Market Research and Analysis Techniques for Small Business

This report summarizes market research methods and techniques that can be used by small businesses of healthy ice cream biscuits to create consumer awareness and boost sales. The report analyzes the tools and needs of implementing e-marketing tools to increase attractiveness of services in the market.

MARKETING PRINCIPLES AND
TECHNIQUES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Marketing and its department in business........................................................................1
1.2 Market Segmentation .......................................................................................................1
1.3 Marketing Mix..................................................................................................................3
TASK 2............................................................................................................................................3
2.1 Aim of research and marketing analysis..........................................................................3
2.2 Market Research Methods................................................................................................4
2.3 Tools and techniques of market analysis..........................................................................4
TASK 3............................................................................................................................................4
4.1 Methods used to e-market products and services.............................................................4
4.2 Ways of managing online image......................................................................................5
TASK 4............................................................................................................................................5
3.1 Market analysis techniques to research the target market................................................5
3.2 Interpretation of Market research and analysis................................................................5
3.3 Presentation of findings to marketing team......................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Marketing is the key function of an enterprise as it establishes communication of a firm
with its customers. It is the technique of evaluating needs and wants of society with changing
market trends. The report will outline the marketing techniques that can be helpful for small
family business of homemade milk Ice creams Biscuits. The idea of family to serve ice cream
Biscuits to health conscious buyers as it does not have sugar and harmful additives for any
flavouring.
TASK 1
1.1 Marketing and its department in business
Marketing is the action which is executed by an organisation to promote its products and
services in order to create awareness in market. However, it is process of management where the
firm introduces its good and services to customers (Spotswood and et.al., 2012). In accordance
with small family business of homemade ice cream biscuits, it is important for an enterprise to
create awareness about products which will help the individuals in developing importance of its
services in market.
In accordance with marketing department, it can be stated that it is important for small
organisation to focus on developing market department because it helps the organisation in
managing function which helps in driving sales of companies’ products and services (Yoo,
Donthu and Lee, 2010). Apparently, department focuses on identifying and targeting buyers as
per product and requirement of society.
1.2 Market Segmentation
Market segmentation is a process used by marketing team where the focus of
management is to divide market into different segments according to product specification.
However, in accordance with homemade ice creams biscuits, the family can divideits consumers
in four types of segmentation. They are as follows:
Psycho graphic: This segmentation is based on individuals' personality, living styles and
attitude towards different situation.
Geographic: The segmentation is done for people belonging to different regions which
have different requirements (Wedel and Kannan, 2016).
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Demographic: This segmentation of buyers is based on gender, marital status, race, age,
occupation and income.
Behavioural: It is done on an individual preferences, choices and decision to certain
change.
Nevertheless, for segmenting process, the firm will make use of pschographic segmentation
because on the basis of this division the focus of firm will drift from all buyers to the individual
for whom the concept of home-made ice cream Biscuits is specifically launched, such as gym
going crowd and health conscious buyers.
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Illustration 1: Types of market segmentation
(Sources: Linoff and Berry, 2011)

