The Importance of Marketing for Businesses

This assignment delves into the significance of marketing in driving business success. It emphasizes how effective marketing strategies can attract customers, boost sales, and enhance a company's competitive advantage. The document discusses key marketing elements such as market research, marketing mix, and e-marketing, highlighting their impact on business operations.

MARKET PRINCIPLE AND
TECHNIQUES

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Marketing....................................................................................................................................3
Market segmentation...................................................................................................................4
Marketing mix.............................................................................................................................4
TASK 2............................................................................................................................................5
2.1 Aims of research and market analysis ..................................................................................5
2.2 Methods of market research .................................................................................................5
2.3 Market analysis tool .............................................................................................................7
TASK 3............................................................................................................................................7
Methods utilized for e-marketing................................................................................................7
Ways by which online image are manage by firm......................................................................8
TASK 4............................................................................................................................................8
3.1 Use of market analysis techniques .......................................................................................8
3.2 Interpret the findings ............................................................................................................8
3.3 Present your finding .............................................................................................................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing is defined as a process which includes various activities of an organisation
related to buying and selling of goods or service. This concept is used in businesses in order to
create, retain and satisfy customers (Arcaro and et. al., 2013). It is a vital function that assist in
growth and success of company and also helps in attracting large group of customers. This
assignment is based on Sunrise Stores which is a small retail firm that offers grocery products to
customers. The report covers marketing and its activities, market segment, marketing mix,
market research and e- marketing. Market analysis is also done by using various tools and
techniques as well as the way in which firm manage their online image is defined. Findings of
market research and analysis is interpreted and present in this project.
TASK 1
Marketing
Marketing is identified as a management process by which products, services or process
moves from concept to consumers. It helps in attracting and retaining more number of customers
and maintaining a large consumer base. Mainly, firms use marketing concept in order to promote
their goods and services in market & communicate their value and benefits to customers.
Through marketing, high quality products are offer to consumers that provides some value to
them and satisfy their needs. It involves coordination of 4 components which are called 4P's of
marketing. These are:
 Determination, selection & development of product.
 Determination of price.
 Choice of distribution channel to reach place of customer.
 Development and execution of promotional strategy.
Various activities are performed by marketing department in order to attain goals and objectives
of company. Some of these activities are defined below:
Promotion: One of the main activity of marketing is promotion of goods and services in
market in order to aware customers about them and communicating its value and benefits. It
helps firm in attaining high sales and profits (French and Gordon, 2015).
Market research: In order to make business more successful, activity of marketing
research is also done by marketing department. It assists firm in determining prevailing trends of

markets as well as needs and requirements of customers which in turn help in satisfying their
needs in an effective and better way.
Maintain customer relationship: Marketing activities of company also assists creating
large customer base by maintaining good relation with them. It also assists in aware customers
about brand and develop strong image of firm in minds of potential buyers (Gitman, Juchau and
Flanagan, 2015).
Market segmentation
Marketing segmentation is identified as the process of segmenting market into small
homogeneous groups. Members of sub divisions share same characteristics and have one or more
common aspect. Market is segmented by Sunrise store on following basis:
Geographic segmentation: In this, market is divided on basis of geography.
Segmentation of this kind is important for Sunrise Stores as requirements of people of different
regions are distinct. For example: In some areas, demand of perishable goods are high whereas
low in some regions.
Demographic segmentation: Some variables are there on the basis of which market is
divided like income, age, religion, gender, family size, nationality etc. This segmentation is done
by Sunrise Store by considering buying behaviour of customers.
Behavioural segmentation: This segmentation is done on the basis of preference, usage,
decision making, choices and behaviour of audience. Market is divided according to usage and
knowledge of product.
Psycho graphic segmentation: Segmentation is based on lifestyle, personality and
attitude of customers. Attitude of buyers is considered by Sunrise Store before dividing their
market.
Marketing mix
Marketing mix is identified as set of tools that company uses to accomplish its marketing
goals and objectives. It is a mixture of product, place, price and promotion. These are defined
below:
Product: As Sunrise Store deals in retail sector, various grocery products are offered by
company to their potential customers in order to meet their requirements and satisfy them
(Gordon and Gurrieri, 2014). Food products, house hold items, beauty products etc. are the
goods offered by company.

