Essay on Impact of Store Promotional Strategy at Bargain Booze

Question: Write an essay on Impact Of In Store Promotional Strategy At Bargain Booze On Increased Additional Sales. Answer: Introduction: The promotional strategy within the business corporate refers to the promotion of the business plan towards the customers in the competitive market. The implementation of the marketing strategy helps in the organizational success and further helps in increasing the loyalty of the customers towards the business. The promotional strategy also might get affected through certain factors which include the environment, political, technological, economical aspects of the society. This further affects the marketing strategy which consequently affects the productivity of the business corporate as well. The marketing strategy within the business corporate thus includes various forms of promotions like advertise, personal selling, in-store holdings, bulletins which further helps in the organizational business as well. The promotional strategy at Bargain Booze thus attracts more loyal customers which further help the business to improve the productivity of the business. The Bargain Booze in the United Kingdom further provides quality service towards the customers that adds value towards the brand name of the organization. Background of the Study: The Bargain booze is a chain of off-license stores that helps the people of United Kingdom to purchase goods with varied type of items as well (Wilson et al, 2012).This help the business corporate to retain customers more towards the organization and helps in increasing the profit rate of the business as well. The bargain booze also provides wholesale products to the customers which satisfies the needs of people. The organization need to produce in accordance to the need of the standard of the society comprising of varied cultural diversity as well. The promotional strategy of Bargain Booze helps in attracting more customers by providing various amounts of discounts and thereby helps the business corporate to gain competitive advantages as well. This also helps the business to improve their profitability rate and also helps in increasing their sales. Thus, the business gains sustainability in the competitive market as a whole. Statement and Significance of the Problem: The problem faced by the corporate business needs to be analyzed effectively which further helps in the development of the satisfaction rate of the customers. The problem statement once analyzed helps the business organization to attract more customers towards the organizational products. The promotional strategy also might get affected by several factors which might further affect the profit rate of the business as a whole (Gordon, 2012). The problem statement also needs to be evaluated which further helps in the motivation of the customers and helps in increasing the sales rate of the business as a whole. One of the significant challenges faced by Bargain booze is by Aldi organization due to a cheeky advertisement and promotional strategy which led the business to the High Court appeal (Huang Sarigll, 2012). Thus, it led the business to suffer a setback and a need to promote the business in accordance to the need of the customers to retain its position in the market as a whole. Research Rationale: The research rationale is regarded as the most important factor within the business organization to analyze the market condition as well. The Bargain Booze thus need to face certain issues to attract more customers towards the organization and also helps in improving the sales rate as well (Navarro, 2012). Therefore, the challenges need to be evaluated which further helps in improving the productivity rate of the business. The rationale thus helps to determine the problems and challenges faced by the organization which further affect the customer satisfaction rate. This led the business corporate towards lowering the customer data and also may affect the sales rate of the business in the competitive market. Research Aims: The first and foremost aim of the research is to analyze the promotional strategy within the workplace. The various effective promotional strategies also include advertisement, campaigning, holdings, positive word of mouth, and online sites which further help the business to attract more loyal customers towards the organization as a whole. The business thus aims towards the positive response of the employees which further helps in adding value to the brand name of the business corporate as well. Customer satisfaction also helps in the development of the business and helps in gaining sustainability (Wilson et al, 2012). The research also aims towards implementation of various promotional strategies that will help in attracting customers more towards Bargain booze and help in retaining its position in the market. The various promotional strategies also help the products of the business to get exposure in the market and thus help in analyzing the market condition as well. The aim of the research is also to provide the products as per the need of the customers and thereby achieve competitive advantage as well. Research Objectives: The research objectives of the business also help to provide the best service to the customers and thus lead the corporate business towards development in the market as a whole (Gordon, 2012). Thus, the research objectives are stated briefly as below: To determine the key factors regarding the promotional strategy of Bargain Booze. To determine the effective marketing strategy that helps in the improvement of the productivity rate of Bargain Booze. To determine the factors that affects the promotion of the business in the market. To determine the effective promotional strategy that also helps in improving the sales rate of the organization. Research Questions: The research question helps to determine the various factors and strategies that help in the improvement of the customer data which further leads the business towards the competitive market. Thus, the research questions are stated as below: What are the key factors regarding the promotional strategy? What are the effective marketing strategies towards increased productivity? What are the factors responsible for affecting the promotion of the business? What is the promotional strategy that helps in increasing the sales rate of the business? Literature review: In-store