Old aged and retired people Essay

The new customers can be the group of old aged and retired people, which have not been addressed before. This potential group can also play an important role in the expansion of the customer base. Since by satisfying the needs of this group Bob’s Bicycle can get exposure to other customers group. Hence by selecting the group from the target market which have exposure to more masses the number of addressed individuals can be increased without putting additional efforts. Young and Adults: The youngster can also play an important role in the expansion of the customer base masses. 2. 4 Long Term Objectives: After achieving short-term goals, the vision of marketing plan will be enlarged to the long-term goals, which are as follows: SMART Objectives for the Bob’s Bicycle Objectives Activity Time Scale Required Responsibility Promotional Objective: Improvement in promotion by introducing new methods. methods 1. By implementing Web based advertising. 2. By sending e- newsletters. 3. By using the relationship with media more effectively. 4. By hanging billboards on important educational places January 2009 Marketing Staff. Market Share Objectives: Increase in visitors for 25% 1. By using aggressive marketing techniques. 2. By gaining knowledge about the competitors steps through continuous research 3. By continuous performance evaluation and improvement. 4. By introducing new services. January 2009 Management & Marketing Staff. Profitability Objectives: Increasing revenue for 30-35% 1. After gaining promotional and market share objectives. Increase in profit to be attained by continuing above-mentioned tasks. 2. By introducing new and attractive programs for other age groups. 3. By improving the presentation of shop. June 2009 Management Product variety variables: Bob’s bicycle should apply the strategy of unique special features to offer its customers such as maps and information regarding different routes in London and outside London. The company should undertake special educational programs for the school children. Programmes should also be arranged for special social groups. Services: A range of customer services should be provided to serve the needs of customers. Arrangement will be made in future for the needs of special customers. To facilitate the facility to use credit cards and other modes of payments will be implemented. The reservations for institutional can be undertaken on Internet. Customer satisfaction will be seen as the foremost priority. A comment box will be placed at the most prominent place in the outlet and in all the shops to take the comments of the visiting customers, which will help, in undertaking service betterment process. The customers will also able to register their complain through these boxes and on Internet. The quick complaint handling will be undertaken in order to satisfy the customers. Position: In order to increase the sale income and generate the revenue the company needs to attract the customers from the target group of old ages and retired people as they will constitute the major part of the population in the UK in coming years. The second important group, which needs to be targeted, is the school going children and youth. Price: Keeping reasonable and competitive prices can increase the income of the Company. Special discount programs can be announced to old aged and retired customers. Establishment design: Interior layout will be designed in an effective manner to attract the customers. All the items in the shop must be displayed in an easy to reach and highly visible manner. To keep the environment clam and pleasing atmospherics—scent, lighting, colour, mirrors and music, should be used. Promotion: In order to establish a brand image it is strongly suggested that the company should establish a logo and advertising message. In order to promote the products and services to the target audiences the management needs to follow the persuasive advertising. Advertisements can be given in newspapers and magazines. The company can place ads in trade publications/tourism guidebooks in order to attract the earning individuals. In order to effectively approach the target market it is important to advertise on television on regular basis. Another cost effective technique is to send mails and promotional promos through Emails. Another important approach is telemarketing. Direct mail is another option. The advertisement campaign should include direct mailing, ads in magazines and newspapers, advertisements on Internet and promotional emails. In order to undertake a frequent strategic evaluation an annual plan control should be undertaken through setting small term objectives. The management should keep on analysing the performance in the market place. If there is deviation in the performance from the goals specified in the annual plan the reasons should be analysed. Conclusion: The company can take the advantage of the product differentiation but in order to make the most of it is important to design a successful marketing plan to support the strategy of the company. Marketing variables play an important part in the presentation and exposure to the target population. Age and geographic variables are also important factors. It is important for the company to target new segments in order to remain at the cutting edge. In order to remain competitive in the market it is important to present timely and effective information for the target population. The creation of a proper Marketing Information System and its updating on regular basis is very important for the Bob’s Bicycle to not only keep its presence felt but also to increase its marketing share. A step by step marketing plan should be undertaken in order to achieve the desired result. The management should undertake an annual evaluation of the plans and goals designed to achieve. This will help the company to correct its action towards the right direction. Continuous updating and promotion will make it possible for Bob’s Bicycle to achieve its goals in future. References †¢ Kotler, P. , (2000). Marketing Management, Millennium Edition, Prentice Hall, United States. †¢ Noorwood, G. , (2005). Retirement homes on the coast: The tide is turning away from urban amenities and back towards houses by the shore. Published: 26 October 2005, available at †¢ Warnes, T. , Lowles R. , and Kyeung M. O. , (2002). Older people in Yorkshire and the Humber, Sheffield Institute for Studies on Ageing, University of Sheffield, available from < http://www. ageconcern. org. uk/AgeConcern/Documents/regions_YH-DemographyReport-Part1. pdf> †¢ Woodland, R. , (2008). Cycling in UK schools trebles. News Monday 5 May, 12:01 am BST, Bikeradar. com, available at http://www. bikeradar. com/news/article/cycling-in-uk-schools-trebles-16102.