Market Research Methods and Techniques for Effective Business Operations
Added on 2020-10-22
18 Pages4231 Words140 Views
Marketing Principles andTechniques
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1marketing and diverse activities carried out in marketing department .................................1Meaning of segmentation and its role in identifying customers.............................................1Evaluation of marketing mix and its application on Cheese hamper.....................................2TASK 2............................................................................................................................................2Market Research methods to be adopted by hay hampers for effective business operations:..2Describe market research methods:........................................................................................3Outline market analysis tools and techniques that could be used:........................................3TASK 3............................................................................................................................................3Methods used to E market products and services...................................................................3Ways to manage the online image..........................................................................................4TASK 4............................................................................................................................................5Market analysis techniques for targeting market for selling product or service....................5Findings of market research and analysis...............................................................................5Presentation of findings to marketing team ...........................................................................6REFERENCES................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONMarketing can be considered as the soul of business as it brings together success andgrowth of organization in market. It has been used by the organization in order to create, keepand satisfy requirement of customers in market. Present report is based on the small family thatruns business named Hay Hampers which is operating since 1984 as a restaurant in UK. They arespecialised in making “Cheese Hampers”. Report will provide a clear understanding about theconcept of marketing, principles and important techniques that need to be used by organisationfor increasing its online presence in market. TASK 1 Marketing and diverse activities carried out in marketing department Marketing is a detailed management process that includes set of activities, to be performed inorder to create, communicate, guide and maintain the organization grow and the customersatisfied . It's an important area of everyorganisation as it a link between the customers and thecompany, it performs vital functions to keep coordination between various departments of theorganisation (McClements, 2015).Every company has set of creative officials to carry out theseactivities of the marketing department, which are to expand and developed companies business,promote companies product \ services, build strong brand image, effective pricing of product\services, proper handling your customers and keeping them satisfied, planning strategies toexpand products\services line, including new ventures, create good public relations, gatheringand analysing the market information of on going market trends, competitors strategies, therereaction towards company policies and plans, develop and create new ideas and plans and lastlyto execute them.Meaning of segmentation and its role in identifying customersMarket segmentation in general meaning refers to the division of a whole market into smallmarket with people having same interest, likes, dislikes, choices and preferences income groups,irrespective of there age, gender, caste and religions, but some segmentations are done on thebasis of gender, age, demographic locations, etc (Batini and Scannapieco, 2016). This is done togather information about the targeted customers and to serve them according to there needs.Generally customers are widespread on a demographic location, These segmentation plays animportant role to evaluates the customer and allow company to make product or provide itsservices according to it. The questions like how to produce, for whom to produce, when to1
produce and in what quantity to be produced so that it may not create burden on a company arefew questions been address by proper customer segmentations, if the company does not able toproduce according to it then this may create an unfavourable brand image of the company. Types of Market Segmentation:Demographic: In this process of Segmentation marketing manager differentiate targetgroups on the basis of demographic characteristics i.e. Age, Gender, Income Group andFamily Size. Geographic: Targeted consumers within this form of segmentation is divided on the basisof geographic criteria like; Nations, Regions, States, and Climatic Conditions, etc. Forinstance Division of Target market on basis of Climatic conditions prevailing in theparticular country. Behavioural: This form of market segmentation divides consumers on basis of theirbehaviour, usage and decision making pattern. For example; Cheese will be morepreferred used by Younger Consumers. Psycho Graphic Segmentation: Target consumers are segmented on basis of lifestyle.their opinions and interests. Examples of such segmentation are; daily activities, socialstatus, opinion of certain topic and food habits, etc. Evaluation of marketing mix and its application on Cheese hamperMarketing mix is a combination of 4P'S which are; Product, Promotion, Price and Place.Product: the Tangible thing which the company offers to its customer. Each productconsist of special and unique characteristics, which company provides to it's targetedcustomers In case of the edible products company have wide varieties to provide to itscustomers (Gummesson, 2011). Price: The value which the customer is ready to pay in order to get the product\services.Setting the desired value to the product needs to be done carefully as it may havenegative effect. Price should be within the limits of the all targeted customers.Promotion: To make the product know to the customers, choosing up right strategies keyaspects, further these strategies should be cost effective, and it should reach to targetedcustomer, company can promote through local news press, television commercials, or on-store promotion (Lamb, Hair and McDaniel, 2011).2
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