Market segmentation 3 TASK 13: Introduction

1 MARKETING PRINCIPLES AND TECHNIQUES INTRODUCTION 3 TASK 13 1.1: Define marketing and activities related to marketing 3 1.2: Market segmentation 3 1.3: Marketing mix 4 TASK 25. 2.1: Aims of research and market analysis 5 2.2: Market analysis5 2.3: Market analysis techniques and tools 6 TASK 36 4.1: Types of methods in E-marketing 6 4.2: Creating and maintaining online image of the company 7 TASK 47 3.1: Using techniques related to market

MARKETING PRINCIPLES
AND TECHNIQUES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1: Define marketing and activities related to marketing..........................................................3
1.2: Market segmentation............................................................................................................3
1.3: Marketing mix......................................................................................................................4
TASK 2............................................................................................................................................5
2.1: Aims of research and market analysis..................................................................................5
2.2: Market analysis....................................................................................................................5
2.3: Market analysis techniques and tools...................................................................................6
TASK 3............................................................................................................................................6
4.1: Types of methods in E-marketing........................................................................................6
4.2: Creating and maintaining online image of the company.....................................................7
TASK 4............................................................................................................................................7
3.1: Using techniques related to market analysis........................................................................7
3.2: Interpreting the findings.......................................................................................................8
3.3: Presenting results in front of team members........................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing is one of the most critical aspect that is responsible for the business concern to
increase the profitability of the business and its sustainability. The definition and meaning of
marketing is explained and elaborated by various professionals in different ways. Many
professionals explains marketing as a process related to completing activities related business
concern by formulating plans of action, determination of price, promoting and advertising
products and services, and finally providing the products to final consumers in an effective and
efficient manner.( Azar, and Menassa, 2011) This project report discusses about the meaning of
marketing and related activities like market segmentation, applications of market mix. The
discussion of aims of marketing research and analysis. Significance of online marketing and
finally discussing about marketing analysis techniques and interpreting and presenting results
about the report to the team.
TASK 1
1.1: Define marketing and activities related to marketing
Marketing: In modern world marketing plays an important role in an organisation in
order to promote about the products and services that the company is providing to the customers.
According to the case study a shop of Furniture that is operated in the region for the past 6
months is not operating in a reliable way. The business needs to enhance their goods in order to
satisfy the desires and needs according to the way they require.
Marketing is an way to assist the companies in applying the business actions in such a
way that helps the companies in selling their products. The marketing activities include selling,
advertising and delivering products and services to the final consumers. The employees of the
organisations who work in the marketing department emphasises on selling their products to the
targeted customers by creating slogans, designing packaging, using celebrities for endorsements
of their products etc. The main components of marketing includes place , product, price and
promotion.( Bakar, and HUSSIN, 2013)
1.2: Market segmentation
Segmentation is the process of dividing the homogeneous part of market into the different
segments according to the factors such as demographic, psycho-graphic, geographic and

behavioural according to the similar needs, demands , wants , tastes and preferences of
consumers. These market segmentation strategies are discussed as below:
 Demographic segmentation: this Market segmentation strategy divides the markets on
the variables related to consumers such as income, age , size of family and socio-
economic status. The demographic factor considers the customers of same demographic
profile and same culture and accordingly decides the types of products the consumers
will buy.
 Geographic Segmentation: According to this the market is divided on the geographical
criteria where the consumers are residing. The segmentation considers factors such as
location of country, climatic patterns, population density and many more.
 Behavioural segmentation: In this strategy the consumers are divided according to their
behaviour and attitude the possess. In this kind of segmentation the marketer determines
the mentality of the consumers where the company is trying to sell its products and
accordingly produces the products that will be accepted by them.( Caywood, 2012)
1.3: Marketing mix
This is a crucial process that assist the companies in determining the types of goods and
services that can be offered to the consumers and how an successful and efficient product can be
offered to the consumers. The marketing mix involves four P's of marketing which are discussed
in brief as below:
 Price: The prices that are determined by the members of the family are not able in
following methods related to specific pricing. The are charging price at maximum level
for their products. The should determine the prices as per the standards provided by
them . ( Thøgersen, 2014)
 Product: In the furniture business there are different products that can be produced such
as dining tables, beds, sofas etc. which can assist the company in increasing their
productivity.
 Place: As per the information that is mentioned, it has been seen that the company is
operating for just 6 months at an individual place which makes it impossible for the
business to expand.

