Mate Consultants - Business Development & Marketing Strategies For Myer, Essay.

Use creative tools to establish the market validity.

Identify the clients value proposition and the need in the market for the chosen product. = (Marketing consultations) 
main client MYER (Create a plan to increase their sells)
and  2 additional companies (Create a plan for them as well)
What consultation we could offer to them) 

Establish market segmentation, and channel strategy and marketing approach, to deliver the product/solution to the chosen market. Step by step.

Develop a financial model for a viable venture with tables and examples with the chosen companies.

Expertise in Business Development and Marketing Strategies

Mate Consultants is a comparatively new company that would be providing higher level of expertise in the local development of business for Myer, market identification and development, development of channel, strategies of distribution and marketing strategies for Myer.

Melbourne has a highly competitive business environment and provides the ease of doing business that supports profitability as well as taxability. There are world’s top performing companies situated in Melbourne (Scarborough, 2016). Melbourne provides a stable taxable environment for businesses and allows them to expand through government funding. Mate Consultations would offer Myer with the central source of information.

Mate Consultations provides expertise in proactive oriented and market opportunity seeking company that is required to develop and enter in the distribution of the new product as well as new market segments in new market. Mate Consultations intends to offer its customers with number of necessary services for the business community and to the public as well. These can be summed up under two main divisions namely the business and training services (Schaper et al., 2014). The business services include market research, preparing research report, project based consultation, business and marketing plans for MYER. Mate Consultations would be maintaining the membership files for specialized advisors in the neighbouring areas by listing the chain of retail services and expertise offered. From the perspective of consultant’s, the need for network and communication is clearly evident.

Mate Consultations is in the stage of development, however once the company is stable, there is a wide scope for expansion. The services of networking might be offered to the consultants that are outside Melbourne and would expand into the surrounding regions which would demonstrates the entrepreneurship of Melbourne city (Burns & Dewhurst, 2016). Upon standardizing the system of contact and follow-up Mate Consultations may expand to all regions with the operations left in the hands of executive directors.

Mate Consultations is the full service consulting company that would specialize itself in facilitating the relationships between the small businesses that seeks professional, quality services and professional consultants that are seeking new clients (McKenzie, 2015). Mate Consultations aims to offer personalized service, by exhibiting genuine concerns for all the customers and reflect ethical behaviour advancing the business success as well as the success of the clients.

Mate Consultations is in the development stage. Mate Consultations has numerous goals associated to growth, quality and survival. These goals are as follows;

1. To provide selected set of consultancy with proactive approach in seeking market opportunity, developing new products and entering in the distribution of new products and new market segments in the new market (Burns, 2016).
2. The goal is to suggest MYER to bring into more branches with lower price and increasing more number of customers that would help in increasing more customer by translating the demand to income.
3. Obtain profit within 12 months of business operations.
4. To perform the feasibility study in every regions of eighteen months in advance of entering into the market.

Mate Consultations is in the breaking ground as the industry that has presented a higher amount of growth and success inside the last twenty years. The business of consultancy has developed because of the corporate downsizing, development in technology and outsourcing of commercial purposes (Robson, 2015). The industry has experienced a growing demand for professionals consulting services which has originated from the small and medium businesses to outsource the independent contractors as the measure of saving money. Through the help of outsourcing, business avoid costs related to employee benefit and taxes which is quite attractive for the small business as they may not need the service of profession service for full time basis (Hill, 2017). The consulting business can be a large team of professionals or the one-person office. Size is regarded as irrelevant to the quality of service and promotes the start-ups which further encourages the growth of consulting business.

Personalized Service and Genuine Concern for Clients

As the consultancy market continues to expand there may be an in situation when the market becomes saturated. Adelaide is regarded as the excellent place of business to perform the consultancy business since it has good number of small to medium size firms. However, any similar industry, given the supply of services goes past the demand the industry would present the signs of change (Hill et al., 2014). Consultants might reduce their fees or may look for work out of the instant areas and simultaneously forcing the less successful consultants to move out of the business.

Presently, profit margins in the consultancy industry is relatively higher. The operational and the start-up expenditure is less and therefore based on the fee a consultancy business can attain higher level of profit margins (Hitt & Duane, 2017). The profit margin is obtained by assuming that the setting up a consultancy proves a lucrative business and this serves up the fact that there is an ample amount of incentives for start-up which encourages continuity of growth.

