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Marketing Principles and Techniques : Assignment

   

Added on  2020-10-05

28 Pages4841 Words89 Views
MARKETINGPRINCIPLES AND TECHNIQUES

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1 ...........................................................................................................................................1Definition of marketing various activities carried out in marketing departments in otherbusinesses. ............................................................................................................................1Market segmentation as a tool to identify customers. ..........................................................1TASK 2............................................................................................................................................3Aims of market research and market analyses .....................................................................3Different types of marketing research methods .....................................................................3TASK 3............................................................................................................................................5Various methods used to e-market products and services....................................................5Methods by which companies manage their online image...................................................5TASK 4............................................................................................................................................6Market analysis techniques to research the target market for herbal beauty cream .............6Interpret the findings of your market research and market analysis......................................6Finding and recommendation ..............................................................................................25CONCLUSION .............................................................................................................................25REFERENCES..............................................................................................................................27

INTRODUCTION Marketing plays an important role to deliver different types of products to the customer.There are various process of marketing which helps to determine buying behaviour of theconsumer which help to sell and purchase of different products in the marketplace (Meindl,2012). Natural care enterprises is the company which provide various cosmetic products to thecustomer in the marketplace. This is small company which uses different element of marketingmix, various techniques of marketing which helps to determine the taste and preferences ofdifferent customer. The marketing manager of organisation conduct market research whichhelps the company to attain success of company.TASK 1 Definition of marketing various activities carried out in marketing departments in otherbusinesses. Marketing is the process by which exchange of different commodity with the money(Syed and Kramar, 2017). Taking example of herbal skin products which is consumed by thedifferent customers marketing department gather information about views of differentproducts. Various tools and techniques used to promote this new products in the marketplace.Various promoting tools which are used by the marketer like take helps of social site, newspaper,advertisement of television and many others methods which are used by the manager ofcompany. Market segmentation as a tool to identify customers. Marketing segmentation is the process by which company divide the business market into different segment. The segmentation is done on basis of age group, demographicsegmentation, behaviour segmentation, geographic segmentation etc. Taking example of skincare beauty cream company target female customer which aids to accomplish goals andobjective of customer. It position the product in such a way that customer can easily segment thecustomer (Robichau and Wang 2018). The organisation target those customer which are verycautious about their skin. The various types of market segmentation are discussed below:Demographic Segmentation – In this category, market is being segmented on the basisof variables like age,family, education , religion etc. With the help of these variables, a1

large population can be segmented into specific customer groups which eventually helpsthe company in selecting their targets in more appropriate manner. Like, in case ofNatural care company, they can make use of these segmentation so as to chooseappropriate targets for their product (Types of market segmentation, 2018). Behavioural Segmentation – In this category, the marketing manager differentiates thegroup of customers on the basis of their knowledge, response, loyalty towards theirproducts. It is believed as one of the best segments that can be used by the marketers.Like- If a customer is having good knowledge about cosmetic industry and knows thatwhich product is good and which is bad then Natural care company can successfullytarget these customers for selling their products. Geographical Segmentation – This can be considered as one of the simplest method ofdoing marketing segmentation because in this marketer can segments the market oncriteria like state, nation, country etc. If Natural care company will consider this thenthey will select their target market as per these criteria itself. Source: (“4P's of marketing mix, 2017 “)2Illustration 1: 4P's of marketing mix

TASK 2 Aims of market research and market analyses The main objectives of market research is gather different types of information about theneeds and want of customer (Belk and Moreira Casotti, 2014). The marketing manager ofNatural care enterprises needs to perform different types of market research in order to knowabout demand and desire of customer which helps to generate large number of revenue of thecompany. The main aims of market research are describe below: determine the consumer response to organisation products. Know the consumers needs and expectations.Determine the various marketing problems. Aims of marketing analyses The main objectives of market analyses is to determine high yield consumer segmentsfor the outlook period. It is necessary to determine the consumption of different types ofproducts to the customer. Company needs to focus on to provide qualitative products as per thedemand made by the customer.Verify about the initial market system Map the market system identify system- level constraintsDecide the priority of different customer. Different types of marketing research methods There are different types of market research methods which used by the marketer in orderto know the views about the different products which are provided to the customer. This helps togenerate large number of revenue of the company (Ciobanu and Ciobanu, 2015). There arevarious ways to perform market research which aids to accomplish demand and desire ofdifferent types of customer. PRIMARY RESEARCH:It can be defined as a type of research in which the data is being collected by theresearcher for the first time and is not being used by any other. If any organisation is conductingprimary research then it will also help them in acquiring the correct data which can be used by3

company without any issue. There are various ways in which primary research can be collectedand few of them are as follows:Survey: this research is accomplish by the marketing manager of company. Marketingmanager of company communicate with the customer in order to know the feedback fromdifferent customer which helps to know the demand and desire of different customer ineffective manner.Interviews- In this technique, a question answer session will be held between small groupof people in which they will be asked that whether they are liking the product which isbeing offered by the company in the market. By using this method, the chances of gettingaccurate information is more. Observation – This is the technique in which data is being collected by taking notesabout the occurrence happening in the world. It helps the company in understand theinsights about specific people, events that are being conducted around them. Taking example of new product which is launch by the company survey method is mostappropriate methods to know the views about the market research which helps to know thefeedback from the customer. The tools that can be used by the company for conducting market research are as follows:SWOT analysis – It is a very effective tool that can be used by the company to analysetheir internal factors and form strategies according to that. Natural care company can usethis tool while doing their research as it will help them in understanding that in whichareas company is strong and in which areas they are weak. Also, they will be able torecognize that what kind of opportunities are available for them in the market and whatare the threats that they might face in the market. PESTLE – This tool is also very much helpful for the company while doing their marketresearch because through this, they will be able to analyse and monitor their externalenvironment factors which might have both positive and negative impact on thecompany. Thus by analysing these, company will be able to take the decisions that arebeneficial for business. 4

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