The business venture started is a recruitment staff agency which deals explicitly in the industry of hospitality referred to as Westone company. Further, it is essential to understand that recruiting for new staff can be a costly adventure and sometimes time-consuming the business specifically in the hospitality industry in the country. Therefore this can be the reasonable option where some of the employees often choose to seek professional services in recruitment agencies such as our set up to conduct for them their operations. Besides, there are several organizations which provide similar services, but the difference is based on the ideology the level of satisfaction on the process. These difference are the factors which distinguish Westone company as among the best organization to consider due to various factors.
The working out costs is one of the elements which companies consider before selecting a recruitment agency. Unfortunately, this often depends on every company due to the level of competition to attract more clients. The essence of this aspect is based on the fact that there are different elements to consider such as the contributing factors, percentage fee and the types of agency fees which the company is providing (Tracey, Phillips, and Jarvis, 2011, 70). The contributing factors are the amount which will be charged regarding the kinds of roles the clients will look to hire. For instance, there is a difference in costs in recruiting senior positions in the company and the junior staff members. Primarily this is because the level of qualification to fit the organizations will require a lot of potential work to meet the requirement. The percentage fees entail the general rule where the agency fee is worked out in regards to the annual salary of the position to be filled.
The essence of capturing the market requires the ability to understand the unique selling point proposition. Primarily this is crucial to determine the market share, sustainability viability and the aspect of making a profit in the long run. The recruitment industry is one of the most competitive markets in the business because the deals offered in every company is unique to each other. There are various aspects which my company has to consider to ensure it stands out by understanding the unique selling proposition in the business. These consist of carrying out a brand review to determine how the clients perceive the operations and level of satisfaction (Levine, 2010, 30). Besides, promoting the brand of the company is also essential since it can boost the image to the clients. Therefore when looking for customers, it is vital to address the potential customers about what the company can offer them by giving the difference from the existing companies.
Lastly, understand the fact that buying and selling of the service is the key to success in the recruitment industry. The essence of this is mainly because it might not be easy to maneuver through the competitive edge without setting fundamentals in marketing and sales. Notably, the recruitment industry has assisted in employing nearly a million people in the united kingdom to find employment opportunities (Wilden, Gudergan, and Lings, 2010, 60). The data obtained from the recruitment and employment confederation indicates that the total revenue received from the permanent and temporary placement was about 32 billion pounds. The average length for the temporary agency worker assignments often takes about 17 weeks. Permanent recruitment has a 47% on the margin profits out of services offered. The potential of the market growth is also expected to increase in the near future.
Part two
Application of McCarthy’s 4Ps
The marketing mix concept is a strategic aspect of business operations for different industries. The essence of this is because it entails a variety of various factors which can assist in influencing the decision of the consumers in purchasing or using the service provided by the company. The application of the 4Ps model help in describing the framework that business and marketers can use during the process of designing campaigns and strategies to promote their services and products. The tool can be useful in representing the repertoire of tips tactics and tricks to use in recruiting.
The product is one of the four Ps used as the marketing strategy. The marketing business a product describes what the company is selling to make a profit in the long run. However, in the recruitment business world, the products are primarily the opportunity which the agencies sell by targeting the candidates or audience. Therefore, landing the right candidates will often translate to the possibility of attaining more profit for the company (Boateng, 2014). Further, the product under this sector is mainly not only considered as the job to be filled but also as a career bundle. The essence of this is because the organization has all the reasons on why it should work for this aspect which entails career progression, job opening among others. The market often bases its decision on the development of the product and the benefits by highlighting the findings of the market research. Primarily this can be adopted in recruiting services that my company can provide. The types of services which are provided consist of executive search which entails looking for potential high caliber candidates, consulting specialist recruitment, advertising design and placement, participation the process of selection and presenting shortlisted candidates for further considerations.
The price is another aspect in marketing mix which should be put into consideration. The essence of this is that marketing people always tend to spend a lot of time to look for the right price of their products. Primarily this is vital for every business and requires a recruitment agency to determine the price of the opportunity to attract individual clients in the targeted market segment. There is a possibility in which many of the candidates claiming that compensation cannot be a driver to consider an opportunity (Dann, 2011). The argument may not be correct given the fact that it is the motivation factor. Therefore the compensation packages in the industry are competitive and creative within the industry pf recruitment. The total value which the agency is offering is also competitive and considered the right amount which can attract the customers. For instance, the rates which my agency charged depends on the annual salary of the position for hire. The achievable percentage for the junior role is about 10% while for the case of executive role attract up to about 15-20% fees.
The place is also an element considered under the marketing mix. The focus of this aspect is based on the factor that determines the availability of the service to be purchased by the customer. For the case of recruitment, the place often represents where the agency will make the opportunity available in the talent market. The determination on specification can identify the market through regions, targeted niches or the general population. However, under this case, the targeted niche is based on the recruitments in the hospitality industry. Besides the other dimension of place to be considered is the where the product or service is made to be available. These may consist of company websites, associations, networks, job boards, and even print advertisements (Beke, and Bach, 2017, 13). The location of my business in London with various competitors within the area. These consist of agencies such as the Venturi Group Company, The Reuben Sinclair Company, and The Frazer Jones Recruitment Agencies.
