QUESTION
Assignment Overview:
Fred and Carrie are the owners of Drip & Dry, a new combination laundromat-coffee bar in Portland, Maine. Now, six months after opening their doors, they have made the exciting decision to expand their food offerings. While coffee is undoubtedly popular and widely consumed, they hope that providing new food options to customers will attract a broader clientele. Their idea is to sell a variety of healthy lunch/dinnertime options, including salads and sandwiches, in order to appeal to mid-afternoon and evening customers. However, before they start offering these new choices, they want to hire you as a marketing consultant. You will conduct research and develop a marketing plan to ensure the launch of their new food offerings will be successful. You will also create a marketing brief to communicate your plan to an external marketing firm that will execute your plan and help Drip & Dry market the new food choices and attract new customers. Lastly, you will review the proposed marketing ideas that come back from the marketing firm to identify and explain any ethical issues that should be considered before implementing their ideas.
Assignment 1
Conduct Pre-Marketing Research
Assignment Directions
Now that you have a solid grasp of marketing terms and concepts, it is time to return to Carrie and Fred’s request: decide how to best market the new food offerings to Drip & Dry customers.
To inform your marketing plan, you need to conduct pre-marketing research. This research should examine various aspects of Drip & Dry’s existing business as well as the external market conditions that impact the company.
Follow these steps to conduct the research:
- In the email attachment the SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis and Pre-Marketing Research Templates. Then, review the questions included in these documents.
- Read the chapters in the Principles of Marketing text to familiarize yourself with the pre-marketing research process, ways that businesses create and develop offerings, and methods used for marketing those offerings. As you review this resource, focus on the information about marketing small businesses and conducting a SWOT analysis.
- Review the Drip & Dry resources including the business overview, customer surveys, and Fred and Carrie’s preliminary ideas for their food offerings. This information will help to develop a better understanding of the Drip & Dry business. Then, review the resources below about Portland, Maine to learn more about the company’s competition and external market conditions.
- Complete the SWOT Analysis Template and Pre-Marketing Research Template attached to the email, making sure to directly reference information from the Project resources in your answers. Note: You should refer to the information included in these templates when you create a Marketing Plan in the next Project.
Deliverables:
Completed SWOT Analysis Template: Attached to email.
Words Count: 300
Completed Pre-Marketing Research Template: Attached to email.
Words Count: 500
Project Resources:
*Drip & Dry Business Overview
*Drip & Dry Customer Survey Responses
*Carrie and Fred’s Ideas for New Food Offerings
*Principles of Marketing
https://saylordotorg.github.io/text_principles-of-marketing-v2.0/
*SWOT Analysis Overview
http://web.archive.org/web/20180125023012/https://www.mindtools.com/pages/article/newTMC_05.htm
*Going Beyond Laundry
*Portland, Maine Census Data
Rubric:
The Rubric is used to evaluate the Project. Please make sure all the listed rubrics are considered in the project.
Criteria |
Each quadrant in the SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) is filled in with details about Drip & Dry that are appropriate for the topic of the given quadrant |
The SWOT analysis template accurately captures the internal state of Drip & Dry as well as its external market conditions |
Pre-Marketing Research Template clearly describes Drip & Dry’s business challenge by explaining the current state of the business |
Pre-Marketing Research Template clearly describes who Drip & Dry’s customers are, what they need/want, and new potential market segments that Drip & Dry should pursue |
Pre-Marketing Research Template presents and analyzes potential partners and competitors for Drip & Dry |
Pre-Marketing Research Template clearly explains the features and benefits of the new product offerings and provides a rationale for which customer segments will be interested in the offerings |
Pre-Marketing Research Template clearly presents the promotional channels that will most effectively promote the offerings |
Pre-Marketing Research Template identifies the digital marketing models that Drip & Dry will use to market its offerings and clearly explains why they are the most appropriate choices |
Pre-Marketing Research Template summarizes the budget that is available to market the offerings and clearly explains how that budget should be allocated to marketing efforts |
Pre-Marketing Research Template clearly explains the factors that have led other laundromats to be successful and identifies transferable strategies that Drip & Dry may want to use to expand its offerings and customer base |
Any sources of information are cited using APA format, both in-text citation and reference with no errors |
Writing is clear, with no errors |
Pre-marketing Research Template
Analyze the Market
Using the project resources, identify and analyze critical elements of the market surrounding Drip & Dry as a business. As you read the materials, answer the following key questions:
Who are Drip & Dry’s current customers? What do their customers need? Which needs are met through what Drip & Dry offers?
What are Drip & Dry’s primary market segments? Are there new customers they can attract? Pay attention to Portland, Maine census data and the factors that lead to a successful laundromat. Be sure to provide your rationale for your answer.
How do customers perceive the company?
What is the proposed idea for new food offerings? What are the features and benefits of the new food offerings?
What food vendors might Carrie and Fred be able to partner with in order to make the proposed idea a reality? Describe the pros and cons of each of these proposed partners and select a specific partner that you believe makes the most sense for Drip & Dry to work with. Be sure to explain your rationale for your selection.
Who might Drip & Dry’s competitors be in the area? What are their strengths and weaknesses? Refer to the “Map of Laundromats in Portland, Maine” resource for information about the competition.
What strategies could Drip & Dry use to promote the new offerings? Which promotional channels would be effective for Drip & Dry?
What are the digital marketing models and that Drip & Dry can use to market the offerings? Which digital tools seem most appropriate and why?
What is the budget available to market the new offerings? How should this budget be allocated to support the marketing efforts?
How have other laundromats diversified their offerings? What are their additional offerings? What has made them successful?
Assignment 2
Writing a Marketing Plan
Assignment Directions:
Great news! Carrie and Fred reviewed your SWOT Analysis and Pre-Marketing Research and are impressed with your thorough analysis of their business and their current and potential customers. Using this pre-market research, they have asked you to develop a plan to market Drip & Dry’s new food offerings. You will submit this plan to Carrie and Fred for their approval-they want to be fully convinced that offering expanded food choices to customers will support the growth of their business.
To develop the marketing plan, complete the following steps:
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Access the Project resources to learn more about the purpose and elements of a marketing plan.
