Marketing Research and its Applications
Added on 2020-06-05
16 Pages4581 Words77 Views
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MARKETING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles and functions of marketing and marketing mix evaluation.................................11.2 Organisation's need to have a customer focus......................................................................3TASK 2............................................................................................................................................32.1 Market research methods and justify suitability for selected products................................32.2 Market research information from different sources...........................................................52.3 Different parts of the marketing mix should fit together as a homogeneous whole.............62.4 Product development with marketing research information................................................72.5 Proposals for product development to an audience..............................................................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................1
INTRODUCTIONBeing a developed country, United Kingdom has many small, medium and largebusinesses which compete with each other due to cut throat competition. It is not an easy task tostart own business especially in footwear industry as there are many options for customers.Marketing is a tool which helps in promoting product of company and uplift sales of it (Jobber,Ellis and Chadwick, 2012). For example,Nike uses social media to promote its footwear andcapture maximum share of market. This is called marketing process which contributes inaccomplishing organisational objectives of existence. In the following report, different types ofprinciples which are followed by every small or large business organisations in footwear industryso that code of conduct and healthy environment cam be maintained in long term.There are many functions which are executed in marketing to operate activities and tasksin an effective manner. Seven Ps play a vital role in promoting product ans services offered tocustomers. For example product, place, price, promotion, physical evidence,people and place aremajor aspects which affect sales and quality of goods. For a good start up, a solid foundationmust be created by data evaluation in which information about target market for future analysis.So each company needs to have customer focus to conduct marketing activity. There aredifferent kind of research methods to estimate demand of particular footwear product in UnitedKingdom.TASK 11.1 Principles and functions of marketing and marketing mix evaluationMarketing plays a vital role in operating business in long term to establish goodwill inmarket environment (Nwankwo and Gbadamosi, 2010). There are different aspects which shouldbe considered by ABC firm for start up in footwear industry in United Kingdom. Followings aresome explanation of Nike and Adidas which are leading brands.Marketing principles- There are many ideal activities which should be obeyed byorganisations. These are marketing strategy, market segmentation, target marketing and productpositioning. Strategy is a technique which helps in achieving goals of company as profitmaximisation and customer satisfaction. For example, Nike uses a marketing strategy to gainleading position in footwear industry of United Kingdom. On other hand, Adidas uses traditional1
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