 Promotion: this relates to spreading awareness about the products that the company is
offering. There is an need to tell to the general public about the products they are offering
to increase the revenues of business.( Dobyns, 2012 )
TASK 2
2.1: Aims of research and market analysis
The major objectives behind the research is to increase the customer base of the business
by using different innovative ideas for the production of their goods that is being produced by the
business. With the assistance of this person doing research will be able to examine the
purchasing habits of customers, advertising and promotion recalls and emphasis of attractive
packaging on customers etc.
Market analysis is used to determine the significant aspects of market and in determining
opportunities and threats associated with the firm. It includes the common aspects such as:
 Size of market: this aspect of analysis is related to the total size and potential of sales
that is done by the company in order to spread out their work in an efficient manner.
Some of the vital sources for knowing the size of the market is researching data provided
by government, and the other regulatory bodies such as trade associations and financial
institutions. This process can be compact for the cited company.
 Market growth rate: It is a very easy aspect which is implemented by the companies in
order to find the growth of the business in comparison to the industry average or using
historical data.
2.2: Market analysis
For getting outcomes that are more reliable regarding the customer demand. It is very
significant for the marketing managers to formulate and use these research methods. The most
common source of performing market research and analysis are as follows:
Primary method: These research method is considered as more reliable because this
research is conducted by the company itself or the by other researcher on behalf of company.
The primary research conducted by the company uses the fresh and first hand data in its reports.
Various methods of conducting primary research includes surveys , questionnaires which are
filled by the respondents.( Freeman, and Spanjaard, 2012)

Secondary method: This is less reliable source of conducting research as the data used
in this analysis is taken from the public sources such as magazines, newspapers, websites which
may not always be reliable.
2.3: Market analysis techniques and tools
The tools and techniques that are used in the analysis of data include PESTLE, SWOT,
VMOST. The cited company is using PESTLE analysis for conducting research:
 Political factors: the company is engaged in the furniture business which involves the
used of wood and timber. The political factors such as high taxation on raw material and
and high taxes on wood products are affecting the revenues of business immensely.
 Economical : the products offered by the business is specialised which involves a higher
cost. In the times of inflation the prices of products become higher which makes this
product as luxury and the consumer could not purchase them.
 Social: this aspect deals with the social point of view for the company's product. The
production of wood furniture lead in cutting the trees which impact the environment and
thus many people try to purchase less of them.( Ketter, and Avraham, 2012)
TASK 3
4.1: Types of methods in E-marketing
E-marketing is related with the procedure which deals with reaching and communicating
the consumers through a online or internet platform which includes social websites, company
websites and others. The various types of methods used in E-marketing of products are as
follows:
 Social media marketing: In this type of marketing the companies puts their focus on
social networking sites such as Facebook, Instagram, twitter and other popular channels
that are operating in the market. The companies then prepare an ads or brochure and then
post that on these sites for marketing their products.
 Search engine optimisation: This method of marketing involves optimising the
company's websites and the content that is posted on it such that the when the customers
search about he company on internet that result of the website of company comes on the
topmost search results. The SEO process if analysed is a bit slow as it consumes time in

