Business Essentials: National Space Centre and the 7 Ps - Essay Example

? Business Essentials: National Space Centre and the 7 Ps Task: Business Essentials: National Space Centre and the 7 P’s Content List Executive Summary………………………………………………………3 Introduction……………………………………………………………….3 People as an aspect of Marketing Mix……………………………………4 Price……………………………………………………………………….6 Overall Service Proffer: Event…………………………………………....6 Conclusion………………………………………………………………...9 References………………………………………………………………..10 Business Essentials: National Space Centre and the 7 P’s Executive Summary In every business situation, marketing is vital in order to survive in the competitive world. Marketing entails the executive process of discovering and predicting customers’ needs in an attempt to satiate them, and thereby make profits from this undertaking. Furthermore, wise investors must know the exact consumer requirements, and device marketing stratagem that will satisfy them, while being able to overcome their opponents. The entrepreneurs must also apply the seven P’s available in the marketing mix. When properly implemented, these aspects give an entrepreneur an upper hand over their competitors. Conversely, while planning for any business experience, one must ensure that he or she employs all aspects of the 7Ps. It is apparent that leaders neglect some of their clients’ needs when they make vital business decisions concerning marketing. This is detrimental, since the clients’ needs are the real reason for any business undertaking. This document will look into this, and mull over pricing, another key aspect in marketing. Introduction Marketing is a crucial aspect in any business organization’s survival. Moreover, marketing entails a number of activities that ensure the smooth running of any organization. Business experts delineate marketing as that management process that recognizes, foresees, and fulfils the customers’ needs with the objective of obtaining a profit. Investors must make certain that they are conversant with their clients’ requirements and see to it that it is economically viable to provide these products (and services) to the market. Besides, products can be either commodities or services provided in the market. The competitive nature of the markets today prompts entrepreneurs to employ the seven P’s in their marketing campaign. As a result, this manuscript will consider two of the seven P’s of marketing (price and people), and their influence on the success of National Space Centre in the Science Fiction field. In this manuscript, products will vastly depict services. People as an aspect of Marketing Mix Originally, the business people of the mid 1900s came up with 4P’s that tried to illustrate the business market situation in relation to competition. These included the Product, Price, Place, and Promotion. However, as business expanded with the incorporation of technology, 3 more P’s had to be in operation. These included Physical Evidence, People and Process (Balram & Ghuman 2007, p. 80). Business entailed sale of products and services. During trade, it was evident that the 4Ps benefitted the traders of products more than it did to those in the service business line. Besides, contemporary traders may apply more P’s than the current 7 in determining their market mix. However, this document will only reflect on two P’s, which are Price and People (the clients of the space centre will represent the people). The Leicester’s National Space Centre is about to hold an event. This will commemorate the success of its recent film that entails the experience of astronomers in space and their life in space. Their work has been triumphant because of careful application of the seven P’s crucial in the current, competitive environment. For instance, it is vital to employ the suitable people in order to achieve business objectives. For a firm to meet its objectives, it ought to target the appropriate people (customers) in its operations line (Smith 2003, p. 42). In order to satiate the needs of its target clients (people), it is essential to recruit apt staff within the management, since the employees play a crucial role towards a firm’s objective realization (Pickton & Masterson 2010, p.83). Moreover, the employees have direct contact with these critical individuals. National Space Centre realized this and cautiously selected a team of qualified staff and trained them to enhance their productivity prior to the commencement of their activities (Kapoor, Paul and Halder 2010, p.350). Additionally, clients (people) will judge the nature of services provided through viewing the way the workforce of a firm carries itself through service delivery. Some employers apply all the marketing strategies in an effort to outdo their opponents in the market place. However, they end up neglecting their clients’ needs, the same people who will ensure that they accomplish the set strategies. This is a business detriment, since service delivery becomes a challenge. As a result, wise entrepreneurs should utilize this advantage and improve service delivery to people, and thereby improve the firm’s name through their daily interactions. On seeing this setback, National Space Centre implemented policies to train their employees on proper interpersonal proficiencies, aptitude, and service comprehensions, in order to give their customers (family members and school goers, among others) high quality services that they merit. Moreover, entrepreneurs ought to guarantee that their employees have the motivation required for a high level of customer satisfaction. While backing a firm’s products, one needs to ensure that they meet their clients, needs. In organizing for the event in National Space Centre, one will need careful planning. As a result, the employees will play a critical role in the whole planning process. Besides, responsible leaders should ensure that each employee works in the position that he or she best suits, with minimum time and supervision, in a bid to sate their clients’ desires. This leads to specialization and division of labor within the firm. Price Price is another aspect in the 7Ps of the marketing mix. The (P) Price was an invention of the earlier traders, as opposed to the P representing the people (clients) that came later on. Product (service) pricing is extremely critical in every business setting (Dibb & Simkin 2001, p.261). Additionally, price should be flexible, depending on the market situation prevailing at the time. Since there will be numerous attendants in the event, I must ensure that I employ the proper pricing scales that will