Part 2.pptx
- 2. Entrepreneurship and New Venture Creation Chevonne Oates – 20191410 Jodi Ann Mills - 20182303 Danielle Harris-Thomas - 07PU6150 Latoya Thompson – 20111920 Andre Louza-20191189
- 3. Corporate Services by S&C (CSSC) will undertake commercial operations using a service convenience business model. The service convenience model is a hybrid of the service model and the customer convenience model. A service model describes how an organization gives intangible value to its clients, whereas a customer convenience model simplifies things for the consumer in comparison to industry standards. The marketing and legal requirements are very important as it relates to any business that is in operation. Marketing aspect of any business is geared towards targeting clients who are willing to be a part of greatness. The legal requirements covers the framework of any business and it is recommended that all business be guided by a legal policy. Introduction
- 4. Why is marketing crucial to the operation and success of new ventures According to Bibhakar (2015), marketing is the act of conceptualizing, pricing, promoting, and distributing ideas, commodities, and services in order to generate exchanges that meet individual and organizational objectives. Marketing is critical to the operation and success of new businesses since it informs, assists you in understanding your customers, increase sales, engages, offers friendly competition, and promotes your brand (Belasco, 2017).
- 5. Marketing strategies that the internet and social media have provided to new venture businesses to reach their target market. Digital marketers now use social platforms as a powerful tool. Both small and large organizations utilize it as the engine for all facets of their operations, including sales, marketing, client relations, and online commerce. Every marketing division aspires to develop their expertise in social media marketing. Social networking applications like Facebook, Twitter, and Instagram have been employed as marketing tools in this form of internet marketing.
- 6. Four (4) Marketing Strategies for Business to reach their Targeted Audience 1. Establish goals and objectives By establishing goals and objectives for their usage of the platforms, marketers may start to increase the success of their social media marketing campaigns. It is essential to match this strategy's objectives with the objectives of the company. Having these goals in place will also make it easier to assess the efficacy of social media marketing initiatives.
- 7. It is advantageous for firms to compile information about current clients. These statistics show who is making online purchases and how they are interacting with a company. After identifying the target demographic, marketers should do research on the channels that customers are most likely to utilize. Instagram is a useful platform for fashion businesses to connect with their target market. A Software as a Service (SaaS) company whose customers are more business-oriented will use LinkedIn. Businesses should spend their time where their target audience is spending their time on social media because each social channel draws a distinct demographic. 2. Determine the Intended Audience
- 8. 3. Choose the Appropriate Platforms Although various social media platforms are used by different audiences, it is not a smart idea to begin advertising efforts across all social channels at once. Marketers should start by becoming adept at a few social media platforms. Important business sites include LinkedIn, Facebook, Twitter, and Instagram. However, other platforms, like Pinterest and YouTube, have a place when it comes to promoting or advertising goods. Each has a particular market niche and set of uses. For instance, Twitter is a fantastic platform for exchanging thought leadership and obtaining real-time information, but posts are only allowed to be 280 characters long. Targeting decision-makers on LinkedIn is a great idea because it is the hub for all business professionals. Facebook and Instagram are experts at using pictures, videos, reels, and live feeds to communicate stories visually after expanding operations on a few social media sites and building a fan following.
- 9. 4. Create or collaborate on a content strategy Businesses should give serious thought to the social media information they post. Marketing professionals shouldn't post content only for the sake of producing it. Social media is one platform that companies may use to communicate their messages. When a prospect or customer receives the same information and promotions over many channels, a multichannel marketing approach is being implemented. Creating timely and pertinent postings is always a good idea, but businesses should make sure that information they produce on other platforms can be reused for social media. Businesses should often promote new blogs on social media when they are published. Marketers should disseminate promotional information across several weeks at various times to optimize return. The same holds true for newly released deals and locked content. When a new campaign starts, marketers need to make sure that the relevant information is distributed. In order to increase the number of people who see a new webinar or white paper, organizations should undertake a multi- week marketing campaign when they are planned or released. 2021 (LaFleur)
- 10. How new ventures can utilize guerilla marketing strategies to gain a competitive advantage Guerrilla marketing is a type of advertising that engages audiences or potential consumers by using outlandish tactics and techniques to promote goods or services. US marketer Jay Conrad Lewinson created the idea in the 1980s, drawing inspiration from military jargon. It is a more affordable alternative to expensive advertising campaigns that concentrate on efforts specifically aimed at entertaining rather than informing consumers. Internet, 24-hour access and interaction, weblogs, blogs, and stickers are a few of the approaches.
