The Importance of Marketing for Business Success

This assignment delves into the significance of marketing for businesses, highlighting the marketing mix, SWOT analysis, internet techniques, and market research. It emphasizes the importance of these elements in maintaining a good brand image and suggests manager's interference to perform marketing activities within set standards.

Marketing Principles and
Techniques

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Describing marketing and its diverse activities that carried out by the organisation.......1
1.2 Marketing segmentation tools to determine customers....................................................2
1.3 Marketing mix for this SDK group..................................................................................2
TASK 2............................................................................................................................................4
2.1 Aims of research and market analysis..............................................................................4
2.2 Market research methods..................................................................................................4
2.3 Market analysis tools and techniques...............................................................................5
TASK 3............................................................................................................................................6
3.1 Methods use for e-market products and services.............................................................6
3.2 Companies manage their online image.............................................................................6
TASK 4............................................................................................................................................7
4.1 Use of various market analysis techniques to research the target market for different
products of SDK group...........................................................................................................7
4.2 Interpreting the findings of market research and market analysis....................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
The marketing refers to a critical function of any business that run for profit or non profit.
Marketing is all about satisfy the needs and wants of customer. In addition to this, it is a wide
process includes product research, promotion, customer services, design and development of a
particular product (Armstrong and et. al., 2014). Marketing principals states as designing a
suitable website, persuasive business partners, store, business, inverters and so on.
In this report, marketing tools, mix and also E marketing describes and for these aspects
there is a company SDK Jewellers. It is situated at Reading UK and founded in 1991. There are
so many product sale by the company through online like watch, Jewellery etc.
TASK 1
1.1 Describing marketing and its diverse activities that carried out by the organisation.
Marketing- It is a special process in which various products and services move from the
producers to the end consumers. It is simply based on thinking about the organisation in
accomplishment of customer satisfaction (French and Russell-Bennett, 2015). It is totally
different activity from selling, because selling refers to sell all products that are made but
marketing is sell those products and services which are customer's need.
In every company there is a marketing department, that play a wide roles in promoting
the mission and business activities of that organisation. In this context, there are so many
examples for expanding its business activities in order to achieve desired objectives and goals.
The company can us print media, TV, word mouth, public relations to promote its products. It
creates the original image of company in the target market. In marketing, there are so many
activities for examples :
In the first step of marketing brand name has to defined to consumers. This is important
because creating awareness about brand of SDK Jewellers Company. After creating brand image
in industry, planning related to campaigns, hoarding, sponsorship activities, etc. are done. There
is planning related to different promotional tools such as social media advertisement, television
advertisement, etc. This can be done in effective way when there is proper communication with
different departments of SDK Jewellers Company.
There is requirement of proper market research through which it is clear to make
strategies which are relevant to external environment. Middle person such as vendors, sales
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personnel have knowledge about consumer perception and this helps to increase consumer base.
Sales process of SDK Jewellers Company must be improved, so it is easy to consumers to reach
and purchase products. Marketing activities must be done but it requires financial assistance, s it
must be planned by managers of SDK Jewellers Company.
With the help of such activities, it is easy to make marketing activities relevant to
consumers and then actions can be performed to satisfy consumers. These days there is
competition in industry, so it is relevant to maintain increase brand awareness.
1.2 Marketing segmentation tools to determine customers.
Marketing segmentation is a process that builds a targeted plan for identifying the
targeted markets. This process allows an organisation to make marketing strategy for increasing
its turnover. Segmentation is a special process of splitting the market into smaller groups and
products. It is an essential and brainstorming activity with growth of business (Graber and et.al.,
2016). In this process, marketers divide it in some different approaches such as geographic,
psycho graphic, demographic and behavioural. In SDK Jewellers Company, segment market is
vast for its products. Segmentation is help for identifying target customer market and it is the
practise of dividing customer base into groups of person. It is similar in special structure relevant
to marketing like age, gender and spending habits.
1.3 Marketing mix for this SDK group.
Marketing mix is a set of combination that place a right product in the right market at the
right time with proper price (Hinkel, 2015). It is mixture of various tactics or set of actions that
are use by any company for promote and sell their services and products in order to achieve
competitive advantages in their target market.
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Marketing mix is predominated associated with the 7Ps of marketing that describes as
follows :
 Price – It is a special amount, pay by the customers for that product or service, they
purchase. This is also an important component of marketing plan that determines the
organisation's profits and earnings. SDK group fixes its product's price according to its
policies.
 Product - It is a basic element or output of the company that produces and sells by the
company to gain profits. The product must be delivered at the minimum price including
cost and profit margin (Lees-Marshment, 2014). It is essential that the product and
services of SDK Company must in better for their customers.
 Place – In business activities, distribution place must be decided by management of the
company. It is very important part of the product mix and it comes with detail
understanding of the organisation's target market.
 Promotion – It is composed of various elements like advertising, sales promotion, public
relations (Mayer, Borges and Simske, 2018). In SDK Company, its products and services
is promoted by various methods that are word of mouth, public relations.
 People – People are directly connected with business. In such aspect, research is
important to discover the target market and potential customers.
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Illustration 1: Marketing mix
(Source - MARKETING THEORIES – THE
MARKETING MIX, 2018)

