This report discusses the social media plan for Warrens Bakery, the oldest Cornish pastry maker in the UK. It covers the marketing audit, objectives, target audience, social media zones and vehicles, experience strategy, activation plan, and measurement of outcomes.
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MKT3025 Entrepreneurial Marketing AS1
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Table ofContents INTRODUCTION...........................................................................................................................1 Introduction to business..........................................................................................................1 Marketing audit to acknowledge current market situation.....................................................1 Objectives of business organisation.......................................................................................4 Gather insight into target audience.........................................................................................4 Social media zones and vehicles............................................................................................4 Formulation of experience strategy by using selected zones.................................................5 Formulation of an activation plan...........................................................................................5 Manage and measuring...........................................................................................................5 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................7
INTRODUCTION Marketing is regarded to be the most crucial activity for each and every business as it aids an entity to set connection with its customer base. Especially for the entrepreneurial venture, marketing acts as the road map to attain growth and success in a timely manner. In this relation, with the emergence of digitalisation, it is seen that social media has been at the heart of every company functioning within the economy (Batra and Keller, 2016). Social media is a low cost marketing strategy that provides assistance to entrepreneurial ventures in establishing a rapport with the customers, thereby gaining maximum satisfaction from them. The following report is based on Warrens Bakery which is acknowledged to be the oldest Cornish pastry maker of UK, established in the year 1860. This bakery is engaged in provision of baked items via its chain of outlets spread across the country along with its wholesale channel. The following report takes into account the social media plan made for the bakery to inflate its reach and overall footfall. It will cover the marketing audit of the company along with its objectives to identify its target audience. Along with, discussion over social media zones and vehicles is given beneath. Further, experience strategy is created by leveraging social media zones and activation plan is executed for the same. Lastly, management and measurement of social media plan is included. Introduction to business Warrens bakery is a small bakery operating within UK. It provides customers with wide array of bakery items so as to capture their attention in an effective manner. This firm is especially renowned for its range of sugar free products for all age groups. The management of this firm seeks to inflate its public reach and for this purpose, it is coming up with a social media plan. This plan is aimed at enhancing the customer base and boosting the overall financial performance of the venture. Marketing audit to acknowledge current market situation Marketing audit is referred to as the process of screening the market in order to identify the potential opportunities and threats associated with marketing (Chaffey and Ellis-Chadwick, 2019). It is categorised into external as well as internal audit. Looking upon this, Warrens Bakery has conducted marketing audit as follows:- Internal factors 1
These are the aspects pertaining to the organisation, that impact over its operations in a significant manner. The internal marketing audit of Warren Bakery is as follows:- Corporate culture: It is the composite of values, beliefs, ideologies and philosophies held and exercised by the company in the long run (Felix, Rauschnabel and Hinsch, 2017). It is identified that the corporate culture of Warrens Bakery is based upon values such as honesty, equality and transparency. The philosophy of the organization is to keep the customers at its heart so as to ensure long term sustainability at market place. The entity seeks to maintain a positive working culture so as to instill a sense of motivation within the manpower. Organizational structure: This is identified as the system that tends to outline the manner in which the business tasks and activities are directed for timely achievement of corporate goal as well as objectives. In this relation, it is identified that a flat organizational structure is followed in Warrens Bakery whereby 10 employees