Market Research and Analysis Importance

This assignment emphasizes the significance of conducting market research and analysis to understand customer needs and demands. It highlights how this information can help businesses capture a higher market share, grow effectively, and increase their influence within specific markets such as the beauty and cosmetics industry. The importance of using various strategies for statistical surveying at regular intervals to adapt to changing tastes and inclinations is also discussed.

Marketing Principle and
Techniques

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1: Concept of marketing...........................................................................................................1
1.2: Market segmentation............................................................................................................2
1.3: Marketing mix......................................................................................................................2
TASK 2............................................................................................................................................3
2.1: Aims of research and market analysis..................................................................................3
2.2: Marketing research method..................................................................................................3
2.3: Market analysis tools and techniques...................................................................................4
TASK 3............................................................................................................................................4
4.1: Different methods Which have been used to e-market products and services.....................4
4.2: Various Methods to manage image of Company.................................................................5
TASK 4............................................................................................................................................6
3.1: Market analysis methods to research the target market for Cosmetic beauty creams........6
Interpretation of the findings of market research as well as market analysis............................6
3.1: Finding and Recommendations............................................................................................7
3.3: Recommendations................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing is considered as an effective tool which gives maximum support to an
organisation irrespective of the size whether small, medium or large in achieving growth and
success. There are different marketing tools such as E-marketing which need to be adopt in order
to attract and influence interest and buying behaviour of targeted customers. The present
assignment is based on Stylish Up, a skin and beauty care company of UK which is started at six
months before only. The project covers different elements of marketing and other aspects with
the context of Stylish Up (Batini and Scannapieco, 2016).
TASK 1
1.1: Concept of marketing
At current times, the need of marketing is increasing due to capturing large market share
and earn huge revenues. As in the given case, Stylish Up is facing lots of difficulties in achieving
huge market share due to lack of knowledge about the importance of marketing to business.
Thus, the report is prepared to just provide them the different marketing tools which brings their
business ahead than their rivals.
Definition: Marketing refers to the process or an activity which is done to influence and
attracts targeted customers towards the products and services offered by company so as to
increases its sales figure and revenue of company. It includes different marketing tools such as
advertisement on TV, Social media, pamphlets etc. which help in spreading information about
products and services in the market of United Kingdom.
Defining and managing their brand: It is important for Stylish Up to know about the
resources they have at present so that it can be properly utilised them in profitable manner so that
healthy skin and care products can be promoted through different marketing techniques such as
pamphlets, newspapers etc.
Producing internal communication: It is essential for workers who assist Stylish Up
business in providing products and services to the customers to know that what are the main aim
and objective which brings motivation among them to work hard (Deaconu and Buiga, 2010).
Research activity: It also must required for Stylish Up to hire researcher who brings
valuable information to them related to the needs and preferences of targeted customers. For
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example, due to high preferences of youth related skin related products, Stylish Up need to sell
more demanded products.
1.2: Market segmentation
It refers to division of population into different segments on the basis of their common
needs and requirements with an objective of considering all needs and fulfil them in an effective
and efficient manner. It includes different segment such are:
Geographic segmentation: Such type of market is classified on the basis of locations
where the huge amount of crowd are available. For example, Stylish Up has located in London
market where maximum number of people are found among which most of are tourists.
Behavioural segmentation: In this, population are segmented according to their
behaviour, consumption and decision making pattern. For example, Women preferred more skin
and beauty products due to which they need to choose suppliers where they get required
products (Georgiou and Jack, 2011).
Psychographic segmentation: Such type of segmentation is based on lifestyle, culture of
an individual which need to be considered by company in order to fulfil their needs and
requirements. For example, Young generation spend more income on skin and beauty products
to enhance their personality and lifestyle thus their needs and preferences need to be consider
and fulfilled in proper manner.
1.3: Marketing mix
It consists of main 4P's which includes:
Product: Stylish Up is small-sized skin and beauty products retail store which has offered
skin and beauty products to both men and women.
Price: It is such a crucial factors which need to carefully determined and setting up after
analysing the buying behaviour and rival's pricing strategies. Offering discounts and cashback
will help company in increasing its sales figure.
Place: Stylish Up is started from last 6 months at London Market with an objective of
getting huge crowd for their skin and beauty products.
