Implication For Budget Allocation Decision -Myassignmenthelp.Com

Question: Discuss About The Implication For Budget Allocation Decision? Answer: Introducation MenuLog is the largest online food delivery company of Australia. The parent company of MenuLog is Just Eat. Headquarter of the company is situated in Sydney. MenuLog is famous for the food delivery services of food as it provides the opportunity to the customers to choose wide range of restaurants. Around 7,500 Australian restaurants are registered with this company that provides a large variety of foods to the customers. MenuLog always has highest number of online food orders in Australia. The reason behind the success of the company is the well-structured marketing strategies of the company. According to Grant, Fernie and Schulz (2014), digital marketing is the process of doing the business with the help of digital networks like internet, online social networks etc. Now, this process of business is widely accepted in all over the world (Menulog, 2018). This report focuses on the various research methods, value analysis, target market and various marketing strategies for the compan y MenuLog. The basic objective of the company by the marketing and digital communication plan is to develop a better food delivery system in Melbourne. The report analyzes the brand value of the company and the position of the company in the market by the value analysis. Research methods In order to ensure that the customers are pleased and their hopes are met, it is very crucial to gather all the important information about the consumers. If the requirements and expectations of the customers are known, then it will be very easy for the company to serve the customers in a suitable way. So, examining about the requirements and needs of the customers is significant. There are basically two types of methods by which the information can be collected (Roa, 2008). Primary data collection This is the course of gathering the new data which is very definite for the reason or objective. In the case of Company MenuLog, the company gathered will meet the requirements and satisfaction level of the consumers. The primary data collection method includes interview and survey method in order to get the information. The survey is done with the help of the questionnaire which includes both open as well as closed ended questions. The open ended questions are included in the questionnaire so that customers can share their ideas and viewpoints. The group decided for the survey is known as sample (Ghuman, 2010). The sample size must be must be chosen correctly for getting better results. The interview could be either telephonic or personal. In case of online food delivery business, the basis of primary data would be sample or group from the staff, management or consumers etc. The primary data collection is beneficial as it is basically intended in order to achieve the information abo ut the research. Along with this, other benefit of primary data collection is that latest information can be achieved. But it must be noted that this process is time consuming and expensive. Further, quality of the information goes down if the interview process is too lengthy (Riggio, 2014). Secondary data Another method is secondary data collection method. This is the information which is previously gathered by any other researcher but could be useful for the present study also. There are various type secondary data i.e. internal secondary data and external secondary data. The inner secondary data can be achieved from customer databases, sales records, and financial information etc. The external secondary data can be gathered by the trade journals, periodicals, professional associations, government publications, commercial data and national enterprises etc (Creswell, 2007). In case of the company MenuLog, the source of data will be customer records and the past information based on the reviews of the consumers. The benefits of secondary data are that it takes less time and cost. Along with this, it also includes less effort as compared to the primary data collection. Sometimes, the collected information may not be helpful for the recent research due to out-of date data and accuracy is sue etc (Lovelock, 2011). Current value analysis Value proposition is helpful for the company to develop brand image of the business among the customers. In other words, by understanding the value proposition of the company, customers are able to avail the benefits provided by the company. The value proposition of the company MenuLog exists behind the tagline i.e. less talk, more eat. The benefits provided by this company to the customers are discussed below. As this is the food delivering business, it provides the customers the facility to order the food online and delivers that food by the delivery person of the company. Customers are able to order the food either by using the official website of the company or by the mobile app of the company (Seo Jang, 2013). Both, website as well as mobile application includes a large variety of restaurants which offers various types of foods like Italian, Chinese, Indian, Thai and Continental etc. The customers get food within 30 minutes of placing the order as the company has many deliver people and one deliver person is engaged with one order with a time. This makes the delivery person more efficient and helpful for them to provide the order of food on time. By using the mobile app, customers are able to track the location of delivery person. The company accepts both, cash as well as online payments from the customers. In current time, customers want satisfaction as well as innovations from the c ompanies. In order to stay competitive in the market, it is important for the businesses to come up with the innovative strategies that can attract the potential customers. The online food