ACC302 Corporate Accounting Oz Assignment

 ACC302 Corporate Accounting Oz Assignment

ACC302 Corporate Accounting Oz Assignment

Introduction

The company “WOW Burger” is a new company which is to be started in January 2018 in Hong Kong. The firm is Corporate management on a sole proprietorship and the owner will invest the entrie capital through his personal savings. The company will start offering burgers, fries, wraps and other food-related products to consumers. The competitors to the company will be McDonalds, Burger King, KFC etc. The company intends to create clear brand awareness, offer the customers the best burgers and other foods with lower prices. The food industry in Hong Kong is highly competitive due to the presence of many players in the market with major international and domestic brands in the country. Furthermore, the availability of large consumers enables the food industry to thrive and hold a major share in the country's economy. (Levitt, 2014).

Target audience and segment analysis

The target market for the company product is Hong Kong; the country is one of the world’s highest financial centers, the company holds the largest financial development score and is constantly ranked as the top competitive and free economy in the world. Based on the data available it can be stated that the total individuals in the country is more than 300,000 and the average number of persons in the household is nearly 3. Also, the expatriates in the country is very high when compared with other Asian countries like Malaysia, Thailand etc.  

It is noted that the cultural and the food habits of the consumers in Hong Kong is changing rapidly due to the involvement of westernising. The changing business landscape and the urge to cope up with the modernization has turned the people of Hong Kong to look for new foods which make them stay healthy, remain fit and lead a better life. The new generation individuals are always focusing their attention towards the fast food segment which is very easy for them to eat or take it away as these individuals are always on the rush. With the number of opportunities and the need for a healthy food enables the company “WOW Burger” to launch its business in Hong Kong.

It is noted that the competitors' products like McDonalds, KFC etc. are focusing on a high price menu with no major focus on the health issues, WOW burger will enable in providing all-day menu at the rate of HKD 10. This type of menu will be available at all day for Breakfast, Lunch, and dinner. Moreover, the company will also state the nutritional contents in each category which will make the consumers have a control on the food which they intake, this will make the consumers be diet conscious and eat the best food to stay healthy.  The prices are highly competitive as the average food per time of the day is more than HKD 15, but WOW Burger is offering a menu at HKD 10 will attract more consumers. The working age population who are between the age of 25 to 45 is very high and these individuals are looking for healthy fast food so that they can be healthy and work in a better way. Moreover, the young adults who are in their schooling and college are also looking for easy food which will make them be out of hunger and which is affordable for them. (Kim, 2015). WOW, Burger is focused on these markets as it provides them with more opportunities and revenues with minimal effort on investments. So, the company is focused on young adults and working class people who look for healthy fast food alternative and which is affordable by them at all times of the day. Moreover, the company will also tend to give delicious juices, fries, wraps and other foods which can be affordable in the stated cost aspect. Though there is a larger availability of branded fast food chain like McDonalds, Burger King etc. WOW Burger is focused more on the health and cost-conscious aspect so that it benefits the consumers.

Communication objectives

Based on the above analysis on the target segment it can be stated that the main aim of the company is to target the children, young adults and the working class individuals who look for healthy fast food alternatives at an affordable cost. So, based on this aim the communication objectives can be framed as follows:

The first objective is to create the brand awareness of the company, the management of WOW Burger is mainly aimed in offering quality fast food products, with a focus on health consciousness and cost aspect. The company is going to begin its operations in Hong Kong where the competition for the fast food segments are very high.

The second objective of the company is to promote the products and services of the organization, though the consumers are aware of the fast food product, they are not aware of the nutritional value which each food product consists of, so the main theme is to offer a best fast product with a hint of nutritional value. Furthermore, the cost of the food product is set to be minimal and affordable by all. (Egan, 2014)

The third objective is to create a unique image of the company, when all fast food companies are being accused of applying unethical practices, WOW Burger is intended to offer the customers the best food, high nutritional value at less cost. Many fast food chains are offering menus at different times with high cost, WOW Burgers is poised to offer the best breakfast, lunch and dinner menus at an affordable cost which is less than the current prevailing rates in the market.

Based on the stated objectives it can be stated that the company is aiming to design the new communication campaign which enables them to make a new change in the eating aspects of a large number of individuals. Many fast food chains are not focused on the health conscious aspects, WOW Burger is mostly focused in including the health-oriented benefits to the consumers. So, it is intended to have a health-oriented fast food products. The company will first introduce a new campaign called HAPPY HEALTY EATING which will be focused in stating the consumers the basic nutritional value which the individuals need to consume for healthy living, this data will be sourced from the leading nutritionist specialist, medical practitioners and the reports from WHO. This will be then supported by the food products which offer such nutritional values. This will first make the consumers to be aware of their daily nutritional support which they require for healthy living and wil also enable to choose the food products offered by WOW Burgers to maintain them.  The company can use various media channels like Social media marketing, Print media and other sources to begin its marketing effort.

