A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Siglap may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Siglap can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
Is Machine Learning Helping Marketers or Making Them Obsolete?
Hollywood paints a grim picture of a future populated by intelligent machines. Terminator; A Space Odyssey, The Matrix and countless other films show us that machines are angry, they’re evil and, if given the opportunity, they will not hesitate to overthrow the human race. Films like these serve as cautionary tales about what could happen if machines gain consciousness (or some semblance of). But in order for that to happen humans need to teach machines to think for themselves. This may sound like science fiction but it’s an actual discipline known as machine learning.
Still in its infancy, machine learning systems are being applied to everything from filtering spam emails, to suggesting the next series to binge-watch and even matching up folks looking for love.
For digital marketers, machine learning may be especially helpful in getting products or services in front of the right prospects, rather than blanket-marketing to everyone and adding to the constant noise that is modern advertising. Machine learning will also be key to predicting customer churn and attribution: two thorns in many digital marketers’ sides.
Despite machine learning’s positive impact on the digital marketing field, there are questions about job security and ethics that cannot be swept under the rug. Will marketing become so automated that professional marketers become obsolete? Is there potential for machine learning systems to do harm, whether by targeting vulnerable prospects or manipulating people’s emotions?
These aren’t just rhetorical questions. They get to the heart of what the future of marketing will look like — and what role marketers will play in it.
What is Machine Learning?
You can think of machine learning as using a computer or mathematics to make predictions or see patterns in data. At the end of the day, you’re really just trying to either predict something or see patterns, and then you’re just using the fact that a computer is really fast at calculating.
You may not know it, but you likely interact with machine learning systems on a daily basis. Have you ever been sucked into a Netflix wormhole prompted by recommended titles? Or used Facebook’s facial recognition tool when uploading and tagging an image? These are both examples of machine learning in action. They use the data you input (by rating shows, tagging friends, etc.) to produce better and more accurate suggestions over time.
Other examples of machine learning include spell check, spam filtering even internet dating - yes, machine learning has made its way into the love lives of many, matching up singles using complicated algorithms that take into consideration personality traits and interests.
How Machine Learning Works?
While it may seem like witchcraft to the layperson, running in the background of every machine learning system we encounter is a human-built machine that would have gone through countless iterations to develop.
Facebook’s facial recognition tool, which can recognize your face with 98% accuracy, took several years of research and development to produce what is regarded as cutting-edge machine learning.
So how exactly does machine learning work? Spoiler alert: it’s complicated. So without going into too much detail, here’s an introduction to machine learning, starting with the two basic techniques.
Supervised learning systems rely upon humans to label the incoming data - at least to begin with - in order for the systems to better predict how to classify future input data. Gmail’s spam filter is a great example of this. When you label incoming mail as either spam or not spam, you’re not only cleaning up your inbox, you’re also training Gmail’s filter (a machine learning system) to identify what you consider to be spam (or not spam) in the future.
According to Tommy, this type of machine learning can be likened to the relationship between a parent and a young child. When a child does something positive they’re rewarded. Likewise, when “[a machine] gets it right - like it makes a good prediction - you kind of give it a little pat on the back and you say good job.”Like any child (or person for that matter), the system ends up trying to maximize the positive reinforcement, thus getting better and better at predicting.
Unsupervised learning systems use unlabeled incoming data, which is then organized into clusters based on similarities and differences in the data. Whereas supervised learning relies upon environmental feedback, unsupervised learning has no environmental feedback.
The Power of Machine Learning
A lot of what machine learning can do is yet to be explored, but the main benefit is its ability to wade through and sort data far more quickly and efficiently than any human could, no matter how clever. Tommy is currently experimenting with an unsupervised learning system that clusters landing pages with similar features. Whereas one person could go through a few hundred pages in a day, this model can run through 300,000 pages in 20 minutes.
Machine Learning and the Digital Marketer
As data becomes the foundation for more and more marketing decisions, digital marketers have been tasked with sorting through an unprecedented amount of data. This process usually involves hours of digging through analytics, collecting data points from marketing campaigns that span several months. And while focusing on data analysis and post-mortems is incredibly valuable, doing so takes a significant amount of time and resources away from future marketing initiatives.
