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Description
Key Assignment Final Draft
Part 1 Tasks: (Objectives from Weeks 1–4)
Based on the work that you have done this term, write the following sections for your venture’s business plan:
- Expanded Market Environment (Phase 1 IP)
- Marketing Mix (Phase 2 IP and DB)
- Digital Marketing Plan (Phase 3 IP and DB)
- Social Media Strategy (Phase 1 DB and Phase 3 DB)
Review your Key Assignment and make any revisions that you feel are pertinent based on the feedback you received from your instructor and your peers.
Part 2 Tasks: (Objective(s) from Week 5)
Revisit your business plan, and refine it for your venture. Add nuance where you have discovered it, clarify points, and make the document more consistent. Make sure that your financial statement and budgets reflect the changes that you have made to your plan. You should take time to adjust the tone of your writing and to add appropriate charts, graphs, and other visual aids to your completed sections.
11
J2’s Kiddie Klubhouse & Learning Center’s Day Care Business Venture
Tatyanna R. Howard
Instructor: Gary White
Date 02/14/2023
Expanded Market Environment
An expanded market environment refers to a broader market beyond the traditional or local market that a business typically serves. It can include customers, partners, or stakeholders who are not located in the immediate vicinity of the business. The expanded market environment may include regional, national, or even global markets
It will be possible to expand the market of our new business venture beyond just the local community. With online marketing techniques such as email marketing, social media marketing, and search engine optimization, we will expand our market environment. This will help attract parents and caregivers from outside the local community. We will also form partnerships with local companies and businesses to offer our childcare services to their employees. This will further expand our customer base and generate a stable revenue stream. We also intend to bid for government contracts to provide childcare services to low-income families. This will help expand the customer base and also provide a steady flow of income. We will also franchise our business model to other locations in the future to gain more revenue streams and expand our business’s brand recognition. Additionally, by offering specialized programs such as music, language immersion, etc., we will expand our market by attracting more customers for unique and specialized childcare services.
Expanding the market will help our business to grow and increase profits but it will also increase competition and logistical difficulties in serving customers in new markets. Therefore, we will need to carefully consider our expansion strategies and take into account the potential risks and benefits of expanding their marketing environment.
Marketing Mix
The marketing mix is a framework that describes the set of controllable marketing tools that a company uses to influence customer behavior and achieve its marketing objectives. A marketing mix consists of a set of 7 elements that can be used to effectively promote a product or service. The marketing mix elements are commonly known as the “7 Ps” of marketing (Mahmoud, 2019).
Product
The product refers to the physical or virtual product that a company offers to customers, including its features, design, packaging, and branding. The daycare business is the product that is being sold. Our daycare facility aims to provide safe, affordable, and high-quality services to meet the needs of different children such as toddlers, infants, and after-school programs as well as their families. Other elements of this product include the qualifications and experience of our employees, the available resources and facilities, and the reputation of our facility.
Price
This refers to the amount that a company charges for its product or service inclusive of the pricing strategies, discounts, and payment options (Saidani & Sudiarditha, 2019). Our facility intends to set prices that are competitive with other daycare providers in our target location while taking into account the quality of our services and the costs of running the entire business. We will also utilize package deals and discounts to attract new customers. The price will also factor in different payment options, any additional fees such as materials and registration, etc.
Place
The place defines the channels through which a company distributes its products or service including the physical locations where the product is sold, online platforms, and marketing tactics to reach customers. We intend to have a suitable location for our daycare business that is easily accessible to our customers. We consider factors such as the proximity to residential areas, busy roads as well as the availability of parking.
Promotion
These are the activities that a company uses to communicate the benefits and features of its product or service to potential customers, including advertising, public relations, personal selling, and other marketing communications. We will utilize different methods to promote our daycare services including advertising, referral programs, and social media platforms.
Physical evidence
Physical Evidence is the tangible or intangible evidence that supports the overall impression of a product or service that customers receive. It includes the physical environment, such as the design and layout of a store, website, or packaging, as well as the quality of materials, equipment, and signage that customers interact with (Saidani & Sudiarditha, 2019). Physical evidence in our daycare facility will be inclusive of the equipment and physical facilities utilized. This will comprise classrooms, playrooms, and any other areas utilized by the children and teachers.