The present drive and focus placed by the government on the diversification of the industrial base away from the mineral sector offers an opportunity to Mate Consultations in making a valuable contribution towards attaining such goals. This would lead to application of modern marketing research tools and transferring of knowledge (Wheelen et al., 2017). By undertaking a detailed and inclusive research of market it is understood that there is need for specific market research and business development firm that emphasis on research reports custom-made to meet the needs of the clients. Even though there are business consulting firms presently available in the market some of the firms are in existence for a very long time period.

The industry is presently experiencing a strong growth in the unsurpassed economy. With the relaxation of overseas exchange policies and macro-economic policies are directed towards attaining overseas investment in the country (Meyer et al., 2017). For Mate Consultants the business fits well in the industry of business development consultancy because of the increased in quantity of consultants that are available in the market and the quantity of small and medium enterprise business that chose to locate or expand in Adelaide.   

Value proposition can be defined as the business or statement of marketing that is used by the company to summarize why the customers should purchase and use the service. The value proposition statement provides the consumers that a particular product or services would add high value or may solve the problems than any other identical offerings will (Rothaermel, 2015). The value proposition for Mate Consultants is stated below;

1. Customer focus and cooperation:Mate Consultants aims to offer customers with the integrated and holistic designs business solutions that results in optimal technical and economic results. Mate Consultants designs is not performed in isolations. Mate Consultants believes in maintaining a close collaboration with Myer.
2. Engineering Excellence:Mate Consultants services would be engineered in better understanding of the multiple design discipline and believes in vitality of working closely with all the team members on a project (Goworek et al., 2015). This enables both the customers and the business consultant to completely understand each other’s requirement and optimizing the business results.
3. On time delivery:Mate Consultants would employ consultants with working experience on large scale business projects and have witnessed how fast the project scopes and costs can rise due to the unforeseen complexity (Malhotra & Peterson, 2014). Similarly, the consultancy services would be so designed that the objectives of business is attained.
4. Cost effectiveness:Mate Consultants believes in delivering excellent value for money to its customers. Under the competitive nevertheless challenging industry, Mate Consultants believes that its business consultancy expertise and customer service provide its clients with true value for money service. The company believes that it is willing to walk an extra mile wherever and wherever required by its clients.

One of the core elements of Mate Consultants strategy would be differentiation from its competitors. Based on marketing strategy, Mate Consultants aims to sell its company as the separated strategic ally and not simply its services. In terms of price the company aims at offering reasonable and competitive prices in comparison to its competition and Mate Consultant’s need for sustaining that. Mate Consultants would look employ the market penetration through the lower prices and where required it would also implement premium pricing in situation of higher quality services primarily targeted for upper level of market (Chernev, 2018). Serving and creating long standing relationship with customers would form vital to its future service marketing. Mate Consultants primarily aims in selling its relationships more than the service.

Membership Files for Specialized Advisors in Neighboring Areas

The service marketing of Mate Consultants would place an emphasis on the benefits of carrying out sufficient planning and appropriate use of quality information to identify the window of opportunity. Mate Consultants aims to sell access to quality and market knowledge. This would emerge in its advertisement, delivery and business cards (Philip et al., 2017). For Mate Consultants the consultancy marketing would be challenging as the business may face the problem of both being accepted and appreciated in the market as the business development consultancy provider in the areas of new venture development, marketing and accounting. The business not only intends to meet the client’s anticipations but to surpass them as well.   

Mate Consultants would be placing focus on the local businesses. This would consist of the small, medium and companies of large size that are looking for a complete service and quality of work.

Especially in the rapidly growing market segment looks to offer Myer with business and marketing plans to enter in the new or current markets (Weinstein & Pohlman, 2015). Mate Consultants would be offering attractive alternative to the company that is facing the problems of management constraints and are unable to meet the opportunities in the new market as well as the segments of new market.