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Use your notes from your Pre-Marketing Research Template to develop your marketing plan.
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Refer back to Project resources from the Conduct Pre-Marketing Research Project if you need to locate additional information.
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Incorporate your completed SWOT Analysis into the plan.
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Refer to the Essential Elements of a Marketing Plan to make sure you include all essential sections of the plan and that your tone is appropriate.
Deliverable:
Marketing Plan:
Suggested Words Count: 2500
Project Resources:
Essential Elements of a Marketing Plan
Principles of Marketing
https://saylordotorg.github.io/text_principles-of-marketing-v2.0/
Sample Laundromat Marketing Plan
https://www.scribd.com/doc/4869556/Laundromat-marketing-plan
Three Small Business Marketing Tools Connect You with Better Customers
Rubric:
The Rubric is used to evaluate the Project. Please make sure all the listed rubrics are considered in the project.
Criteria |
Executive Summary provides a succinct overview that highlights the most important information included in the marketing plan |
Plan analyzes Drip & Dry’s business challenge by describing the offerings being promoted and the current state of Drip & Dry’s business |
Plan provides a thorough analysis of Drip & Dry’s market, including an examination of its customers, surrounding context and potential partners and competitors |
Plan proposes a clear marketing strategy that emphasizes the unique selling proposition for the new food offerings |
Plan effectively incorporates the strategic use of digital marketing tools and provides a rationale for the tools selected |
Plan clearly and accurately describes how Drip & Dry should allocate the marketing budget to launch the new offerings |
Plan incorporates the Drip & Dry SWOT Analysis Template |
Conclusion summarizes the most essential elements of the plan |
Plan is well-organized |
Plan uses marketing terms and concepts accurately and appropriately |
Writing is clear, with no errors |
Any sources of information are cited using APA format, both in-text and references with no errors |
Assignment 3
Create A Marketing Brief
Assignment Directions:
Fred and Carrie have read your marketing plan and love your ideas! They have decided to move forward with the launch of the food offerings. Although they plan on outsourcing the production of marketing materials to Awesome Ads, a local marketing firm, they would like you to remain involved with the launch. With this in mind, they have invited you to their first meeting with the firm and would like you to clearly explain what Drip & Dry wants from this marketing venture. To prepare for this meeting, they have asked you to write a marketing brief summarizing your ideas for marketing Drip & Dry’s new offerings.
Refer to the project resources “Essential Elements of a Marketing Brief” for marketing brief report template and content.
Deliverable:
Marketing Brief Report
Suggest Words Count: 400
Project Resources:
Essential Elements of a Marketing Brief
Rubric:
The Rubric is used to evaluate the Project. Please make sure all the listed rubrics are considered in the project.
Criteria |
Brief clearly explains the main goals that Drip & Dry hopes to achieve in launching the new food offerings |
Brief succinctly explains the target market(s) for the offerings and the rationale for choosing those markets |
Brief clearly describes the unique selling proposition of the food offerings and explains the type of message(s) Drip & Dry will communicate through its marketing efforts |
Brief provides a clear explanation of the marketing strategies that you recommend for Drip & Dry to communicate its message(s) and a rationale for why those strategies will be most effective |
Brief communicates a clear message to the marketing firm by including only the most essential information about Drip & Dry |
Brief allocates costs within the marketing budget |
Writing is clear, with no errors |
Any sources of information are cited using APA format, using both in-text citation and reference with major errors |
Assignment 4
Analyze Ethical Considerations
Assignment Directions:
Awesome Ads has reviewed your marketing brief and convened their marketing team to brainstorm additional ideas. The president of the firm has now emailed Fred and Carrie with five marketing suggestions. Unfortunately, Fred and Carrie are concerned that some of the ideas may be unethical and have asked you to analyze them.
After you have read the email from Awesome Ads, listed in the project resources complete the following steps:
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Review the Project resources and take note of different marketing strategies that are considered questionable. Which are ethical or unethical and why?
- In particular, identify and define the following key ethical concepts:
- puffery
- predatory pricing
- how ethical issues can be examined with respect to Product, Price, Place and Promotion
- selective marketing
- deceptive marketing
- Analyze the five ideas that Awesome Ads has suggested to Carrie and Fred. For each idea, note:
- If you believe the idea to be ethical or unethical.
- Why you think that is the case. Provide evidence to back up your claims.
- Once you have completed your notes on the five ideas, you will need to communicate your ideas to Carrie and Fred in a report. Prepare a report in which you explain your analysis of the five ideas that Awesome Ads proposed and make a suggestion in the email below in the project resources about which idea(s) (if any) they should actually implement.
Deliverable:
Analysis Report:
Project Resources:
Email from Awesome Ads
Boundless, Issues in Marketing
https://courses.lumenlearning.com/boundless-marketing/chapter/ethics-in-marketing/
Every Breath You Take: Adding Ethics to the Marketing Mix
Rubric:
The Rubric is used to evaluate the Project. Please make sure all the listed rubrics are considered in the project.
Criteria |
Analysis report accurately summarizes each of the five marketing ideas |
Analysis report accurately explains the ethical issue(s) to be considered with each marketing idea |
Analysis report provides evidence from the project resources to support the analysis of each idea |
Analysis report makes a clear recommendation as to which idea(s) (if any) Drip & Dry should implement and explains why |
Analysis report is clear and easy to understand |
Any sources of information are cited using APA format, both in-text citation and reference with no errors |
ANSWER
Assignment 1 Solution
Pre-marketing Research Template
Analyze the Market
Using the project resources, identify and analyze critical elements of the market surrounding Drip & Dry as a business. As you read the materials, answer the following key questions:
Who are Drip & Dry’s current customers? What do their customers need? Which needs are met through what Drip & Dry offers?