Promotion is also a useful marketing mix that can be used by the company to increase its image in the industry. Additionally, it refers to the techniques for communicating information on the products to consumers: these consist of selling, advertising public relations, special promotions among others. The focus is on the ways to use in promoting the opportunities and the organizations. There are various ways which can be used in the promotion process and consist of advertising in multiple platforms (Beke, and Bach, 2017, 13). The use of television adverts, newspapers and social media. The purpose of social media is among the best option due to various reasons. Firstly, it provides a broader audience to the targeted customers within the industry. Secondly, it is also considered to be cheap compared to other types of advertisement agencies.
The employees
Every company has employees who assist in the management and operational activities of the business to meet its objectives. Additionally, companies can provide employees with the responsibility to their duties. Therefore, the agency has a total of five employees. There are one manager, accountant, and the other office assistants. The manager in the agency has the role of managing and developing business operations with the company. Further, their task is to work by coordinating with the employees to grow the business by attaining high levels sales to achieve the targeted profits. The main priority is to assist the company to acquire new customers and sell additional services to the customers. Their responsibilities entail picking the services for new opportunities to the potential clients in the market as well as maintaining meaningful relationships with existing customers (Ayyagari, Demirgüç-Kunt, and Maksimovic, 2011). On the other hand, the role of the accountant is to ensure the balance sheet of the company is adequately addressed, files the financial statements, prepares the salary as well as provide an overview of the financial position of the company.
The company assistants have the responsibilities of filling the relevant documents for future reference. Besides, they also assist in preparing the daily program for the operations of the manager of the company such as arranging meetings for daily business with potential clients of the company. The agency has full-time employees to conduct its operations properly. Therefore, the development of zero hour contracts is essential for the management and services of the agency. The essence of this aspect is because it assists in creating a flexible working environment which benefits the business and the staff. The development of zero hour contracts help the employees in keeping hold of staff who may need to go from full time to part-time basis. As a result, this can provide the employees with a focus on the activities of the company by integrating their full potential to achieve the objectives(Ayyagari, Demirgüç-Kunt, and Maksimovic, 2011). The negative aspects of zero hours contract are that they do not provide any financial stability to the individual who is employed under this system. People have no guarantee to work, and therefore it may seem dangerous circumstance to participate.
Target Customers
The customers which the company target is mainly the hospitality industry within the UK. The composition of the clients varies with different positions that are needed to be filled by these companies. These consist of hotel staff management such as the chefs, housekeepers, and assistants. On the other hand, the target customers also entail in the tourism which includes of the accountants, tour guides or assistants among others.
Part three
Future Plans
The plans of a business is often a priory of every organization upon successful operations. The level of profitability is also another factor which is considered to expand business activity in different regions to capture new markets. Therefore there are various ways in which the business will be developed in future operations. Firstly, the financial considerations are one of the factors to put into the consideration.the financial position of the company assist in determining and comparing various factors and models of operations. The essence of this fact is because the process of expansion requires a lot of financial resources to maintain relevancy getting into a new market. The expenses and elements which need to be set up depending on the capability to finance the operations (Rothaermel, 2015). Otherwise, any form of expansion will be a failure of the project in the long run if the financial capacity cannot satisfy the activities for expansion. Another factor to consider during development is the scalability of the business. Primarily this describes whether the company can increase the revenues costs less to deliver the current revenue. The essence of this is to understand whether the resulting profits can be useful in the expansion process of the business operations.
Reference list
Ayyagari, M., Demirgüç-Kunt, A. and Maksimovic, V., 2011. Firm innovation in emerging markets: the role of finance, governance, and competition. Journal of Financial and Quantitative Analysis, 46(6), pp.1545-1580.
Beke, G. and Bach, C., 2017. Demystifying McCarthy’s 4 P’s Of The Marketing Mix; To Be Or Not To Be. Industrial Marketing Management, 26(1), pp.1-13.
Boateng, S., 2014. Application of the 4Ps in Emerging Markets.
Dann, S., 2011. The marketing mix matrix.
Levine, A.D., 2010. Self‐regulation, compensation, and the ethical recruitment of oocyte donors. Hastings Center Report, 40(2), pp.25-36.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education,
Tracey, P., Phillips, N. and Jarvis, O., 2011. Bridging institutional entrepreneurship and the creation of new organizational forms: A multilevel model. Organization Science, 22(1), pp.60-80.
Wilden, R., Gudergan, S. and Lings, I., 2010. Employer branding: strategic implications for staff recruitment. Journal of Marketing Management, 26(1-2), pp.56-73.