work in coordination and cooperation with one another. External factors These are the facets that belong to the external environment of the company and place impact over its functioning and position in market place. The external marketing audit of Warrens Bakery is presented with the help of PEST analysis as follows:- Political factor: The developed and stable political conditions of UK tend to act as opportunity for Warrens Bakery to conduct activities which are aligned with the external environment. This will assist the small bakery in ensuring existence in market for long run. Further, the UK government provides a number of subsidies and grants to ventures that can be availed by the entity (Fortenberry Jr and McGoldrick, 2016). Economic factor: UK being a developed nation tends to offer chance to Warrens Bakery to boost its financial performance by leveraging the economic development of nation to gain growth and success in near future. Social factor: 2
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The population of UK is acknowledged to be health conscious owing to which Warrens Bakery can focus on its sugar free range to boost its revenues. By constantly carrying out market research at regular intervals of time, the small bakery has the opportunity to come up with market disruptive offerings that can fill the market gap (Homburg, Jozić and Kuehnl, 2017). Technological factors: The advanced state of UK provides opportunity to Warrens Bakery to come up with latest technologies for making and packing bakery items. Social media is another technological trend that can be leveraged by the entity to capture the attention of large base of audience quickly. SWOT Framework This is a business management tool which assists Warrens Bakery in gaining knowledge of its strengths and weaknesses in relation to leveraging social media as the strategy in upcoming time. StrengthsWeaknesses WarrensBakeryhassound technological expertise and knowledge to execute social media plan. Warrens Bakery provides products that are aligned with the market demands, thus social media will act as a boost to its already existing customer base. The venture has over the course of time not taken effective measures to market the products, making it lack behind the rivals in bakery industry. OpportunitiesThreats Social media plan will provideWarrens Bakery with the opportunity to increase its market reach and tap the purchase behaviour of non potential audience for the venture also (Kerin and Hartley, 2015). The entity is small in scale and thus the presence of top notch market players leveraging social media marketing acts as the threat forWarrens Bakery. 3
Objectives of business organisation Setting objectives is crucial for any kind of business plan in order to measure the outcomes at the end (Gneezy, 2017). In this regard, Warrens Bakery is stipulating a social media plan for the period April 2020 to July 2020. For this plan, the objectives are laid down as follows:- To inflate sales of company by 17.5% by the end of 4 months by leveraging social media advertising. To enhance the number of followers on Facebook by 10% by the end of 4 months. To increase the quantum of followers on Instagram by 15% in the next 4 months. Gather insight into target audience For the social media plan, Warrens Bakery will segment the market and target customers in accordance with demographics. This small bakery will segment the market in accordance with the demographic aspect named age. In this relation, it will target the age group of 16-36 years as they are the one who are most active on social media and are also fond of bakery items. The marketing on various platforms will be done accordingly so that information about company’s product range can especially reach to the selected target audience (Feng, Morgan and Rego, 2015). Social media zones and vehicles There are a wide range of social media zones and vehicles that can be leveraged by companies to gain success in a rapid manner (Erevelles, Fukawa and Swayne, 2016). Thus, some of the most crucial social media zones and vehicles for Warrens Bakery are explored as follows:- Social commerce:This type of social media zone is used for online selling or buying of goods or services. There is different type of channels in this zone which can be used to sell and buy good in a simplified manner(Kotler and et. al., 2015). For example, Groupon, TripAdvisor etc. Social entertainment:This zone includes of various social media channels that are specifically used for enjoyment, entertainment and playing purpose. Some of channels included in this zone are Come2play, Myspace etc. Social Publishing:Under this zone content related to company is provided to targeted audience. Main channels included under this zone includes: Tumblr, YouTube, BlogSpot etc. 4