promotion refers to promotion or marketing of a product with in the store that means at the location of retailer, with product bundles, advice of expert, demonstration of product, showing product samples, discounts on particular brand or particular product (Hansen et al., 2015). In-store promotion helps to raise awareness among the customers about the product and its brand. In-store promotion is a part of marketing mix. Marketing mix consists of four Ps: price, product, promotion and place. There are various kinds of promotions such as personal selling, sales promotion, advertising, publicity and direct marketing; altogether, this is called promotional mix. Purpose of promotion: The main purpose of promotion is to increase sales as this in turn increases revenue. In-store promotion can increase the demand of the product as this creates awareness among the customers. Promotion is integrated with product acceptance, increasing sales and profit. Discussion: Through the process of marketing, a firm can create a very strong customer base. Every firm has some marketing plans and by executing the marketing plans a firm can achieve the heights of success. Growth of a firm depends on the revenue which is generated by the firm. Marketing plans helps to cater new customers (Wilson et al., 2012). Advantage of marketing: The foremost advantage of marketing is promotion of business (Zikmund et al., 2012). It gets recognized all over and gets attention from large number customers. There are several channels to promote a brand such as printing through magazine and newspaper and, through media like television, radio phones, and through social media sites, social ecommerce sites. Print advertising helps to address those specific customers who are not able to access online stuffs (Gordon, 2012). A company promotes its product with the help of marketing mix strategy. This marketing mix contains four Ps such as price, product, place and promotion and, it has four different dimensions (Navarro, 2012). Price is the value of the product. Place refers to the potential area where profit is maximized. It is a prior objective of a firm to identify the appropriate location for the business, where it is easy to catch the eyes of customer. All the factors of marketing mix go hand in hand, assimilating all the factors make up business plan which helps business to get the growth (Huang Sarigll, 2012). One key aspect of marketing mix is the promotional mix. It includes promotional tools such as public relations, advertising, personal selling and promotion of sales (Niazi et al, 2012). Advertisement is the most important and common element in a promotional mix. Campaigning through the advertisement reaches to huge number of consumers. Channels of advertisement are television, newspaper, radio and internet. Public relation refers to maintaining good public relations with the people. It creates good will about the company. The idea of public is very large as it includes not only customers but also shareholders and suppliers. A firm can be successful with the joint operation of all partners at all levels. By personal selling one can mean face to face interaction among the buyers and sellers. Personal selling improves the relation between buyers and sellers. Most important dimension of product mix is sales promotion. It refers to the promotional activities offered to the customers that help to persuade consumers to buy the product. It helps to eliminate competition with the brands (Fernandes et al, 2012). Bargain booze is an off-license convenience chain of stores in the UK for those who want to bargain and consume alcohols and beverages. There are plenty of ways to market a product as discussed above. Bargain booze has effectively followed the marketing strategies in the promotion of its products and it has gained the pace to achieve the success. Marketing Mix 4Ps: The marketing mix 4Ps is one theoretical model that helps to establish the promotional strategy by an organization for improving their performance. The marketing mix is a set of four aspects, which is considered significantly before launching a new product. These four variables help a company to take right strategic decisions (Brooks Simkin, 2012). Product- Product is the initial variable, in marketing mix. Thus, the decision of product is the initial decision, which should be taken before making a marketing plan. Based on three parts, core product, tertiary product and augmented product. Unless the product features fit in the marketing mix, the strategy might not gain benefits (Dibb, 2012). Pricing- Pricing is one of the most important variables constantly updated. The pricing of a product is dependent on the product costing, expenses in advertising and marketing, competition and price fluctuation in market and distribution cost. Another factor of consideration is the competition in market. If the price of a product is increased based on the situation, the marketers have to revise the price of the product by implementing a suitable pricing strategy (Glynn Woodside, 2012). Figure 1: Marketing Mix 4Ps model (Source: Gordon, 2012) Place- Place is also an important aspect in marketing planning of a product which is being launched in the market. Therefore, before taking the decision of launching a product and deciding its distribution, the company should have a fully prepared logistics and plan of supply chain for the product distribution (Kotler Keller, 2012). The place plays an important role in determining the market strategy and helps in the development of the organization as a whole. Promotion: In the marketing mix, promotion includes the integrated marketing communication involving the above the line and below the line advertising and sales promotion. The factors which are considered in promotion of a product include the brand awareness, product life cycle stage, budget for the marketing or advertising processes (Murynets, 2012). Conclusion: From the above discussion, one can conclude that marketing of a product is crucial aspect in order to gain success. There are many channels to promote the products and Bargain booze has adopted all the possible ways to improve its services and products to the customers. Its focus is to acquire large number of customer with quality products and bargain booze has achieved it successfully, and thus become one of the prime business chains in United Kingdom. Research Methodology: Introduction: