Overall this project has been very eye opening for me in terms of the marketing world. I am majoring in marketing so i believe it was critical for me to learn the skills of creating a marketing plan. I have no doubt that at some point in the future i will have to create a marketing plan for a company i am working for. I have learnt now thanks to Dr gray that when in the real world, if deadlines for projects are missed then there will be no second chance. I feel that my marketing plan will be of sufficient use to my Dad and his company. But i have to be realistic and realize this is the first time i have ever wrote a marketing plan, i will get better at it with practice.
So i hope everyone learned some valuable skills from this class. Good luck with your presentations this week and have a great Christmas :)
Monday, November 30, 2009
Keys to Success
In any line of business there has to be key notation on the keys to sucess. For tailored solutions to be successful it will have to:
- Build a well rounded and complete marketing strategy so their is defined targets.
- Maintain a high report of professionalism and dedication towards its clients.
Target new clients so a profit can be produced and the annual income of existing clients will make sure the company breaks even.
- Lower the costs that are not neccesary.
I believe that the preceeding points are essential for the company to be successful. Anyone think i need to add any more points?
- Build a well rounded and complete marketing strategy so their is defined targets.
- Maintain a high report of professionalism and dedication towards its clients.
Target new clients so a profit can be produced and the annual income of existing clients will make sure the company breaks even.
- Lower the costs that are not neccesary.
I believe that the preceeding points are essential for the company to be successful. Anyone think i need to add any more points?
Strengths
Within the SWOT analysis strengths, weaknesses, opportunities and threats are covered. I going to post the strengths of the business and if there areas of improvement that can be recommended to me:
- Small, Local business capable of developing personable, lifetime relationships with customers.
- Expert advice in the financial advisory industry.
- Have two qualified directors that are responsible for investment advice which forms 85% of the revenue.
- Seven experienced technical staff, with some high level specialist knowledge.
- Good location near shopping center and subway for local traffic visibility.
- Deal with clients as they prefer; remotely at office or at their home.
- Small, Local business capable of developing personable, lifetime relationships with customers.
- Expert advice in the financial advisory industry.
- Have two qualified directors that are responsible for investment advice which forms 85% of the revenue.
- Seven experienced technical staff, with some high level specialist knowledge.
- Good location near shopping center and subway for local traffic visibility.
- Deal with clients as they prefer; remotely at office or at their home.
Current Event
Hello all, how is everyones blogs going? Good I hope :)
Well as you all know we were giving an assignment at the start of the semester in which we had to produce a current event on an entrepreneur not known to the class. I chose to do my current even over a man called Justin Gagnon. He ended up leaving his job, which i now know thanks to Dr gray that he was actually released due to the company folding. He then moved in to his parents house with two other friends and they each invested $6,250 in the the family catering business. The companie caters healthy lunches for children in the california district. Well in 2008 it was reported that they brough in a revenue of 3.8 million. I believe this is fascinating as they would be up at the crack of the dawn making lunches and up late at night have business meetings together. It just shows you how hard work can pay off!
Well as you all know we were giving an assignment at the start of the semester in which we had to produce a current event on an entrepreneur not known to the class. I chose to do my current even over a man called Justin Gagnon. He ended up leaving his job, which i now know thanks to Dr gray that he was actually released due to the company folding. He then moved in to his parents house with two other friends and they each invested $6,250 in the the family catering business. The companie caters healthy lunches for children in the california district. Well in 2008 it was reported that they brough in a revenue of 3.8 million. I believe this is fascinating as they would be up at the crack of the dawn making lunches and up late at night have business meetings together. It just shows you how hard work can pay off!
Competition
The industry Tailored Solutions competes for new customers. But it is rare for existing customers to leave the company. The reason for this is because once customers have found a financial advisor they trust and believe in they will not go searching for new one. The three companies that tailored soultions competes with for new customers are Alan Boswell Group, Carlton Independent financial advisors and smith and pinching. Where tailored soultions has an advantage is they are a small family run company. We hope to offer clients more one to one meetings as we do not have as many clients as the other organizations. Do you think this is a good way to compete with bigger firms?
Mission Statement
I had been toying about creating a mission statement and ended up creating what i believe was a succesful one in the end for Tailored Solutions. I received helpful terms from the owner of the business when they sent me this:
Our mission is:
- To provide an outstanding and superior fiancial service to our clients.
- Through well trained empathetic, customer trained staff.
- Using Cutting edge IT that works and adds value to the business.
- Following laid down structures ensuring consistency of value.
- Staff seeing themselves as professional regardless of position within the company.
- With a clearly defined job role.
As you can see this is all very well and good but it is too long and not concise enough. I came up with "Tailored Solutions is leading the Independent Financial Idustry within Norwich due to empathetic and customer trained staff, using cutting edge IT that works and adds value to the business". What does everyone think?
Our mission is:
- To provide an outstanding and superior fiancial service to our clients.
- Through well trained empathetic, customer trained staff.
- Using Cutting edge IT that works and adds value to the business.
- Following laid down structures ensuring consistency of value.
- Staff seeing themselves as professional regardless of position within the company.
- With a clearly defined job role.
As you can see this is all very well and good but it is too long and not concise enough. I came up with "Tailored Solutions is leading the Independent Financial Idustry within Norwich due to empathetic and customer trained staff, using cutting edge IT that works and adds value to the business". What does everyone think?
Decisons
Overall i am very happy that i decided to chooses Tailored Solutions for my marketing project. I believe that this company has all the foundations to become a great success if it it had some leadership and plan to follow. I also have a bias towards this company to do well because my Dad is the co founder of it. I am receiveing help with the information from my Dad as he knows all of the rules and regulations involved with individual financial planning. It is essential that i am informed of all the new legislations that are about to be brought in around the next couple of years as i can build my marketing plan into one that will combat and work with these.
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