Describe the Twilight marketing plan, a startup company.
About the business
Twilight is a very different business concept and it needs to be developed well so that the organization can be rest assured that the right set of customers are attracted to counsel themselves before they get retirement. In the past, retirement meant that the person will not be able to do anything more but that is not the case anymore but yes, even today, people are not willing to accept the fact that they cannot work at the age of 60. Twilight should put in efforts to understand that retirement doesn’t mean that the person cannot do anything but it just means that one cannot be associated with the old job that they have been doing. Professionals will have to hired at Twilight who can help people to understand the way how life will change after retirement and at the same time, the professional should also look for ways by which they can convey to people regarding the productive things that can be undertaken after retirement.
The counselor will have to understand the fact that plenty of changes will take place after a person retires so that needs to be considered while they are in business. Few of the problems that the people nearing retirement may come across with are as follows:
1. The monthly income will stop
2. The people in the house may stop respecting them as their monthly earning has stopped.
3. They will be free all day and hence, what can be done all day.
It is the responsibility of the counselor to help the person understand that it is a fact that life changes after retirement but that’s not a negative sign. The counselor can also help the retirees to understand the various activities that can be undertaken to adjust to the new life (Blassard 2003).
Different services will be offered by Twilight to be people who will get retired soon. This will help the people to live a normal life after the retirement as well. Few of the services that would help the retirees to be happy even after their retirement are as follows:
1. Plain counseling will be done wherein the retiree can talk to counselor regarding the sacredness that they have in their mind. Respect and income will be two things that will be haunting them. In this situation, the counselor will help them to overcome the mental barrier that the customer has built in their mind. The number of counseling sessions will be decided upon the mental state of the people. If the customer is just few months or a month away from retirement then the number of sessions will be more than the sessions that will be offered to people who have more 5-6 years time.
2. The organization will also take efforts to involve the family members so that the family members can support the person who is about to retire. The family members will be involved so that they can also understand the concerns of their family member who is about to retire. After retirement, the support of the family members is a must as this will help them to feel secured rather than that of being worried about what’s going to next.
3. Twilight will have tie-ups with organizations with organizations that require consultants for various jobs. If the customer is really stressed about what they are going to do after retirement then these retirees can be placed for the consulting job so that they can be occupied all day. This consulting job will help the retired employee some money
4. Twilight will have tie-ups with health clubs so that the people who are retired can be a part of the health club at a minimum price. This will help the people to be motivated to be a part of the health club. Most of the people in the health club would be above the age of 55 so the retirees can talk and share their thoughts with people whom they know. This will make the retirees feel relaxed and they won’t feel lonely also.
5. Twilight will have tie-ups with NGOs so that the retired people can go and spend time with people in the charity organizations. This tie-up will be beneficial to the retirees as well as the charity organization. The retired people can serve the people in the NGO in different forms. This will keep the retired people active and they will also be aware of what needs to be done next (Diekelmann 1978).
Market overview analysis
The market overview analysis of Twilight will be different than that of the other businesses which are available in market. Few of the things that one needs to understand about the Twilight business so that people can be more than happy to be a part of the business are discussed below.
Twilight will target all the people who are nearing retirement. Many people will be very scared with what’s going to happen after their retirement so those people will be targeted first. People after the age of 55 will be targeted so that they can be counseled and mentally prepared for the retirement which is about to come in few years time.
Many people might have retired few years or months ago and those people may be very uncomfortable with the sudden change that took place in their life. This is when Twilight will come for help. It will help people to overcome that mental trauma and will also help them to look for ways by which they can lead a productive life that can help them to lead a peaceful life (Asebedo 2014).
At this point of time, there aren’t any direct competitors for Twilight but yes, retirement counseling is done by many NGOs. These NGOs help people to lead a regular life even after retirement with the help of positive motivation. Twilight will do something more than just counseling but those NGOs can actually be a competitor to Twilight. Twilight should market all the services that they provide rather than just marketing the counseling which will be done by professionals (Willett 2008).
Segmentation, Targeting and Positioning of business
Segmentation of Twilight
Twilight will have to identify the segment that can be served and this will help the organization to earn the profit that they have planned. Few of the segments that can be targeted by Twilight so that they can generate sufficient revenue are discussed below.
People who are in the age group of 55-60 will be targeted so that the organization can counsel them in advance and help them to have a peaceful life after their retirement. These people will have to undergo regular counseling session so that they can be prepared to face their future with the time.