Social Relationship:Through this channel of social media the company can interact with the potential customer’s by using several communication tools (Lovelock and Patterson, 2015). The channels under social relationship zone include Twitter, LinkedIn, Facebook etc. Formulation of experience strategy by using selected zones Warrens Bakery has decided to devise an experience strategy which would be a composite of some social media zones that have been selected by the bakery from the available alternatives to reach the target audience in a timely manner. In this relation, the social media zones that have been selected by Warrens Bakery are social relationship and social publishing zones. In relation to social publishing zone, the entity will be targetingYouTubeandBlogSpotlooking upon its large base of viewers. With respect to social relationship zone, Warrens Bakery would be targeting Facebook and Instagram to inflate its reach among the public at large. This will provide assistance to the corporation in capturing the attention of large number of individuals and influencing their purchase behaviour in a positive manner (Kannan, 2017). Formulation of an activation plan To attain the desired results or outcomes related to social media strategy, an entity has to come up with anactivationplan. In this relation, it has been acknowledged that Warrens Bakery will run a social media campaign from April 2020 to July 2020. This is aimed at inflating the reach of the venture among the public and thereby enhancing the financial performance of the entity in the long run. It seeks to increase the sales and number of followers on its two targeted social media platforms, Instagram and Facebook. Manage and measuring ParticularsJune £July £August £September £ Market Research500080001300015500 Owned Media (Blog)40007500850012000 VideoAdverting (Youtube) 1800017500180004500 SocialMedia (Facebook) 20000150002050014000 Marketing Platform150009500120005500 CreativeDesign Software 8000900075006500 5
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Recruitment50004500700010000 Hardware70003500550011500 Total82000745009400079500 The promotion and marketing in the social media plan for Warrens Bakery will take place in accordance with the marketing budget laid down above. The measurement of the outcomes will be done in accordance with two parameters, cost and achievement of objectives (Wedel and Kannan, 2016). The cost laid down in budget and actual cost incurred will be compared to find out differences, if any. Further, the results received from social media plan will be contrasted with objectives of the plan to determine the extent to which the plan has been successful for Warrens Bakery in terms of boosting its sales and quantum of followers on Instagram as well as Facebook. CONCLUSION On the basis of above discussion, it can be stated that social media is one of the best entrepreneurial strategies. This is said because it is a low cost strategy of marketing that can be leveraged by any organisation, irrespective of its size and scale with a relatively smaller investment than other extensive marketing strategies. Besides this, it has been acknowledged that social media zones and vehicles are the tools that a company can capitalise upon to gain growth in near future. The measurement of outcomes of social media plan is done by comparing the results and objectives set at the beginning of the plan. The sound implementation of social media plan would imply a boost to the financial performance of the venture in the near future. 6
REFERENCES Books and Journals Batra, R. and Keller, K.L., 2016. Integrating marketing communications: New findings, new lessons, and new ideas.Journal of Marketing.80(6). pp.122-145. Chaffey, D. and Ellis-Chadwick, F., 2019.Digital marketing. Pearson UK. Erevelles,S.,Fukawa,N.andSwayne,L.,2016.BigDataconsumeranalyticsandthe transformation of marketing.Journal of Business Research. 69(2). pp.897-904. Felix, R., Rauschnabel,P. A. and Hinsch, C., 2017. Elementsof strategicsocial media marketing: A holistic framework.Journal of Business Research. 70. pp.118-126. Feng, H., Morgan, N. A. and Rego, L. L., 2015. Marketing department power and firm performance.Journal of Marketing. 79(5). pp.1-20. Fortenberry Jr, J. L. and McGoldrick, P. J., 2016. Internal marketing: A pathway for healthcare facilitiestoimprovethepatientexperience.InternationalJournalofHealthcare Management. 9(1). pp.28-33. Gneezy,A.,2017.Fieldexperimentationinmarketingresearch.JournalofMarketing Research.54(1). pp.140-143. Homburg, C., Jozić, D. and Kuehnl, C., 2017. Customer experience management: toward implementing an evolving marketing concept.Journal of the Academy of Marketing Science. 45(3). pp.377-401. Kannan, P.K., 2017. Digital marketing: A framework, review and research agenda.International Journal of Research in Marketing.34(1). pp.22-45. Kerin, R. and Hartley, S., 2015.Marketing: the core. McGraw-Hill. Kotler, P. and et. al., 2015.Marketing. Pearson Higher Education AU. Lovelock, C. and Patterson, P., 2015.Services marketing. Pearson Australia. Wedel, M. and Kannan, P.K., 2016. Marketing analytics for data-rich environments.Journal of Marketing.80(6). pp.97-121. 7