Marketing plan for Colloquy Grog Shop

Executive summary

Colloquy Grog Shop is a very prestigious and distinct local coffee bar that provides an a third place where singles can convene and get a chance to have a reflecting conversation while taking coffee. It is typically a bar that offers a unique service of offering a person-meet environment. The business is situated in the United States and serves most of the states. The structured system of conversation provides an atmosphere that brings down inhibitions and in return builds confidence for single persons to come and meet other singles. The target group for the Colloquy Grog Shop is adults ranging from 25 to 45 years and also provides counsels to the cognitive and social problems for this group. The Colloquy Grog Shop has not lasted long since it begun and therefore; marketing is essential and critical to the success of this business and for the purpose of long-term profitability. The business has gathered enough information considering all the dimensions of its market and this allows the business to know the various common attributes of the loyal and majority of its loyal customers. In this regard, the business has prepared a marketing plan that will help the managers understand who they are serving, the environment of the business marketing, the specific needs of the customers and how to better the services for effecting marketing of the Colloquy Grog Shop.

The 5C’s

To expound the details of the Colloquy Grog Shop, an analysis using the 5 Cs would best position the company into its correct category.

Company: the company name is Colloquy Grog Shop and deals with providing a person-meet environment for single persons. The company offers complementariness such as coffee and counsels to the customers.

Collaborators: the company works independently whoever it is aiming to work closely with George’s club among other clubs and social communities.

Customers: the customers for this shop are professionals and business people and all the interested singles that are looking for partners or want to find people they can work with in businesses. On this note, the customer needs catered fore is convectional conversations that are constructive and fruitful.

Competitors: the potential competitors include local clubs community social meetings and local cafes.

Climate: the macro-environmental factors for the Colloquy Grog Shop include microeconomic issues like interest rates, inflation rates and the business cycle. Technological development for the shop is still under development.

 

Situational analysis

There has been a great task ahead of organizing and facilitating new friendships creation to fit the market needs. In addition, the company is opting to offer changing menus for various drinks in addition to coffee that is currently offered. These include the microbrews, menu of tapas so that the benefits of the customers such as selection accessibility and customer service are improved (Lai, Mo, Lau, Gu & Hao, 2016). Considering also the marketing trends that are headed to more sophistication, the company is also expected to develop more sophisticated strategies that will ensure that the food quality, the quality of the conversations and accessibility of single persons is reached seamlessly. In addition, growth of the market is another essential factor that shall be addressed in the marketing plan (Lai, Mo, Lau, Gu & Hao, 2016). This is because the net expansion has recently been slow compared to the target and the marketing goals the have been keyed in the strategic plan of the company. In order to comprehensively understand the situation of the Colloquy Grog Shop Company, an analysis of the strengths, weakness threats and opportunities that surround the business would be best analyzed in a SWOT analysis (Lai, Mo, Lau, Gu & Hao, 2016).

Strengths

• The shop has a very strong relationship that exists with the third party vendors.
• The company also has an excellent staff that has been trained to attend to the customers.
• The system of the structural conversation is also a stronghold of this company (Fong & Rashad, 2015).

Weaknesses

• The brand equity for the Colloquy Grog Shop is indeed limited
• There exist some struggles of raising consistent topics for conversations
• The marketing budget for the shop is also limited and this slows down the awareness process of the company

Opportunities

• The Colloquy Grog Shop has a large market target of reaching those people who are not aware with the business and its services
• The increasing sales that result familiarity of the business as customers enjoy the benefits of the structured conversation system
• The shop has also the potential capabilities of lowering the service prices in promotions and other efficiency gains ((Fong & Rashad, 2015).

 Threats

• There exists a stiff competition from taverns
• Competitions from the social events for singles as well as community meetings
• The economic fluctuations at national and global level will significantly affect the financial stability of the company.

Competition

The competition comes from different sources with the main ones being coffee shops and bars. Some have provided better services and environments that are more favorable in meeting people than Colloquy Grog Shop. However, most of the coffee shops usually lack the organized and structured activities that may bring singles together. There are various social events whose sole aim is bringing singles together (McDonald, 2007).

Marketing strategy

The marketing strategy for Colloquy Grog Shop will be purely based on communication of the business values to the targeted segments through a variety of methods. First, advertisements will be the forefront strategy majorly through the Willamette Weekly as well as the magazines of art of all the entertainment companies. The marketing strategy will also establish strategic relationships with other companies the serve similar demographics of customer service (McDonald, 2007). The Multnomah athletic clubs a one of the prime examples that would be best in establishing a mutual relationship for the purpose of developing visual transparency in marketing strategies. The Colloquy Grog Shop will also embrace the form using grassroots as the mode of advertisement whereby the first time customers shall be given coupons. The coupons will be an economic incentive and a welcome to the Colloquy Grog Shop (McDonald, 2007).

