Introduction ο΄The currency consultancy helps the different organizations dealing in International Trade with their foreign currency exchange. ο΄The governmental role in the development of the entrepreneurs in a country plays an important role as they provide them with necessary resources. ο΄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.
Currency Consulting ο΄The establishment of a business in a market need the understanding of local market needs(Baker, 2016). ο΄The values of the currencies are liable to change with the changes in the international trade market. ο΄There is a large base of the stakeholders in the different operations whose busies depends on currency fluctuation and changes.
Role in Business ο΄Target market is the set of consumer to whom the different businesses wish to market their products (Armstrong et. al., 2015) ο΄Australia is a major importer of the goods like coal, wool, alumina wheat and iron. ο΄The main imports include machinery, crude oil and electronic items (Economy Watch, 2010). ο΄The target market of the business will include the exporters and importers who have an annual turnover more than AUD 200000.
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Benefits of Currency Consulting ο΄Enhanced Profits:The main aim of the business is to increase the profits to improve revenues in the organization. ο΄Improved Knowledge: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. ο΄Business Revenue Model: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.
Critical success factors ο΄The critical success factors in an organization includethe 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. ο΄One of the important factors affecting the development of the organization is the relative standpoint and the competitive advantage of the organization.
Marketing Mix ο΄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. ο΄Product ο΄Place ο΄Price ο΄Promotions
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Product ο΄The focus of the business will be on providing the guidance to the clients in their foreign transactions in the different foreign currencies. ο΄A dedicated advisor is to be provided to every client to maintain a portfolio of their overall market transactions. ο΄The reports are to be provided to the client on a daily basis. ο΄The research team consisting of three people will be dedicated to curating the research on a daily basis to every client.
Place ο΄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. ο΄It will help in the centralization of the business from the different parts of the country.
Price ο΄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). ο΄The price skimming strategy also helps in the premium brand positioning of the different products in the organizations (Spann et. al., 2014). ο΄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.
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Promotion ο΄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 organization segment (Lovelock, 2011). ο΄Event marketing: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). ο΄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.
ο΄Digital Marketing: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). ο΄Television ads :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. ο΄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).
Conclusion ο΄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. ο΄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. ο΄The proper marketing mix and the promotional strategies will help in the success of the organization.
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