It is noted that the overall image of the fast food chains is that they offer only junk foods and is unhealthy to the children and young adults. But the basic aim of WOW Burger is to offer quality, healthy and cost-effective fast food for the consumers which is in line with the nutritional guidelines as prescribed by the WHO and leading nutritionist in the world. Moreover, the company will not sell any unhealthy drinks, rather offer only fresh fruit juices, flavored milk and other healthy vegetable soups are offered. This will help the individuals to shy aware from cola drinks and other drinks which may deteriorate the health in the long run. The company will involve in designing the food products based on the nutritional values and this will be displayed in the charts, which enables the consumers to choose the best products as suitable to them. The changing face of the fast food industry will be created by WOW Burger as they focus on cost effective food products with high nutritional values. The intended marketing and communication objective will change the attitude of the people and their behavior towards the fast food chains.  (Elliott, 2010)

Creative advertising

The main focus of the creative advertising is on the unique selling proposition of the company. WOW burgers is mainly intended to offer quality nutritional food products with cost effective in nature. Therefore the creative advertising strategy is focused on Middle Strength strategy. This strategy is completely focused on the unique selling aspects of the business and is intended to state something unique about the products and the services offered to the customers. When a new company or brand enters the market, the main strategy is to create a USP of the company and the product offered to the consumers. The company is intended to offer high nutritional foods with healthy drinks which most of the fast food chains are ignoring or not offering to the consumers. The company will use ethical considerations in mentioning the nutritional values from the WHO websites, expert nutritionist suggestions etc. the company will implement them in the food products which they manufacture. The company

The primary purpose of this strategy is to target the audiences who are in the age group of above 15 years, interested in protecting their health, who looks for cost-effective high nutritional value food. The advertisement will include the USP value of the product which says the nutritional values, high-quality healthy drinks like fresh fruit juices, flavored milk and other exotic juices rather than offering carbonated colas and other beverages.

Media plan

Social media marketing

While social media is beneficial, it is important that companies are fully aware of their social media strategy. The surprising blockage can damage the image and brand performance. For example, a complete Business Week study addresses social media advertising campaign and the disadvantages that this company can have. For example, potential threats to social networking when employees waste time on social networks, instead of productive tasks in favor of the organization. This also shows errors that can have a significant negative impact on the company. This statement is supported by evidence in the study that many social networking campaigns fail and include an example of the Toyota Matrix campaign led by Saatchi & Saatchi, which led to a period of ten years trial. million. If done with a small business, you can leave now. The Business Study also says that it is difficult to quantify the results of social networking tools, such as trust and loyalty. Therefore, it is important to develop and shape a good social media strategy tailored to the organization's needs. For example, the choice of social networking sites joins and what content you see and how often an important area of social media strategy. A global organization that controls the media strategy is the Ford car manufacturer. In a recent case study, the researcher explains that Ford is one of the most important strategies of the strategy, including personal messages, user voices and, above all, a community media group who reads and responds to all comments. However, it should be noted that Ford has developed, runs its own business and this strategy does not necessarily lead to the same success for different organizations. (McKaskill, 2011)

Outdoor Advertising

Outdoor advertising is attracted to companies using the most economically and universally applied method. Posters, signs, signs and posters, postcards, perhaps the oldest and most effective forms of advertising so far - and the public, especially at local level, to show the most effective views. Digital displays are becoming increasingly popular and more popular, as most advertising agencies use this tool for advertising and opportunities to use promotional offers on video for the public. Companies can also try to advertise on local buses with bus and train stations.

TV

TV is the strongest advertising medium that is easily accessible by the number of advertising agencies. It can be very expensive for a företagsnätverkare for small businesses to market the television because they need more money to market it in nyckeltidsnät. This does not mean that small businesses consider themselves out of this advertising method. advertising budget to advertise passports offered to small businesses are peak times for small businesses to advertise at lower prices during peak hours. The reason for this is that there are some viewers who rush hour. The newspapersThe highly selective audience, games, craftsmen and especially lobbyists like computer enthusiasts do something efficiently. Newspapers increasingly market the message to ensure that the right people are on a good track. Newspapers and other media with high production value, which generally means they live a longer life. They are often given to others or in the collection. This makes them ideal for awareness, but less useful for advertising. In addition, journals often offer special services that are especially on the market, so it pays to know what features the author has.

The company will be focused in the combination of social media, print advertisements and television during peak timings. WOW Burger is a new brand and is set to launch in the country for the 1st time, therefore the marketing effort is focused in creating more awareness of the brand, focus on nutritional food and cost-effective food habits. The target audiences are in the segment between 15 years to 45 years of age who are highly accustomed to social media, therefore it is chosen, also in order to register the brand in the minds of the consumers the advertisements will be telecasted in other media channels like TV, Magazines, Newspaper etc. (Elliott, 2010)

Evaluations

The evaluation of the advertisement can be measured based on the increase in the sales of the products and services by the consumers. Also, the advertisement impact can be measured with the help of achieving greater return on investments to the business. The Corporate management can also seek to enhance the brand awareness through the use of advertisements, so they can generate a feedback form to the customers to understand how did they know about the stores and where did they watch the advertisements and their likes and dislikes of the advertisements.

Conclusion

Based on the above it can be stated that the integrated marketing communication of the new company WOW Burgers can be introduced by applying the principles in an effective manner.

References

1. Egan, J. (2014). Relationship marketing (2nd ed.). Essex, England: Pearson Education Limited.
2. Elliott, G., Rundle-Thiele, S., & Walker, D. (2010). Marketing. Milton, Australia: John Wiley & Sons Australia, Ltd.
3. Kim, Chan and Renee Mauborgne (2015). Identify Blue Oceans by Mapping Your Product Portfolio. Harvard Business Review
4. Levitt, T. (2014). Marketing Myopia. Harvard Business Review, 38(4) 45-56
5. McKaskill, T. (2011). Marketing strategies: Customer satisfaction. Retrieved from The Smart Company website: http://www.smartcompany.com.au/advertising-and-marketing/045933-20110923-marketing-strategies-customer-satisfaction-5.html