As advancements in technology scale exponentially, the divide between teams that do and those that don’t will become more apparent. Those that don’t evolve will stumble and those that embrace data will grow — this is where machine learning can help.
That being said, machine learning isn’t something digital marketers can implement themselves after reading a quick tutorial. It’s more comparable to having a Ferrari in your driveway when you don’t know how to drive standard or maybe you can’t even drive at all.
Until the day when implementing a machine learning system is just a YouTube video away, digital marketers could benefit from keeping a close eye on the companies that are incorporating machine learning into their products, and assessing whether they can help with their department’s pain points. So how are marketers currently implementing machine learning to make decisions based on data rather than gut instinct? There are many many new niches in marketing that are becoming more automated.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Siglap are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Siglap? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Tops 7 Mistakes Executives Make When Digitizing The Business
Starbucks portrays itself as a high quality coffee for the high class and is priced slightly higher than the coffee of Caffe Nero. It stays true to its American originality and emphasizes solely on its wide range of coffee drinks with only a few snacks and desserts. Apart from that, Starbucks distinguishes itself from other cafes by providing a very comfortable atmosphere with facilities like Wi-Fi so their customers can enjoy surfing the web while drinking their coffee.
On the other hand Caffe Nero emphasizes on its Italian blend and portrays itself as not only a café but also a bar and restaurant. It has quite an extensive menu with a variety of popular Italian dishes. Due to this many people visit Caffe Nero to have meals rather than just a cup of coffee. They have brought a pure European vibe to their cafes thus remaining true to their originality. For the convenience of their customers and to add to their attracting they have also launched loyalty cards.
Marketing strategies help businesses in promoting their products and services in a certain way that they want to. While cashing on their most important points they try to create an image of their brand in the minds of their target customers so as to achieve their target sales and a favorable market share. Marketing strategies help businesses in gaining a competitive edge by catering to those specific niches that others fail to identify. Marketing strategies devised by organizations vary in duration from one year plans to those extending well over many years. A lot of factors are taken into consideration when devising marketing plans and strategies that are defined by the environment within which the company operates. This is most often referred to as a SWOT (strengths, weaknesses, opportunities, threats) analysis which helps businesses in pinpointing the areas which they can take advantage of and the areas which they need to be careful of.
The most important factor that any business has to take into consideration, when creating its marketing strategies is its competitors. Competitors' actions have a huge impact on what an organization should do. In the coffee chain industry there are now plenty of independent coffee shops in UK like the most popular Starbucks, Monmouth Coffee, Coffee Aroma, The Apple Tree and Caffe Nero. In this assignment the marketing strategies of both Starbucks and Caffe Nero will be reviewed after which a critical analysis will be given of the both.
The first Starbucks outlet was opened in Seattle well over thirty years ago. Today Starbucks proudly stands at $4.1 billion with thousands of outlets not only in the United States but all over the world. Many companies have studied the secrets and strategies adopted by Starbucks in an attempt to learn how Starbucks grew so fast. The marketing strategies being adopted by Starbucks at present will be discussed in this assignment (voteforus.com 2011).
Unique marketing strategy:
The marketing strategy adopted by Starbucks has remained unconventional. They didn't adopt the common styles of advertisement using billboards, newspaper ads or television commercials. Rather they relied on word - of - mouth to promote their brand name.
The most important thing that Starbucks never lost control of is the quality of their coffee beans. They were the first ones to introduce the true Italian "burnt espresso" flavor to the Americans. They justify their high quality by charging a slightly higher price than most other cafes.
Another focus of Starbucks outlets is the environment they provide in their cafes for their customers. Starbucks has always been promoted as that perfect place to relax when out of home and out of the office. They have started offering Wi-Fi connectivity in their outlets so that their customers can browse the internet as well while they enjoy their cup of coffee.
Customer satisfaction is the strongest favorable point of Starbucks. Each customer that enters a Starbucks outlet is given such a special treatment that they truly feel like they are in a special place.
The Starbucks community:
Starbucks has truly taken full advantage of the latest hype of social media. They have adopted their latest marketing strategies around social media websites like creating fan pages on Facebook and Twitter where they actually respond to all customers and keep in touch by posting pictures, videos and all the latest promotional information.