delivering business has all the elements to fulfill the needs of the customers and to stay in the competitive market (Martnez, 2012). Value position framework There are various catagories considered by the customers and those catagories are functional value, emotional value, economic value, and symbolic value and end value. In the company MenuLog, some effective values are provided to the customers. The company provides the services under the discussed features of the consumer values. Functional value- Company MenuLog provides food delivery services to the customers. This service is convenient to the customers as they do not need to go anywhere for their desired food. This service is more comprehensive rather than going to any restaurant for lunch or dinner. Emotional value- The service is attractive for the customers. The consumers are attached with the company due to its offers, discounts and on time service. Economic value- The service provided by the company provides financial advantage, saves time and is innovative (Qin, Prybutok Zhao, 2010). Symbolic value- Consumers connect the values to the status that the service provides. Either the status may be related to social responsibility or may be derived from the brand (Kotler Keller, 2005). Marketing promotional plan By the present condition and the target market analysis, it is analyzed that the company is doing well in the Australian market and it is seeking for the business expansion. The company has covered most of the Australian market and it is mainly operating in the Australian market so, company needs to develop an effective strategy to stay competitive in the market. MenuLog is the most trusted company among the customers. It is observed that there is the lots of competition in the Australian market for food delivery services and competitors are making effective marketing tactics and communication in order to achieve competitive advantage in the market. Based on the situation of MenuLog Company, the communication objectives are discussed below: The objective is that whole market of Australia should be covered by the company with its food delivery services. The target customers must believe the services of the company for some benefits. This aim will be attained by gathering the relevant information of the services (Hoskisson, 2009). Customers should use the services of the company. This objective can be attained by enhancing the efficiency of the services. The objective is to target those customers who have never used the services of MenuLog. This goal will be attained by enhancing the awareness of the company ampong the potential customers. The advertisements will be done and various offers will be provided by the company to target the potential customers (Vakratsas, Demetrios Ma, 2005). Target market The current century is the century of internet and technology. People in all the age group are using mobile phones and internet for the daily purpose. Standing at this era, company MenuLog has various opportunities to grow its business in the market. There are two segments of the customers who are the target market of this digital communication plan. The first target market for the Company MenuLog is the age group of 18 to 25 years. This segment of target market includes basically school and college students. Currently, being the age of technology, it is assumed that 90% of students of them use mobile phones and internet, laptops, computers and tablets. It is observed that the customers of this age group have high tendency buying variety of food online like Chinese and pizza etc. The money basically comes from two sources. The school and college going students get money from their parents or relatives. Along with them, some of them might be doing job while studying in the universities and they can also buy the foods from their own money (Baker, 2014). Another target market is the people are the age group of 26 to 40 years. People in this segment are men and women who are doing job. In such case of people, money is not any issue for them as they all are working people. As they are working people so they do not have proper time to cook. Most of the time, they are always in a hurry to reach at their workplaces and that is the reason, they buy food online on the regular basis. Apart from this, at the time of festivals and parties, people do not like to cook food at their homes so they order food from hotels and restaurants. All these situations give the chance to MenuLog to make these potential customers to the permanent customers (Lee Carter, 2012). Promotional Communication mix In order to provide relevant information related to products and services, promotional communication mix is the effective way for the company. For the communication campaign, Company MenuLog will use some tools and techniques in the business. Conducting marketing communication campaign is crucial in order to target the customers effectively. According to Kotler (2015), there are six key communication mix elements that can be used in the communication plan. Those elements are events, advertisements, sales promotions, PR and publicity, events, personal selling and direct marketing. The promotional communication mix for the company MenuLog is discussed below: Advertisements- In order to stay connected with the customers, company will launch various advertisement campaigns in the market. For this, company can make its website more attractive for the customers. Various offers and discounts can be also being displayed on the website so that customers can visit on the official website and can avail those offers. By this idea, company will be able to target more potential customers (Glowik Smyczek, 2011). PR and publicity- In order to enhance the relations with potential customers, it is crucial for the company to adopt some effective tactics. Because of the continuous advertisements