Marketing Essentials: A Comprehensive Report on Hungry Box Chicken

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Marketing essentials

Table of Contents
INTRODUCTION...........................................................................................................................................2
TASK 1..........................................................................................................................................................3
TASK 2..........................................................................................................................................................5
TASK 3..........................................................................................................................................................9
CONCLUSION.............................................................................................................................................14
REFERENCES..............................................................................................................................................15
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INTRODUCTION
The study of market essentials is aimed to provide the learner about the strategies and the
plans need to enhance their business. It includes the basic principles and plans through which
any organisation would enhance their business. The market essentials introduce how the small
and big organisations use marketing to achieve their goals, how they take care of their
customers to enhance the business. The organisation uses many strategies and techniques to
develop their business and get profit in it with the help of market essentials. The main motive is
to know the customer’s need, which leads to the success of the organisation. The overall goal is
to understand the requirement of the organisation and fulfil them in a strategic manner. The
overall study of marketing essentials will provide the knowledge and skill for expanding the
business in a strategic manner and how to earn profit from it.
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TASK 1
It is important for any organisation to have marketing essentials to enhance its business and get
profit in it. It is essential for the organisation to make a plan for the product and implement the
plans in a strategic manner to gain profit (Vance, 2019). The organisation needs to maintain the
quality and quantity of the products as well as have to look after the needs and willing of the
customers. And to fulfil the willing of customers the organisation must have strong marketing
plans which help in achieving the targets.
Hungry Box Chicken serves fresh chicken in many cities in the UK. But the customers are not
satisfied with the services and the food they provide, according to the customer’s the food is
unhealthy and not fresh which leads to an unhealthy environment. It is not sufficient to
enhance the business, the strong plan and strategy needed to turn the business into profit.
First, the organisation has to analyse these points and according to that make proper plans and
then implement them.
RESPONSIBILITIES OF MARKETING IN THE ORGANISATION
The organisation has to look towards some key features to develop the business-
Promotion of the product/positioning - The organisation needs to introduce the product with a
tagline or any logo which make it more interactive with the customers. The main motive is to
gain the faith of customers and make the customer willing to use the products. As more, they
hear about the product they wills to use it which enhance the business.
Quality and quantity of product/targeting - The quality and quantity of the product plays a
vital role in any business, like in the hungry box chicken, the organisation have to maintain the
quality of the chicken, the organisation have to look after the freshness and taste of the
chicken which plays a vital role in bringing the organisation forward. The chicken has been
fresh and delicious and the serving of that is same in all countries, means there is no difference
in the taste, quality and quantity of the chicken also, the services have to be good.
Willing of customer/segmentation - This is the main point that every organisation has to look
after. If the organisation doesn’t know what their customers actually want then it leads the
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organisation downstairs. No doubt their business works, but it doesn’t expand. For expanding
the business, the organisation needs the feedback of the customers that helps in maintaining
the quality of the product. In case of hungry box chicken, the reviews of the customers played
an important role in knowing the quality of the chicken and now the organisation have to work
on the quality of the chicken.
Price - The price has to be according to the quality and quantity of the products or according to
other brands. To enhance the business it is better to put the price similar or less from other
brands so that customers get attract with the quality as well as with the price of the product.
The customers just want good quality at fewer prices. In case of a hungry chicken box, the price
has to be similar or less than other big brands. So that it became affordable to the customers, If
the price is less and the quality is better it is beneficial for the customers as well as for the
organisation.
Risk-beneficial for the organisation - It is a big question arises in every field that taking risk is
advantageous or not. Taking risk have both advantages and disadvantages, it depends on the
strategy an organisation is using to take the risk. If the planning for the risk is in well-known
mannered, it is beneficial because the outcomes are known to the organisation. On the other
hand, if there are no plans or if the organisation executes the plan without knowing the result
of the action, it may lead to the organisation in the loss.
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TASK 2
To achieve the market objectives the organisation has to follow different strategies to achieve
their goals. Market objectives can be defined as the list of strategies which an organisation uses
and with the help of these strategies an organisation gets the right direction to achieve their
goals. In market objectives, the outline of the intentions is prepared and then implemented
with the help of the team (Meffert et al., 2019). First, you have to set your goals and then have
to drill down into the details of the goals. The market mix used to achieve overall business
objectives are-
Product
Product is what a company selling, which includes the features of the product, the benefits a
customer get from buying the product. An organisation needs to think about the need of the
customer in regards to the product means what the customer want including the quality,
quantity and services. Once knowing if they have to work in that area for growth of the
business, As Macdonald's done by knowing which type of food customer wants and for what
occasion (Rodrigues et al., 2016).