Melbourne is increasingly competitive and are turning out to be very much cautious in the market when these small firms seek to enter and create a new marketing opportunities. Henceforth, the most likely services that Myer are very much likely to use the service of Mate Consultants is stated below;

1. Content Marketing that would appeal the target audience with the objective of attractive visitors to the website
2. Media marketing services that would make big effect on the sales figures.
3. Creation of personal relations.  
4. Introduction of new product and services

The marketing strategy of Mate Consultants would be based on particularly on the making of right information that are available to the right target customer. Mate Consultants makes sure that price of service takes into the consideration the budgets of the people and that the customers appreciate the services (Marshall, 2014). The market strategy of Mate Consultants would convey the sense of quality in every picture, every promotion and every type of publication. By this time there are some segments in a way that define Mate Consultants target market. Mate Consultants is choosing to compete in the local regions and channel the areas that meet its strength and avoid the business weakness.

The target market strategy for Mate Consultants is demands creation of relationships among the women and men regarding the beauty, toys, home and electrical components (Foxall, 2014). Evidences gained from market survey suggest that there is a need for professional firms to assist the client’s in development of comprehensive and concise business and marketing plans.

Mate Consultants aims to offer its clients with better than the general market information. We aim to offer accurate, relevant, specific and timely information which would enable its customers to frame better decisions. Such information would intend Mate Consultants to be available to its customers at competitive rates (Sargeant & Jay, 2014). The business understands that its target market requires more than just the info but the information would enable them to make more informed decisions. The target clients of Mate Consultants require information which is relevant to the needs and easily understandable in order to undertake correct decisions.

Market Research and Project-Based Consultation Services

The industry of consulting is pulverized by smaller consulting companies and individual consultants for each of the well-known companies. These companies usually provide service that are not in the direction of client’s satisfaction (Ingram et al., 2015). The consulting participants ranges from major international brand and one the challenges for the Mate Consultants is to establish itself as the real consulting firm that specializes itself in marketing research.

The mainline service of Mate Consultants for Myer would include marketing research, research identification undertaken with the help of advertisement, direct mailing and referrals. Fundamentally, it would be customized to meet the needs of clients.

Companies develop and implement numerous strategies every day to attain or work in in the direction of attaining the short term and long term objectives. The competitive strategies for Mate Consultants would allow the business to successfully launch competition successfully against the other rivals in the industry (Schaltegger et al., 2017). The competitive strategy for Mate Consultants is stated below

Low cost product strategy: The low cost product strategy would be based on the product or services at the lowest conceivable price. This kind of strategy provides the business with the cost advantage relative to its customers. The cost advantage originating from the business provides the Mate Consultants with two options namely where Myer can cut down the competitors and thereby increase their market share (Kerzner & Kerzner, 2017). This would enable Mate Consultants in providing Myer with the strategy that would help them to constantly sell their product or services at the costs that are in line with the competing firms and receiving greater sales margin. The lower cost producer strategy would allow Myer to function well in the industry where the customers are sensitive to change in prices. In addition, this strategy is successful for industries where customers can easily move to another supplier of product or service.

Differentiating strategy: The differentiating strategy is employed when the customers’ needs, wants, interest and desires are in accordance with the standardized product. In other words, the differentiating strategy is based on the learning the necessary features and attributes that are vital to the most the consumers and later adding those attributes in the product (Baker, 2014). Making such additions to the product or services is important, desirable and valuable for attracting consumer. Mate Consultants would use the differentiating strategy to gain competitive advantage over the current set of operators that are operating in the industry.

Even though there are numerous professionals that help in providing valuable services in the areas where they specialize themselves, but often lacks the imaginations of writing the comprehensive and impact creating business plans (Rowley, 2016). The expertise of the Mate Consultants lies in the capability of listing into the business owners and perceiving their visions for the company over the period. Mate Consultants can envision what the Myer is looking for in the future and then pen down the same in writing at a certain cost on which they can meet.

Public relations and networking is regarded as the crucial for the success of the Mate Consultants because these are the services that Mate Consultants would be offering to Myer as its customer in boosting up their sales (Leiber et al., 2018). Mate Consultants would plan to implement public relations and networking activities accordingly. The company would request for written testimonial with the best customers and publish the same in the broachers as the promotional strategies for developing public relations. Mate Consultants believes that better public techniques are vital for the success of the Myer in boosting up their sales.