- 11. Utilizing an existing environment is the basis of ambient marketing. Advertisements are placed in unusual locations or on unusual items. Ambient marketing has the odd location of an advertisement, which draws attention on its own. Consequently, these advertisements make intelligent use of the surroundings and impress viewers. That much is obvious—the concept is so smart and original that it creates a lasting impact and is truly stunning. Execution is another crucial component of this marketing. This will influence the audience as intended and help elicit the desired response. The following are some benefits of ambient marketing for new businesses: Attracts attention Easy to remember Low price It can go viral – people want to share interesting experiences with friends, most often using social networks Reaching a wider audience, such advertisements are often placed in places where many people pass, thus reaching a wide variety of audiences.
- 12. Marketing Plan Corporate Services by S&C Limited Description of Service Corporate Services by S&C Limited is company that provides array of services to its business clients, company Secretarial Services, annual Filings with Companies Office, tax Administration of Jamaica & Department of Cooperative and Friendly Societies, tax Filing with the Tax Administration of Jamaica, data Entry services for Large and small business. Target Market The Corporate Services by S&C Limited is targeting large and small business firms. According to research, there is an increasing need for services providers, particularly in the local market. Corporate Services by S&C Limited provide an essential service to high or low- and middle-income businesses while earning enough profit to sustain the business. This service will encompass all fourteen parishes of Jamaica.
- 13. Marketing Plan Corporate Services by S&C Limited Market Analysis An analysis of the market provides data on various market factors, including industries, clients, rivals, and competitors. For a particular good or service, you may also ascertain the link between supply and demand. Corporate Services by S&C Limited can decide on potential marketing methods more intelligently based on these insights. Data analysis-savvy marketers have had a significant positive impact on several organizations over the past few years, and other businesses are starting to take notice. In fact, the Statistical Institute of Jamaica (STATIN) projects that by 2028, employment of market research analysts would increase 20%, which is substantially faster than average.
- 14. Marketing Goals Increase brand awareness Boost brand engagement Generate qualified leads Competitors In order to differentiate your products and services from those offered by your competition, competitive market research looks for and contrasts key market metrics. A competitor analysis was conducted in order to identify competitors in our industry and research their different marketing strategies.
- 15. Pricing Details Name Cost $ Company Secretarial Services $450,000.00 p.a. Annual Filings with Companies Office $25,000.00 per filing Tax Administration of Jamaica & Department of Cooperative and Friendly Societies $10,000.00 Monthly Tax Filing with the Tax Administration of Jamaica $25,000.00 per filing Data Entry services $5,000.00 per day Legal Documentation drafting $80,000.00 Bookkeeping $50,000.00 p.a. Financial Management Report $120,000.00 p.a.
- 16. Advertising Plan Two strategies will be used to sell The Corporate Services by S&C Limited. Our initial strategy will involve creating a well-designed online website that describes our services and is made easy and appealing in order to grab customers' attention and pique their interest in our offering. One strategy will involve using social media sites to advertise. This marketing strategy is quite effective in luring potential clients. A financial reward will also be provided by The Corporate Services by S&C Limited, such as a 10% discount for the first referral, a 20% discount for the second referral. As individuals naturally prefer to spread good bargains with their business associates and/or partners, this will be successful in bringing in new business for the firm and motivating our customers' behavior.
- 17. Establishing an online presence through our website and using popular social media platforms like Instagram, Twitter, and Facebook will be another marketing technique. To deliver a smooth and uniform information outflow, all platforms will be connected. Additionally, we'll put a lot of effort into meeting with and conversing with our clients in order to gain their perspective. We'll utilize this platform to provide a plethora of useful information about our product offerings with customers as well as to demonstrate our knowledge and skills. The Jamaica Gleaner and the Jamaica Observer are the two main local newspapers that the Corporate Services by S&C Limited will use for its advertising campaign. The newspaper's classifieds ads will include the advertising. Given that readers frequently turn to newspapers for their detail information more frequently than other media, newspaper advertising provides the chance for large dissemination while also being one of the more dependable forms of advertising.
