|
Get assignment help at assignmenthelpuk@yahoo.com
|
|
Marketing Plan
|
|
Toowoomba chamber of commerce
|
Executive
summary
Toowoomba chamber of commerce provides networking events
in order to develop voice of business for them. External environmental factors
such as PESTEL factors are crucial in order to ensure the favorable external
environment in which TCC would develop its business. Micro environmental
factors such as Porter’s five force analysis would be important in order to
decide the business competitiveness in the market. Finally, stakeholder
analysis for TCC provides the overall state of business and competition
prevailing in the industry.
Table of Contents
Introduction
Marketing audit for the organization is an important tool
in order to understand the internal business environment and to scan the
external business environment prevailing in the particular industry. Based on
the marketing audit carried out by an organization it would be helpful to
understand overall competition prevailing in the market based on which an
organization would decide its strategy so as to attain the marketing objectives
outlined by the organization. In the present context Toowoomba chamber of commerce
is looking for the marketing advice so as to enhance the number of members.
Present marketing plan developed for Toowoomba chamber of commerce would help
in order to understand the factors which are affecting overall scenario for the
organization for extending their membership plan.
Section-1
Organizational overview
Section-2
Environmental Scan
Environmental scanning is a technique through which
various external factors affecting particular activities for the organizations
would be analyzed. Environmental analysis for Toowoomba can be divided into two
parts i.e. macro environmental analysis which would be conducted through PESTEL
analysis and micro environmental analysis which would be conducted by making
use of the Porter’s five force analysis.
2.1
Macro environmental analysis
PESTEL technique is a comprehensive method which provides
the analysis of the marketing environment for any organization prevailing in
the industry. There are six important factors which would help in order to
understand the overall environment prevailing in the industry. Environmental
scan for Toowoomba chamber of commerce can be given as under:
·
Political factors: Political factors have
strong impact on the overall business environment in which Toowoomba is
prevailing at present. Some of the key political factors which can have impact
on the overall marketing environment of Toowoomba chamber of commerce would
include Federal election 2013, QLD government change, relationship established
by the chamber of commerce with councilors & TRC and enterprise named
Toowoomba and Surat Basin enterprise etc (Simon, 2011). All
these political factors are of high importance for Toowoomba and it is
important for the organization to keep track of these factors in order to
maintain a balance between these political factors in order to enhance the
number of members for the chamber.
·
Economic factors: Economic factors would
provide the overall flow of economy and present state of economy based on which
businesses can make particular decisions. Some of the key economic factors
affecting overall market scenario for Toowoomba chamber of commerce would
include business cycle, unemployment rate in the country, interest rate,
skytrans service in the Sydney, sectors of growth, currency prices for Australian
dollar & its strength and economic growth rate achieved by Toowoomba
chamber of commerce etc. All these factors need to be tracked closely by
Toowoomba chamber of commerce so that strategy can be devised for the
organization for gaining higher number of members (Dev and Don, 2005).
·
Social factors: Social factors would also
impact an organization so as to expand their business and some of the vital
social factors affecting business for Toowoomba chamber of commerce would
include virtual interaction growth, teaming & joint venture, availability
of labor forces, social dynamics which region is having at present and
communication which is taking place cross
culturally (Collins,
2011). All these factors would define the social impact on
the business of Toowoomba and the way this business would be managed by the
organization for making higher number of members for the trade.
·
Technical factors: Technology is changing very
dynamically and business organizations need to track these changes and adopt
the technology so as to remain relevant to the consumers and their preference
for the technology in business domain. Some of the key technological factors
which can impact the current state of business for Toowoomba includes
technology used for e-commerce & communication, technological advancement
in the region, advantages offered by NBN, difference between the businesses
having NBN & businesses which are not having NBN and usage of mobile
technology so as to reap benefits through mobile technology. These
technological factors would be helpful in order to maintain the competitive
advantage of Toowoomba so that it can make higher number of members for its
business.
·
Environmental factors: Environmental factors
affecting a business would include key elements such as farming vs mining
activities, infrastructure developed for water supply, impact of mining on
farming community and climatic extremes from the flood to draught. These environmental
factors would be important so as to known about the current state of particular
industry. Business organizations supporting environment would be having higher
chances of success in the market and these business organizations would be
having sustainable business model as well.