Process
The Process refers to the activities that a company uses to create and deliver a product or service to its customers (Saidani & Sudiarditha, 2019). It includes the steps involved in the production, distribution, customer service, and any other activities that influence the overall customer experience. The process involved in our new business venture will entail the delivery of the daycare services such as drop-off and pick-up processes, enrollment, etc.
People
People refer to the employees or personnel involved in providing a product or service to customers (Saidani & Sudiarditha, 2019). This includes everyone from salespeople to customer service representatives, technicians, and support staff. The quality of customer service and interaction with people can have a significant impact on a customer’s perception of a company or brand. It is therefore essential for companies to hire and train the right people to provide excellent customer service and create a positive experience for customers.
This element of the marketing mix will look into the employees who will offer the daycare services inclusive of their qualifications, level of training, and experience. It will also consider other relevant stakeholders such as the government, different community institutions, parents, and probably future partners in the company.
Digital Marketing Plan
The digital marketing plan for our daycare business will involve the following elements:
Website: A well-designed and user-friendly website is a key aspect of a daycare business’ digital presence. The website will provide information about the services offered, the qualifications of the staff, and the facilities available. It will also include a call to action, such as a contact form or registration page, to encourage parents to reach out.
Search Engine Optimization (SEO): This will be done through the use of keywords, meta descriptions, and other optimization techniques. The goal will be to make the daycare business’ website more visible to parents searching for childcare services in the area.
Content Marketing: Creating and sharing valuable content, such as blog posts and articles, will help build trust with potential customers and position the daycare business as a knowledgeable and reliable source of information. Topics will include child development, safety and security, and the benefits of quality child care.
Email Marketing: Email marketing will be used to keep parents informed about events, promotions, and other important updates. A monthly or quarterly newsletter will be sent to subscribers, and targeted email campaigns will be used to reach specific groups of parents, such as those with children of a certain age.
Pay-Per-Click (PPC) Advertising: This will be an effective way to reach parents actively searching for childcare services in the area.
By implementing these digital marketing strategies, our daycare business will increase its visibility, build its reputation, and reach more potential customers (Desai & Vidyapeeth, 2019). It’s important to track the results of these efforts and adjust the marketing plan as needed to ensure that it is delivering the desired results.
Social Media Strategy
A social media strategy is a plan that outlines how a business will use social media to achieve its marketing and communication goals. It involves identifying the target audience, selecting the social media platforms that are most relevant to that audience, and creating a plan for producing and distributing content on those platforms (Quesenberry, 2020). Social media platforms, such as Facebook and Instagram, will be used to reach a wider audience and build a strong online presence. This will include posting regular updates about the daycare services, highlighting staff members and the facilities, and sharing photos and videos of the children and their activities.
In our daycare business, a social media strategy will be an effective way to communicate with parents, demonstrate the center’s services, and create brand awareness. This strategy will be used to identify the primary target audience such as parents of young children which will help inform the content generated and the social media platforms to be used. It will also include a plan for creating and distributing content such as a mix of posts, images, videos, and images. The content produced will be engaging, informative, and relevant to the target audience. Additionally, the social media strategy will include a plan of engaging with the target audience such as responding to messages and comments, running social media contests or promotions, and sharing user-generated content. Finally, a plan to measure and analyze the effectiveness of social media activities will be included. This will entail tracking metrics such as follower growth, and engagement reaches, and conducting surveys and focus groups to collect feedback from parents and caregivers.
Financials
The financials involved will include operating expenses, start-up costs, revenues generated, profits and losses, and cash flows in and out of the business. Financials will play a critical role in the success of our daycare business. To operate effectively, our daycare facility will need to be able to manage its finances, generate revenue, and control costs (Montani et al., 2020). Some of the key financial considerations will include:
Start-up costs: Starting our daycare center will be expensive. The business will need to purchase or lease a suitable building, purchase equipment, and supplies, and hire staff. It will be important to create a comprehensive budget that takes into account all of these costs, as well as any legal or licensing fees.
Revenue streams: Our daycare center will generate revenue through fees paid by parents or caregivers. It will be important to establish competitive pricing that covers the costs of running the business while still remaining affordable for parents.