generating a momentum but after that it is useful as it invites organic traffics from other
sites to your site.
 Content marketing: The main objective of any kind of marketing is to increase the
revenues of the company marketing their product and creating awareness about it. But a
lot of people only believes that content can only be written such as in blogs and E-books.,
but this not correct. The content on internet can also be provided in form of animations ,
online presentations, videos, audio and infographics. ( Lagarde, 2012 )
4.2: Creating and maintaining online image of the company
The various factors that can be considered in the maintenance of online image of company are as
underneath:
 the company should concentrate on diversification of online presence of company.
 In case the company is required to make their presence on the social networking site then
the company should opt for Linked In.
 the managers should also focus and pay attention on the online reputation of the
company.
 There should be a send out for the press releases on a regular basis to the stakeholders of
the company.
 Not expecting that miracles will happen through online marketing.
TASK 4
3.1: Using techniques related to market analysis
The business that is cited here of furniture is using the SWOT analysis technique for the
management to find out the strength, weaknesses, opportunities and threats related to business:
Strengths
 the business is strongly funded.
 It has excellent customer services and fast delivery.
 The services provided by the company possess innovation.
 The business has different varieties in the products they offer.
 Business provides promise regarding pricing.(Richards, and Melvin, 2010)
Opportunities
 The market segment is growing.

 There is growth reported in the online users or buyers.
 There is a good scope of innovative technologies in E-commerce.
 Increase in the buying behaviour of young generation.
Threats
 Intense competition has been reported in markets in recent months.
 Consumer mindset regarding avoidance of wood furniture.
 Regulations imposed by government.
 Retailers/ vendors
Weaknesses
 Now a days consumers are shifted more towards online purchasing.
 Inter-state shifting of furniture.
 Depending on retailers for goods.
TITLE-
“To identify the influence marketing activities on company performance: A case study on
FURNITURE shop”
Questionnaire
Q1. Are you fully satisfied with the products?
 Yes
 No
Q2. Is there any change you want in furniture?
 Yes
 No
Q3. Did you happy with the price of furniture?
 Yes
 No
Q4. Why do you love about these unique furnitures?
 Price
 Quality
 All the above
Q5. Did you want any change in organizational product?
 Yes

 No
Q6. Are you preferring any other substitute?
 Yes
 No
Q7. Did you love maintain long term relation with us?
 Yes
 No
Q8. Is there any modification is needed in our serving tool?
 Yes
 No
Q9. Shall we share our views on designing of unique products?
 Yes
 No
Q10. Did you want any creative items?
 Yes
 No
Q11. Did you want expansion in an organization?
 Yes
 No
Q12. How likely you change your household furniture?
 Weekly
 Yearly
 Quarterly
Q13. Did you want any discount on special events?
 Yes
 No
Q14. Will you going to aid us by sharing experience with others like on social media?
 Yes
 No
Q 15. Rate to our furniture?
 Excellent

 Very good
 Not satisfactory
 Theme 1:- Are you fully satisfied with the products.
Particular Frequency
Yes 18
No 12

 Theme 2:- change you want in furniture.
Particular Frequency
Yes 20
No 10

 Theme 3:- happy with the price of furniture.
Particular Frequency
Yes 24
No 6


 Theme 4:- love about these unique furnitures.
Particular Frequency
Price 20
Quality 5
All the
above 5

 Theme 5:- Did you want any change in organizational product.
Particular Frequency
Yes 20
No 10


 Theme 6:- Are you preferring any other substitute .
Particular Frequency
Yes 20
No 10



 Theme 7:- Did you love maintain long term relation with us.
Particular Frequency
Yes 17
No 13


 Theme 8:- Is there any modification is needed in our serving tool.
Particular Frequency
Yes 24
No 6

 Theme 9:- Shall we share our views on designing of unique products.
Particular Frequency
Yes 22
No 8


 Theme 10:- Did you want any creative items.
Particular Frequency
Yes 25
No 5

 Theme 11:- Did you want expansion in an organization.
Particular Frequency
Yes 21
No 9

 Theme 12:- How likely you change your household furniture.
Particular Frequency
Yes 26
No 4


 Theme 13:- You want any discount on special events.
Particular Frequency
Weekly 20
Yearly 6
Quarterly 4