Price
Price is the pricing strategy of the product means how much a customer is going to pay for that
particular product. The organisation has to mark-up the profit margins, payment methods and
other costs of the product. For gaining more profit the organisation needs to introduce
discounts or seasonal pricing. In the case of Macdonald's they bring many offers and discounts
on festivals for their customers and also the price of the product is in customers range. Hungry
Box Chicken also needs to provide some discounts and offers to the customers and put the
price in customers range so that they get attracts toward the brand.
Promotion
Promotion of the product is waking the customers about the product through advertisements,
sale tactics, promotion and direct marketing. Hungry box chicken has to interact with the
customers through advertisements, sales and by opening more and more restaurants in
different places of the world. For example, Macdonald's has a great interaction with the
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customers through the advertisements and the restaurants which result in making it one of the
biggest fast-food organisations in the world.
Place
The place where the product is prepared, seen and sold out. Macdonald’s opened a bar-B-Q
restaurant in fourteen and an E street in San Bernardino, California in 1940. The success of the
restaurants led them to franchise their concept. MacDonald's continued expanding its business
in the international market. Today it has more than 36000 restaurants in more than 100
nations. Means if an organisation wants to start a new business it is very necessary to choose a
correct location for it.
People
People are the persons who are directly or indirectly connected with the organisation these
includes the staff and salesperson. The organisation should have to recruit the people who have
to capability to work for the organisation, they have the knowledge about the field because if
an organisation provides a better facility to their customers, it creates a positive experience for
the customers which enhance the popularity if the brand. Macdonald’s chosen the correct
person named Ray Kroc as their franchise agent which played a major role in making the
company a huge brand.
Process
Process refers to the strategy of an organisation using for serving its customers. If the services
of any organisation are good then it leads to the popularity of the organisation as well as make
easy to do business. The thing is, an organisation needs to value their customer's money and
time. Macdonald’s is providing the home deliveries of food, online ordering of food which saves
customers time and also customer's money by ordering the food at a discounted price.
Physical evidence
Physical evidence refers to whatever appears in front of the customer. This may include the
packing of product, branding of the product, physical appearance of the product, the place
where the product is served, the staff who serve the product, dress up of the staff and the
services. MacDonald’s firstly concentrated on the architect design for the building and
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introduced the Mansard roof design in 1969. Today Macdonald's roof design seems to be
unique.
The Ansoff matrix is a tool used by the organisation to analyse and plan their strategies for
growth. This tool is used by most of the organisation because of its simplicity and ease of use.
The Ansoff matrix was developed by H. Igor Ansoff in 1957 and was published in the Harvard
Business Review. The Ansoff matrix is categories in 4 strategies.
Market Penetration - Market penetration is a strategy in which an organisation focuses on
selling the existing product in the existing market. This strategy is used to achieve the following
targets:
 To maintain or increase the market shares, this can be achieved by promotion of
products, advertisement and by competitive pricing strategies.
 Increasing the number of existing customers, this can be achieved by introducing new
loyalty schemes and offers.
 Building a strong market by driving out the competitors and can be achieved by a much
more promotional campaign.
Product Development - Product development is the strategy in which the company focuses on
introducing the new product in the existing market. It involves research, development and
expansion of the product. This strategy is followed if the organisations have a strong knowledge
of their current market and have the capability to meet the needs of the existing market.
Market Development - This strategy is used for entering a new market with the existing
product. It can be done by entering into the new domestic market or foreign market and
catering to different customers.
Diversification - Diversification focuses on entering the new market with new products.
Although this strategy is might risky as both the market and the product are new. For
diversification, the organisation has a clear idea about what they are expecting from the
strategy and what results they obtain.
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TASK 3
Writing a market plan assure an organisation that the strategy they are following will lead the
organisation towards success. It ensures that the organisations are using their resources and
time effectively and also provide guidelines and a perfect plan for marketing. A market plan is a
blueprint of the ideas, strategies, techniques and resources used by the organisation in setting a
business. There are some key points which an organisation has to consider for planning a
business.
EXECUTIVE SUMMARY
The executive summary is a blueprint or a synopsis of the company's marketing plan. As every
business needs a good marketing plan to attract customers and investors. An executive
summary is a miniature form of the market plan. The executive summary contains different
sections that include the description of the product, product development, management,
market analysis, competitive analysis, operations, goals, strategies and description of the
company.