Promotion: There are different tools and techniques such as advertisement on TV, social
media, pamphlets etc. which are more effective and economical way thus can easily acquired by
Stylish Up.
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TASK 2
2.1: Aims of research and market analysis
The main aim of research is to identify the market trends so as to cope up with them
through bringing products and services in market which are more in demand. Therefore, Stylish
Up are essentially required to analyse market through consider following points:
Market size: It can be properly analysed through considering the current sales and
expected sales so as to increase expansion of business. There are various sources from which
market information are collected such s government data, trade associations, customer surveys
etc.
Market growth rate: The market can be evaluated through doing forecasting about the
market needs and demands so that further action can be implement for the growth of business.
Market profitability: The company having different nature has different profitability
level. Thus, it is must for Stylish Up store to know their profitability level after finding out the
how to make more money (Sarea and Hanefah, 2013).
2.2: Marketing research method
There are different methods of doing research which includes primary and secondary due
to which all required information are collected from the market. Such method are explained as
below:
Primary research: This is the research in which first hand information are collected with
the purpose of making an effective decision for the growth of business. It can be done through
conducting survey, preparing questionnaires, feedback forms etc. which help Stylish Up in
identifying the actual needs and requirements of targeted customers. Therefore, such information
are more reliable and more accurate which increases the chances of getting profitable outcomes
in near future.
Secondary research: This is the type of research in which the information which were
previously used by other parties will be considered in order to saving time and money. Gathering
information through various sources such as Books, Journals, Magazines etc. which are less
accurate and reliable due to which it becomes difficult to make an effective decision.
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Among such methods. Primary research shall given more priority as it provides an
opportunity to directly communicate with customers and identify their needs and requirements
thus gives result more accurate and reliable.
2.3: Market analysis tools and techniques
Market analysis can be done through different tools and techniques out of which PEST
analysis is an effective tool which includes following factors:
Political factors: It includes such factors related with political stability and taxation
policy which affects business activities but due to small-scale of operation, Stylish Up may not
get much affected by such factors (Aiken, Lu and Ji, 2013).
Economical factors: It includes factors which is related with economic stability of
nation. As Stylish Up has run its business in United kingdom where the growth of economy are
stable thus makes huge impact on purchasing power of customers which directly bring profitable
result to company.
Social factors: Such factors which is related with behaviour and health of people living
in society. Nowadays, customers are preferred to update their lifestyle through purchasing skin
and beauty products which are more in trend.
Technological factor: It is essential for Stylish Up to focus on adopting advanced
technologies in order to reach their healthy skin and beauty products to the targeted customers.
Offering discounts and cashback need to be marked through using different marketing tools in
order to attract large number of customers.
TASK 3
4.1: Different methods Which have been used to e-market products and services
E-advertising is technique by which different results of organization are given to the
client by online channels like. Client picked the items by the distinctive wellspring of on the web
and place arrange showcasing webpage and that specific item is reach to the client by home
conveyance. There are different strategies for web based advertising are as per the following.
Email advertising is online techniques by which an item or administrations to a database
through focus on a fragment of client through giving data about the diverse items and
administrations of organization which is given to the association. This prompts achieve
objectives and targets of association.
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Paid publicizing: It is likewise a best techniques to advance the new home grown
magnificence mind items. This advances diverse kinds of items gave to the client
Availability on the Search Engines: These are the strategies by which organization ready
to build the presence of site on various social site which draws in substantial number of client in
the commercial centre (Ehrlich and Fanelli,2012).
4.2: Various Methods to manage image of Company
A company can choose to have various methods for the purpose of building a effective
brand image within the market place. These are discussed as follows:
Administration: Company need to screen the distinctive elements of worker who are
include in e-showcasing and furthermore centre around to give diverse kinds of items to the
client.
Offers as well as discounts on products and services: Company needs to offers
distinctive sorts of rebate offers on the diverse items which are profited by the client by online
medium.
Meeting consumers demands: Gathering diverse kinds of input from the client this
prompts achieve request and want of various client which helps to satisfy the request and want of
the client. This guides to keep up successful brand picture in the organization.
Efficient Product Delivery system: The administration of association needs to give
distinctive sorts of home grown items to the client on stipulate day and age.
