Market Research and Marketing Mix in Lush Cosmetics

This document discusses the market research process and marketing mix in Lush Cosmetics. It explains the importance of market research in developing strategies and evaluating market conditions. It also explores the elements of the marketing mix - product, place, price, and promotion - and how they contribute to the success of Lush Cosmetics. The document includes a critical self-reflection on creating a portfolio.

Individual E portfolio
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Table of Contents
Market research...........................................................................................................................3
Market research process.............................................................................................................3
Questionnaire design...................................................................................................................3
Marketing mix.............................................................................................................................5
Critical self reflection.................................................................................................................6
REFERENCES................................................................................................................................9
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Market research
Market research is a process of doing survey in the market in order to gather data and
info. it is done to collect data about customer trends, needs, target market, etc. so on basis of
that strategy is developed. In Lush cosmetics market research is done regarding opening of new
store.
The purpose of doing market research is to identify how potential customers view about your
company. It enables in finding out gap and then taking effective decisions. So, on basis of that
research data is analysed and it allows in developing strategy. Another reason of doing research
is it helps in evaluating market condition and position of Lush cosmetics in it (Munday, 2017).
Market research process
There is a specific process which is followed in it.
Define problem- here, it is first step in which problem or opportunity is identified. So, on basis
of that marketing research is undertaken. The problem is related to specific area in it. Similarly,
in Lush cosmetics opportunity was to expand market share by opening new store.
Develop marketing research plan- it is second step in which research plan is developed. In this it
is identified whether data is gathered from survey, questionnaire, etc. it depends on nature or
type of problem. Likewise in Lush cosmetics plan was to use questionnaire for it.
Gather relevant data- after that data is collected from target market specified. The data may be
qualitative or quantitative. Also, it must be ensured that data is valid and reliable. So in Lush
cosmetics data is collected from market.
Analyse data – here, data is analysed to obtain outcomes. For that there are many techniques
used. Thus, in Lush cosmetics data will be analysed to obtain findings.
Present findings - the findings are presented to audience in effective way. In that chart, graphs
etc are made to understand results in more precise manner. Hence, in Lush cosmetics portfolio
is made in it (Roberts,2018).
Questionnaire design
A questionnaire consists of different questions that contain choice to answer in it. Basically, it
is designed for doing a survey or research (Roberts,2018)
. Analyse data – here, data is analysed to obtain outcomes. For that there are many techniques
used. Thus, in Lush cosmetics data will be analysed to obtain findings.
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Present findings - the findings are presented to audience in effective way. In that chart, graphs
etc are made to understand results in more precise manner. Hence, in Lush cosmetics portfolio
is made in it
In this questionnaire was designed by taking help from internet. Thus, previous research
papers were analysed and then questions were built on basis of it. Here close ended questions
are asked so that precise data is gathered. This will be useful in analysing data and market
situation in effective way.
Questionnaire
Q-1 Do you think that in expanding is Southampton will be beneficial for Lush cosmetics?
Yes
No
Q-2 why do you prefer Lush cosmetics over other company product??
Low price
High quality
New products
Q-3 do people are aware about Lush cosmetics brand image in market?
Yes
No
Q-4 does expanding in other market will rise is generating profits?
Yes
no
Q-5 is there any other way to increase market share rather than opening new shop?
Online business
Effective promotion
Discounts
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Q-6 will new product help in fulfilling people needs?
Yes
No
Q-7 Do you think that opening new shop will be successful for long term?
Yes
No
Q-8 Is physical business more profitable than online business?
Yes
no
Q- 9 is it necessary to do marketing of opening of new shop in Southampton?
Yes
No
Marketing mix
Product –
It is a tangible or intangible item which is produced to fulfill the needs of people. The
company must identify that what type of product is offered to people. This gives insight on needs
of people. It benefit as on basis of product marketing mix is developed. It state type of product
being offered. A new product of herbal cream will be provided to women. This will contain
herbal ingredients that can be used by customer easily. In this Lush cosmetics will follow the
concept of core product it will focus in core feature of it. Here, product life cycle will be of
launch of new product as it is been developed.
Place
It refers to location or region where product or services is available or from where
customer can buy it. the company must select a convenient location where product is easily
available and also it is within reach of customers (Matar. and Al-Harithi, 2016). The place
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marketing mix benefit company in selection of preferred location through which more
customers can be reached.
Similarly, Lush cosmetics needs to select convenient location. Thus, product will be
available in the store of company which are opened in various regions of UK and London.
Besides, marketing function is supply chain means to market
Price
It is the amount that customers pays for buying a product(Pace, 2016). Companies must
set proper price of product so that it is easily affordable for people. If right price is not set
then people will not buy it. Besides that, price determine value of product as well. Also, it
determine firm profits and survival in market. The benefit of it in marketing mix is that business
set price at which product is to be placed.
Pricing objective means to what is main aim in setting of pricing. Thus, Lush cosmetics
aim is to earn profit from it. pricing method refers to method of setting price of product. So,
company used cost based method in it. price was set on basis of cost of product. Pricing strategy
is strategy to determine price of product. Lush cosmetics will use market skimming strategy for
its product. However, pricing tactics is process of finding out profit earned and measure pricing
goals from it. thus, Lush cosmetics subtracted cost from price and then identified profit from it.