Current customer of Drip and Dry are from wide range including age and residence and purpose. Local and people from 18 to 51 years are their current customers. Their needs are concern about the type of service that the organisation is offering (Business overview, 2019. Customers are looking for early opening and food products apart from laundry service. They are also looking for dinner options. Separate option for coffee is one of the demands of the customer which has been met through the coffee bar which allow the customers to have coffee without laundry service (SWOT analysis, 2019). However, planning of food options will allow them to meet the demands of food and dinner of the customers. |
What are Drip & Dry’s primary market segments? Are there new customers they can attract? Pay attention to Portland, Maine census data and the factors that lead to a successful laundromat. Be sure to provide your rationale for your answer.
As per survey, primary market segment of Drip and Dry are younger customers aged 18-25 based on which it is able to enhance sales volume. Marketing to renters need to be a primary market due to becoming having 60% renters from total population. Target market of Drip and Dry is 18-25 age groups as 40% as well as 26-35 age groups as 25% and 36-50 age groups as 50%. From the point of view, it is clear that company is targeting 36-50 age groups mostly due to loving to taste coffee shop services as well as Laundromat services. The average age of Portland is 35 years which indicates increasing rate of bigger market for residents aged 26-35. Along with that, the company can be able to attract large number of residents of Portland and take benefits of tourists surge as it is in business overview (Drip & Dry Customer Survey Responses, 2019). |
How do customers perceive the company?
Drip and Dry is not renowned company in area of Portland due to becoming one year old. As per survey conducted among customers of the following area, 60% customers mostly rentals are satisfied with overview of the business process of the company. Some of them do not believe that Drip and Dry has same quality coffee (Portland, Maine Census Data, 2019). |
What is the proposed idea for new food offerings? What are the features and benefits of the new food offerings?
Proposed idea of new food offerings consists of healthy menu options as well as availability of lunch and dinner. These will include sandwiches and salads to attract the customers at afternoon as well as evening. This will allow them to attract new range of customer group considering different segmentation. |
What food vendors might Carrie and Fred be able to partner with in order to make the proposed idea a reality? Describe the pros and cons of each of these proposed partners and select a specific partner that you believe makes the most sense for Drip & Dry to work with. Be sure to explain your rationale for your selection.
Carrie and Fred might be able to make strong partnership with café ole as well as coastal catering and Slammin sandwich shop. Café ole prepares Mexican food and located at three blocks from Drip and Dry. Along with that, coastal catering delivers sandwiches as well as salads and soups for different purposes such as corporate events and parties and catered functions. On the other hand, Slammin sandwich is located across town and delivers sandwiches to local residents. Therefore, it can be recommended that Carrie and Fred could make strong partnership with Slammin sandwich shop due to locating across town and delivering sandwiches. Moreover, locating across town might be great opportunity for Carrie and Fred due to enhancing number of targeted customers and satisfying them by delivering sandwiches (Carrie and Fred’s Ideas for New Food Offerings, 2019). |
Who might Drip & Dry’s competitors be in the area? What are their strengths and weaknesses? Refer to the “Map of Laundromats in Portland, Maine” resource for information about the competition.
Lake effect Laundromat: the following company delivers best quality service to customers and coffee bar as well as bistro. Along with that, in case of winter time, Lake effect offers hot chocolate coffee to its customers for the purpose of attracting large number of young customers. Weaknesses of this company are related to schedule of two employees at a time as well as small facility and high cost of equipments. Spin cycle of another competitor of Drip and Dry. Spin cycle has liquor license and offers attractable events at night. Weakness is higher cost of advertising on specific day such as Friday. |
What strategies could Drip & Dry use to promote the new offerings? Which promotional channels would be effective for Drip & Dry?
With the aid of adopting strategy related to discounting on price level of coffee, Carrie and Fred might be able to attract large number of customers. This is because; customers are always intended to get best quality products within suitable price. For the purpose of advertising related to discount on different coffee items, company could take benefits of social media because of having large number of people. Most people see Television on daily basis for gathering information related to latest news and situation of current market and different products. Due to which, company could consider Television. (Carrie and Fred’s Ideas for New Food Offerings, 2019). |
What are the digital marketing models and that Drip & Dry can use to market the offerings? Which digital tools seem most appropriate and why?
Video based on delivery process and different coffee products of Carrie and Fred can be shared into social media for attracting large number of customers. It has been observed that customers would be attracted to purchase coffee products of the company. For the purpose of choosing right digital marketing tools such as video posting as well as e-mail marketing features and cost of advertising two factors need to be considered by the company. (Principles of Marketing, 2019). |
What is the budget available to market the new offerings? How should this budget be allocated to support the marketing efforts?
Savings has been used by owners and money has been borrowed from lenders. Total budget for advertising is $20,000. Purchasing of highway billboard can be the effective way of learning drivers about the business. $150 is for printing paper ads as well as $1000 for promoting products and $2000 for maintaining weekly basis advertisements and $1000 for paper flyers. Along with that, $15,000 for regional edition of different national magazine as well as $3000 for printing local magazine on the basis of coffee products (Carrie and Fred’s Ideas for New Food Offerings, 2019). |
How have other laundromats diversified their offerings? What are their additional offerings? What has made them successful?
Other Laundromats offers wash-dry-fold services as well as sort of soda and snicker bars to attract large number of customers. Along with that, dog washing services as well as bar and bistro services are also additional services of Spin cycle. Fabric theme is the additional featuring tenth street Laundromat which delivers new cloth in terms of old cloth. Live entertainment such as special events on nightly basis is additional services of spin cycle. Due to which, inviting new artists for keeping costs down on Friday and Saturday are most strategic idea that has made spin cycle successful (Going beyond laundry, 2019). |
Reference List
Business overview. (2019). cfaresources.s3.amazonaws.com. Retrieved on: 15th January 2019. Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Business%20Overview.pdf
Carrie and Fred’s Ideas for New Food Offerings (2019). cfaresources.s3.amazonaws.com. Retrieved on: 15th January 2019. Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Carrie%20and%20Freds%20Ideas%20for%20New%20Food%20Offerings.pdf
Drip & Dry Customer Survey Responses. (2019). cfaresources.s3.amazonaws.com. Retrieved on: 15th January 2019. Retrieved from:http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Customer%20Survey%20Responses.pdf
Portland, Maine Census Data. (2019). mycfa.force.com. Retrieved on: 15th January 2019. Retrieved from:https://mycfa.force.com/learning/LearningProject?gId=a04E000000XWdDh&lpId=a1AE0000006PS7GMAW&path=Gold&pId=a030L00000Ij03QQAR
Principles of Marketing. (2019). saylordotorg. Retrieved on: 15th January 2019. Retrieved from:https://saylordotorg.github.io/text_principles-of-marketing-v2.0/
SWOT analysis. (2019). web.archive.org. Retrieved on: 15th January 2019. Retrieved from: http://web.archive.org/web/20180125023012/https://www.mindtools.com/pages/article/newTMC_05.htm.