Business and Marketing Plans for Myer

Mate Consultants would make a limited fund available in advertisement. As the measure of increasing online sales for Myer it would target advertisement venues as the worth for targeting large set of customers. Mate Consultants as the attempt to increase the sales for Myer would publish an ad in the daily newspaper (Bull et al., 2016). The business would advertise in the front range publications namely the “Business Report and Today’s Business. A weekly advertisement will be made in the Journals and Magazines as the measure of improving the sales revenue for Myer.

Primarily, Mate Consultants would create a focus on the local market and marketing research. The company would primarily target the Myer online customers to increase the sales of the company (Abdel-Basset et al., 2018). The Mate Consultants would primarily implement the below stated strategies;

1. The company is presently building the image and awareness with the help of constancy and uniqueness in its service provision.
2. Mate Consultants aims to provide quality service and end product that would in turn boost up the online retail sales of Myer and ultimately generate revenue.
3. Mate Consultants aims to also implement the relatively heavy personal selling elements to its marketing (Hatten, 2015). Therefore, Mate Consultants aims to always be active in the personal relationships with the Myer clients and strategic allies that would keep abreast of the customer needs and wants.
4. Additionally, the company would implement the strategy of advertising in numerous social media as well.    

The PESTLE analysis tools is used by the marketers to assess and monitor the macro-economic factors that create effect on the Myer retail selling strategy.

Political Factors:

The political factors are about to what extent the government creates an intervention in the economy. This generally comprises of the political stability or instability in the retail trade marketing. It is understood that government policy of taxation might have created an impact on the retail trade environment for the Myer and how they perform business (Read et al., 2016). The company is required to take into the consideration the political factors by respond to the present and future legislation by adjusting the marketing policy consequently.

Economic Factors:

The economic factors for online retail company such as Myer can be broken down into the macro-economic and micro-economic factors. The government taxation policy and interest rate control are the main mechanisms that can be used. Micro-economic factors is regarding the way the customers spend their income (Hatten, 2015). This creates a large impact on the business to consumer sale of Myer.

Social Factors:

The social factors include the growth in population, consumer trends and age distributions. These factors are of particular interest as they create a direct impact on how the Myer understands the customers and what drives them to increase their sales.

Technological factors:

The technological factors that impacts the Myer marketing and management in three different ways which is stated below;

1. Ways of producing their goods and services
2. Ways of distribution of goods and services
3. Ways of communication with their target market

Environmental Factors:

The environmental factors usually come to the forefront in the last decade (Schaltegger et al., 2017). This includes the issues such as demands for consumer goods that purchase the products that ethically sourced and from the sustainable source.

Legal Factors:  

The legal factors for Myer includes the advertisement standards, rights of the consumers labelling of the product and product safety. On a general note it is clear that companies must understand things that can be traded legally or successfully.  

Mate Consultants believes that it is operating currently in the rapidly increasing market. It foresees its strength as the capability of responding in time to the market by dictating and providing custom designed market research services to its client for increasing their sales revenue. With the help of aggressive marketing and quality management the company intends to be the well respected leader in respect to its industry. Nevertheless, Mate Consultants acknowledge the fact that there are certain companies that are aware of the vital market research and contribute entirely to the business strategy. The strength, opportunity, weakness and threats of Mate Consultants is stated below;

Entrepreneurship in Melbourne

Weakness:

1. There is lack of deep-rooted marketplace network under the market research arena.
2. Introducing the new organizational practices and personnel that have not worked previously together lay down the challenge for the organization.
3. Creating an internet would produce a technological challenge.

Opportunities:

1. The present growth of economy in the economy as compared to the other economies lay down the opportunity for Mate Consultants to increase number of customers for the overseas investors to make an investment in the market.
2. The present drive towards localization would result an increase in the number of local customers.
3. Marketing through internet and sales is still in the beginning stage.

Threats: 

The current growth in the economy might result in increase in the number of business consultants as well giving rise to increase in competition and confusion among the potential clients The company may face competition from wide range of sources which is stated below;

1. New market strategies and tactics for the developed and established firms.
2. Threats from the prevailing competition
3. Available and deep-rooted government companies that are dealing directly with the aspiring entrepreneurs both in the neighbourhood and overseas.