1.3 Marketing Mix
Marketing mix is the combination of companies’ product specificationn which comprises
detailed analysis of the following:
Product: Homemade Ice cream Biscuits with healthy flavours and sugar free
ingredients. Further, the firm will not make use of additives which will help in maintaining
freshness of flavours.
Place: It will be offered at schools, malls, canteens of hospital and gym and at medical
stores (Daymon and Holloway, 2010). The focus of firm is to target health conscious buyers and
individuals who are on medication such as diabetes, cholesterol control etc.
Price: The price of sugar free ice cream biscuits is set as per competitive pricing in order
to increase sales and grab consumer attention.
Promotion: The enterprise will promote its products by enabling free sales for first 100
buyers. Further, product will be promoted with the help of public relation campaign at prime
location like, schools and malls. Further, it will be offer at discount in hospital and gyms for
limed period.
TASK 2
2.1 Aim of research and marketing analysis
Aim of market research is to identify potential consumers of homemade sugar free ice
cream biscuits. This identification will help in easy segmentation and targeting in order to create
awareness and increase sales of product.
However, market analysis will help the firm in analysing needs of changes in products
and pricing strategy in order to boost sales and seek consumer’s attention. Further, analysing
market is essential because it helps in evaluating the improvement measures and ways for
successful promotion (Fan, Lau and Zhao, 2015). Similarly, it will help family enterprise in
studying the attractiveness and dynamics of specific market and industry.
The firm can perform market analysis by determining aim of research and segmented
customers. Further, for this, the organisation must gather information from market about
consumer requirements and then they will analyse gathered data to put analysis into work for
seeking consumer attention.
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2.2 Market Research Methods
Market research can be performed with two types of methods that are primary and
secondary; where in secondary, the firm can evaluate strategies for leading companies that can
help in determining consumer requirements, needs of marketing and setting improvements in
services (Anastasia, 2015). Apart from this, firm can implement the use of primary market
research which can be done through, interviews, observation, focus group etc.
However, in accordance with product of family business, it can be said that an enterprise
can implement the use of interview which can be conducted at prime location such a gym that
will help the firm in determining effectiveness of innovation and needs of improvement. Apart
from this, the business needs to make use of secondary market research because it will help in
developing knowledge over trends and consumer preferences.
2.3 Tools and techniques of market analysis
In accordance with market analysis of family business, it is important for firm to
implement the use of strategic techniques that will help in developing understanding over
market conditions and trends, which needed to consider when innovating products and services
(Linoff and Berry, 2011).
Apparently, in accordance to homemade ice cream biscuit especially for health conscious
buyers, it is essential for the management to implement use of Swot analysis and porter five
forces. In addition to techniques for market analysis, it can be said that Swot analysis will assist
the family business in evaluating strengths and weaknesses by analysing current market trends.
Apparently porter five forces will develop in developing competitor analysis in promoting
awareness of risks due to substitute products, new entrants and existing rivalry.
TASK 3
4.1 Methods used to e-market products and services
E marketing is the best method of modern era to interact with consumers. It is a broad
concept of marketing, where the firm gets large number of consumers at single platforms. There
are different methods of e marketing products and services which are as follows:
 Search Engine Marketing (SEM)
 Content Marketing
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 Social Media Advertising
 Affiliate Marketing
 E Mail Marketing
4.2 Ways of managing online image
It is important for the company to manage its online image in order to develop brand
value and gain consumer attention. In accordance with e marketing method, firm can implement
the use of social media marketing and e-mail marketing because it is the most approachable way
of reaching consumers. However, to maintain effectiveness of online image, the family
enterprise of homemade sugar free ice cream biscuits will be focusing on the following:
 Developing attractive online presence
 Interacting with audience
 Developing visual messages consistently to attract buyers
TASK 4
3.1 Market analysis techniques to research the target market
In accordance to learning, Swot analysis is the marketing analysis technique, which assist
in analysing own strengths and weaknesses to improve in order to promote consistency in target
market. It is the best approach, which helps in analysing improvement measures in accordance to
market trends at initial level.
3.2 Interpretation of Market research and analysis
In accordance with market research through secondary market analysis and interview, it
has been identified that the firm will have to make use of competitive pricing method in order to
promote its product.
Further, as per analysis, it has been determined that it is essential for the family business
to offer variety of Ice Biscuits because the products of firm are limited in order to gain consumer
attention.
3.3 Presentation of findings to marketing team
Product: Ice cream Biscuit, Sugar free
Place: Schools, canteens of gym and hospitals, Medical stores
Price: Competitive pricing
Promotion: Public relation campaign and social media and e-mail marketing
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Thus, it is important for the family business to make use of e marketing tools in order to create
consumer awareness. Moreover, it is important for the firm to develop variety of healthy ice
cream products to gain consumer attention.
CONCLUSION
The report summarized market research methods and techniques which can be used by
small business of healthy ice cream biscuits in order to create consumer awareness and to boost
sales. Thus, it analyses the tools and needs of implementing use of e marketing tools in order to
increase attractiveness of services in market.
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REFERENCES
Books and Journals
Daymon, C. and Holloway, I., 2010. Qualitative research methods in public relations and
marketing communications. Routledge.
Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business intelligence
through the lens of marketing mix. Big Data Research. 2(1). pp.28-32.
Linoff, G.S. and Berry, M.J., 2011. Data mining techniques: for marketing, sales, and customer
relationship management. John Wiley & Sons.
Spotswood, F and et.al., 2012. Some reasonable but uncomfortable questions about social
marketing. Journal of Social Marketing. 2(3). pp.163-175.
Wedel, M. and Kannan, P.K., 2016. Marketing analytics for data-rich environments. Journal of
Marketing. 80(6). pp.97-121.
Yoo, B., Donthu, N. and Lee, S., 2010. An examination of selected marketing mix elements and
brand equity. Journal of the academy of marketing science. 28(2). pp.195-211.
Online
Anastasia., 2015. Market Research Techniques: Primary and Secondary Market Research.
[Online]. Available through: <https://www.cleverism.com/market-research-techniques-
primary-secondary/>.
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