific defining constructs. Journal of Relationship Marketing, 10(4), 203-237.

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education. India.

Baker, M. J. (2016). What is marketing? In The Marketing Book (pp. 25-42). Routledge. United Kingdom.

Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012). BELK.

Daniel, M., Bogdan, G., & Daniel, Z. (2012). The use of event marketing management strategies. Procedia-Social and Behavioral Sciences, 46, 5409-5413.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge. United Kingdom.

Economy Watch, (2010), ‘Australia exports imports and trade’, Available at https://www.economywatch.com/world_economy/australia/export-import.html, Retrieved on 30 April, 2018.

Kumar, V., &Reinartz, W. (2012). Customer relationship management: Concept, strategy, and tools. Springer Science & Business Media.

Lovelock, C. (2011). Services marketing: People, technology, strategy. Pearson Education India.

Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers. United Kingdom.

Spann, M., Fischer, M., &Tellis, G. J. (2014). Skimming or penetration? Strategic dynamic pricing for new products. Marketing Science, 34(2), 235-249.

Zhang, J., Chiang, W. Y. K., & Liang, L. (2014). Strategic pricing with reference effects in a competitive supply chain. Omega, 44, 126-135.

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