In the past three years we have seen 5% decline each year in the consumer segment and business segment. With this proposed plan we would expect to see a marked increase in both areas, as well as introduce a new product to our stores within the next Physical year. In the area of marketing, there is only an increase in marketing spending in the next twelve months; in order to remain competitive we need to be able to reach out to a greater number of potential customers.
We would like to see an increase in our market segment in order to tap into our most valued resource, our customers. Below is a graph which currently depicts the change in amounts s it pertains to marketing changes and at what percentages so as to allow you a better chance to see where we can increase, as well as decrease in order to better reach our intended customers. In order to better reach potential customers we will review several options in the area of marketing to determine what will work best for us.
With the having our locations here in New York City, I feel more needs to be focused on sales training, which is currently at only 15%, likewise, radio advertisement which is currently at only 5% should be raised as this is perhaps one of the biggest means of getting the word out, apart from social media which could also see an Increase. To help gather the necessary information we will be conducting both primary data collection along with secondary data collection.
To fulfill our need for data we will be conducting an internal audit, this will help us better determine what our past and current expenses are along with helping to better determine where; if any, monies can be reallocated to better serve the company should it be deemed feasible to do so. Though this may be somewhat expansive in the short ERM, we believe that in the long-tern it will be more beneficial.
Another means of gathering data for research would be to look at information obtained from local articles and or newspapers; this could give the company some valuable insight as to how potential customers view us as a company, along with how they view the quality of our product. The downside to this type of research is that that data obtained may in fact be too old and unreliable, or not specific enough for our needs. Lastly we will be conducting surveys via the internet to get a feeling as to hat our customers expect from both our company and our products.
One of the limitations we are seeing with our suggested methods of data collection is the sheer volume of information collected, with conducting on-line surveys there is no finite way of determining the validity of the information obtained. Secondly, as for the internal audit we must factor in the added cost of either the additional man hours and subsequent hours of over-time, or the cost of handing this task off to an outside source. Timeline for internal audit is one year from onset, audit to start beginning of sisal year and end at the beginning of the preceding year.
The timeline for reviewing outside sources i. E. Newspapers shall be six months from start, start date to begin at the onset of the fiscal year. Lastly the timeline for our on-line survey shall again coincide with our review of outside sources, six months from the start of the fiscal year. Conclusion: After careful review, I believe we can make tremendous strides in turning our company around; we must make an added effort to reach out to our customer base better than we have in the past.
With the growth of social media in the past decade, there is no reason why we cannot take advantage of such sites as Faceable, Linked, along with others and bring about change which will help this company turn itself around and be one of the biggest competitors on the market. All reports will be completed in the time frame given and directed to their department heads who in turn, will write up a full report to be given to corporate no later than 30 days after said timeline has expired. Reference Marketing’s, Content Marketing Institute