Strengths:

1. The strength lies in the strategic segmentation of market and application of strategies.
2. Diversified segments in the market. Ensuring that there is a lack reliance on the one particular market.
3. The strength for Mate Consultants lies in the aggressive and focussed campaigns in marketing.
4. The marketing plan with the clear goals and strategies.   

Important resources and capabilities of Myer

Brand image and equity: Myer customer focus image is the main source of competition for the brand. However, the company has of late not been able to create higher level of trust depending upon the product and service that it sells.

Customer Base: The customer base for Myer is low and this could be viewed as the major disadvantage for the e-commerce band.

Market presence: The market presence of Myer is also viewed as the source of major disadvantage.

Customer Loyalty: The lower level of customer loyalty towards the company is the possible reason for lower sales revenue as the company has not able to retain the customers base to maintain the sales revenue.

Product range: The company sells wide range of products and services and the number ranges to hundreds of products for different categories of companies.

VRIO Analysis of Myer
Resource/capabilities	Value	Rare	Inimitable	Exploited	Implication
Brand Equity	Yes	No	Yes	Yes	Competitive advantage
Base of Customers	Yes	No	Yes	Yes	Temporary disadvantage
Market Presence	Yes	No	Yes	Yes	Temporary disadvantage
Customer Loyalty	Yes	No	Yes	Yes	Temporary disadvantage
Product range	Yes	Yes	No	Yes	Competitive advantage

As evident from the above stated VRIO analysis a suggestion can be bought forward by stating that more number of branches can be bought set up by Myer and offering the products at a reduced price. Increasing the number of branches would help in increasing the customer base as with increased number of customer would contribute to the revenue as well. Setting up the branches in other parts of the cities would help in developing the distribution and supply channel for internet selling.

Start-up Requirements
	Start-up Expenses
	Fixed Costs	Particulars	Amount ($)
		Premises (RENT & RATES)	$2,000
		Salaries	$50,000
		Interest on loan 10%	$5,000
		Accountant Fees	$12,500
		Payroll Tax	$1,750
		Retainer contracts	$2,500
		Sales and Marketing	$3,400
		Postage & Telephone	$2,200
		Broachers	$1,300
		Logo Designs	$1,250
		Market survey	$1,750
		Preliminary  expenses	$1,100
		Capital Improvements Expense	$15,250
		Total Fixed Costs	$1,00,000
	Average Monthly Costs
		Rent	$167
		Capital Improvements Expense	$1,271
		Interest on loan 10%	$417
		Postage & Telephone	$183
		Repairs and Maintenance	$108
		Salaries / Wages	$4,167
		Total Average Monthly Costs	$6,313
		x Number of Months:	12
		Total Monthly Costs	$75,750
	Total Startup Expenses		$1,75,750
	Start-up Assets
	Owner Funding
		Owners Fund	$1,50,000
		Total Owner Funding	$1,50,000
	Loans
		Bank Loan	$50,000
		Other	$0
		Total Loans	$50,000
		Total Start-up Funds	$2,00,000
	Assets
		Equipment’s	$15,000
		Computers	$20,000
		Other Fixed Assets	$5,000
		Furniture’s	$10,000
		Total Fixed Assets	$50,000
	Total Start-up Assets		$2,50,000

(1) SALES FORECAST
Year	0	1	2	3
Projected Sales		1,25,000	1,37,500	1,51,250
Cost of Goods Sold		0	0	0

(2) CASHFLOW FORECAST
	Preop
Year	0	1	2	3
CASH INFLOWS
Cash from Sales		1,25,000	1,37,500	1,51,250
Directors loans	50,000	50,000	50,000	50,000
Capital Employed	1,00,000	1,50,000	1,50,000	1,75,000
Other cash inflows
TOTAL CASH INFLOW	1,50,000	3,25,000	3,37,500	3,76,250
CASH OUTFLOWS
Payments for materials		0	0	0
operating expenses (         )	0
Business Insurance	0	2,000	2,200	2,420
Salaries	0	50,000	55,000	60,500
Accountant Fees	0	12,500	13,750	15,125
Payroll Tax	0	1,750	1,925	2,118
Occupancy Expenses	0	2,500	2,750	3,025
Sales and Marketing		3,400	3,740	4,114
Postage & Telephone		2,200	2,420	2,662
Broachers		1,300	1,430	1,573
Logo Designs		1,250	1,375	1,513
Interest on loan 10%		5,000	5,000	5,000
General and Admin Expenses		1,750	1,925	2,118
Preliminary  expenses		1,100	1,210	1,331
Capital Improvement Cost		15,250	16,775	18,453
Corporation Tax		6,150	11,798	12,977
Loan repayments			5,000	10,000
TOTAL CASH OUTFLOWS	0	1,06,150	1,26,298	1,42,927
Cash flow summary
NET CASHFLOW FOR PERIOD	1,50,000	2,18,850	2,11,203	2,33,323
OPENING CASH BALANCE	0	1,50,000	3,68,850	5,80,053
CLOSING CASH BALANCE	1,50,000	3,68,850	5,80,053	8,13,375