Marketing objectives, mission and vision

The objectives of the company include developing the brand awareness to boost the number of customers and stabilizing the income profits and costs by increasing the number of sales minimizing marketing expenses. Among the financial objectives, the company is aiming at reducing the variable costs to reach the profitability within the first one year of marketing strategy implementation. This will assist to double the growth rate for the future operations of the business.

The target market

The demographics of the singles would be further specified depending on the professional and the status. In this case, the target will focus more on people who earn an income of over $40000 which is believe that most people in this category are professionals. The next criteria would be professionals because the core aim of the Colloquy Grog Shop is to promote a thoughtful conversation which would be hardly achieved by non-professionals. In addition, the most professionals are able to appreciate the need for a thoughtful conversation. The target market is people between 25 and 45 which constitute the largest number of singles who are looking for companion.

Marketing mix

The marketing prices of the Colloquy Grog Shop are comprised of the 4ps which include place, pricing promotion and customer service.

Pricing: the pricing will follow the competitive pricing strategy which will offer slightly higher than the prices of competitors (Sorger, 2012).

Place: the Colloquy Grog Shop’s retail place will be the distribution zone for all products and services

Promotion: promotions will be done through advertising through Willamette weekly and grassroots systems.

Customer service: the philosophy of the Colloquy Grog Shop will be to do whatever it takes to impress the customer to strengthen long-term profitability (Sorger, 2012).

Financials

This section of the marketing plan will break down the analysis off financial flowage for the marketing activities for the Colloquy Grog Shop. It will address the sales forecasts, expense forecast and how the two link to the broader plan of the marketing strategy. In summary, the breakdown analysis shows that the company will require 30, 500 dollars to for the transition of the break-even points (Sorger, 2012). In the sales forecast section of the plan, the first three months will be invested in hiring a marketing personnel, grand opening and in setting up physical locations for the marketing strategies. The expense forecast will budget the marketing expenses such that they remain steady throughout the year (Sorger, 2012).

Implementation and evaluation

The implementation of the marketing plan will be guided by a list of milestones that mark the progress of the plan at different intervals. The plan will monitor the strategic promotions and the grassroots promotion with their progress timed and analyzed (Westwood, 2013). The budgeting for the advertisements will be allocated to enable the two modes of marketing which is roughly estimated to be $18, 800. The implementation will also fund the direct marketing, the online web marketing design and development which is estimated to be $20, 400. The achievements will be upheld while more efforts shall be allocated in bringing up the marketing fails (Westwood, 2013). Control of the marketing activities will be guided by the marketing plan. In order to ensure that the improvement of the marketing sector for the Colloquy Grog Shop is ongoing, the shop will use the customer’s feedback and the statistical analysis methods to evaluate the move (Westwood, 2013).

Contingency planning

There are several impending difficulties that must be addressed for consistency of marketing improvement for thee Colloquy Grog Shop. Among them, the company is at the risk of liquidating equipment in its efforts to cover liabilities, lack of independency in supporting itself on continuous basis and lower consumption of alcohol that the plan has forecasted. The company shall have to address these difficulties beforehand (Luther, 2001).

 

References

Lai, C. Y., Mo, P. H., Lau, J. F., Gu, J., & Hao, C. (2016). Association of Situational and Environmental Factors With Last Episode of Unprotected Anal Intercourse Among MSM in Hong Kong: A Case-Crossover Analysis. AIDS Education & Prevention, 28(1), 26-42.

Fong Mun, Y., & Rashad, Y. (2015). The Comparison between NGO Marketing and Conventional Marketing Practices from SWOT Analysis, Marketing Mix, and Performance Evaluation Perspectives. International Journal Of Management, Accounting & Economics, 2(9), 1075-1087.

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McDonald, M. (2007). Marketing Plans: How to Prepare Them, How to Use Them. Burlington: Elsevier.

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Sorger, S. (2012). Marketing planning: Where strategy meets action. Boston: Pearson.

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Westwood, J. (2013). How to write a marketing plan. London: Kogan Page.

Luther, W. M. (2001). The marketing plan: How to prepare and implement it. New York: AMACOM.

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