Marketing Principles and Techniques Assignment - Foodie World

Added on - Dec 2020

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MarketingPrinciples andTechniques
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Marketing..............................................................................................................................11.2 Market segmentation.............................................................................................................11.3 Marketing mix.......................................................................................................................2TASK 2............................................................................................................................................22.1 Aims of research and market analysis...................................................................................22.2 Market research methods......................................................................................................32.3 Market analysis tools............................................................................................................4TASK 3............................................................................................................................................54.1 Methods used to E-market....................................................................................................54.2 How companies manage their online image.........................................................................5TASK 4............................................................................................................................................63.1 Market analysis techniques...................................................................................................6PRIMARY RESEARCH................................................................................................................6Introduction.................................................................................................................................6Title.............................................................................................................................................6Demographics.............................................................................................................................6Questionnaire..............................................................................................................................7Analysis and Graphical Presentation..........................................................................................9Conclusion................................................................................................................................17Recommendation......................................................................................................................184P's of Marketing Mix...............................................................................................................18SECONDARY RESEARCH........................................................................................................18SWOT ANALYSIS OF FOODIE WORLD............................................................................18PESTLE ANALYSIS................................................................................................................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONMarketing is all about promoting organizational products or services across variousmarketplace in order to acquire more or more revenue by satisfying customer needs (Armstrongand et. al., 2014). Foodie World consist of various food items in order to fulfils basic needs ofentire society. Thus, assignment is going to highlight various marketing concepts and elementsthat are falls under this so that company can achieve set objectives or goals in a defined timeframe.TASK 11.1 MarketingMarketing is all about expanding business products across various marketplace bysatisfying customers needs or demands. This is assisting for accessing authentic information andeffective data from marketplace. Foodie World is small business entity that was established from6 months before but don't about the technique of promoting goods or services. Thus, some of themajor elements which is essential for company to learn about it are; marketing mix, marketsegmentation, promotional tools like advertisement and so on(Hastings and Domegan, 2013).1.2 Market segmentationMarket segmentation can be termed as integral part of an organisation's strategy ofmarketing.Foodie world is trying to increase their revenue by understanding viewpoints ofvarious consumers that belongs from distinct age groups in order to make positive relations withconsumers. Some of the major types of market segmentation are discussed as follows:-Demographic:- According to this domain, target consumer are segregated on thedemographic grounds such as gender, age, income, race etc. For instance, company isaiming students and teenage group for their services and products.Behavioural:- This segment is associated with behaviour of user involving costsensitivity, benefits sought, brand loyalty etc. For e.g. the company has planned to keepprices lower to attract maximum buyer on regular basis.Geographic: - In this, service and products are designed according to specific region,state, country or community in which they are trading. For e.g., company is focusing todeliver service London, UK.1
1.3 Marketing mixPromotional mix is a model that give system to complete the advertising capacity. Itcomprises 4 key elements such as price, product, place and promotion. This is considered as oneof the effective marketing techniques which helps in the expansion of business helping inunderstanding the basic components of market which can help in achieving business objectivesin significant manner.TASK 22.1 Aims of research and market analysisMarket research play an important role in analysing current trends, tastes and choices ofcustomers, demands, competitors and many more by conducting survey ofFoodie World. It isbeneficial in gathering relevant data so that company can formulate strategies and findappropriate solutions to achieve competitive advantages(Wood, 2012). There are defines someimportant components such as:Market size:It describes the overall sales and revenues that made by the company. In thisconsider various factors such as government data, trade, financial and trade data etc.Market growth rate: It defines various aspects that support in analysing demands, marketforecasting and increase the growth size of firm in better ways. Food world can increasetheir size or growth in more efficient manner by adopting particular strategies.Market profitability:Foodie World have several opportunities to gain maximumoutcomes and increase profit size so that predetermined goals or objectives can beaccomplished.2.2 Market research methodsTwo major technique through which company can easily research such as; primarysources and secondary(Lee and Miller, 2012).In order to satiate the market aim and meetauthentic findings, primary research methods will be undertaken i.e. elaborated here:Primary Research:It can be referred as process where company accumulate authenticdata and relevant evidence through directly communicating the end user or population. It canalso be termed as proprietary research that mean information is collected from the area ofresearch through investigator.Hence, despite secondary data, primary is original or first handinformation i.e. gathered and evaluated through market research organisation themselves.2
Numerous tools are there that can be used for collecting new information in which some arediscussed here:Observation: Observation is the recording and selection of behaviour of people in theirenvironment that is useful tool for generating in-depth details of events of business.According to this tool, through observing subjects, primary survey are done byevaluating surrounding or natural behaviour of subject (Armstrong and et. al., 2014).Survey/Questionnaire: An inexpensive, common and effective method of accumulatinginformation for primary research data is through opting survey of consumer.Questionnaire considered as part of survey, it is considered easier and more utilisedmethods to seek opinion of people or population in regard of certain subject.Focus Group: It is generally referred to groups of people who are gathered to discussover a certain products or idea. This is used for forecasting the product application i.e. apopular technique of research utilised to accumulate information from focused groupdespite opting one-to-one approach.In context ofFoodie World,the company will optimise questionnaire primary researchtool for accumulating data from the service user of restaurant as this is convenient and easy toopt to gather information.2.3 Market analysis toolsAnalysis is necessary for company for understanding current status of an organizationwith the help of several methods in order to make changes as per requirements. Some of themajor methods are' SWOT, PESTLE etc.SWOT Analysis: This is referred as strategic planning method optimised to assist anindividual or company to identify the weaknesses opportunities, strengths and threats associatedto business ofFoodie World'splanning and competition. SWOT analysis will be utilised inreferred report cause this is significant techniques in order to evaluate an organisation's intrinsicenvironment and understand the dynamics of ventures.Major purpose of SWOT evaluation is tounderstand those strategies which will help Foodie World specific model of business throughallocating the capabilities and resources of environment in which they operate.PESTLE Analysis:On the other side, PESTLE analysis is one of significant techniquesof market evaluation which will be used in the report in context ofFoodie Worldsand itsproduct. These determinants include political, social, economical, environmental, legal and3
technological factors. This can be termed as framework of macro-environmental determinantsused for scanning environmental components of strategic administrationWith the use of these tools company can easily understand the change which areoccurring at marketplace and its affects on success(Gordon and Gurrieri, 2014).TASK 34.1 Methods used to E-marketE-marketing is one of the crucial market planning which is completed through usinglatest methods such as internet and other electronic gadgets. The significance of e-marketing hasbeen increasing during the previous period as outcomes of enhancing the number of users. Thereare various E-marketing methods and their preferable to determine all types and techniques of e-marketing as selected the correct kind of to attain their future aims and objectives in more quicktime.Types of E-marketingE-mail marketing: This is known as one of the easy and fastest marketing which isbeing done though using various mode. It is considering as one of the reliable andaccurate e-marketing method which has been consider as low cost and targeting variouscustomers.Search engine optimisation: This seems to be one of the vital marketing which isconsiders as art of appearance of website in the initial outcome of search engines such asGoogle search engine.Paid advertising:It is known as best type of marketing which appear beside or upper thesearch outcomes(Kerstetter, 2011).Social media: It is one of the crucial types of communication that their customer woulddirectly in respect to determine the value of company’s overall product and services.Some social sites like Facebook, WhatsApp, Instagram etc.4.2 How companies manage their online imageThere is various manner by which image of the company can be positively helpful toincrease the future aims and objective of an organisation. Some of them are discussedunderneath:Establishing a reliable social listener that are helpful for managing their sites.4
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