Target Market of My Business: Analytical Essay

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Target Market of My Business: Analytical Essay

Background

The name of my organization is Wil -Bek which will be found in Baastona –Accra, Wil-Bek is a company that manufactures and distribution of alcoholic and nonalcoholic beverages for now it’s a sole proprietorship but later due to circumstance I can change it to be a partnership.

The size of my organization is small since is a new company, will employ two labor workers in Will-Bek company, as time goes on, I will involve more personnel in the organization to reduce the unemployment rate in the community.

Wil-Bek produces nonalcoholic and alcoholic beverages such as pitoo, zaka bitters, orange, apple pineapple juice, and sobolo. Wil-Bek base on natural resources to produce consumer taste and preferences.

The wil-Bek organization will offer customer services to my consumer’s loyalty and affordable prices that the rich and poor can purchase, consumers can meet their taste and preference of the commodity. The cost will be low demand will be high.

The key competitor of Will-Bek company which affect the operation at the market area are, Despites company, Kasaperko company Ghana, and Guinness breweries, due to business strategy and a new way my product will be manufactured and distrusted am going to overcome them all.

My market target or customer segments are the children for the soft drinks and adults 18 aged, birthday parties, festivals, and marriage ceremonies. My mission statement of Wil-Bek company is to provide individual vital and quality products to my customers and my vision is to deliver loyalty to the world.

Introduction

In my analysis, the choice of trading status was sole proprietorship. Firstly, there was a definition of sole proprietorship. Some of the impact are overall control of the business profit are not shared, set up cost are low. In how to contribute to the success of the organization (Wil-Bek) improvement in customer service, working attitude, benchmarking, using feedback, and innovating business idea. These are some of Wil-Bek organizational contributions to the local economy. Employment opportunity and community growth. In findings, there are growth strategies of my organization which lead to me exist strategic of my organizational analysis. In defining a target market, there are pestle analyses used in highlighting the target market and also their research method used in highlighting Wil-Bek target market.

Reason for choosing sole proprietorship into Wil-Bek organization

Sole proprietorship is a business owned by one person” the reason I choose sole trading is because it’s easy to operate without using a lot of money to set up/ start. (Davies 2017, P.4)

Overall control of the business: Sole proprietorship has an impact on the management of the business, is because am the boss in WIL-BEK company I can make a decision quickly without the requirement to consult others opinions, all-important decision and the day-day activities is based on me, On the other hand, partnership business decision is made by the managerial committee and other staff personnel, being a sole proprietorship help me to make a decision on time without wasting must time no like the partnership whereby decision making takes a lot of time before it will be accepted which cost the business loss, there is a saying time is money, so as of me being a sole trading in my organization (WIL-BEK) company brings me a huge impact. As propose by Woodruff (2019) Profit are not shared: Sole trading brings a lot of impact in the organization whereby the manager of the business owned all the profit in the organization, he does not share the profit are not shared by any other personnel. The profit I gain can be used for any other project which can generate more profit for me. I decide what to use the money for. Not like the partner were the profit are share by the owners of the business. According to Ayres (2016). Start-up cost are low: Roddick (2011), proposed that low start-up cost and simple taxation are significant advantages to a new business owner who is still unsure about his company’s prospects. These benefit help me as a sole proprietor of WIL –BEK company, for me to set up this business plan which does not need a lot money before I start it and since is my own business I can choose to expand it if I want my organization to be multinational company by give the business format to the franchisee to operate it for instance, McDonald’s restaurants. Which make me a highly successful entity for new business. Easy to change its structure: According to Ayres (2016). it’s easy to change legal structure later if circumstance change, as a sole proprietorship of WIL-BEK company I can choose to change my legal status if circumstance changes. For instance, I can indicate to join some who have a broad idea about my company and have all the experience of it to become a partnership company.

How to contribute to the success of my organization (Wil-Bek)

According to Finklestein (2006) contribution to the success of the business is the way an organization will come out with more ideas and business strategies that help the organization to achieve its goals and objective.

Customer services: one-way Wil-Bek company can contribute to the success of the business is the customer service which means, the way I will take care of customers by producing a good quality product for them to develop a strong taste for on it. Finklestein (2006) composed, that many companies integrate customer services into the business culture through training and a relevant business process. I as Wil-Bek company owner I need to plan dictates how to produce quality customer service.

Working attitude: how I will contribute to the success of Wil-Bek company, as owner of the business I need to ensure disciple and develop a positive attitude toward workplace, both staff managerial committee and the and employees, need to be motivated so that they can work willing as their own business and produce a very quality product to the consumers, developing the “can do approach” toward work I need to accept 90 percent of the responsibility for the result of the business when success is achieved, giving glorious credit to other within the organization. Finklestein (2006)

Benchmarking: means the process of comparing the performance of a company’s product and service to the other company’s best in the business. Using the benchmarking method also contribute to the success of the business, benchmarking is one of the method which help companies to achieve it success by comparing my company (Wil-Bek) performance to other competitor’s companies who have being existing for years and also produces the same product as me to achieve my success, example Kasaperko company. (James 2017, P.94) Using feedback: Foster (2017, P .15) says that asking for feedback is getting communication from prospective employer information that have be situated ineffective following an interview, another way Wil-Bek owner can contribute to the success of the business is by the use of feedback from customer. The use of feedback from customers of Wil-Bek company give vital information about the company product due to the quality and the cost which need to be changed so that can fit consumer can meet their requirement.

