Amarketing strategy is an approach a business takes to sell its goodsor services (Shankar,Venkatesh, and Carpenter 5).A good marketing strategy will attract more customers to Big Bottommarket and make them loyal to the food and wine store.
Stepsto Manage Cash flows Seasonality of the Businesses
Managementof Big Bottom Market should adopt different strategies in managingthe cash flow of the company. It can rationalization staff. Themanagement should ensure that there is no duplication of duties andresponsibilities. The process would involve looking at all theoperational tasks and merging some so that the business is efficient.An example is the waiters can also attend to the payment counter.That way, the business would not need to have a person whose soleduty is to receive payments.
Thestore can also increase the output of its popular dishes. It shouldthen find ways of packaging and selling them to customers throughother retailers or making deliveries. The approach would increasesales.
Managementcould also lease equipment as opposed to buying. The store would liketo run a food truck. It could lease it. That will allow the store totest the food truck idea and if it is not successful, it can stop thelease.
Advantagesand Disadvantages of the Ideas from Employees and Customers
Thefirst idea was the introduction of food truck to help increase thesales and the popularity of the Big Bottom Market store. Theadvantage is that as the truck moves around, it will make the BigBottom brand visible, through posters of Big Bottom, on it. I willalso provide an avenue of selling more of Big Bottom’s products andmay lead to more sales. The disadvantage of this idea is that it isexpensive to acquire a food truck and also get equipment for such anoperation.
Openingfor dinner is another idea, which will increase the sales of thestore. It will create a chance to sell more and also attractcustomers who like going out for dinner. Its disadvantage is that thestore will have to compete with other stores that open for dinner.
Theother idea is for Big Bottom Market to offer a catering service. Itwill create an opportunity to sell more and target a differentmarket. The disadvantage is that it will have to compete with thecurrent players in the town’s catering industry. If it fails to winover customers of existing caters, it will fail.
Marketingto Guerneville residence is a good idea. It will increase awarenessof the Big Bottom Brand and may result in more sales and customer.The disadvantage of marketing is that it is expensive and sometimesfails to give the desired outcome.
Anothergood idea is for the business to emphasize on its signature products. Customers like these products and may purchase them repeatedlyleading to steady revenue streams. The disadvantage is it may bedifficult to convince the gourmet wholesalers to sell them. It isalso wise for a business to diversify and not concentrate on aparticular line since consumer tastes and preferences are dynamic.
OtherIdeas for the owners to consider.
Thestore can lease out equipment or production capacity during off-peakseasons. The company may have an agreement with other businesses inthe food industry such that it can make for them particular productsduring the low seasons.
Thestore can also hire out space for events during low seasons whichwill ensure that the business still gets revenue in the low seasons.
Thebusiness should also invest in online marketing and also create anonline store. An online store will help it target more customers andincrease its market reach and appeal (Shankar et al. 332).
BigMarket seeks to raise sales and profitability. The business aims toattract more customers through the current range of products andservices. It also seeks to make more clients loyal to the brand.Ultimately, the store intends to appeal not just to the residents ofGuerneville but to the national and international market.
Researchof the Market and Analysis
Bigbottom’s market is seasonal. The market relies heavily on tourist.The tourist mainly visit the town to see its winery boutiques or tohike. The business competes with other stores in the area.
Demographicsof the targeted customers
Currently,the target customers are tourists and the residents of Guerneville.The firm needs to increase the target demographic and customers byexpanding into the catering industry, online sales, a food truck andselling its product through wholesalers.
Serviceand outline of the product
Thebusiness currently offers lunch and breakfast to its customer. Itneeds to expand through a food truck, providing catering services,selling its products through wholesalers and opening an online store.
Discountingand pricing guidelines
Thestore does not have one, but they should offer loyal customersdiscount vouchers. As they start selling their products throughwholesalers, they may price them at a lower price to attract clientsand stimulate demand.
Retailand wholesale strategies
Thebusiness will use its store inGuerneville.It also intends to use a food truck and gourmet wholesalers likeBi-Rite located in Sans Francisco.
Thestore may brand the food truck so that as it moves around the town itcreates awareness about Big Bottom Market. The store may also createa website to increase its online presence and act as a marketing toolto raise awareness about Big Bottom Market. The store can useFacebook to market itself.
Thestore will incur the cost of setting up of a website and cost ofbranding materials like stickers to put on the food truck when it isacquired.
BigBottom Market can employ Facebook as a social media tool in itsmarketing strategy. It will have to put a Facebook page and get a lotof people to follow the page. The Facebook page should act as aplatform where the store tells the page’s follower about offers,discounts, and new products. It can also tell of the firm’sintention to open for dinner. The page should also enable customersprovide feedback and make suggestions. Social media personalizes thecustomer experience and is a valuable tool for businesses to interactwith clients and gain loyalty.
Marketingstrategies help a company remain relevant. They also help a businessto keep in touch with its customer in a dynamic industry.
Shankar,Venkatesh, and Gregory S. Carpenter. Handbookof Marketing Strategy.Cheltenham, UK: Edward Elgar Pub, 2012. Print.