Suzie Cosmetics: Navigating Challenges, Budgeting, and Planograms for Business Evolution - Essay Example

Introduction

All individuals who have witnessed remarkable success in their businesses can agree that at one point in time, they had to make crucial changes in their marketing plans to achieve either one or two of their business goals hence, the importance of fine-tuning. The importance of fine-tuning is basically to bring the business to its highest level of performance. The location of a particular business Is crucial because it can influence its ability to market itself (Oppong, 2019). This mostly applies to businesses located in cities and very populated towns

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Budget

In regards to making crucial changes in the marketing plans in regards to a specific location especially Suzie cosmetics' location, funds are very essential to run these changes, or else the business will go down the drain. Since the business is at the heart of the state's capital, the housing expense in itself is very expensive hence a clear and steady stream of income is needed to support this issue. In addition to this, the business will have to incorporate other forms of marketing and advertising as their counterparts in the cosmetics field.

These forms include setting up stands in shows and malls which need funding to jumpstart the operation. In this case, rules if allocating investment money need to be re-looked at once again and ultimately the changes made. Plans for acquiring additional funds for marketing and advertising also have to be considered. These include taking bank loans, attracting angel investors, and partnership programs with smaller businesses.

Current Situation

Like any other business, Suzie Cosmetics will experience challenges beforehand even before its conception. In regards to its location, Suzie Cosmetics will face stiff competition from other cosmetic businesses in the capital. The cosmetics industry is one of the fast-rising industries hence many investors channel their money towards cosmetics businesses. Also, there are minimal advertising facilities such as radio stations and newspapers hence they end up getting flooded with cosmetics advertisements. These might overwhelm readers who will end up not perusing their newspapers up to the last advertisement at the back of the newspaper making some businesses incur losses.

Because of this, the business has to incorporate alternative marketing platforms such as social media and traditional methods like producing flyers and brochures. In addition to this, setting up a website where customers will be able to communicate with us will also be necessary. These changes will help cushion the business from the stiff competition.

Planogram

Planograms are essential tools in marketing since they help to change or form different versions of how products are placed in business places. It helps to plan the visual representation of the shelves in the sales places. This will not only help them know the technical material required but also the aesthetics of the store as the first impression is always very important. In addition to these, planograms help to maximize space and utilize it to its full. For Suzie Cosmetics, we opt for a three-dimensional planogram rather than a text-based or a picture planogram. This is the most complete which helps one visualize the location and outlay of the products being sold (HMY, 2019). From this, an image close enough to the final outlay of the store gets created.

References

HMY. (2019, November 12). What is a planogram? Benefits and types. https://www.hmy-group.com/what-is-a-planogram-benefits-and-types/?lang=en

Oppong, T. (2019, January 26). The importance of location in business. AllTopStartups. https://alltopstartups.com/2018/03/15/the-importance-of-location-in-business/