Marketing planning and objectives Report 2022

8/22/2019
Running Head: REFLECTION 0
MARKETING
fundamentals

REFLECTION 1
Contents
Marketing planning and objectives........................................................................................2
Competition for favourite product.........................................................................................2
Implications for future and Recommendations.....................................................................3
Conclusion.................................................................................................................................4
References.................................................................................................................................5

REFLECTION 2
Marketing planning and objectives
In every business organisation, marketing research plays an important role with the process of
systematic collection, analysis and interpretation of data relating to the marketing conditions.
It helps the business enterprise to explore various complex and dynamic elements in the
external environment that can influence strategic decision making while fulfilling customer
demands (Arora et al, 2008). After the completion of marketing research, management plans
to develop various marketing campaigns in align with marketing objectives for the segmented
market. Taking a practical example, Lego is one of the companies who completely changed
into a profitable venture due to effective marketing research. Previously, Lego has been a toy
geared in the direction of boys for several time. However, with the help of market research, it
was found that 9% of the prime consumers of the toy were female. Considering this, the
organisation tend to create new products for the girls. In addition, the company also sent out
their team of researchers to do a four year examination including 3,500 girls and their
mothers. In this market investigation, playing habits of girls are also being examined so that
to include this in innovative product development (delucchiplus.com, 2017).
Competition for favourite product
Every business product has some sort of substitute or similar line of product impact the
strategic decision of the organisation. This requires organisation to develop necessary goals
to exceed the competition by meeting customer demands effectively. To understand the
practical implications, the favourite product which I have selected is Nike shoes. The
footwear industry is highly competitive because of the existence of big number of domestic
and multinational companies. Nike contests with the organisations such as Puma, Uniqlo,
Lululemon, Adidas, athletic and many others. This fierce competition in the industry force
Nike to undertake product differentiation with extensive market research. For instance, Nike
had introduced HyperAdapt 1.0 in 2016 with limited quantity for $720 (Bain, 2018). This
shoes from Nike has sensors that repeatedly mould the shape of the shoe to one’s foot when
step on it. It is also known as self-racing shoes. It shows that the market research of Nike is
way long from future perspectives. The company is also doing various innovation in areas
like kinematics and ankle motion range. Though in U.S. share of Adidas is increasing in