There has been cases in which a company has faced various consequences and then have
came out of it in an effective manner. The recent example can be of Nokia, which has seen
trouble due to lack of demand for their phones as they lacked latest technologies and were
outdated, this has lead to sale of business of company to Microsoft. The company has been able
to come out of this mess very recently with launch of its latest products like Nokia Lumia etc.
This has raised the revenues and market share of company very significantly. Various strict and
rapid steps were taken by the management of company that lead to an spike in the growth of
company.
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TASK 4
3.1: Market analysis methods to research the target market for Cosmetic beauty creams
There are different sorts of advertising strategies which targets different female client
which creates huge number of incomes for the organization. The advertising director of
Swallowfield should utilize the review strategies to know the perspectives about the home grown
excellence cream which rolls out improvements in the items in viable way. Organization utilizes
distinctive sorts of strategies to know the input of the client.
Market Segmenting: Administration of Swallowfield undertakings section the market
into little fragments which keeps up the viability in giving diverse sorts of magnificence items to
the female client. This amplifies the benefit of the organization.
Accumulation of feedback: The administration accumulate criticism from various client
which makes new scope of items to its unwavering client. These input are generally esteemed by
the client keeping in mind the end goal to give new and imaginative excellence items to the
client.
Interpretation of the findings of market research as well as market analysis
According to statistical surveying it is expected about the different perspectives which
accumulated by the client this knows the request and want of various client which knows the
request and want of various client which are available in the commercial centre. According to
this figure it is reason that Swallowfield undertakings is achieving benefit in the commercial
centre since it give subjective items to the client which creates expansive number of income of
client. This advertising investigations is executed according to the present situation. From this
figure it has been expected that natural magnificence items accomplishing the benefit for
organization (Reynolds, 2013).
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3.1: Finding and Recommendations
From previously mentioned figure it has been expected that association utilizes
distinctive kinds of statistical surveying which rolls out legitimate improvements in the diverse
items and furthermore take input from the client association execute those criticism in the
distinctive items and deliver new items that is home grown regular excellence cream which is for
the most part devoured by the client and the rate of offers of this items are expanded and thus it
increment the level of benefit of organization.
3.3: Recommendations
It is recommended for Swallowfield that they shall implement various kinds of strategies
that will allow them to do capture higher market then its competitors and this will allow them to
increase their influence within the beauty and cosmetics market. Swallow Field needs to
actualize distinctive new and propel strategy to perform statistical surveying at customary
interim of time this decides the taste and inclinations of various client in commercial centre. The
administration ought to likewise make powerful correspondence to the distinctive client to know
the perspectives about the new items (Market Research, 2018).
CONCLUSION
Thus it can be concluded that for the purpose of knowing the overall needs as well as
demands of people it is extremely necessary to conduct the overall market research and analysis
that will allow them to capture higher market and growth rate in an effective as well as efficient
manner. This boosts the level of benefit of organization. Different instruments and methods of
market examinations is being utilized by the client with a specific end goal to think about the
distinctive request and want of client introduce in the commercial centre.
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REFERENCES
Books and Journals
Aiken, M., Lu, W. and Ji, X.D., 2013. The new accounting standard in China.Perspectives on
Accounting and Finance in China (RLE Accounting).8. p.159.
Batini, C. and Scannapieco, M., 2016. Data and information quality: dimensions, principles and
techniques. Springer.Graber, L.W., and et. Al., 2016. Orthodontics-E-Book: Current
Principles and Techniques. Elsevier Health Sciences.
Deaconu, A. and Buiga, A., 2010. Analysis of the convergence degree between the accounting
and the valuation standards concerning fair value. Journal of Property Investment &
Finance.28(5). pp.365-384.
Ehrlich, E. and Fanelli, D., 2012. The financial services marketing handbook: Tactics and
techniques that produce results (Vol. 150). John Wiley & Sons.
Georgiou, O. and Jack, L., 2011. In pursuit of legitimacy: A history behind fair value
accounting.The British Accounting Review.43(4). pp.311-323.
Reynolds, G., 2013. Presentation zen design: Simple design principles and techniques to
enhance your presentations. New Riders.
Sarea, A.M. and Hanefah, M.M., 2013. Adoption of AAOIFI accounting standards by Islamic
banks of Bahrain.journal of Financial Reporting and Accounting.11(2). pp.131-142.
Online
Market Research, 2018.[Online]. Available through:
<https://www.shopify.com/encyclopedia/market-research>.
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