 Physical Evidence – It consists of the products and services that are delivered to end
consumers. SDK Company has physical evidence for making it better customer services.
 Process – The process and system also affects business activity of the organization. In
this context, the SDK group follow a special process for its operational activities.
TASK 2
2.1 Aims of research and market analysis.
Market analysis – It is full study about the dynamism of the market and it is also attractiveness
of a special market in that particular industry. It evaluating the opportunities and threats related
to the business's strength and weaknesses of that company. It includes the market size,
profitability, growth rate, various trends, industry cost structure, distribution channels and key
success factors. It is assessment of the quantitative and qualitative market. In addition to this, it
consists various types of customer segments and their buying behaviour with economic
environment.
Market research – It consists of systematically collection of data about people and various
organisations. The results of market research, is a summarized report and it often used in the
business for making more strategies about its stakeholders (McClements, 2015). The company
can make its operational strategies and create better customer base. In the market research, there
are so many elements that should consider by the marketers and these are also useful for them.
These are legislative trends, consumer needs, their preferences and competitive market. These
things should be understand by SDK group management and finalized their plans and policies.
2.2 Market research methods.
The market research has two methods that are primary market research and secondary
market research. The primary research collects the original information directly to various
elements for the special purpose (Nowak and et.al., 2015). In this method, it never gathers the
information from published sources and it always collects all related information from these
sources :
 Surveys, Direct observations, interviews and focus group, etc. assist in knowing
perception of consumers and hence it is easy to provide them satisfactory services.
In the secondary research, the desired data will be collect from available sources that
includes :
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 Previous market research results.
 Information available on the internet.
 From customer database or existing data (Shaw, 2016).
 Information from various agencies like local councils, government agencies and industry
bodies.
2.3 Market analysis tools and techniques.
In the market analysis techniques and tools, there is a model that is SWOT analysis. In
this context, the SDK group's SWOT analysis is as follows :
(Source: SWOT Analysis, 2017)
Strengths
 The company has wide variety of products and focus on diamond products.
 Established brand image and heritage own company.
 It has flexible and efficient inventory management.
 It has large showroom network.
Weaknesses
 It has uncertainty of financial fluctuation.
 Hard competition in the target market.
Opportunities
 Global penetration with more stores.
 It has capabilities to manufacture handmade as well as traditional jewellery.
Threats
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Illustration 2: SWOT Analysis