Going beyond laundry. (2019). cfaresources.s3.amazonaws.com. Retrieved on: 25th January 2019. Retrieved from:http://cfaresources.s3.amazonaws.com/BA%20Communications/7%3A%20Market%20a%20Product%20or%20Service/Going%20Beyond%20Laundry.pdf
Assignment 2 Solution
Marketing Plan
Executive Summary
This report has primarily focused on the part of developing marketing strategy for Drip and Dry, a USA based Laundromat that recently has started to serve coffee to its customers. It has recently come up with an idea of serving food items such as soup, salads and sandwiches. In doing so, the company is set to use a unique marketing strategy. As the most significant aspect the organization is required to focus on digital marketing tools such as social media platform that can be potential to increase its growth. The budget of the company has been $20000 within which the organization has planned a marketing cost to benefit its new launch. Target market of Drip and Dry is 18-25 age groups as 40% as well as 26-35 age groups as 25% and 36-50 age groups as 50%. From the point of view, it is clear that company is targeting 36-50 age groups mostly due to loving to taste coffee shop services as well as Laundromat services. The average age of Portland is 35 years which indicates increasing rate of bigger market for residents aged 26-35. Unique selling proposition of Drip and Dry allows maintaining competitive strategy such as best quality coffee within suitable price based on which large number of customers can be attracted. Carrie and Fred could make strong partnership with slammin sandwich due to locating across town and delivering sandwiches. Moreover, locating across town might be great opportunity for Carrie and Fred due to enhancing number of targeted customers and satisfying them by delivering sandwiches.
Table of Contents
Current situation of Drip and Dry and its business challenges In the part of promoting new products
Drip & Dry is the latest combination of Laundromat coffee bar, an initiative taken by Fred and Carrie. The setup has been made up on Portland, Maine. It has successfully crossed its six months of operations and in terms of offering wash dry fold services to its customers along with providing an experience of coffee. It has been already noticed that almost 60% of the laundry service owners have opted for a new venture to provide an excellent time over coffee, snacks and soda to their customers as a form of extra earning (Cfaresources.s3.amazonaws.com, 2019). On a similar note, the Drip & Dry has progressed with the trend and now after completing six months of successful operation it has come up with a new idea to launch a range of food products in order to attract more customers. The products that the organization has taken into consideration are soups, sandwiches and salads which are set to be appropriate for lunch and dinner. In progressing with the business, the owners have identified a range of potential challenges that can hinder the growth of the company. In this particular context, one of the most influential challenges is to win the trust of the customers who tend to frequently visit local cafes for a long period of time. It is highly difficult to ensure them about the quality of the coffee Drip & Dry is serving to them. A lack of experience has been an equally challenging factor that has prevented the entity to acquire a larger customer base due to poor reach to a wider range of customers. Another significant business change that the organization is facing is the existence of Suds and Stuff that has been operating since two decades (Cfaresources.s3.amazonaws.com, 2019). This is the major competitor of Drip & Dry that has been serving the local customers from a long period of time. Hence, it has been difficult for the newer organization to attract the local customers who are already paid services by Suds and Stuff. However, the organization has achieved a moderated level of success starting from March in 2018. It has made up a ready base of repeat customers who avail their laundry services along with purchasing coffee every day. Apart from that, a sheer interest has been generated among the tourists through] placing an advertisement in local tourism guide. Social media has been a great support to the organization in terms of providing a wider recognition in the market. Till date, it has successfully gathered 500 people to like the official page of Drip & Dry on Facebook. The ad of weekly online coupons and offers for cafe beverages tends to be posted in Twitter as well that has made the business little familiar to the local people as well as to the global customers.
Market analysis
A complete market analysis can be helpful for Drip & Dry to lead the business with possible growth and execute the plan to come up with the idea of greater setup along with food offerings. According to the views of Bell, Bryman & Harley (2018), an overview of the market in terms of customers, competitors, partners and business surrounding always serves positive purpose of having an in depth knowledge of the business possibilities.
Customers
The parallel passion of laundry and multitasking for the part of Fred and Carrie has fueled up the formation of Drip & Dry that is now more focused in the part of serving top notch food items to its customers along with cafe beverages. The major customers of the company both in terms of laundry services and coffee shop, belong to the immediate community. Target market of Drip and Dry is 18-25 age groups as 40% as well as 26-35 age groups as 25% and 36-50 age groups as 50%. From the point of view, it is clear that company is targeting 36-50 age groups mostly due to loving to taste coffee shop services as well as Laundromat services. The average age of Portland is 35 years which indicates increasing rate of bigger market for residents aged 26-35. This particularly indicates that regular customers pay a two hours visit to the business every day (Hanssens et al. 2014). Drip & Dry as a Laundromat service is mainly popular in the renter population of Portland. The maximum customers belong to the age range of early or mid twenties who do not have washers and dryers in their buildings. As influenced the views of Chang & Taylor (2016), evaluating the perception of the customers can greatly help out a business in making appropriate decision regarding new product development. Assessing the existing customer base of the organization, it can be said that, the new product offering range can promise better result and higher growth to the company. As most of the customers are from young age group who love eating out, hence, it can be a potential growth opportunity for the organization (Haumann et al. 2014).