Starbucks has always kept its menu fresh by constantly coming up with new items and different blends and flavors in their coffee. Some of their latest hit drinks have been the Green Tea Latte considering the health conscious consumers along with iced tea and Frappuccino for their outlets in warmer climates.
Starbucks has always portrayed itself as a high quality product and thus decided to rely on word - of - mouth promotion only. This served to be a quite useful marketing strategy as comparison to going for promotional ads in magazines, newspapers, billboards etc. They have recently begun utilizing the social media websites in the most effective manner ever. Their Facebook and Twitter pages have proved quite useful in promoting the image of Starbucks while also enabling them to have direct communication with all their customers on one platform
According to chairman of Caffe Nero, Gerry Ford (2008), Caffe Nero Group Ltd is 'the largest independent coffee retailer in UK, with over 400 stores in the UK'. It was founded in the year 1977 and today has its outlets open overseas as well in Turkey and Middle East. They distinguish themselves from other café's in UK by emphasizing on the fact that they are an Italian Coffee Company. Their main aim, as in the words of Gerry Ford (2008), 'is to provide a European style coffee house experience offering premium espresso - based gourmet coffee, authentic Italian food products and a relaxing atmosphere in every store'.
Caffe Nero has been given many awards for its high quality coffee over the years and for its outstanding experience that they deliver in their shops. Tatler has rated Caffe Nero as 'The best espresso this side of Milan while Egon Ronay has labeled it as "The Traditional Italian Café". Caffe Nero has also been given the label by UK consumers as "The best UK Coffee House" in nine consecutive years (Allegra Report, the UK's definitive guide for the coffee industry).
CAFFE NERO'S USP:
The Caffe Nero's marketing strategy mostly emphasis on its unique selling point which is a pure Italian theme. Caffe Nero portrays its self from more than just a café. Rather it has created a perfect blend of a café cum bar and restaurant. Therefore Caffe Nero is not limited to only providing a place for coffee and snacks rather you can go there just to enjoy a meal. They have a wide range of exquisite desserts along with many Italian dishes like the Italian wraps, soups, sandwiches, pasta and paninis.
CAFFE NERO'S TARGET MARKET
Caffe Nero mainly targets tourists in UK or the Italians searching for their Italian taste in cuisine. They are targeting the middle - income group of people who are middle - aged, students or business people who prefer to go to a café during their lunch breaks. Furthermore, Caffe Nero has formed a partnership with the famous chain retail store, House of Fraser, due to which around 145 cafes opened up, many of which were located within House of Fraser stores (James, Situation Analysis of the Caffe Nero Group Ltd - Festive City
Critical Analysis Between the Two Companies
Now that a basic review has been given on the marketing strategies being used by both Starbucks and Caffe Nero, an analysis will be done on what differentiates them from each other.
- Caffe Nero and Starbucks are direct competitors but Caffe Nero distinguishes itself from Starbucks by selling cheaper coffee than Starbucks.
- Caffe Nero offers a wider range of food items along with its coffee beverages which makes it stand apart from Starbucks which does not have such a wide range of assortments.
- Caffe Nero adopts a strong brand positioning by emphasizing on its European - style coffee shop as compared to Starbucks which is of American origin. Caffe Nero has a unique selling point which emphasizes on the cafes continental - style whereas Starbucks is of American style.
- Starbucks has successfully opened thousands of outlets overseas and in the international market whereas Caffe Nero still lacks in international expertise and has just recently opened its stores in Turkey and the Middle East.
- Starbucks has plenty of outlets all over UK whereas Caffe Nero does not have sufficient outlets in Central London.
- Caffe Nero has a lot of potential of growing because it enjoys many unique selling points like its pure European authenticity.
1. Ford, G (2008), 'THE BEST ESPRESSO THIS SIDE OF MILAN'
2. Voteforus.com (March 29, 2011) Starbucks Success Is It's Word Of Mouth/Social Media/Viral Marketing Strategy
3. James, S, Situation Analysis of the Caffe Nero Group Ltd - Festive City
4. VoteforUs.com Starbucks Marketing Strategy Unconventionally Effective
5. Kembell, B, Hawks, M, Kembell, S, Perry, L, Olsen, L 2002, 'Catching the Starbucks Fever', Missouri State University. Unpublished.
6. Rajul (2010), 'Starbucks vs Caffe Nero vs Costa: who wins?'
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.