This section discusses the methodology that has been used in the study. The section prescribes the various steps that help in the data representation. The paper also describes the parameters that are required for the research as a whole. The research methodology thus helps in the critical analysis and evaluation of the research process and helps in the research work as well. The entire research also helps in the process of implementation of various strategies and data collection that further helps in the analysis of the problem statement that has been already specified in the first chapter of the research process. This section thus introduces to different methods and approaches that help the researcher in the research work. The various approaches and methods help in the data collection process which further helps in the sampling method as well. The paper also introduces the probability and non-probability method that helps in the analysis which further helps in conducting the methodo logy as well. This helps the researcher in collecting the sample method and thus helps in the research process as a whole. Method Outline: The research outline of the business helps in aiming towards various areas of a portfolio that further helps in the improvement of the research process as well. The research process thus implements positivism philosophy, deductive approach, descriptive research design which is combined with the primary data collection that has already been selected by the researcher. The research process thus includes both the qualitative and quantitative methods to carry out the research process successfully. The research outline also includes the methods that help in the data collection as well. The various methods and approaches thus help in the research method and helps in the primary data collection as well. Research Onion: Figure 2: Research Onion (Source: Saunders et al., 2009, p-52) Research Philosophy: The research process thus includes the research philosophy which includes positivism that further helps in the analyzing the market condition. The philosophy also helps in identifying the challenges that have been faced by the business as well. The research work implements effective research philosophy that helps in determining the real facts of the research data as well. The various parameters that are responsible for the promotional strategy further help the researcher to analyze the methods and thus help in carrying out the research effectively. There are three types of research philosophies used in the researches. These include positivism, interpretivism and realism. The positivism philosophy supports primary research. It helps to analyze the empirical data collected through the primary data collection methods with the pre-existing theories related to the research topic. On the other hand, the interpretivism philosophy depicts that the research topic and related consequences can influence the concept of researcher. In contrast, the realism theory deals only with real situations. Here the positivism philosophy has been selected because it is an primary study and the data collected would be analyzed with the pre-existing theories discussed in the literature review chapter. Research Approach: The research approach also helps in the research process by implementing two kinds of processes namely, inductive as well as deductive approach. This helps the researcher in carrying out the research process accurately and efficiently. The inductive and deductive, both research approaches are used in researches for directing the research process. The deductive approach is supportive to the primary studies, in the case of deductive research approach; initially a research hypothesis is being established and the empirical data are analyzed with the pre-existing theories. Then finally, the findings are analyzed with the suitability of the hypothesis. In contrast, the inductive approach depicts that the data collected should be analyzed first with the help of peripheral information. After getting the findings, a research hypothesis is established. Thus, it is supported by the secondary research methods. Here, the deductive research approach has been selected, as it is a primary study and there is no scope for investigating new research hypothesis on the research topic. Research Design: The research design helps the researcher with the findings from the data collection and further helps in the study and conclusion as well. There are three types of research design which are used in different kinds of research studies. The research studies mainly use the exploratory, explanatory and descriptive research designs. The exploratory research designs are used when there is less knowledge about the research topic. This design helps to gain peripheral knowledge. In contrast, the explanatory research design helps to establish a cause effect relationship within the research variables. The descriptive research design helps to explore all the research aspects in a descriptive manner. It also supports the use of both quantitative and qualitative data collection method simultaneously. In this research, the descriptive research design has been selected because it supports the primary data collection methods. In addition, it will help to enhance the efficiency of the study by in-depth analysis. Data Collection Process: The data collection process includes both the primary and the secondary data which helps the researcher to carry out the researcher work more accurately. The data also includes the non- probability survey which includes the question and answer of the customers that helps the business to identify the satisfaction level of the customers as well. This also helps the researcher to analyze the need of the customers. The data collection process helps in the interview of the managers of the organization which further helps in the data collection process as well. The data collection process also helps in the research process which helps in obtaining the result accurately as a whole. The data collection process thus helps in the survey process which helps in both the primary and the secondary data collection as well. The data collection process further helps the researcher to conduct the research process efficiently and effectively as well. Sampling Method: The sampling method also includes the probability sampling and non-probability sampling which helps the researcher