Innovating business idea: Finklestein (2006 ) composed that one way an owner can contribute to the success of the business is by innovating new business ideas to achieve the success of the organization by using the new modern tools and equipment to make working essay and faster and also employing professional personnel who have an idea about the business am operating. The news modern tools, an organisation can achieve its success base on the type of tools they are using to produce a product which also grow the success of the business.

Hire the right talent: an organization can be important when they have the good talented personnel to co-operate with the success of the business, they are like to be productive and

creative and make the organization achieve its goals and objective, an the owner of Wil-Bek company for my organization to be successful I need to hired the right talent people with soft and hard skills which also pay much attention to the workforce, recruitment process in such a way that I can fish out the good once fit to be working with. Finklestein (2006)

How my organization contribute to the local economy

Brown (2018) propose that the importance of small business to local communities is enthusiastically entrenched in the business of marketing, the smell firms in rural area brings economic benefits of shopping locally and it can only be the type that can persist while serving a reduced population.

Employment opportunity: the business contributes to the local economy by bringing growth and innovation to the community, Wil-Bek company which will be established in Baastona community will help to stimulate economic growth my providing employment opportunity in the community to people who willing to work, it will also help some people to develop their talent and get his / her daily bread which will reduce the unemployment rate in the country. Brown (2018)

Contributing to the local government: when a business is established and consumers patronize the product it is a need to pay taxes to the government, Wil-Bek company will contribute to the local government by paying of taxes and local property taxes to the government which will be used for developing social amenities like building of hospitals, roads, schools for the community which also help the growth of the country. Brown (2018)

Base on locally made product and service: another way which also help the business contribution to the local economy is when a business uses it local resource to produce a produce without not going waste. Wil- Bek company depend on the natural resource such as orange, apple, and honey bee to produce its product, due to this which will also motivate the local farmer to work hard so that we get the primary product and use it for those beverages.

Community growth: smell business contributes to the local economy by unique identity and elaborate locally, it also helps to build a logic of community which the business tends to be people’s businesses. For instance, Wil-Bek company has really help Baastona society to be known on newspapers and social media because is a new business operating and also meet the taste of the people which has make the community popular. Natter (2018)

Growth strategy of my organization

Growth strategies Is the way a company attractive a large market share and at the expense of a short- term earnings or is the method a company uses to expand its business in largely contingent upon its financial situation, the competition and even government regulation some common growth strategies in a business are market penetration, market expansion, product expansion, diversification and acquisition. Seidel (2019). Wil-Bek company have the plan to growth its business strategies growth strategy by:

Market penetration: according to Suttle (2019) one strategy in a business is market penetration because here focus on expanding sale of the existing product into an existing market within the same market and the only way to growth, using existing product and markets is to increase market share, according to small business experts. Market share is the percent of unit and sale a company holds within a certain market. One-way WIL-Bek company can penetrate by increasing market share in lowering the prices. for instance, in a market where there is little differentiation among products, a lower price may help WIL-Bek company to increase its share in the market.

Market expansion/development: a market expansion growth strategy, is by placing an existing product into an entirely new market. Wil-Bek company can do this by finding a new use of a product or adding more value to the new product. The several reasons why a company may consider a market expansion strategy is by competition may be such that there is no room for growth within the current market. If a business does not find new market for its product, it cannot increase sale profit. Wil-Bek company can adopt the use of the PESTLE review to consider new delivery channels by using the online approach. James (2017, P.99).

Product expansion strategy: is where a company introduces a new product into an existing market. Suttle (2019). product expansion is where a company adding up more value to the product to increase its sale and profit. When a company engage in a product expansion strategy they continue selling within the existing market and it often works well when technology start to change.

Growth through diversification: growth strategy in a business is one of the dangers because a smell company will sell a new product to new market. A smell company need to plan well when using this diversification strategy. Marking research is necessary because a company need to decide if the consumer in the new market will possibly like the new product. James (2017, P.102)

My exist strategy of Wil-Bek company Exist strategy, according to A. Hayes, (22 , 2019) is when an entrepreneur’s strategic plan to sell his or his ownership in the company to another company which gives the business owner a way to reduces her strake in business and if the business successful which make him a substantial profit and the business is the not successful it enables the owner to limit losses Wil-Bek company way of it exist strategy. Exist strategy is one of the ideas every entrepreneur needs to think about before actually going in a business because exist strategy can easily influence the development of the decisions such

as strategic acquisitions, management buyouts and an initial public offering. Choosing the factor of an exist strategic depends on the entrepreneur either how much control that I wants to hold in the business and whether I will want to endure the business to run in the same way or willing to see the change going forward as long as want to paid a fair price for ownership share. A certain aspect of Wil-Bek company in exist strategy is specialist and business valuation which help me to determine my financial fair value. As owner of Wil-Bek company my business exist is going to be exist strategy and liquidity which show the difference of business exist strategy and also offer the owners a different level of liquidity. Whereby I sell my ownership through acquisition. the exit strategy will depend on the market condition, for instance, an initial public offering may not be the best exist strategy during the recession and the management buyout which may not be attractive to a buyer when interest rate is high. But an important way the initial public offering will always be profitable for me as the owner and seed investor, share can be extremely volatile and risky for ordinary investors who will buy their share from early investors.

