We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Royal Mint Counts Down to London 2012 with Special Coin - Essay Example

Comments (0) Cite this document
Summary
The Royal Mint [The name of the writer will appear here] [The name of the institution will appear here] [The name of the Professor] [Course] [Date] Introduction The Royal Mint is the official organization responsible for the minting of coins in the United Kingdom…
Download full paperFile format: .doc, available for editing
Polish This Essay91.2% of users find it useful
Royal Mint Counts Down to London 2012 with Special Coin
Read TextPreview

Extract of sample
"Royal Mint Counts Down to London 2012 with Special Coin"

Download file to see previous pages Royal Mint is a government owned body under the ownership of HM Treasury. The company is located in South Wales and employees more than 900 people (Royal Mint, 2012) The Royal Mint has won the advantage of minting Olympic coins for the Olympic event to be held in London in 2012. For this, Royal Mint has started minting and distributing coins since 2009 and has even changed UK regulations to mint kilo gold coins in limited edition. In this paper, the aim is to develop a suitable marketing strategy, through a sound marketing research, for Royal Mint in order to generate good revenues from the venture (Royal Mint, 2009) Marketing Research Marketing Research has been defined by Philip Kotler as ‘the systematic design, collection, analysis, and reporting of data and findings relevant to a specific situation facing the company’ (Blankenship, Breen and Dutka, 1998; 7) While market research is only concerned with collecting data on the market and analyzing it, marketing research involves a broader spectrum. It provides information on the market, the customer as well as the community. It provides sound information to the marketing managers to develop a good marketing strategy based on the external environment as well as the internal environment. Marketing research allows decision makers to make the right marketing decision under guidance from the data collected. Marketing research is usually conducted for launching a new product in the market so that managers may make better decisions by understanding the market and the needs of the consumers. The most important aspect of every marketing research is the identification of the problem which is done through a proper knowledge of the background of the situation (Malhotra, et. al, 2002). Background of the Situation With the Olympic Games being held in London for 2012, the Royal Mint has been selected to commemorate the minting, distribution and marketing of the Olympic Coins. Royal Mint, for the designing of the coins, opened up a Royal Mint Public Competition for making the designs of the coins. Out of the 30,000 entries, only 29 designs were chosen for the different sports (BBC, 2010). Furthermore, the UK government changed its legislation to accommodate the new half kilo gold coins for the special occasion. Olympic Coins have been introduced in Olympic Games since the time of the Greeks. The purpose of the Olympic coins was to act as a souvenir for the games so that the ordinary people would relate with the game also. They should also become part of the legacy by buying the coins and eventually promoting Olympic Games (Preuss, 2004). Even though the Royal Mint is a leading coin producer in UK and has expanded into the global arena since a long time, it is the first time that the organization has been selected to mint coins for an occasion as big as the Olympic Games. Therefore in order to effectively launch and market its products, the organization needs to conduct a marketing research. Problem Definition Problem Definition is the most important aspect of the marketing research as it forms the foundation of the marketing research. If the researchers are able to identify the problem correctly, the marketing research is made easier and more effective. In the case of the Royal Mint, the problem is the effective manner of launching Olympic Coins in the public. Royal Mint has little or no experience in this particular field since they have not minted coins for commercial purposes on such a vast level. The question here is not whether to launch ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Royal Mint Counts Down to London 2012 with Special Coin Essay”, n.d.)
Retrieved from https://studentshare.org/business/1399033-information-for-decision-making-assignment-title
(Royal Mint Counts Down to London 2012 With Special Coin Essay)
https://studentshare.org/business/1399033-information-for-decision-making-assignment-title.
“Royal Mint Counts Down to London 2012 With Special Coin Essay”, n.d. https://studentshare.org/business/1399033-information-for-decision-making-assignment-title.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Implementations of Customer Relations Management System by Royal Mint
The application of CRM systems in the management of the marketing functions of a company includes the application of various elements of the CRM system such as information technology, people and the organization and management processing procedures in the facilitating the marketing of a company’s products.
8 Pages(2000 words)Essay
Management - London 2012 Olympics
Organisational Structure The London Olympics and Paralympics games organised a committee which was to look after at the affairs of the event, LOCOG was created with Lord Coe as its Chair. This committee is responsible for staging the games and to raise funds by means of sponsorship.
7 Pages(1750 words)Essay
The Royal Mint Marketing Research
The principal goal of marketing research is to point out and offer evaluation on how the marketing dynamics of the consumers preferences and inclinations – which influence customer behavior. The concepts is often confused with market research, however, professional analysts have drawn a peculiarity between the two – arguing that market research is concerned about markets in a specific manner, while marketing research focuses its attention on the dynamics of the market and marketing processes.
8 Pages(2000 words)Essay
Royal Mint Production Management
In the Royal Mint case, the company mints coins of various countries and the product forms vary considerably. i.e. the material needed for minting euro, pound or dollar coins are the same but the pricing is as per the face value of each currency. The Objective of Royal Mint is to provide the Government with coinage at a competitive price.
12 Pages(3000 words)Case Study
Impact of London Olympics 2012
Creation of new jobs is always a pressing priority, and the spreading tentacles of the hospitality sector have many advantages in this respect. The connection between tourism and jobs, as well as with enterprises
8 Pages(2000 words)Essay
London Olympics 2012
It is mentioned that Olympics 2012 would take place in London. This is the third time in history when the city has been given this honor to host the event. The last two times it hosted the event in 1940 and 1948. London won the bid out of four big cities: Paris, Moscow and New York in a close one-on-one with Paris by 4 votes.
12 Pages(3000 words)Essay
The Royal Mint London 2012 Olympic Souvenir Coins
The Customer Relationship Management is a strategy that supports the improvement of the relations between the organization and its customers, leading, gradually, to the increase of organizational profits. The elements of CRM are customized for each organization, in accordance with the organizational needs and characteristics.
7 Pages(1750 words)Essay
London 2012 Olympic Games
These two events provide an appropriate reference, for the organizing committee, since the number of sports and the projected attendance are close to those
4 Pages(1000 words)Case Study
London Olympics 2012
The Olympics left a major legacy in the form of an economic boom for the country. She then contrasts this success with the legacy of
2 Pages(500 words)Essay
London 2012 olympics
These disciplines in total conduct more than 300 sporting events, further signifying its larger appeal in the global platform. The last Olympic Games were hosted by London in the year 2012 (Hunter, 2012). Gray (2012) in a report
7 Pages(1750 words)Essay
Let us find you another Essay on topic Royal Mint Counts Down to London 2012 with Special Coin for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us