to carry out the research process as a whole. The researcher uses data collection to carry out the non-probability research process as a whole. The sampling method thus helps in the carrying out the data process which further helps in the research method as well. The probability and the non probability sampling thus helps the researcher in efficiently implement the data which consequently provides apt result for the research work. The sampling method also includes the various methods that further helps in calculating the research result and helps in providing appropriate consequences to the research work as well. Sample Size: The sample size used by the researcher helps in collecting the data in order to carry out the research process. The sample size of the research process includes 75 customers that provide response towards the service of the organization as a whole. The researcher thus includes interview of 5 managers for the purpose of the qualitative data collection process. The sample size of the data helps the researcher to carry out the research process which helps in carrying out the research work accurately. The sample size also helps in collecting the response of the customers and the managers who help in the collection process as a whole. Thus, the sampling size helps the researcher to conduct the research process effectively and efficiently as well. Research Method: In this research method, the researcher has adopted qualitative data research which further helps in the research process. The qualitative research includes the interview of the customers. The research also includes the quantitative methods by interviewing the managers of the organization as well. The sample size includes the no. of employees or customers that are taken for distributing the questionnaire which helps the researcher to carry out the research process as well. The sample size also includes the no. of managers of the organization who need to be interviewed by the researcher to carry the research work more accurately. Ethical consideration: The researcher follows certain ethical considerations which help in maintaining the ethical guidelines of the research process. The data protection as well as the other legal framework also needs to be maintained to carry out the research work with ethical considerations. The research process would be followed by the Data protection act 1998. In addition, the ethical consideration would be done in every aspects of the research. In addition, the other legal processes would be maintained regarding clients confidentiality and permission from the organization where the research is being conducted. The research would be conducted in an authentic and ethical way. The participants would be provided with full freedom to participate in the research process, no one would be forced to participate in the research work. The personal information of the participants would be kept confidential and would not be used in any other purposes. The research ethics would be followed in every aspect while collecting primary and secondary data. The data would be collected from the authenticated and valid sources. All the references for the secondary resources would be mentioned properly for ensuring the transparency of work. Limitation of the Study: The limitations of the study also include certain limitations that might stand as a constraint for the researcher to carry out the research process. The limitations may include time consumption and the funding factor which may stand as a limitation for acquiring the primary and secondary data in this regard. The confidentiality of the organization also needs to be maintained by the researcher in order to carry out the research work efficiently. The limitation of the study also maintains the confidentiality of the research work which further helps in carrying the research work as well. The limitation of the study also includes the time management of the researcher. Time may sometimes restricts the researcher from further study which stands as a constraint for the research work as a whole. The limitations also restrict the researcher from providing the accurate the result in order to maintain the privacy of the company which again stands as a challenge for the researcher in conducting the research work. The limitation thus plays a vital role in the research work. Thus, the limitations help the research work also to maintain the ethical considerations which help in research process as well. Reliability and Validity data: The research process needs to carry out the research process with reliable data which helps in providing accurate data by the research work. The validity of the data also helps in comprising the accuracy of the research work and further helps the researcher in carrying the research work efficiently. This further helps in the research work and helps in the improvement of the data collection a well. The reliability also helps in the research process which further helps the researcher to maintain confidentiality as well. Timescale: Task Name Duration Start Finish Predecessors Research proposal for promotional strategies of Bargain Booze for increasing sales 132 days Wed 15/6/16 Thu 15/12/16 Identifying the research topic 12 days Wed 15/6/16 Thu 30/6/16 Selecting the appropriate topic for the research proposal 10 days Wed 15/6/16 Tue 28/6/16 Finalizing the topic 2 days Wed 29/6/16 Thu 30/6/16 3 Literature review 40 days Fri 1/7/16 Thu 25/8/16 Reviewing the views and opinions of the researchers 1 month Fri 1/7/16 Thu 28/7/16 4 Summarizing the views related to the research literature 20 days Fri 29/7/16 Thu 25/8/16 6 Research methodology 20 days Fri 26/8/16 Thu22/9/16 Identification of the appropriate methods related to the research process 10 days Fri 26/8/16 Thu 8/9/16 7 Implementation of the suitable research methods 10 days Fri 9/9/16 Thu 22/9/16 9 Data collection and analysis 40 days Fri 23/9/16 Thu 17/11/16 Implementing appropriate data collection method 10 days Fri 23/9/16 Thu 6/10/16 10 Acquiring useful information related to the research topic 10 days Fri 7/10/16 Thu 20/10/16 12 implementing appropriate methods for analyzing the data 10 days Fri 21/10/16 Thu 3/11/16 13 Summarizing the findings of the data analysis process 10 days Fri 4/11/16 Thu 17/11/16 14 Final submission 1 month Fri 18/11/16 Thu 15/12/16 15 Reference List: Aaker, D. 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