BSBMKG541 Identify and evaluate marketing opportunities Assessment Task 2: Project Portfolio Section 1: Explore and evaluate marketing opportunities The Business Provide an overview of the business including: products and/or services offered its strategic objectives and goals its organization structure. Neon Memories Diner is an area for own circle of relatives togetherness prepared round a not unusual place love of the conventional American diner and the less difficult instances of the '50s and '60s. Neon Memories Diner transcends a normal topic eating place via way of means of setting actual coronary heart into customer support and the first-class of its food, in order that its particular presentation and references to instances beyond are simply a part of the picture. Goals: Achieve sales of $1. 8 million in line with 12 months in 12 months three Open a 2nd eating place in 2022 Become the pinnacle own circle of relatives eating place in Who live with the aid of using cease of 12 months three Implement Neon Points purchaser loyalty program Implement purchaser remarks system Create Facebook web page to increase website Market needs Provide an analysis of the market relevant to the business, for example: • Market trends Market trends: Sustainability: Wasteful intake is genuinely excessive at the schedule on each aspects of the pond, however 2022 might be the 12 months while smaller manufacturers start to take the lead of the huge boys and make sustainability a key emblem value.
• Growth rate. Personalized marketing: Customized advertising is now not handiest to be had to large manufacturers with deep pockets.Thanks to gear together with Mail chimp and Zoho, the cap-potential to ship customized e-mail advertising campaigns to distinctly focused audiences is to be had to nearly each business. Data is for ex with inside the virtual age, and in 2022, you ought to count on to pay attention some distance extra advertising professionals telling you that personification is the manner you'll find - and retain - new customers. Growth rate: Restaurant income are projected to reach $889 billion in 2022 with a 4% growth rate, faster than industry income growth of 3.6% or $863 billion in 2021. New markets Based on your review above, identify new markets for the business. Identify at least three. Enhanced technologies: more technologies which means enhancement in promotion of the company. Growth in restaurants: more inventions of restaurants of different countries.New dishes: this is beneficial for restaurants because varieties have more to offer. Marketing opportunities Based on your review above, identify marketing opportunities for the business. Identify at least three. New merchandise or services: more to offer Making a website: Benefits are- Online Presence 24/7 Information Exchange Credibility Cuts cost Market Expansion Consumer Insights Advertising
Expansion of technology: this would mean that there would be more ways to promote the company and implement in the company. Innovative approaches Identify and describe two innovative approaches that you have used to explore and develop marketing opportunities. Explain how the techniques you used assisted in the development of marketing opportunities. Internet was used to develop and explore the marketing opportunities. Smartphone was the way to access the internet. There are techniques to help find innovative marketing opportunities: Brainstorming: This technique makes use of a collection of humans to consider as many solutions in a predetermined time. Mind mapping: This approach takes be aware of each concept that involves thoughts and lets in you to hyperlink thoughts or concepts. Write down apparent and non-apparent thoughts and store the choice manner for later. Checklist: This technique asks questions: Why? Where? When? Who? What? How? Ask those query approximately your want or possibility and mirror at the solutions to generate ideas. Organizational fit Describe how each of the marketing opportunities you have identified fit with the organizational goals and capabilities. The goals of the company are: Achieve sales of $1.8 million in line with 12 months in 12 months three: This would happen through the new technology the website of the company. It would enhance promotions which also means more profit for the company. Open a 2nd eating place in 2022: this would work through the enhancement of technologies. This would help development franchises In different countries. Technologies would help stay in touch.
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