(4) PROFIT AND LOSS FORECAST
	Preop
Year	0	1	2	3
Revenue	0	1,25,000	1,37,500	1,51,250
Cost of sales	0	0	0	0
Gross profit	0	1,25,000	1,37,500	1,51,250
Gross Margin		1,10,650	1,09,973	1,20,970
Expenses/overheads
Business Insurance		2,000	2,200	2,420
Wages and salaries		50,000	55,000	60,500
General expenses		12,500	13,750	15,125
Accountant Fees		12,500	13,750	15,125
Payroll Tax		1,750	1,925	2,118
Utilities		2,500	2,750	3,025
Sales and Marketing		3,400	3,740	4,114
Postage & Telephone		2,200	2,420	2,662
Repairs and Maintenance		1,300	1,430	1,573
Preliminary  expenses		1,100	1,210	1,331
Capital Improvement Cost		15,250	16,775	18,453
Total expenses/overheads		1,04,500	98,175	1,07,993
Profit before tax		20,500	39,325	43,258
Tax @ 30%		6,150	11,798	12,977
Before tax net margin		16%	29%	29%
Profit after tax		14,350	27,528	30,280
Transfer to reserves		20,500	39,325	43,258
ROC		14%	18%	20%

Revenue	Contribution	Fixed Cost	Profit
125000	62500	62133.5	366.5
137500	68750	62133.5	6616.5
155333.75	77666.875	62133.5	15533.38
186400.5	93200.25	62133.5	31066.75

Balance Sheet
Assets	FY-1	FY-2	FY-3
Current Assets
Cash	$1,29,000	$1,43,350	$1,47,075
Accounts receivable	$1,25,000	$1,37,500	$1,51,250
Total current assets	$2,54,000	$2,80,850	$2,98,325
Fixed (Long-Term) Assets
Equipment’s	$15,000	$16,500	$18,150
Computers	$20,000	$22,000	$24,200
Other Fixed Assets	$5,000	$5,500	$6,050
Furniture’s	$10,000	$11,000	$12,100
(Less accumulated depreciation)	$8,000	$7,200	$6,810
Total fixed assets	$42,000	$47,800	$53,690
Total Assets	$2,96,000	$3,28,650	$3,52,015
Liabilities and Owner's Equity
Current Liabilities
Bank Charges Payable	$5,000	$5,000	$5,000
Income taxes payable	$6,150	$11,798	$12,977
Accrued salaries and wages	$50,000	$55,000	$60,500
Total current liabilities	$61,150	$71,798	$78,477
Long-Term Liabilities
Long-term debt	$50,000	$45,000	$35,000
Less: Loan Repayment		$5,000	$10,000
Total long-term liabilities	$50,000	$40,000	$25,000
Owner's Equity
Owner's investment	$1,50,000	$1,50,000	$1,75,000
Net Profits	$14,350	$27,528	$30,280
Reserve and Surplus	$20,500	$39,325	$43,258
Total owner's equity	$1,84,850	$2,16,853	$2,48,538
Total Liabilities and Owner's Equity	$2,96,000	$3,28,650	$3,52,015

The financial viability of the venture is entirely reliant on the owners. The cash receipts from the business would be deposited on weekly basis and accounts receivable would be maintained on monthly basis. Payroll taxes would be implemented on quarterly basis and the expenditure that would be incurred would be maintained on daily basis. The breakeven analysis is based on the service prices. The business has subtracted 20% of the costs from the revenue for administrative expenses.  

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