·
Legal factors: Legal factors are of high
importance for business organizations and these factors have immense
importance. Business organizations track legal factors and changes in the legal
elements so that there are no adverse impacts on business organizations due to
violation of legal factors (Woo and Cooper, 2011). Some of the key legal factors which
can have impact on the Toowoomba chamber of commerce in present context include
health & safety law, consumer law, employment and corporation law etc. Business
organizations need to understand the compliance which they need to follow so as
to adopt these legal factors.
Hence from the above six factors it is quite clear that
the external market environment faced by Toowoomba chamber of commerce is quite
supportive for the business organization in order to extend their membership to
the business organizations prevailing in the country. Further it is important
that Toowoomba chamber of commerce maintain compliance with the all factors
especially legal and economic factors in order to develop successful business
in the present environment.
2.2
Micro environmental factors
Factor
|
Seriousness level (likelihood and impact)- out of 5
with 1 as lease serious
|
|
Bargaining
power of suppliers
|
1
|
|
Bargaining
power of customers
|
2
|
|
Industry
rivalry
|
3
|
|
Threat
of substitute products
|
3
|
|
Threat
of new entrants
|
4
|
Table 1: Showing the seriousness level for various micro
environmental factors
Section-3
Customer, competitor and stakeholder analysis
Stakeholders for Toowoomba chamber of commerce would
include member, media, TRC, sponsors, leaders of future, supporting partners,
CCIQ, TSBE and MoU partners USQ etc. Analysis for the various stakeholders
impacting upon the marketing audit for the organization can be given as under:
3.1
Target market analysis
The major target market for TCC is business organizations
prevailing in Toowoomba city starting from the micro organizations to large
organizations and NFPs etc. Entire consumer base of the organization comes from
the diverse range of businesses to which TCC caters to. TCC advocates for these
business organizations in chamber of commerce so that these business
organizations can get good business opportunities and government lays down
process and policies which are favorable to these business segments. TCC need
to target mainly manufacturing industry and communities as these business
organizations are having high demand for the services offered by TCC. Further
at present TCC also has high portfolio in these business segments and it would
be easy for the organization to expand their business portfolio based on the
current portfolio holds by the organization in manufacturing and community
segment.
3.2
Customer analysis
3.3
Competitor analysis
3.4
Stakeholder analysis
Section-4
Conclusion and recommendations
Present marketing plan developed for TCC would help the
organization in order to attain higher members for their membership plan. TCC
has planned to attain 1000 members in next 5 years and present marketing audit
would help in sensing environment for realizing their marketing plans. Both
macro and micro environmental factors are important in order to attain the marketing
objectives for TCC. Some of the key recommendations which can be developed for
TCC are as under:
·
In order to enhance the number of members
from the present state of 450 members to 1000 members in next five years it is
important that networking experience of the organization is improved. Further
this experience would help in building multiple channels for acquiring members
·
Promotions need to be done by TCC in order to
create awareness among the business organizations who are not aware of the
business structure and services offered by TCC
·
TCC should develop their offering in such a
way that they are providing value for money equation to their member
organizations.
References
Porter, M.E. (2008). The
Five Competitive Forces That Shape Strategy, Harvard
business Review
Porter M, Nicholas A,
Anita M. M, (2008), "An Interview with Michael Porter", The
Academy of Management Executive 16:2
Shaw, E. (2012).
"Marketing strategy: From the origin of the concept to the development of
a conceptual framework." Journal of Historical Research in Marketing,
4(1), 30–55. doi:10.1108/17557501211195055
Simon,
H.A. (2011). Rational decision making in business organisations, 'American
Economic Review'
Quinn, J B, (2005),
Strategies for Change: Logical Incrementalism. (Richard D. Irwin)
Goldstein, D.; Lee, Y.
(2005). "The rise of right-time marketing". The
Journal of Database Marketing & Customer Strategy Management 12 (3): 212–225.doi:10.1057/palgrave.dbm.3240258.
Dev, Chekitan S.; Don
E. Schultz (2005). "In the Mix: A Customer-Focused Approach Can
Bring the Current Marketing Mix into the 21st Century". Marketing
Management 14 (1).
Woo, C. and Cooper, A.
(2011) “The surprising case for low market share”, Harvard
Business Review, November–December, pg 106–113.