 Theme 14:- Will you going to aid us by sharing experience with others like on social
media.
Particular Frequency
Yes 25
No 5


 Theme 15:- Rate to our furniture.
Particular Frequency
Excellent 22
Very good 6
Not
satisfactory 2

3.2: Interpreting the findings
According to the results that is being generated during the financial year, it has been
interpreted that the operations of the furniture business is need to be performed in an more
efficient manner.(Smith, 2011) The techniques and strategies should be utilised by the companies
in more effective ways such that better outcomes will lead to the profitability of the business in
future. The business has to target the offline market of furniture as well as they have to focus on
capturing online market also by collaborating with the websites such as Flip-kart and Amazon. It
can also be interpreted from the above report that the business can transform its weaknesses into
opportunities with the assistance of SWOT analysis.

There are two methods of data collection which is required for conducting search i.e.,
primary and secondary. Explanation of these is mention below ;-
 Primary data – This is an first hand data which is collected or gathered by the person
who is conducting research . In simple term it can be said that it is an information and
data which is never used before anyone as well collected by the person who is conducting
research. It is expensive and long term process for gathering data. Moreover there are
some methods are through which primary data is collected such as: interview,
quessionaire, feedback form and several more. Moreover, through this data organisation
can easily identify current market trend as well taste and preferences of the customers
which assist them is satisfying their buyers.
 Secondary Data – It is an data which is used before by someone or sometimes data
collected by the researcher through secondary method is past records of the enterprise.
There is no requirement of much time and money for gathering secondary information. In
general term it can be said that it is published information in any paper, book, journals
etc. as well these are the sources of gathering data.
Above mention both are the type of data collection method which is used by the enterprise for
taking feedbacks of the people. So that, company can satisfy future needs and wants of the
customers.
SWOT – It is an strategic Planning tool and technique utilised for assisting organisation to
analyse their strength, weakness, opportunity and threats as well these can be related to the
business competition or for project planning. Moreover, strength and weakness are interrelated
whereas, opportunity and threats are focusing on environmental placement.
 Strength – It is an characteristics of organisation which gave advantage over others.
 Weakness - This is an disadvantage of the association related to the others.
 Opportunity – These are the elements of business environment that firm can exploit to its
advantage.
 Threats - They are the elements which can be the reason of trouble in the company.
PESTEL – This is an tool utilised by the marketers for identifying macro-environmental factors
which have their wide impact on working of organisation. Here, each letter stand for something
it is mention below :-

 Political – It includes political stability and instability in overseas market, government
policies, tax policy, foreign trade policy, environmental law, labour law, trade restriction
and many more.
 Economical – Factors included in this are exchange rate, inflation rate, economic rate,
interest rate, disposable income of company and customers both and so on.
 Social – It covers population growth, age distribution, health consciousness, career
attitude and so on.
 Technological – This gives their impact mainly on marketing and management activity
of the business such as latest ways for production, distribution and communication of
goods and services.
 Environmental – it becoming important because of scarcity of raw material, pollution
target etc.
 Legal – this is an factor which includes equal opportunity, health and safety, advertising
standards, customers rights, products labelling and safety as well several others.
3.3: Presenting results in front of team members
According to the the analysis done in the project report that in the starting stages the
business was not able to perform the activities related to business in effective and efficient
manner. The team must understand that there is also an need for understanding the techniques
and tools of marketing such as PESTLE in order to plan the activities related to business. The
online marketing and diversification should be considered by the firm in order to capture the
large market share. (Spreer, 2017)
CONCLUSION
According to the project it has been concluded that marketing plays an significant role in
increasing the revenues of the company. The marketing activities such as market segmentation,
marketing mix assists the business in marketing process. This report also studies the relevance of
market research methods such as primary and secondary in determining the needs of customers.
Here, the SWOT analysis has also been done on the furniture business to clearly explain the
aspects related to strengths, weaknesses etc. Finally, there is an interpretation of results has been
done on the report and how it is presented to the team members of the business.

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