Price: Sunrise Store use competitive pricing strategy and set prices as per the prices of
competitors products. It facilitates them in attracting large group of customers and also helps in
increasing its profitability.
Place: As per the provided information, only 6 months in total are completed by Sunrise Store at
a place so, it is difficult for them to expand their business at other places therefore, they are
require to emphasize on growth of business at single place (Hair and et. Al ., 2012).
Promotion: It is very essential for Sunrise Store to aware their customers about product. For this,
they should use various promotional tools in order to communicate value and benefits of their
product in an effective manner.
TASK 2
MARKET RESEARCH
2.1 Aims of research and market analysis
Market Research plays vital role in determining the actual needs and wants of customer
through social and opinion research. It allow Sunrise Store to discover its target market and
record their opinions concerning interest in the respective product. Basically, it gives a picture to
market regarding what kind of product company needs to introduce in market that fulfil diverse
need of customer in an effective and efficient manner. Research is classified into two categories
namely Primary and Secondary.
Primary Research: Data is collected for the first time mainly through survey, focus group,
questionnaire etc. Face to Face interaction between consumer and researcher.
Secondary Research: In this method, information is collected from existing research. In simple
words, it means using primary source of data for gathering informing related with potential buyer
like internet, magazine, newspapers etc.
Aim of research: “To collect and provide useful information to company that help in achieving
their overall goals and objectives in a cost-effective and timely manner”
Aim of market analysis: ““To find out more about customer regarding its like and dislikes and
the market in which they are presently working”
2.2 Methods of market research
The basic categorization of market research include Primary and Secondary research.
Different research tools that are available to classify the various methods of research are
discussed below:

Primary Research Method: Under this, data regarding customer likes and dislikes is collected
that help Sunrise Store in producing such goods and services that gives higher satisfaction and
value of money to potential buyer (Han, Pei and Kamber, 2011). Usually information under this
method is collected for the very first time by directly interacting with customers. It encompasses:
 Survey : It is most widely utilized method and comes in broad variety of size and shape.
It is mainly taken into account when an entity needs to measure something quantitatively.
 Experiments, Free trial: Sample of products are distributed in order to seize the attention
of target customers.
 Observation: Under this, researcher gets the advantage of measure the behaviour of
customer regarding respective goods or services.
 Focus Group: In this method, researcher try its products on selected few group of people
from target customer. Questions are asked related with their opinions, perception or
attitude regarding respective product or service (Hawkes and Harris, 2011).
Secondary Research Method: In this method, information is collected regarding customer likes
and preferences mainly through internet, US census data, journals, twitter comments etc. The
main advantage of this method is it is available free of cost.

2.3 Market analysis tool
There are various tool that exist in market that directly or indirectly affect overall
operation and function of a company. It include political, social, technological and economical.
 Political Factors: It identify the extent to which government are bound to interfere in
business activities. Indeed, it covers trade restrictions, tax laws, employment policies etc.
Due to Brexit, there is political instability in UK which adversely affect firm's
profitability (Hollenbeck, Mason and Song, 2011).
 Social Factors: This deal with culture and belief of the society in which Sunrise Store is
presently operating. Likes and dislikes of target consumer are frequently changing which
enable firm to make products accordingly.
 Economical Factors: Inflation strike in UK due to Brexit which force local residents to
shift to some other local retailer offering similar products and goods.
 Technological Factors: Company can gain high competitive advantage in the market due
to high end technology. Sunrise Store can launch its mobile application through which
they are able to expand its market share and make strong customer base.
TASK 3
Methods utilized for e-marketing
Various types of e-marketing methods are used by firms in order to sell their goods and
services in market. Some of these are defined below:
Paid advertising: Now a days, paid advertising are more utilized by company as it is one
of the most effective method of electronic marketing. For Sunrise Store, it can be a more reliable
method of marketing or for selling products of firm.
Blogging: It is very popular method among businesses for marketing of their goods.
Introduction of blogs enables company to get their content online. It makes easy and fast for
companies to publish their content and also develop massive wealth of information or content for
public (Lefebvre, 2013).
E-mail marketing: It is a traditional way of doing online marketing. Firm can market
their goods by sending e-mails directly on the ids of customers when they order products by
using online mode. Some discounts are also provided by company to customers.

