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Marketing Fundamentals Assignment (Doc)

   

Added on  2020-04-15

13 Pages2472 Words74 Views
Running Head: Marketing Fundamentals Marketing Fundamentals

Marketing Fundamentals 1Table of ContentsTopic 1 Market Research and its use in a marketing plan...............................................................2Topic 2 Who are the competition for your favourite product..........................................................3Topic 3 PESTL and how this affects the introduction of a new product or service........................5Topic 4 SWOT analysis and its use in the marketing plan..............................................................7Topic 5 Segmentation, targeting and positioning in marketing (STP): Current trends in the industry of your choice....................................................................................................................9Topic 6 New product/services launches or brand management: A success and failure................11References......................................................................................................................................12

Marketing Fundamentals 2Topic 1 Market Research and its use in a marketing planMarket research is the potential resource for analysing the demand, competition, current trends, market conditions, scope of entering the target market, etc. With the help of outcomes originated from market research, further strategies of marketing plan are conducted for the attainment of thegoals and the objectives.For instance, Nokia Corporation conducted market research activities in order to analyse the current marketing trends of the mobile industry in order to gain their lost position in the mobile phone industry. As per the market research analysis, organizational marketing team got the results that demand Android and IOS operating systems' users are increasing rapidly whereas, they were using the Symbian operating system in their mobile phones. Impact of market researchis huge in the marketing plan as it shows the clear picture to the organization to be followed in order to attain its desired goals and the objectives. In the context of Nokia Corporation, they analysed the results obtained and started manufacturing Android-based smart phones for gaining their lost position in the consumer electronic goods (Pride, et. al., 2006). Market research conducted by the Nokia Corporation helps them to develop their marketing plan in order to launch their smart phones based on Android operating systems. The marketing plan will get the objective and with the help of objectives, vision, and mission, attainment of desired targets would be accomplished easily. With the help of successful marketing research, Nokia Corporation will be able to set up its effective position in the electronic consumer goods as well as it will promote the organization to implement their strategies in order to obtain their marketingobjectives.

Marketing Fundamentals 3Topic 2 Who are the competition for your favourite productCompetition is very crucial in the business environment as this helps the organization to invent new ideas and methods to introduce new and advanced products in the market in order to attain the competitive advantage. In the absence of competition, organization will not be able to move towards the research and the development process, invention for new products as well as not for the improving the quality of the existing products (Tardy, et. al., 2015). For instance, Coca-Cola Company and PepsiCo are two big competitors engaged in the manufacturing of soft drinks and certain fast food items. Both the companies have expanded their business in the overseas markets and due to this; they both are the primary competitors for each other in every market. For attaining the competitive advantage, both the companies have invested a huge amount in their research and development department for ascertaining the opportunities to make their products unique from its competitor. Competition sometimes provides better chances to enhance their revenues or sometimes, it leads to face severe losses. Coca-Cola Company has recently implemented the strategy of providing offers such as cashback.This has increased the customer base as well as the demand for their products in comparison to the PepsiCo's drinks. While PepsiCo has adopted the strategy of introducing the new and improved drink with zero calories for attracting the health-conscious consumers. Due to adaptation of the aggressive competitive strategies by both the companies in the international market, they have led to improving their drink's quality; packaging of the soft drinks has been changed various times by both the companies for making the product attractive and unique from each other’s brand. This is the reason, their market share has been divided and due to high bargaining power with buyers, they switch on the brand randomly or with the objective of savinga certain amount.

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