COMPANY OVERVIEW
A company overview contains the important points about the company like-company history,
management team, location, mission statement and legal structure. Hungry Box Chicken is a
food organisation which serves fresh chicken in more than 10 cities of UK. Mr Thomas green
who is the chief executive at Hungry Box Chicken handle the organisation’s business. Hungry
Box Chicken is situated in London and provides serves fresh chicken in more than 10 cities of
UK. The aim of Hungry Box Chicken is to provide fresh chicken to more and more people and
also new varieties of food
MARKET SITUATION ANALYSIS
Market situation analysis involves the evaluation of the situation and trends in the market. The
aim of market situation analysis is to determine the area where marketing efforts are needed
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and to implement the business plans accordingly. This serves as a guide for the team to make
the decision regarding the business. The market analysis has two main sections:
Internal Market Situation Analysis - In internal market situation analysis the organisation
analyse the situation of the company such as working, goals and objectives. The other analysis
is of competitors that includes the share and market position of the company and compare that
with the other companies. That helps in finding the strength and weakness of the competitors.
In addition, SWOT analysis and value chain analysis are done.
Swot
Swot analysis is conducted to determine the strength, weakness, opportunity and threats that
may affect the business and performance of the organisation (Dalton, 2019).
Strengths - Strengths are the positive attributes your company have like the knowledge, skills of
the member or the physical assist like the equipment, customers, cash, and technology. Hungry
Box Chicken needs to know their strength that what they have positive for their business.
Weakness – Weakness is the negative factors which the organisation needs to overcome.
Hungry Box Chicken has the weakness as the quality of chicken they are serving. The
organisation needs to overcome the issue.
Opportunity - Opportunity is the extra factor in a business environment which contributes to
the success of the organisation. As hungry Box Chicken has the opportunity to enhance the
quality of the chicken as well to introduce the new varieties of food to success their business.
Threats - Threats are the factors which are not in the control of the organisation. Change in
behaviour of the customers or the environment of the market. Hungry Box Chicken needs to do
proper planning to overcome the threats.
Value chain analysis
Virtual chain analysis is a process in which the organisations divide the activities into primary
and support activities and then analyse. Primary activities are the activities which directly
concerned with the conversion of input into output and distribution activities like-inbound
logistics, operations, outbound logistics, marketing and sales, services. Support activities are
those which assist primary activities means support the primary activities like-technology
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development, human resource management and infrastructure. Hungry Box Chicken needs to
divide its activities in primary and supporting activities and then analyse.
External Market Situation Analysis - In external market situation analysis the organisation
emphasis on external situations of the market this includes the PESTLE and PORTER five force
analysis.
PESTEL analysis
PESTEL analysis is a tool used by the organisation to track the environment they are working in
to launch the new products. The PESTLE is Political, Economic, social, Technological, Legal and
Environmental. PESTLE gives a complete view of the environment from different angles and
keeps tracking of it while completing the task. Hungry Box Chicken got reviews from the
customer through which they come to know about the quality of chicken.
PORTER’s five force analysis
PORTER’S five force analysis is used to determine the profit potential of the business and gives
the opportunity to gain a profit which differs from the business sector to the business sector. It
contains five forces which are essential for gaining the profit in business (Aithal, 2016). These are
– supplier power, buyer power, Threat of substitutes, Potential entrants and competition in the
business sector.
SEGMENTATION
Segmentation is the process of targeting the market for their products based on different
criteria after understanding the needs, lifestyles, demographics and personality of the target
(Beltrán, 2019). There are two ways to segment the target-
Demographics - Demographics refer to any combination of age, gender, income, education,
ethnicity, marital status, education, size.
Psychographics - Psychographic refers to the personality and emotions like behaviour, lifestyle,
hobbies, purchase choices and leadership traits.
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TARGETING
Target marketing is an approach in which an organisation selects a particular target and does
efforts to achieve the target with proper planning (Rezaee, 2018). Target marketing can be done
in three ways. First is the single market target approach in which the organisation selects one
particular market target and do efforts to own it. Second is the multiple market target approach
in which more than two targets are selected. The third approach is the combined market target
approach in which many submarkets are combined and the same strategy is followed for all
targets. The targets may depend on the size, growth, competitive position, cost to reach or
compatibility. Hungry Box Chicken needs to target their lost customers by gaining their faith
and also make new customers by enhancing the services.
POSITIONING
Positioning is a process in which the organisation outlines the strategies through which they can
position their product or services in the market that can be done with the help of promotions,
price, place and product. Positioning can be done by advertising the product, positioning in the
sales location and by price (Kuuru and Tuominen, 2016). The organisation needs to do
promotions for their product in a different location by directly communicating with the
customers or by media. The price of the product is in the customer’s budget so that they get
attracted to the product.
BUDGET
The budget is the estimated cost an organisation needs to project its product or services. This
includes all market cost like marketing communication cost, salaries, cost of office space and
media. The organisation has to do some prior research to get an estimate of the budget (Sari,
2019). Generally, the budgets are categorised in two types
Marketing expenses - This includes the salaries, office space, travel cost, fixtures and fittings,
and advertising agencies commission.
Marketing communication costs - This includes personal selling, printing, mailing, advertising,
direct marketing, sales promotion, events etc.
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