Promotion
It means to market and advertise product or service in market to generate awareness
among people. Company needs to be aware that how product is being promoted and what
method is used in it. Furthermore, they are also able to promote it in effective way. This benefits
as it enables in doing effective promotion through specified sources.
Promotion strategy means method of promoting of product and service various channels.
Similarly, Lush cosmetics can promote it with help of social media, e mail, internet etc. it will
enable in attracting large number of people and creating awareness in market as well.
Marketing communication is process of interacting with people. Thus, Lush cosmetics
will use several tools for it such as e mail, social media, PR, etc in order to reach target
audience.
People –It is crucial element regarding service marketing mix as if the service can be delivered.
The team that involves within the project must have the skills as well as qualities that are
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required to assures its success. It is true of staff who are costumer facing as well as whose
behavior as well as communication that greatly impacts the perception of the audience regarding
brand. Lush cosmetics will also leads to developed the best kind of product. Marketing
campaign teams are also consider best practice regarding for how consumer facing teams
communicates as well as behaves properly with consumers (Pace, 2016). There were several
methods includes paying attention ,distributing a social media policy to interacting skills when
hiring consumers facing employees, giving training on good communication as well as focusing
on disciplinary measures to eliminate misbehavior.
Physical evidence- In order to focus the seller’s and product’s credibility as these components
must be exhibit consumer qualities that are relied industry standards. The physical evidence
relate to what are the things which state company existence. This makes it easy to recognize
whether company exist in market or not. Similarly for Lush cosmetics its physical evidence
relate to its stores, products, banner, advertising board etc this state that there is existence of
company in the market. Besides that, there are many other components as well in this.
Process – The process also includes a product delivery will importantly impact the experience of
the consumer, lifetime values, level of satisfaction to the business. These are the process that
involves Delivery methods as well as service, delivery time, website use experience, in store wait
time, communication alongside consumer support, aftercare. In addition to this process can be
utilized to deliver service or product. They must in place also process when everything is not
right (Pace, 2016). In similar way, process of Lush cosmetics provide products to people in the
store. Also, they take feedback of customer in such a way that it also follow a process in making
things easy. true of staff who are costumer facing as well as whose behavior as well as
communication that greatly impacts the perception of the audience regarding brand.
Critical self reflection
By developing the portfolio on Lush cosmetics i did a critical self reflection. So, in that i
found that there are many things which was good in my portfolio (Roberts,2018). First is that
i included the questionnaire in it which gave insight on what questions was asked. Also,
question in it were related to company. Besides that another good thing was marketing mix
which was properly segregated and brief detail was included in it. So, it gave a clear insight and
overview to people regarding what strategy has been followed by company and what is their
new product. Similarly, in all P’s information was described in precise way(Pace, 2016). But i
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realise that there were some improvement required in my portfolio. Here, i should have also
inserted data collected from market. Thus, it have given view on what trends exists in market.
Besides that, i did not included statistics data in it. There was only theoretical info. i should
have inserted more images in portfolio and also described about concept of marketing mix. It
will create a positive impression on audience. I analysed that i faced some problems in creating
portfolio. I did not know how to develop portfolio and what data and info is included in it.
Besides that i faced difficulty in collecting data from internet.
In my view most rewarding aspect of portfolio is that it was clear and specific and did not
contain much info in it. Moreover, all necessary data was included in it. Furthermore, image
inserted was proper. On contrary most challenging feature is that portfolio starting section did
not contained any image of company (Munday, 2017)
. Thus, it felt like fictitious company which is operating. Furthermore, no data or info of
company was included in portfolio. Hence, this section lack images and data of firm and it was
not attractive as well.
I was able to gain communication skills from it. I learned that how to present portfolio to
audience and communicate with them. Besides it, my decision making skill was enhanced as
well. I was able to take effective decisions in quick time.
But i realise that i need to develop some more skills as well. in it i need to enhance my
presentation skills so that in future i am able to present portfolio in effective way. Also, i must
develop my analytical skills. With that i will be able to analyse data and info properly. This can
be done by solving case studies. By this i will make analyse data properly and then include in
portfolio(Avery, 2016). Thus, by taking help of senior and internet i developed these skills.
Now, i want my tutor to support me in improving these skills. He should provide me training
sessions on it and guide me. Moreover, tutor must analyse my skills by taking feedback and
suggest me ways on how to improve my skills. So, in this way i will be able to enhance my skills
and abilities.
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REFERENCES
Books and journals
Avery, B., 2016. e-Portfolio assessment in networked learning based communities (Doctoral
dissertation, Lancaster University).
Matar, N. and Al-Harithi, E., 2016. The Development and Transition from Portfolios to E-
Portfolio within Educational Context. In E-Systems for the 21st Century (pp. 255-300).
Apple Academic Press.
Munday, J., 2017. An Embedded ePortfolio in a Master's Degree: Is It Working?. International
Journal of ePortfolio, 7(2), pp.175-185.
Pace, M., 2016. From a Manual Portfolio to an ePortfolio: A Way to Assist Student Teachers of
Languages to Become Reflective Practitioners. In Conference proceedings. ICT for
language learning (p. 317). libreriauniversitaria. it Edizioni.
Roberts, P., 2018. Developing reflection through an ePortfolio-based learning environment:
design principles for further implementation. Technology, Pedagogy and Education, 27(3),
pp.313-326.
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