MARKETING. Knowing the business. Accounting, Finance, SPSS Essay (Essay Sample)
The task involves doing a market research and a market plan for diamond life coaching- a company that specializes in providing services to ladies.source..
Knowing the business
Diamond life Coaching is a company providing life coaching for clients who want to achieve specific or personal goals. The company allows clients to receive coaching from multiple line segments. Diamond life coaching offers services in many areas of interest, including entrepreneurial, career, wellness, and spiritual coaching. The company’s internal business environment consists of 50 junior employees, a chief executive officer, a chief financial officer, and the company chairman. The style of management by the senior managers is transformational leadership style, where the senior management inspires, encourages and motivates the employee to create an extensive change that will be crucial for future company growth and expansion(McNamara,2007).
The company’s micro external environment consists of reliable suppliers, financiers, and a solid loyal customer base attracted by the excellent services we provide. Diamond life coaching company’s macro environment is vast and efficient too. The company has been able to establish a favorable economic climate through customer incentives, loyalty, integrity, and also ensuring that political and legal external forces like government rules and regulations are observed. Diamond Life Coaching is a Limited liability company, and we conduct our business both online and storefront(Joanna,2016).
The target market for Diamond Coaching is women between the ages of 20-40 years old. It targets women who are majorly interested in improving their physique. It also targets those women who want life guidance, spiritual guidance, and even those who have entrepreneurial ideas and want to jump-start them into reality. The clients always get quick responses whenever they want more about the company(McMohan,2006). We have social media accounts that are active and still engage the customers to know more about their satisfaction, preferences, and also their thoughts on the firm. Similarly, customer queries and complaints are dealt with accordingly.
Concerning our market competition, I think Diamond life Coaching is way ahead of other firms considering the positive reviews we get from our customers online. Therefore, we can compete fairly in the market without the threat of being phased out. Besides, what makes Diamond Life coaching different is the uniqueness in which we cater to customer needs. We are the last resort to a disgruntled customer who is yearning for quality services in this sector of the industry. Finally, we can ensure investor loyalty to the firm through our efforts to amass a large customer base and the company’s unique ability to counter competition all year round.
There are many goals that the Diamond life coaching company would strive to accomplish over time:
* One of the purposes is to ensure that we control half the market by the end of the year through aggressive marketing approaches and offering robust customer incentives like discounts. We also ensure quality services provision.
* The second objective is to ensure that we increase our sales threefold. We are planning to achieve this by providing that we recruit more expertise in this field and also pumping more funds to enable more research and development. On that note, therefore, new products and services will be introduced on the part of entrepreneurship by setting up a funding scheme to enable prospective and dedicated entrepreneurs to make their ideas a reality through the funding of their projects(Nijhara,2006).
* Another yearly goal is to amass huge social media following especially on Instagram and Facebook, where a massive chunk of our customers is based. Our target is to reach a million followers by the end of the year, and we are doing this by encouraging the existing customers to entice more clients to our platforms. This will prove to be rewarding in the long run.
* The final objective is to start a blogging website where our esteemed and loyal customers, together with employees, can exchange ideas and freely communicate for the betterment of the firm.
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