 Big competition from local competitors.
 Having so many difficulties of securing retail store.
TASK 3
3.1 Methods use for e-market products and services.
The SDK group wants to expand its business at global level or completely up to date, it
requires e - marketing for its further expansion (Serrat, 2017). In this context, there are various e
– marketing techniques that can use by the organisation for its development : Search Engine Marketing – It seeks to promote websites by enhancing their visibility in
different search engine result pages. Email Marketing – It is a type of digital marketing and in this method there are uses of
emails to communicate trading and commercial fundraising messages with organisations. Viral Marketing – It is a different technique that creates brand awareness with the use of
social networks that are already exists (Shaw, 2016). It achieves the business objectives
through self replicating analogous and processes.
 Social Media Marketing – The social network describes an act of communication of
blogs, wikis and many internet platforms. In this type, marketing tools conclude
LinkedIn, twitter, Facebook, YouTube and many more.
3.2 Companies manage their online image.
In the small business, there is an opportunity for promoting its business activities through
internet. Any business can expand its operations to use of digital media and online platform. In
this context, it is the need to manage its overall activities which run at internet (Armstrong and
et.al., 2014). Each business should control its business and it is also essential. It is the need to
plan to improve online reputation and it will profitable for that business. There are many ways to
manage online image of SDK jewellery business, these are as follows :
 This organisation should set google alerts so that it notify management about someone
who mention its brand name as good or bad.
 SDK company should become a social listener so that it can protect its brand image at the
online platform and this business can also speak which known as post.
 This organisation should be careful about the feedbacks which are related to its products
and services.
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 It can also launch various content strategy to attract more customers who follow its blogs
or pages.
TASK 4
4.1 Use of various market analysis techniques to research the target market for different products
of SDK group.
Market research is an important task for every business and it needs of offer various
products and services. It is focused and well targeted. To analyse the product of SDK company,
there are jewellery and watch (French and Russell-Bennett, 2015). The target market of this
company is people who more use internet and also use online shopping. In this context, a list of
products at the online website of this company. In UK, there are many people use online
shopping for purchase various products. So for this reason it is huge opportunity for this
company to sell its inventories. There is a suggestion for the management of this organisation
that they use internet with effectively.
4.2 Interpreting the findings of market research and market analysis.
Market research is basically finds a good deal of information about the customers,
competitors and policies so that the company can use such information in its business and gain
more profits (Graber and et.al., 2016). By interpreting these features for understand new
marketing techniques that are strategies, objectives and I suggest this company's management to
implement various techniques. The SDK group choose its specific demographics for its target
market that contains age, gender location etc. It helps to interpreting various findings in the
market analysis and research.
CONCLUSION
Marketing is essential for every business because it is make profitable to it. The
marketing principles are uses for the expansion of the organisation. In this context, the SDK
company can increase its business. In this report, marketing mix and various marketing accepts
are described. Further, it covered the marketing research and marketing analysis. Lastly, it
covered various internet techniques and any business can use such techniques. From the above
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discussion it is clear marketing is important aspect which is relevant to maintain good brand
image in industry. There is requirement of manager's interference to perform marketing activities
because promotional activities must be done within set standards.
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REFERENCES
Books and Journals
Armstrong and et.al., 2014. Principles of marketing. Pearson Australia.
French, J. and Russell-Bennett, R., 2015. A hierarchical model of social marketing. Journal of
Social Marketing, 5(2), pp.139-159.
Graber and et.al., 2016. Orthodontics-e-book: current principles and techniques. Elsevier Health
Sciences.
Hinkel, E., 2015. Effective curriculum for teaching L2 writing: Principles and techniques.
Routledge.
Lees-Marshment, J., 2014. Political marketing: Principles and applications. Routledge.
Mayer, J., Borges, P.V. and Simske, S.J., 2018. Introduction. In Fundamentals and Applications
of Hardcopy Communication (pp. 1-5). Springer, Cham.
McClements, D.J., 2015. Food emulsions: principles, practices, and techniques. CRC press.
Nowak and et.al., 2015. Addressing vaccine hesitancy: the potential value of commercial and
social marketing principles and practices. Vaccine, 33(34), pp.4204-4211.
Serrat, O., 2017. The future of social marketing. In Knowledge solutions (pp. 119-128). Springer,
Singapore.
Shaw, S., 2016. Airline marketing and management. Routledge.
Online
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