Potential competitors and Partners
The decision of coming up with food product range, the organization has considered partnership to be a highly effective strategy. The decision has made on the perspective of having pre made food options. In such scenario, getting partnered with a local restaurant can provide immense support. Drip & Dry has already identified the restaurant’s potential for partnership. The top three potential partners are Cafe Ole, Coastal Catering and Slammin’ Sandwich Shop which tend to provide food products at a same price range but have a range of different features and product range. Cafe Ole has been located after three blocks from Drip & Dry and is specialized in Mexican food. Hence, it can be easier for them to provide business support to the company. Coastal catering mainly deals in supplying salads, sandwiches and soups to the parties and corporate events (Cfaresources.s3.amazonaws.com, 2019). It does not have any restaurant or storefront. However, it can provide support to Drips & Dry in terms of supplying the food items. Slammin Sandwich is a popular name in the town in the sphere of providing quality and tasty sandwiches to the local residents. Hence, partnering with it can greatly support the organization.
As influenced by the views of Chen (2014), competitors are the major issues that any new business needs to be well aware of. In the case of Drip & Dry Suds and Stuff has been the potential competitor as it has been operating over the same area since two decades with a series of facilities. Apart from that, Soap bubble Laundromat, Looking good Laundromat and Union Station Wash & Fold are some of the organizations that can provide potential challenge to Drip & Dry.
Surrounding context
The business is set up at the corner of Alder Street and Kennebec Street situated in Portland, Maine. The area is full of potentials required for new business venture. As the area of Portland is possessed with a natural and scenic beauty, hence, tourists can be the major customers for Drip & Dry to expand its business.
Marketing strategy
Marketing mix
Product
In the initial stage, Drip & Dry has served its local communities with conventional laundry services along with the option of cafe beverages. Now, it has come up with a new idea of incorporating other food items for its customers. The organization is supposed to launch new products such as sandwiches, salads and soups appropriate for lunch and dinner. It can be a great option for the organization to retain the existing customers in a new way while fetching the attention of new customers (Fan, Lau & Zhao, 2015).
Price
Price is one of the most significant aspects that a new business venture needs to consider at the time of developing new products. As a new business, Drip & Dry needs to set its price in a comparatively affordable range. According to the views of Huang & Sarigöllü (2014), setting a lower price for the new offerings compared to the current market can make them fetch a greater customer base. Maintaining high quality of product and excellent services at a reasonable price range can be an extraordinary strategy for Drip & Dry.
Promotion
Promotion is a greater aspect that provides a huge support to an organization in meeting marketing goals. In terms of progressing with an aggressive marketing approach, the organization can rely on email marketing, inbound marketing and mobile apps (Adsolutions.yp.com, 2019). These are some of the trendiest approaches that modern businesses are up to for launching new products in the sphere of marketing. Email marketing can help the organization to spread brand awareness by shooting emails to the mail id of potential customers. Inbound marketing covers all the marketing activities and promotions on social media platform that can better ensure the growth of the organization. Thirdly, the mobile app can be equally helpful and powerful for the organization in terms of reaching more customers. Apart from that, the organization is decided to utilize the conventional medium as well such as Television, Newspaper, and Magazine, Bulletin boards, Printed flyers and Radio for promoting their new products (Khan, 2014).
Place
The organization is situated at Portland in Maine. It has been set at the corner of Alder Street and Kennebec Street. Initially, the Laundromat is set to offer coffee and food services in its current premises. Later on the business can be expanded to some other parts of Maine after a certain period of success (Fan, Lau & Zhao, 2015). A successful beginning can make the organization to have higher scope to expand its business on the global platform as well.
Figure 1: Marketing Strategy for Drip & Dry
(Source: Influenced by Fan, Lau & Zhao, 2015, p. 31)
Incorporation of digital marketing tools
The latest marketing trend demands of incorporating digital marketing in business that can ensure a greater benefit to it through an effective way of reaching people. As influenced by the views of Tiago & Veríssimo (2014), social media has been one of the most significant marketing tools that serve an organization with a better marketing opportunity in a greatly cost effective manner. It is mainly a way of marketing a product or service through the medium of internet and technology. In the sphere of digital marketing, most of the business organizations rely on social media platforms such as Facebook, Twitter, Instagram and Twitter. The organization Drip & Dry as well has not been any exception in this sphere. The company has successfully developed its online existence through Facebook and Twitter. In the part of Facebook, it has already acquired 500 likes on its official page. On a similar note, customers on Twitter are able to draw online coupons, online discounts and weekly deals that has made the entity to have a better reach of customers and hence, increasing the sales of the organisation. Therefore, it can be said that throughout facebook and Twitter can make the existing customers know about the upcoming food offerings while creating a new set of customer base. According to the views of Ryan (2015), digital marketing is highly helpful in assessing the feedback and perspectives of customers as well. Hence, on this background, the organization can greatly be benefitted in terms of rectifying itself based on the review. It can help further marketing activities of the organization.
Email marketing can equally be considered as a digital marketing tool that can help Drip & Dry to reach a wider set of customer. The organization is set to make up a list of potential customers along with their email-ids (Beaudry & Portier, 2014). Later on, a food template can be shot on those email ids to have a better response.
Developing a mobile app can be one of the best ways to engage the potential customers. A variety of mobile development platforms is there through which new businesses can feature powerful apps at an affordable cost. Hence, relying on the part of digital marketing, Drip & Dry can develop a customized mobile app in order to have a better reach to its customers (Jeston, 2014).
Marketing budget for new offerings
Television advertisements |
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Magazine advertisements |
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Newspaper advertisements |
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Radio advertisements |
|
Community Bulletin Boards |
|
Printed flyers |
|
Social Media post |
|
Total |
$126250 |
Table 1: Potential marketing options for new product launching of Drip & Dry
(Source: As influenced by Kireyev, Pauwels & Gupta, 2016, p.488)
It can be noticed that the organisation has been provided with a perfect insight for using each of the marketing category. In terms of TV commercials the Drip & Dry need an amount of $80,000 for the network TV while running an advertisement in local TV has been charged $3000. On the second part, newspaper ads require $20,000 that is set to be circulated nationally. A local edition of national magazine has required $15,000 for running an ad while a local magazine has fetched an amount of $3,000. Radio advertisements are equally valuable for promoting the new products of the organization. Hence, Drip & Dry is required of$1000 for the product. On the same background, the radio channel has charged $2000 to run the advertisement weekly. Printing the bills and sticking it on to the community billboard required a total of$150 for the organization. On the next level, the printing of 1000 flyers has been charged for $100. Hence, it can be observed that on the initial level, the organization requires a total of $126250 to use all the channels.