Many people are stressed after their retirement so those people can also be helped. Twilight can talk to these people and help them understand that it’s not too late to start with something good in life. These people should be motivated to come out of the mental trauma and face the world with confidence (Chris 2012).
Targeting of Twilight
The company should target the right set of people so that they can plan their marketing strategies accordingly. Looking at the various market segments that are available for Twilight, the company would prefer to go ahead with counseling the people who are between the age group of 55-60. Apart from counseling, before their retirement, the company will also help the employees to get an opportunity before they retire. This will make the retirees feel good and confident about themselves (Diekelmann 1978).
Positioning of Twilight
Twilight will be positioned as an organization that will help the retired people to feel secure. Different people may have different perception about retirement so all the perceptions and problems will be addressed at Twilight. The organization will take care of the customer’s requirement rather than just empathizing or sympathizing their situation through counseling (Lai 2009).
It is every important for the organization to have appropriate marketing strategies so that they can reach the right set of people in right manner. Few of the ways by which Twilight can reach the right people in a right way are as follows:
1. Television is one of the most effective ways of marketing. Twilight will place their advertisements on television from 9 PM to 10 PM. This is the time when most of the working people will watch television. This will motivate them to enroll themselves for counseling if they are scared of what can be done after retirement. This advertisement will also reach plenty of other people who may think that they have friends who can use this service.
2. Placing banners at regular intervals will be another idea which Twilight can take up. This will help people to notice while they are driving or just walking. This will help more and more people to be aware of a way by which they can keep themselves busy.
3. The company will also distribute pamphlets to the employees through newspaper distribution. This will help people to be aware of the availability of a service that can help them to know who can help them. The pamphlets will also offer discounts to customers so that the customers can feel motivated to at least come and check if the service is really worth (Willett 2008).
4. The company will have tie-ups with corporate so that the corporate company can share the details of the employees who may retire soon. The marketing executives from Twilight will get in touch with them so that they can get to know the benefits that they can get even after retirement.
5. Events will be held by Twilight. The event will be for those people who are willing to lead a normal life even after retirement. Plenty of ideas will be shared with the people who are willing to be a part of the event. This will motivate them to enroll with the organization so that they can reap further benefits.
6. Word of mouth marketing will be one of the best ways by which more and more people will be attracted to be a part of the event. Word of mouth marketing will be possible only when the customers are satisfied. The company will try its level best to satisfy the current customers so that future customers can be attracted (Cutler 2011).
7P’s of marketing
Twilight very well understands that they will have to fulfill all the 7Ps so that the company is satisfied with the results that they achieve. The various activities that will help the company to touch all the 7Ps are discussed below.
Twilight is a service and hence, the company will have to look for ways by which they can attract the customers to use the service. The experience of the service should be such that people are motivated to use the service further rather than that of looking for some other similar service provider. The counseling area of Twilight will be very bright so that the customer can get a positive vibration while they come for counseling. The company will ensure that the customer’s experience here is so good that they recommend the same to others as well.
The company will opt for penetration pricing strategy. This is something new and hence, most of the customers may not be even sure if they should use this service or not. Initially, the price of the service will be very low so that the customers are motivated to try the service once rather than that of compromising with the same time. The company will also give discounts if the customer refers another customer or if the customer has become a frequent visitor.
The company will start with a single office wherein the people can meet up with the counselors and also the other officials. Apart from that, the company will also set up their office in multiple locations so that they can be reachable to more and more people. This will help the business to grow further.
Various promotion strategies will be implemented by Twilight so that the presence of a new business is known to more and more people. Television, radio, banners and newspaper will be few of the sources that will be used extensively for the purpose of marketing. Apart from that, discounts will also motivate people to be a part of the organization (Kinder 2014).
Plenty of people will be included in the business so that the service can be successfully delivered to all the people. Counselors, back-end officials, front-end officials, admin professionals, HR professionals and IT professionals are few of the people who will be associated with the company so that there is no compromise in the quality of service that will be provided by the company to the customers.
The process at Twilight will start with marketing so that the people who can be potential customers are attracted. These potential will come to Twilight office so that they can enquire about the services that are available and also the benefits that they can get. Few of the customers may be willing to be a part of the organization and hence, they will make the advance payment. These customers will be introduced to the system with the help of counseling. Counseling will help the employees to understand the benefits that one can derive at.
