Developing meet their individual needs are more likely
Developing a clear Marketing OrientationFor a retailer such as Meepco, achieving market orientation means keeping customers and their needs at the foundation for all decisions the business makes. Market orientation will shape the products and services that Meepleco brings to market. The process involves identifying the market need and then creating a product or service to meet that need. Social MediaMeepco can develop a clear market orientation threw the use of Social media. Social media can be used to communicate with potential customers ask them what they need and what they want. Instagram and Twitter can be used to build a collection of customers that the business can communicate with on a regular basis. Meepleco for example could post photos of new board games on Instagram asking followers to give feedback on what they think of the design and layout of the game.Value Customer SatisfactionCustomer satisfaction is important because it provides owners with a metric that they can use to manage and improve their businesses.The Meepleco staff can even provide added value to customers.Meepleco can enhance customer satisfaction through the regular training of sales staff regarding the uses and benefits of the products and services that meeple offer. The help and information provided by staff may enable the customers to find the suitable product that precisely fits their needs. In this way you are not selling to them, but instead empowering the customer to make the best decision for themselves based on the information you provided. Customers who find the right products to meet their individual needs are more likely to be satisfied with their purchases and become repeat customers. Market AnalysisP(EST) AnalysisThe P(EST) analysis below analyses the environment in which Meepleco operates by identifying the forces that have the most impact on Meepleco’s performance:EconomicEconomic factors are a matter of concern for Meepleco since they impact directly on the buying behavior of customers. Consumers are willing to spend more as they are more comfortable with their financial situation. There still is however alot of financial unstability probing customers to save more and spend less frequently.SocialAn analysis of the UK population shows that there are more retired people than children. Luckily for Meepleco however the aging population is not discouraging to the board gaming industry as products geared towards all age groups quite frankly. TechnologyOne of the key factor that directly influences Meepleco is technology. Subscriptions to the Internet have grown by over 50% and it has been estimated that the Internet is being used by over 70% of the population in the UK (Office for National Statistics, 2016). This number undoubtedly grows year by year. Majority of sales should come from Meepleco’s online sales website, hence why it is so important to develop a market orientation through social media as mentioned previously.Mobile technology has also taken off as a platform for distribution and sales. For example, Virtual board games on apps are becoming more of a hit with countless of users downloading games onto their Android or smartphones.Identifying the Target MarketNo one can afford to target everyone. Small businesses such as Meepleco can effectively compete with large companies by targeting a niche market.Targeting a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your business efforts and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.The products that Meepleco currently offer are geared towards customers between 12 – 17 with board games such as ‘Hey That’s My Fish!. The problem with these games is that a lot of retailers create the same type of games to cater to the same age demographic. There is little opportunity for growth within this age demographic due to the high level of competition of other established game publishers. Not to mention the Video game industry which also caters to this age demographic.Therefore i would suggest that Meepleco look to Target another age demographic that other competitors may be overlooking. The Men and Women in the 18 – 24 demographic could be a target for Meepleco. “You get a lot more couples now – young, professional, just bought somewhere. They still want to meet up with mates but they don’t want to go out and get pissed any more. They like the idea of getting a game out, having a few drinks, bit of fun for two or three hours around the table.” ( Wooding, 2016) Its true the prototypical ‘geek’ does not exist anymore with more and more people taking an interest in the industry as it promotes social interaction amongst peers.The Marketing MixProductBecause customers need to perceive products as being worth the higher price tag, the business must work hard to create a value perception. This can be done through obtaining an open game liscense (OGL) for potential board games. Licensing is a successful method that video games use to incorporate real world features into that of the virtual world.The OGL was originally published by Wizards of the Coast in 2000 to license portions of the third edition of Dungeons & Dragons as a System Reference Document (SRD) to allow third-party publishers to produce compatible material. (Dancey, 2004For example, if Meepleco can obtain a board game license then a board game maybe potentially created based on the likeliness of characters and features from a mainstream movie such ‘The Avengers’If Meepleco could obtain an open game license this would provide a unique selling point for Meeple’s products which could create a competitive advantage for the business.PricingMeepleco should use a Premium Pricing strategy. The objective of this pricing strategy is to set price higher than other competitors on the basis that the games and services offered are of unique quality. Along with producing a high-quality product, Meepleco should also to ensure marketing efforts, the product’s packaging and the stores visuals all support the use of premium price.PromotionMeepleco’s promotional mix should focus on the use social media. Promotion should be done on platforms such as Twitter and Instagram. For example a prizes could be offered to a lucky group of followers on twitter who repost @MeeplesGames. This way Meepleco can get the business trending on twitter which would potentially attract new customers. Meepleco should also make promotional appearances at key gaming conventions throughout the year such as U-Con 2018 in America.This oppurtunity may lead to the business making connections overseas which will no doubt enhance the business potential for growth.PlaceMeepleco should look to open up more retail stores and game cafes across the UK as the business looks to reach more and more customers. Meepleco should look to stores and game cafe’s near university campuses or colleges to provide a more convenient location for the target age demographic 18 – 24.Recommendations based on Meepleco’s Marketing MixBased on the characteristics of this marketing mix, Meepleco should improve on the place component. Meepleco simply must create a strong enough presence within the UK market if the business wants to obtain long-term success. Meepleco can look to grow domestically with the help of investments or joint venturesIn this way, the place element of Meepleco’s marketing mix can provide stronger support for the businesses competitive advantage and continued success. Conclusion Future ObjectivesSpecific: I will set up 7 new gaming cafes in LondonMeasurable: I will measure success through the use of KPIsAttainable: I will ask current clients for referrals, launch a social media marketing campaign and network with local businesses.Relevant: Adding additional clients to my business will allow me to grow my business and increase my revenueTime-Based: I will have up to 10 thousand followers on Twitter by July 2018Measuring SuccessIt is most effective to measure events represented as KPIs. If we are able to achieve the KPIs, each successive stage will also likely be attained and ultimately we will meet our stated goal.Understanding what to measure begins by appreciating the logical structure of decision making. It starts by knowing the concepts and inter-relationship of goals, strategies, critical success factors, tactics and KPIs (key performance indicators).Goal > Strategy > CSF > Tactic > KPIGoal: Get 500 followers on Twitter in January aloneStrategy: Start an aggressive marketing campaign on social media over this month period.Critical success factor: Obtain a total of 250 retweets in January alone.1. Tactic: Offer free board game every week to a lucky customer who retweets one of your posts1.1. KPI: Percentage increase in Twitter followers, week over week.