Ways by which online image are manage by firm
There are various ways through which firm can manage their online image which are
defined below:
 Optimize site with company name.
 Diversify web presence.
 Selecting social network.
 Paying attention to offline customers.
 Owning first page of search engine.
 Review of sites.
 Paint image before exhibition.
TASK 4
3.1 Use of market analysis techniques
Market research is usually undertaken by company not to compete with other existing
rivals but also to obtain analytical information on market size, competition, and other diverse
needs of market. It help in building strong relationship among customer by knowing their actual
preference and likes so that company can make products accordingly (Spreer, 2017). With the
help of these techniques, it become easier for Sunrise Store to identify existing problem and then
formulate strategies accordingly. For instance: The main aim of company is to expand its market
share and increase the number of potential buyers that contributes significantly towards
generating higher profitability ratio.
3.2 Interpret the findings
On the basis of above mentioned marketing tools, it can be figure out that, Sunrise Store
are require to carry out business activities in more systematic manner. They need to identify what
are the current likes and dislikes of target audience. Now a days buyers prefer to purchase
product through online websites or mobile application (Hair, 2011). Considering this
information, the company needs to introduce its own mobile application so that their goods can
effectively reach up-to maximum number of customers. All strategies that have been formulated
for the same must be executed properly so that chances of attaining better outcomes increases.
3.3 Present your finding
According to the above mentioned finding it can be stated that in its initial phase it become
difficult for the company to attract large number of customers. As a result, its sales started

decreasing (Gurrieri, 2014). However in order to cope up with such situation they are require to
have deep knowledge and understanding regarding all techniques and strategies related to
marketing. They usually gather knowledge about through primary and secondary research. E-
commerce platform has been used for attracting vast number of customers. Additionally, they are
require to expand its business operation in other localities so as to get the advantage of high
competitive edge.
CONCLUSION
According to the above mentioned report it can be concluded that marketing play key role
in increasing the sales and profitability of the company. Heart of every single association lies in
its marketing function. With the help of this, business can seize the attention of its target
customer and take the benefit of high competitiveness level in market place. In addition to that
market research, marketing mix, e-marketing has also been discussed above that help company
in carrying out their business operation smoothly.

REFERENCES
Books and Journals
Arcaro, P., and et. al., 2013. Social marketing and public health. Annali di igiene: medicina
preventiva e di comunita. 25(3). pp.247-262.
French, J. and Gordon, R., 2015. Strategic social marketing. Sage.
Gitman, L.J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson
Higher Education AU.
Gordon, R. and Gurrieri, L., 2014. Towards a reflexive turn: social marketing
assemblages. Journal of Social Marketing, 4(3). pp.261-278.
Hair, J.F., and et. al ., 2012. An assessment of the use of partial least squares structural equation
modeling in marketing research. Journal of the academy of marketing science. 40(3).
pp.414-433.
Han, J., Pei, J. and Kamber, M., 2011. Data mining: concepts and techniques. Elsevier.
Hawkes, C. and Harris, J.L., 2011. An analysis of the content of food industry pledges on
marketing to children. Public Health Nutrition. 14(8). pp.1403-1414.
Hollenbeck, C.R., Mason, C.H. and Song, J.H., 2011. Enhancing student learning in marketing
courses: An exploration of fundamental principles for website platforms. Journal of
Marketing Education. 33(2). pp.171-182.
Lefebvre, R.C., 2013. Social marketing and social change: Strategies and tools for improving
health, well-being, and the environment. John Wiley & Sons.
Spreer, E., 2017. Milk and dairy product technology. Routledge.