on various print media like new paper, company MenuLog will be able to create a strong impact on the customers. People will feel that ordering food online would be beneficial for them. Along with this, by the continuous advertisements company will be able to develop its brand image as the important brand to buy the food online (Pavlou Stewart, 2015). Sales promotion- In order to attract the potential customers, company does not need to focus on the sales promotions. The reason is that because of extreme promotion and advertisements, discounts on the process may impact on the brand image of the company. It is clear that MenuLog is famous among the customers for delivering the food on time. For the sales promotion, company can offers some gifts or vouchers with the delivery of food. Direct marketing- For achieving success in the operating market, MenuLog will focus on the customer management and relationship program. For this, company can send emails to the potential customers so that about new features and services can be informed to the customers. Direct mailing will be helpful to the company to attract potential customers and retain the existing customers (Pealoza, Toulouse Visconti, 2013). Personal selling- Delivery person in the company are considered as the sales person who visit to the customers. Company will have professional, qualified and friendly. For this manner, company will also hire highly professional and friendlier sales persons or delivery persons in order to deliver the food on time. By this, company will be able to develop customer loyalty in the operating market. Events- There are various customers who like to get knowledge about various offers and services provided by MenuLog. Company will provide various attractive offers like one more food item with combo meal and discount on the prices on minimum orders etc. These offers will attract more and more customers in the market. By conducting various events, company will be able to provide good experience to the potential customers in the market (Lam Harker, 2015). Media Based on the above discussion of promotional mix, there are some media tools and communication tactics which will be used to achieve the communication objectives. In order to attract potential customers and enhance the brand name in the market, Company MenuLog will adopt various media platforms in the communication campaign. Online media- For the communication campaign, online marketing will be the most effective method. Currently, online media tools are effective tools of marketing for the company and that is the reason, the online marketing will be selected. Now, social media marketing is famous among the customers. Social media marketing provides capability to the company to cover almost half part of online marketing (Kosner, 2014). So, social media marketing will be used by MenuLog in the digital marketing campaign. In the digital communication plan, YouTube, FaceBook, and Twitter will be used by the company. The social media channels are both paid and unpaid channels and provide various marketing facilities. It will be assumed that FaceBook will cover 55% of market, Google plus will cover 25% of market, YouTube will cover 22% and Twitter will cover 22% of market (Luttrell, 2016). Direct mailing- Email marketing will be effective in attracting the customers. By sending emails, company can mail different commercials along with offer and concessions. So, email marketing will cover 1% of market. This will be a tow-way communication method. Outdoor advertisements- In order to promote the online food delivery services, company will adopt some outdoor advertisements and that will be a big part of media budget. Company MenuLog believes that people are busy in their daily schedules so they do not have proper time to cook food. Company will promote its services by various advertisements. It is assumed that every customer is busy is going here and there and they will see the advertisements around them. Bus stops, Airports and busiest will be suitable for the company to place the advertisements (Lake, 2016). Television- This communication medium is very effective to interact with the customers but this is expensive also. Television will have an important role in the promotional tactics. Showing the advertisements of provided services on Television will be beneficial for the company to target the customers. Newspaper and Magazines- With the help of newspapers, company will be able to target the customers directly. By placing advertisements in popular newspapers i.e. The Age, The Australian and Herald Sun, company will be able to interact directly with the customers. This is one side communication method to attract more customers (Soule, 2012). Conclusion This report is a marketing promotional plan for the company MenuLog along with digital communications. The objective of this report is to deliver and communicate better values for MenuLog services and for the target market. The core objective of this report is to develop the marketing and digital communication plan is to develop a better food delivery system in Melbourne. After implementing the communication plan, it is important for the company to evaluate the plan in order to analyze the performance of the plan in the market. Overall, company is doing well in the market and by this plan it will be able to achieve the organizational goals and objectives. References Baker, M.J., (2014). Marketing strategy and management. Palgrave Macmillan Creswell, J.W., (2007). Qualitative Inquiry and Research Design Choosing among Five Traditions. (2nd). London: Sage Ghuman, K., (2010). Management: Concepts, Practice Cases. USA: Tata McGraw-Hill Education. Glowik, M. Smyczek, S., (2011). International Marketing Management: Strategies, Concepts and Cases in Europe, Page 301. (4th). 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