Television advertisements |
Local TV- $5,000 (a 30 seconds commercial) |
Magazine advertisements |
Local magazine – $3,000 |
Radio advertisements |
Product – $1000 For running the ad- $2,000 per week |
Community Bulletin Boards |
Printing and sticking on the bulletin boards – $150 |
Printed flyers |
Per 1000 flyers – $100 |
Table 2: Marketing Budget for new product launching of Drip & Dry
(Source: As influenced by Kireyev, Pauwels & Gupta, 2016, p.488)
The company can afford only $ 20000 on the initial stage. Hence, a proper selection can ensure a greater benefit in this part. Advertisement on local TV channels and local magazine while running the radio ads for continuous four weeks can fetch altogether $17000. The rest of the amount can be spent on printing flyers and bills.
The part of social media marketing has not required any kind of cost. Hence, the organization can be more focused on the part of using digital marketing tools in order to market the new food products in a more cost effective way (Horton & Tambe, 2015).
Conclusion
Evaluating all the factors, it can be noticed that a perfect market plan can be greatly supportive to Drip and Dry in terms of launching the new product range. The organization can improve its scope in launching new food products through a certain marketing strategy and setting a fixed budget plan to achieve the marketing objectives. The total budget of $126250 in all kind of promotional channels along with a little focus on digital marketing tools for Drip & Dry can ensure a greater reach to the potential customers in an innovative way. Hence, following an impeccable strategy can promise the organization a better growth through the new product development. Therefore, it can be recommended that Carrie and Fred could make strong partnership with slammin sandwich due to locating across town and delivering sandwiches. Moreover, locating across town might be great opportunity for Carrie and Fred due to enhancing number of targeted customers and satisfying them by delivering sandwiches.
Reference List
Adsolutions.yp.com (2019), 3 Small Business Marketing Tools Connect You with Better Customers, Retrieved on: 15th January, 2019, Retrieved from: https://adsolutions.yp.com/build-relationships/three-small-business-marketing-tools-to-connect-with-better-customers
Beaudry, P., & Portier, F. (2014). News-driven business cycles: Insights and challenges. Journal of Economic Literature, 52(4), 993-1074. Retrieved on: 15th January, 2019, Retrieved from: https://www.nber.org/papers/w19411.pdf
Bell, E., Bryman, A., & Harley, B. (2018). Business research methods. Oxford university press. Retrieved on: 15th January, 2019, Retrieved from: https://s3.amazonaws.com/academia.edu.documents/28102671/researchmethodsp.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1547794541&Signature=hqDwCrMJ4MlvoxzStKvZZcBknzI%3D&response-content-disposition=inline%3B%20filename%3DBusiness_research_methods.pdf
cfaresources.s3.amazonaws.com (2019), Carrie and Fred’s Ideas for New Food Offerings, Retrieved on: 15th January, 2019, Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Carrie%20and%20Freds%20Ideas%20for%20New%20Food%20Offerings.pdf
cfaresources.s3.amazonaws.com (2019), Drip & Dry Business Overview, Retrieved on: 15th January, 2019, Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Business%20Overview.pdf\
cfaresources.s3.amazonaws.com (2019), Drip & Dry Customer Survey Responses, Retrieved on: 15th January, 2019, Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Customer%20Survey%20Responses.pdf
Cfaresources.s3.amazonaws.com (2019), Going Beyond Laundry, Retrieved on: 15th January, 2019, Retrieved from: http://cfaresources.s3.amazonaws.com/BA%20Communications/7%3A%20Market%20a%20Product%20or%20Service/Going%20Beyond%20Laundry.pdf
Chang, W., & Taylor, S. A. (2016). The effectiveness of customer participation in new product development: A meta-analysis. Journal of Marketing, 80(1), 47-64. Retrieved on: 15th January, 2019, Retrieved from: https://www.researchgate.net/profile/Woojung_Chang/publication/283767890_The_Effectiveness_of_Customer_Participation_in_New_Product_Development_A_Meta-Analysis/links/56afa4c908ae9c1968b465ef/The-Effectiveness-of-Customer-Participation-in-New-Product-Development-A-Meta-Analysis.pdf
Chen, K. Y. (2014). Improving importance-performance analysis: The role of the zone of tolerance and competitor performance. The case of Taiwan’s hot spring hotels. Tourism Management, 40, 260-272. Retrieved on: 15th January, 2019, Retrieved from: http://www.ifsulibrary.com/ejournal/uploads/file/pdf/20180416_043035.pdf
Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business intelligence through the lens of marketing mix. Big Data Research, 2(1), 28-32. Retrieved on: 15th January, 2019, Retrieved from: https://paperdownload.me/wp-content/uploads/2017/08/1763-demystifying-big-data-analytics-business-intelligence-marketing-mix.pdf
Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business intelligence through the lens of marketing mix. Big Data Research, 2(1), 28-32. Retrieved on: 15th January, 2019, Retrieved from: https://paperdownload.me/wp-content/uploads/2017/08/1763-demystifying-big-data-analytics-business-intelligence-marketing-mix.pdf
Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550. Retrieved on: 15th January, 2019, Retrieved from: https://cloudfront.escholarship.org/dist/prd/content/qt6t57r4wx/qt6t57r4wx.pdf
Haumann, T., Quaiser, B., Wieseke, J., & Rese, M. (2014). Footprints in the sands of time: A comparative analysis of the effectiveness of customer satisfaction and customer–company identification over time. Journal of Marketing, 78(6), 78-102. Retrieved on: 15th January, 2019, Retrieved from: https://journals.sagepub.com/doi/pdf/10.1509/jm.13.0509
Horton, J. J., & Tambe, P. (2015). Labor economists get their microscope: big data and labor market analysis. Big data, 3(3), 130-137. Retrieved on: 15th January, 2019, Retrieved from: http://john-joseph-horton.com/papers/labor_econ_microscope.pdf
Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY. http://dresmaeilhasanpour.com/wp-content/uploads/2016/10/International-Series-on-Consumer-Science-Tsan-Ming-Choi-PhD-auth.-Tsan-Ming-Choi-eds.-Fashion-Branding-and-Consumer-Behaviors_-Scientific-Models-Springer-Verlag-New-York-2014.pdf#page=115