- 18. Marketing Budget Items Cost ($) Sales Materials $100,000.00 p.a. Content/materials development $25,000.00 p.a. Website development $15,000.00 p.a. Paid digital advertising & Social Media Management $60,000.00 p.a. Total $200,000.00
- 19. Legal Requirements There would be a legal procedure that the business would have to go through in order for it to be operational. The creation of a business bank account, renting or leasing a facility or piece of equipment, employment contracts, and company registration are a few examples. Registration of the Company The following factors would need to be taken into account while registering our company: Registration of the company name Obtain national insurance scheme (NIS) registration Obtain taxpayer registration number (TRN) Apply for tax compliance certificate (TCC)
- 20. Registration of the Company Name The firm would need to register the chosen business name at the Companies Office of Jamaica as the initial step. We would need to fill out and submit a Company Name Search and Name Reservation Form on the Companies Office of Jamaica online or in person in order to determine whether the chosen name The Corporate Services by S&C Limited is available and acceptable. Following completion of that, the following registrations/documentations will be obtained upon the registration: National Insurance Scheme Number, Taxpayer Registration Number General Consumption Tax Registration Number Tax Compliance Certificate Register for Statutory Deductions
- 21. Opening Business Bank Account Our company will be opening an account with the National Commercial Bank (NCB). In order to open this account we would be required to submit the following documents: Certificate of Incorporation Article of Incorporation or Memorandum and Articles of Association Taxpayer Registration Number for the company Valid picture identification for each signer TRN for each signer Proof of address for each signer (e.g. Utility bill or Post marked envelope no more than 6 months old) Two references for each signer (if signers do not have accounts with NCB). You may choose any two of the following: NCB customer (For at least 3 years or more); NCB Manager; Minister of Religion; Justice of the Peace (Seal to be affixed); another bank's manager. Audited financial statements of the business (or in-house financial statements for companies which have been incorporated for less than eighteen (18) months or accounts prepared by a person who is duly registered as a public accountant for companies with annual turnover of less than $40M – listing can be found at www.pab.gov.jm). Current Certificate of Registration under the Registration of Business Names Act (where applicable). Previous bank references (where applicable)
- 22. Arrangement for Rent/Lease Facility or Equipment Our company is entirely online based therefore, we would not need to rent or lease a physical space owing to the fact we are a start-up company. This maybe applicable to us in the future should we expand the company. Employment Contracts The type of contract we are planning to use for our future employees will consist of the following components: Name of the company Name of employee Date of employment Job Tittle Duties of the employee Probation period Compensation package
- 23. Legal Advice for New Venture in order to operate legally in Jamaica In order to operate legally in Jamaica as a New Venture, one must take into consideration the following: Startup Activities- In order to operate legally in Jamaica the venture must be registered with the Companies of Jamaica and under the Registration of Business Name Act. Contracts- Most of the time, it is difficult to find new business start-ups that use proper contract management processes. Regardless of how small or large your company is, it is critical to remember that proper contract management processes are critical for business growth. In layman's terms, proper contract management involves being able to control costs, maximize the value of contract agreements, and minimize business risks. Contract management entails overseeing all contracts from vendors, customers, business partners, or employees. As a result, in order for your start-up to have a good contract management culture or discipline, you should at the very least have:
- 24. Intellectual Property- Intellectual property (IP) refers to mental creations such as inventions, literary and artistic works, designs, and commercial symbols, names, and images. Understanding intellectual property (IP) can assist your company in becoming more competitive and managing IP-related risks. The IP system can be of great assistance to New Venture Businesses: Safeguard innovative products and services Increase the market visibility, attractiveness, and value of your products; Differentiate your company and its products from the competition Gaining access to technical and business information and knowledge Avoid the risk of inadvertently utilizing third- party proprietary content or losing your own valuable information, innovations, or creative output. Copyright- The legal word "copyright" describes the ownership rights that writers and artists have over their creative works. Computer programs, databases, ads, maps, and technical drawings are all examples of works protected by copyright, as are books, music, paintings, sculptures, and films.
- 25. THANK YOU