Target market of my business

According to Kenton (2019), A target market is where a company undertake a huge search or to study on its potential customers, knowing how to go by the market analysis which will help the organisation to know or figure out accurately who will market and sell to consumers. Example of an alcoholic beverage cannot be sold to any person but to people above 18 years, so as WilBek company I need to study the environment and my potential customers which I will target my product. According to Oketch (9, 2018), strong target market analysis helps Wil-beck management on market funds more effectively. This analysis identifies the most important characteristic and the information derived aid to promote my product and service directly. It also helps Wil-Bek company to connect with the individuals who frequently purchase the product and increase my sales and profit. Identify target market will also ensure Wil-Bek company to decide who they wish to target their product or services. For instance, Wil-Bek company produce alcoholic, non-alcoholic beverages which is recommended to target children from 6-16 years. For non-alcoholic drinks and alcoholic beverages to growth up from 18 years and above.

How to analysis the target market by the use of PESTLE analysis It is recommended of Will-beck management to analyze their target market by monitoring the environment of their workplace. Pestle analysis is used to critically evaluate their target market. A change in government can cause an organization to enter a target market-based area on the regulatory norms of the government. The state of economy can affect my company in identifying the target market. Behavior of customers and how Wil-Bek can understand the customers’ taste preferences will help the organisation on how to price the product based on an accurate pricing strategy this will help the organisation to identify it, potential customers, in a target market. For Wil- Bek company to segment a market to know their target market. Demographics plays a major role. Age, gender, population, educational background and marital status affect how Wil-Bek will target their market-based area. Increase affluence will increase the potential customers and also expectations. society where Wil-Bek want to operate which can become much more fragmented. The average consumer can become much more of a myth, as income, attitude and lifestyle have diverged at Will-beck company. (Davies 2017, P.27)

Research method is defined as the process where by a business gets information and data which help the organisation in decision making. There are two source of research which are, primary and secondary. Primary research is where by business conduct itself research by using customers and questions to get information about the business. Example face to face, surveys and questionnaire. on the other hand, secondary research is a research that has already been gathered or published by other. Example report and trade association. Harford n.d.

Using survey to target Wil-Bek market is essential technique. Demographic segment is included in the company’s survey gender household income, age range and the type of device used to take survey. To reach the target market for alcoholic and nonalcoholic beverages of Wil-Bek company. Management need to know answer to glue story like, how often will prospective customers drink these beverages, how often will they be interested in a home delivery service.

From here the company can get to known the gender split, the ages, where they shop and the size of the market. The company can use sample size to figure the number of customers who drinks Wil-Bek product. The result of the survey can be done by using income level or age groups which all help the company in targeting customers and understanding the buying behavior of customers at the locality. (UK. Essays 2018)

Questionnaires. Wil-BEK targeting the affluent of the conventional area. Management needs to target specific group of people. With this will help management to use a customer screening question, this can aid to target specific group of people. With this it will help management to know the age and gender of the prospective customers and customers who drink the beverages daily or at least once a week. The management must be asking information about customers compliers of their product and service. (UK. Essays 2018)

Focus group. management of Wil-Bek be satiated with deeper conversation with follow-up and also feel comfortable making decision based on opinions or feedback from a large sample size before moving to segment the environment. The focus group helps in learning customers feedback in their own words of how the beverages taste. This will help employees or key team players at Wil-Bek to uncover ideas that comes up during discussion. (UK. Essays 2018)

Conclusion

This is about how to create my own business which is Wil-Bek company, my trading legal status is a sole proprietorship. The organisation produce both soft drinks which are for children from 6 to 16 and hard drink for aged people 18 and above. The success of the business may depend on my customers who will purchase the product. Wil-Bek has also contribute to Baastona society by paying of taxes and reducing the unemployment rate. My growth and exist strategies which show how Wil-Bek company becomes successful in the market system. My target market helps me to know the people I need to sell my products to, and information on my business plan to attract investors. My vision and mission statement are to provide invaluable service and quality products to my customers. And the company’s vision is to deliver loyalty to become the greatest brewery company and also be the leading producer of alcoholic and non-alcoholic beverages to attract customers which will be a beneficial impact on the positive attitudes of internal and external customers. Productivity and differentiation are major impacts and a key indicators for the overall growth and success of the company.

References

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