Jeston, J. (2014). Business process management. Abingdon: Routledge. Retrieved on: 15th January, 2019, Retrieved from: http://sutlib2.sut.ac.th/sut_contents/H100693.pdf
Khan, M. T. (2014). The concept of’marketing mix’and its elements (a conceptual review paper). International journal of information, business and management, 6(2), 95. Retrieved on: 15th January, 2019, Retrieved from: https://paperdownload.me/wp-content/uploads/2017/08/1763-demystifying-big-data-analytics-business-intelligence-marketing-mix.pdf
Kireyev, P., Pauwels, K., & Gupta, S. (2016). Do display ads influence search? Attribution and dynamics in online advertising. International Journal of Research in Marketing, 33(3), 475-490. Retrieved on: 15th January, 2019, Retrieved from: https://s3.amazonaws.com/academia.edu.documents/45752622/1-s2.0-S0167811615001159-main.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1547810439&Signature=lRJeEjPUTvUSI8RPvB%2Bfjx5jovU%3D&response-content-disposition=inline%3B%20filename%3DDo_display_ads_influence_search_Attribut.pdf
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers. Retrieved on: 15th January, 2019, Retrieved from: http://ewing.ir/download/Understanding-Digital-Marketing.pdf
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708. Retrieved on: 15th January, 2019, Retrieved from: http://blog.mahanbs.com/Images/Weblog/blog/WeblogHtmlFile/1-s2.0-S0007681314000949-main.pdf
Assignment 3 Solution
Marketing Brief
Main objectives and goals of Drip and Dry
The primary goal of Drip & Dry is to attract a new set of customers that can improve their business growth. The objectives of the company are mentioned below
-
To appeal the customers who are looking for a great restaurant experience
-
To improve the profitability
-
To attract a range of new customers
-
To provide the customers with best kind of laundry services
-
To provide the customers a full fledged restaurant experience with lunch and dinner
Target market
The organization is set to target the young group of customers. The major focus is on the part of the age group ranging from 18-25 years old. The most important reason behind this is the result of Drip & Dry survey that has portrayed most of the customers is from this group. Almost 40% people who have Drip & Dry coffee experience are from this particular age range. Hence, as influenced by the views of Aghdaie & Alimardani (2015), the organisation can emphasize on middle income group and students as the target customers. Target market of Drip and Dry is 18-25 age groups as 40% as well as 26-35 age groups as 25% and 36-50 age groups as 50%. From the point of view, it is clear that company is targeting 36-50 age groups mostly due to loving to taste coffee shop services as well as Laundromat services. The average age of Portland is 35 years which indicates increasing rate of bigger market for residents aged 26-35. It can be observed that tourist’s age range between 36-50 as well as college student’s age range from 26-35 is target market of Drip and Dry (Drip & Dry Customer Survey Responses, 2019).
Unique selling proposition of Drip and Dry
The unique selling point of the organization is its comparatively low price range and quality services. In this particular zone of Portland, it is the first Laundromat that has come up with this idea which can be another uniqueness of the company. Drip and Dry could consider significant message such as best quality products within suitable price for the purpose of attracting large number of customers in Portland. Along with that, social appeal would be significant strategy of Drip and Dry in case of sharing idea regarding maintenance of nutrition level into coffee products and avoiding occurrence of critical diseases.
USP of Drip and Dry would be “Happiness begins with coffee” which would be shared through different distribution channels such as social media and Television for the purpose of attracting targeted customers. In this context, Drip and Dry could apply AIDA model for develop their USM message. This will help to drag attention of the customers from all the groups and then develop their interest based on the price and quality of their service and products. Through social media, daily basis review of customers would be checked for the purpose gathering information related to their demand. Along with that, video on Drip and Dry coffee and its taste would be shared through social media and Television so as to ensure targeted customers regarding USP of Drip and Dry.
The following message should be structured as open ended due to providing chance to large number of targeted customers for expressing own thought regarding quality and price level of coffee items. Along with that, it will allow company to interact with customers directly and improving business process at the time of needs.
USP refers to strategic factor that differentiates specific product from an organization’s competitors so as to achieve leading position and enhance brand recognition. With the aid of strategic idea such as low cost as well as best quality products, an organization would be able to gain competitive benefits such as large number of customers (Principles of Marketing, 2019).
Rationale for marketing strategy
The provided marketing strategy can be best suited with the market condition of the Drip & Dry. Focusing more of digital marketing nowadays can fetch more customers to attention towards a new company or a new product. According to the views of Schmidt, K. M., Spann, M., & Zeithammer (2014), in this situation, partnering with potential channels can equally help the organization to get supported by renowned food sellers. It can help the organization to win the trust of the customers. On the other part, food products such as soup, sandwiches, coffee and other beverages can hugely attract the young customers towards the company and help in increasing its sales growth while fetching higher profitability.
Most significant information of Drip and Dry
The most significant information about Drip & Dry can be its budget allocation that the marketing firm needs to know about. As a new venture, the company cannot afford a huge amount right now in this initial level that the marketing agency should be well aware of (Piercy, 2014).