Operating expenses: Our new business will incur a range of operating expenses, including rent or mortgage payments, utilities, supplies, staff salaries and benefits, insurance, and marketing costs. To manage costs effectively, it will be important to track expenses and identify areas where savings can be made.
Budgeting: Creating a budget will be essential for managing the finances of our daycare center. The budget will take into account all of the business’s costs and revenue streams and should be reviewed and updated regularly.
Cash flow management: We will ensure that the business has enough cash on hand to cover operating expenses, pay staff, and invest in the business. This will require careful management of accounts receivable and accounts payable, as well as regular cash flow forecasting.
Profitability: We aim to generate enough revenue to cover all operating expenses and provide a return on investment for business owners. To improve profitability, our new business may need to explore new revenue streams or look for ways to reduce costs.
Digital Marketing Policy
A digital marketing policy is a set of guidelines and procedures that a business puts in place to govern its online marketing activities. A well-designed digital marketing policy can help a business to improve its online presence, increase engagement with customers, and protect itself from legal and regulatory issues.
To begin with, our new business will have a policy that defines the goals and objectives of our digital marketing activities. This will include improving website traffic, creating brand awareness, generating leads, and improving customer engagement. The policy will also offer clear guidelines for the type of content that is appropriate to be posted and shared on our digital and social media platforms. This will include standards for tone, language, image quality, and rules for the type of content allowed. The digital marketing policy will also include a social media policy that will detail how employees should use social media on behalf of our daycare business such as engaging with customers, responding to negative feedback, and maintaining a professional image online. Furthermore, the policy will include instructions on data protection and privacy. This will guide the collection, storage, and use of customer data and the protection of the privacy of customers. This will also include how informed consent will be obtained from customers and how to comply with data protection regulations such as GDPR.
Our digital marketing materials will also comply with all the relevant laws and regulations inclusive of those related to privacy, advertising, and the protection of children. Our content will also be accessible even to individuals with disabilities. Therefore, our websites will be built to meet accessibility standards and the images and videos sent will be accompanied by appropriate captions and text. We will also allow and conduct regular reviews to ensure thorough compliance.
Philanthropy
Philanthropy in marketing and business refers to the act of giving back to society by supporting charitable causes or making donations to non-profit organizations. Philanthropy is a form of corporate social responsibility (CSR) that companies engage in to improve their public image and demonstrate their commitment to social and environmental issues. Typically, by taking advantage of philanthropy, a business can create stronger relationships with the community, improve its reputation, and show its commitment to social responsibility.
Our daycare facility will hold fundraising events, apply for grants, community partnerships, and volunteerism, as well as ask for donations from businesses, individuals, and other organizations to support its services, and programs. We will partner with local businesses to create volunteer or fundraising opportunities. Our daycare center will also encourage parents, children, and employees to support charity events. For example, we can organize a food drive or a toy donation program for a local charity event. We also intend to sponsor local charity events to help raise our public profile and build positive relationships with local businesses and families. Additionally, we will establish a charitable giving program that enables families to donate to specific causes of charities. This will help show our commitment to social responsibility and support important community causes.
As a new business venture, we are aware that philanthropy has the potential to yield significant benefits to our business beyond just improving public image. For instance, we will be able to attract and retain customers, build stronger relationships with employees, and differentiate ourselves from competitors. Moreover, we will create opportunities for partnership and collaboration with non-profit organizations which will help access new markets or develop our new daycare service.
References
Desai, V., & Vidyapeeth, B. (2019). Digital marketing: A review.
International Journal of Trend in Scientific Research and Development,
5(5), 196-200.
Edwards, C. (2021). Entrepreneurs and regulations: Removing state and local barriers to new businesses.
Cato Institute, Policy Analysis, (916).
Mahmoud, T. O. (2019). Green marketing: A marketing mix concept.
International Journal of Electrical, Electronics, and Computers,
4(1), 20-26.
Montani, D., Gervasio, D., & Pulcini, A. (2020). Startup company valuation: The state of the art and future trends.
International Business Research,
13(9), 31-45.
Quesenberry, K. A. (2020).
Social media strategy: Marketing, advertising, and public relations in the consumer revolution. Rowman & Littlefield Publishers.
Saidani, B., & Sudiarditha, I. K. R. (2019). Marketing mix-7Ps: The effect on customer satisfaction.
Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB),
7(1), 72-86.
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