maximize the number of attendants. Moreover, I must make certain that I come with an apt pricing strategy for both the film and the entrance fee. The pricing should not be too high, such that it will deter people from attending the function, and thus reduced sales. This may be detrimental to the firm, since it may lead to severe losses, thereby damage the initial essence of the event. On the other hand, the price should not be too low. This can also be disadvantageous, since people may perceive the whole event to be of poor quality, resulting in reduction of the people attending the event. Overall Service Proffer: Event In giving services to clients, an entrepreneur must ensure that he or she applies all the relevant strategies towards clients’ complete contentment. Business connoisseurs have also devised a model that guarantees complete client contentment. In organizing the event, I will employ all aspects of this model (Pickton & Masterson 2010, p.83). The first feature of the model is accessibility. Initially, I will see into it that all the required materials for the event are wholly available, to clients. Such materials will include tags and a few booths for ticketing all adorned with the company’s logo. There is a vast space in the venue where the event will take effect. This place will be immensely helpful in providing parking for the motorists. Additionally, all the processes entailed in planning this occasion should be harmonized. There will be employees designated to control the entry and exit of the participating populace to and from the venue. This will ease the increased entry and reduce the probability of chaos, thus result in overall customer satisfaction and thus increased revenue. Physical evidence is another aspect of gratifying service delivery to clients. It entails the context within which entrepreneurs offer services to clients, including all corporeal materials that aid in the activities and the communication of services to the clients (Balram & Ghuman 2007, p. 80). Ticket tags are excellent examples that will act as physical evidence in the occasion. There will also be snacks at the event on gratis. Besides, people (clients) are the most crucial during the sale of goods and services within the event (Smith 2003, p. 42). The co-ordination and cooperation of all individuals will result in the success of the entire event. Moreover, the firm will be capacitated to negotiate with the group of attendees interested in collaborating with National Space Centre towards the creation of a larger venue. Additionally, while organizing the event, I will make certain that the employees will not tamper with the superiority of the services available. This will be possible since the experts to provide the speech will be ready to present their talk once the number of attendees becomes enough. Additionally, employees responsible for the exhibitions on Sci Fi and the films will conclude their job in time. Other features of the event will include entertainment, in an attempt to create a livelier milieu for the attendees, thereby improving the firm’s image (Kapoor, Paul & Halder 2010, p.350). This will mainly through songs and film extravaganza. These singers will also adorn themselves with attires in the company’s logo. Physical Evidence in Alleviating Risk in Service Offering in Air Travel Physical evidence entails all the corporeal items that a play part in providing services to clients. Since services offer no physical evidence, clients have to rely on physical evidence as physical indications of the services. Additionally, physical evidence demonstrates itself in various ways. This may be in the form of packaging, business cards, brochures, and signage among others (Soffe 2005, p.370). In events such as sporting, the clients associate with their teams of choice using tickets adorned with the teams’ logos. Most Air Travel Companies vastly apply the use of Physical evidence in the various forms of signage on the planes and trademarks (Kapoor, Paul & Halder 2010, p.350). Moreover, these companies tend to give their clients gifts with their companies’ logos inscribed on them. This is a demonstration of high quality services. Additionally, this serves as a form of advertisement. These companies relentlessly toil to upkeep their image, in an attempt to set the pace in the competitive world (Henderson 2007, p.181). As a result, these companies feel obliged to preserve their image through physical evidence. This signifies that various air companies will do their best in alleviating any client risk. Additionally, these companies are popular in outdoing one another through furnishing their clients with modern equipment in the planes that are both comfortable and hazard free (Smith 2003, p. 42). However, these services come with added expenditures. As a result, they recover this through increased airfares. Conclusion Virtually all entrepreneurs experience competition from other traders offering similar services to the limited number of clients. Consequently, it is critical for investors to utilize tactical approaches in their attempt to outdo their opponents. Fortunately, earlier marketers devised a model dubbed the 4Ps of the marketing mix. However, with the current advancement in technology, the 4Ps could not hold and had to increase to 7P’s of marketing. Additionally, while organizing the event to take place I must incorporate all the 7P’s of the mix. Furthermore, I will extensively employ the people and price as the two Ps to make the event fruitful. In it, the selected employees of the firm will play a vital role in guaranteeing the success of the occasion through customer satisfaction. On the other hand, the event preparation will also consider the pricing of the products on the day of the awaited occasion. The firm will also mull over physical evidence as an approach in adverting. References Balram, D & Ghuman, K 2007, Rural Marketing: concepts and practices, Tata McGraw –Hill Publishers, New Delhi. Dibb S & Simkin, L 2001, the marketing casebook: cases and concepts, Thomson Learning Publishers, London. Henderson, J 2007, the Small Business Self-Starter Handbook: How to Manage Pitfalls of a Small Business Startup. IUniverse Publishers, Indiana. Kapoor, R, Paul, J & Halder, B (2010), Service Marketing Concepts & Practices, Tata McGraw–Hill Publishers, New Delhi. Pickton, D, Masterson R 2010, Marketing: An Introduction Sage Publications Ltd, London  Smith, R 2003, Great answers to tough marketing questions. Kogan Page Publishers, London. Soffe, R 2005, the countryside notebook, Blackwell Publishers, London.         Read More