Reference List
Aghdaie, M. H., & Alimardani, M. (2015). Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), 262-278. Retrieved on: 15th January, 2019, Retrieved from: https://www.researchgate.net/profile/Mohammad_Aghdaie/publication/280924434_Target_market_selection_based_on_market_segment_evaluation_A_multiple_attribute_decision_making_approach/links/55cb83fc08aeb975674c7cdd/Target-market-selection-based-on-market-segment-evaluation-A-multiple-attribute-decision-making-approach.pdf
Drip & Dry Customer Survey Responses. (2019). cfaresources.s3.amazonaws.com. Retrieved on: 15th January 2019. Retrieved from:http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Customer%20Survey%20Responses.pdf
Principles of Marketing. (2019). saylordotorg. Retrieved on: 25th January 2019. Retrieved from:https://saylordotorg.github.io/text_principles-of-marketing-v2.0/
Piercy, N. (2014). Marketing Organisation (RLE Marketing). Abingdon: Routledge. Retrieved on: 15th January, 2019, Retrieved from: http://epubunit.info/marketing-organisation-an-analysis-of-information-processing-power-and-politics-bookshare-accessible-books-nigel-piercy.pdf
Schmidt, K. M., Spann, M., & Zeithammer, R. (2014). Pay what you want as a marketing strategy in monopolistic and competitive markets. Management Science, 61(6), 1217-1236. Retrieved on: 15th January, 2019, Retrieved from: https://www.econstor.eu/bitstream/10419/105122/1/cesifo_wp5069.pdf
Assignment 4 Solution
Ethical Consideration
Main objectives and goals of Drip and Dry
The primary goal of Drip & Dry is to attract a new set of customers that can improve their business growth. The objectives of the company are mentioned below
-
To appeal the customers who are looking for a great restaurant experience
-
To improve the profitability
-
To attract a range of new customers
-
To provide the customers with best kind of laundry services
-
To provide the customers a full fledged restaurant experience with lunch and dinner
Target market
The organization is set to target the young group of customers. The major focus is on the part of the age group ranging from 18-25 years old. The most important reason behind this is the result of Drip & Dry survey that has portrayed most of the customers is from this group. Almost 40% people who have Drip & Dry coffee experience are from this particular age range. Hence, as influenced by the views of Aghdaie & Alimardani (2015), the organisation can emphasize on middle income group and students as the target customers. Target market of Drip and Dry is 18-25 age groups as 40% as well as 26-35 age groups as 25% and 36-50 age groups as 50%. From the point of view, it is clear that company is targeting 36-50 age groups mostly due to loving to taste coffee shop services as well as Laundromat services. The average age of Portland is 35 years which indicates increasing rate of bigger market for residents aged 26-35. It can be observed that tourist’s age range between 36-50 as well as college student’s age range from 26-35 is target market of Drip and Dry (Drip & Dry Customer Survey Responses, 2019).
Unique selling proposition of Drip and Dry
The unique selling point of the organization is its comparatively low price range and quality services. In this particular zone of Portland, it is the first Laundromat that has come up with this idea which can be another uniqueness of the company. Drip and Dry could consider significant message such as best quality products within suitable price for the purpose of attracting large number of customers in Portland. Along with that, social appeal would be significant strategy of Drip and Dry in case of sharing idea regarding maintenance of nutrition level into coffee products and avoiding occurrence of critical diseases.
USP of Drip and Dry would be “Happiness begins with coffee” which would be shared through different distribution channels such as social media and Television for the purpose of attracting targeted customers. In this context, Drip and Dry could apply AIDA model for develop their USM message. This will help to drag attention of the customers from all the groups and then develop their interest based on the price and quality of their service and products. Through social media, daily basis review of customers would be checked for the purpose gathering information related to their demand. Along with that, video on Drip and Dry coffee and its taste would be shared through social media and Television so as to ensure targeted customers regarding USP of Drip and Dry.
The following message should be structured as open ended due to providing chance to large number of targeted customers for expressing own thought regarding quality and price level of coffee items. Along with that, it will allow company to interact with customers directly and improving business process at the time of needs.
USP refers to strategic factor that differentiates specific product from an organization’s competitors so as to achieve leading position and enhance brand recognition. With the aid of strategic idea such as low cost as well as best quality products, an organization would be able to gain competitive benefits such as large number of customers (Principles of Marketing, 2019).
Rationale for marketing strategy
The provided marketing strategy can be best suited with the market condition of the Drip & Dry. Focusing more of digital marketing nowadays can fetch more customers to attention towards a new company or a new product. According to the views of Schmidt, K. M., Spann, M., & Zeithammer (2014), in this situation, partnering with potential channels can equally help the organization to get supported by renowned food sellers. It can help the organization to win the trust of the customers. On the other part, food products such as soup, sandwiches, coffee and other beverages can hugely attract the young customers towards the company and help in increasing its sales growth while fetching higher profitability.
Most significant information of Drip and Dry
The most significant information about Drip & Dry can be its budget allocation that the marketing firm needs to know about. As a new venture, the company cannot afford a huge amount right now in this initial level that the marketing agency should be well aware of (Piercy, 2014).
Reference List
Aghdaie, M. H., & Alimardani, M. (2015). Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), 262-278. Retrieved on: 15th January, 2019, Retrieved from: https://www.researchgate.net/profile/Mohammad_Aghdaie/publication/280924434_Target_market_selection_based_on_market_segment_evaluation_A_multiple_attribute_decision_making_approach/links/55cb83fc08aeb975674c7cdd/Target-market-selection-based-on-market-segment-evaluation-A-multiple-attribute-decision-making-approach.pdf
Drip & Dry Customer Survey Responses. (2019). cfaresources.s3.amazonaws.com. Retrieved on: 15th January 2019. Retrieved from:http://cfaresources.s3.amazonaws.com/BA%20Revisions%202017/Market%20a%20Product%20or%20Service/Drip%20%26%20Dry%20Customer%20Survey%20Responses.pdf
Principles of Marketing. (2019). saylordotorg. Retrieved on: 25th January 2019. Retrieved from:https://saylordotorg.github.io/text_principles-of-marketing-v2.0/
Piercy, N. (2014). Marketing Organisation (RLE Marketing). Abingdon: Routledge. Retrieved on: 15th January, 2019, Retrieved from: http://epubunit.info/marketing-organisation-an-analysis-of-information-processing-power-and-politics-bookshare-accessible-books-nigel-piercy.pdf
Schmidt, K. M., Spann, M., & Zeithammer, R. (2014). Pay what you want as a marketing strategy in monopolistic and competitive markets. Management Science, 61(6), 1217-1236. Retrieved on: 15th January, 2019, Retrieved from: https://www.econstor.eu/bitstream/10419/105122/1/cesifo_wp5069.pdf
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