Twilight will be providing service and hence, it is very important for the company to look for ways by which they can use a lot of physical evidence. Physical evidence will help the customers to remember the business. The office will serve as physical evidence. Apart from that, the marketers will distribute pamphlets that motivate the potential customer to walk in the office. A lot of signboards will be put so that the potential customers can get to know about the presence of office (Chen 2011).
SWOT analysis of business
There are various strengths, weaknesses, opportunities and threats associated with this business. It is the responsibility of the management to understand the various factors so that action can be taken accordingly. The various factors associated with business are discussed below.
Strengths of Twilight
1. The sales executive associated with Twilight are very strong with regards to the understanding of the product. This will help the business to furnish easily.
2. The office of Twilight is located in an area where lot of corporate are located and hence, it can easily gain the attention of people.
3. This business will hold a good reputation in the market because of the innovative offering that they have. This will help the business to attract customers.
Weaknesses of Twilight
1. The company is facing cash flow problems because of the fewer funds that are available in the business.
2.The record keeping of the business is not that great and this may create a problem in the great future.
pportunities of Twilight
1. The customers will be loyal to the business as they will not receive similar business in the market anywhere.
2. Customer demand for such product is very high and hence, sustaining in the market is very easy.
Threats to Twilight
1. Today there is no competition but in the future, there are possibilities that plenty of similar business will come and hence, it will be difficult for Twilight.
2. If there is a downturn in the economy then people may be confused if they need to pay for the same service and hence, the customers may not be interested (Rhim 2014).
Global opportunities for Twilight
Twilight is an entirely new concept and hence, it will be loved by people. Twilight can start the business in a developed country but with time and experience, they can grow to other developed and developing nation. The retirement stress is seen among people in different corners of the world and hence, the opportunities for growth are very high for a business like Twilight.
Financial measurement of Twilight’s performance
The liquidity and the profitability of the business will be taken into consideration so that the management can get an idea about the financial performance of the company. It is very important for Twilight to maintain the liquidity of .business so that the organization can pay salaries, rent and other cash related expenses. In the absence of liquidity, the flow of funds in the business will be very less and hence, this can create a huge problem in the betterment of the company. Profitability of the company will be measured continuously so that the management can be updated with the revenue that is generated by the company. The gross profit of the company will be tracked along with the expenses so that the management can get an idea about the actual profit that the company is earning.
Twilight business has the potential to attract the customers as they have come up with the new concept. This service is something that people have been expecting since long. This service will help the people to lead a happy and relaxed life even after retirement. This service is based on the concept that empty mind is the devil’s workshop. This business will try to keep the retired employees busy so that they can concentrate on their work rather than that of thinking about things that may create stress.
Asebedo, S, 2014, Positive Psychological Attributes and Retirement Satisfaction, Journal of Financial Counseling and Planning, Vol. 25, no. 2, pp. 161
Blassard, N, 2003, Employers should make pre-retirement counseling more meaningful, Vol. 107, no. 12, pp. 18
Chen, C, 2011, Life-career Re-engagement: Considerations and Implications for Counseling People in Retirement Transition - Part 2, Australian Journal of Career Development, Vol. 20, no. 2, pp. 32-41
Chris, M, 2012, The ever-changing meanings of retirement, The American Psychologist, Vol. 67, no. 1, pp. 75
Cutler, N, 2011, Working in retirement: the longevity perplexities continue, Journal of Financial Service professionals, Vol. 65, no. 4, pp. 19
Diekelmann, N, 1978, Pre-Retirement Counseling, The American Journal of nursing, Vol. 78, no. 8, pp. 1337-1339
Diekelmann, N, 1978, Staying well while growing old: pre-retirement counseling, The American Journal of counseling, Vol. 78, no. 8, pp. 1337
Kinder, G, 2014, When the Market for Advice Doesn't Meet the Need, Journal of Financial Planning, Vol. 27, no. 12, pp. 36
Lai, M, 2009, Managing money and retirement planning: academics' perspectives, Pensions, Vol. 14, no. 4, pp. 282-292
Rhim, M, 2014, It Is Time for Employees to Set Their Retirement GPS, Compensation and Benefits Review, Vol. 46, no. 4, pp. 235-238
Willett, M, 2008, A new model for retirement education and counseling, Financial Services Review, Vol. 17, no. 2, pp. 105-130
Willett, M, 2008, A New Model for Retirement Education and Counseling,
Pension Benefits, Vol. 118, no. 1, pp. 11