Market Analysis Techniques and Tools

Marketing Principles and Techniques INTRODUCTION 3 TASK 13 Marketing3 Market segmentation 5 TASK 27 Market analysis techniques and tools 7 Aim of research and market analysis 8 Market research methods8 TASK 39 How to manage their online images9 Methods used to e-market products and services 10 Extension activities10 Benefits of e-marketing as compared to traditional marketing 10 Measures through organisation can manage their online image10 TASK 410 Application of market analysis technique 10 Interpret the finding 10 CONCLUSION 11 REFERENCES

Marketing Principles and Techniques

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Marketing...............................................................................................................................3
Market segmentation..............................................................................................................5
TASK 2............................................................................................................................................7
Market analysis techniques and tools.....................................................................................7
Aim of research and market analysis......................................................................................8
Market research methods........................................................................................................8
TASK 3............................................................................................................................................9
How corporation manage their online images........................................................................9
Methods used to e-market products and services...................................................................9
Extension activities...............................................................................................................10
Benefits of e-marketing as compared to traditional marketing............................................10
Measures through organisation can manage their online image..........................................10
TASK 4..........................................................................................................................................10
Application of market analysis technique............................................................................10
Interpret the finding..............................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
In the market, when any business unit enters then it is very important to focus on several
concepts and techniques of marketing. It is a significant procedure through which business unit
sells and promotes its products and services in the market (Pels, 2015 ). Different techniques and
method would be use to scan the environment and find out the threats and opportunities for
company. It is going to launch healthy chocolate for all age groups of customers which is good
for healthy. To launch this product in the market, organisation is required to focus on several
concepts and techniques of marketing. Marketing mix and market segmentation is defined in this
report with respect to organisation and significance of marketing is also outlined in this study.
TASK 1
Marketing
Marketing
Marketing is the most important portion of any business activity where their work is to
satisfy customers unmet needs and demands with their modified product. This activity is
conducted between customers and organisation and it includes several aspects such as product
development, distribution, market segmentation, branding, promotion, etc. This activity is done
by marketing team in order to launch, promote and advertise commodities and services of
organisation in the market.

Following are the activities of marketing department that should consider for launching
their products in the market. Define and manage the brand- This is the major function and activity of marketing
department in which organisation is required to manage brand in the market. By applying
several formulas and techniques of marketing, marketing manager designs the strategies
to manage brand in competitive business environment. Company should make a
favourable image in the mind of customers and potential customers so to increase their
sales and profitability. Monitoring and managing social media- In this activity, marketing department is
supposed to control and monitor the performance of organisation on the social media. On
several channels of social media, marketing department has to update proper information
about products and services (Pavlou and Stewart, 2015). For example: McDonald’s have
its own page on Facebook, Twitter and Instagram where it always keep touch with
customers by regularly posting the impressive images, pictures, video of products and
services.

 Conduct market research- By conducting the market research, marketing department can
easily identify available competitors, customer’s requirements and perception regarding
existing performance and products of business, impact of marketing elements, etc. It can
be concluded that company should conduct market research to identify demands of
customer and then take actions accordingly.
 Producing marketing and promotional material- It is a great role of marketing
department to promote and advertise products and services in the market. Company can
use different types of promotions activities to attract or allure customers for their
products. With the help of this activity, organisation can easily inform and attract
customers.
Market segmentation
Market segmentation is a procedure of segmenting or dividing the whole market into
smaller parts on the basis of customer demand and company's product they are offering. There
are various kinds of market segmentation such as geographic segmentation, demographic
segmentation, psycho graphic, behavioural etc. Demographic segmentation is a segmentation
according to the age, race, religion, gender, family size, ethnicity, income and education. It aids
to marketers personalize their marketing campaigns and understand actual requirements of
customers of the particular segment of market. It also assists to focus on the particular group of
customers.
It is the procedure of identifying customers because in this aspect, company divides
whole market according to different groups, location, demand, geography, behaviour of
customers, etc. through which firm can easily understand the actual requirements of particular
group of customers (Loe and Ferrell, 2015).
Company is going to launch new healthy chocolate for every group of age customers. Its
chocolate will good for healthy which will not have any side effects on heath. This new
chocolate will available in the lowest prices so as lower income group of customers can easily
purchase. Furthermore, it will useful for old age, adults and children. For produce and launch this
new product, it will use demographic market segmentation under which it will focus on customer
age and income group.

Marketing mix is another significant technique of marketing by which organisation distributes its
products and services to the right person and at the right time. It refers to the set of actions and
tactics that organisation uses to promote its brand and commodities in the market. This concept
has several elements such as product, price, place and promotion(Kumar, 2015). Company has to
consider these elements of marketing mix for launching a new product in the market. Place- Company should opt different types of channels for distributions after analysing
whole cost of delivery of products to customers. Company can also sell on online
platform as it will help them to cover whole market rather than attracting limited amount
of customers. This is the element through which products and services can be delivered
and distributed to customers. Company has its own store in the commercial area of
London. Product- A product is an item that is built or produced for satisfying the requirement of
certain group of people. It should be made according to customers as they are one who
consumes product which is offered by company. Company is currently dealing with all
kinds of delicious chocolates and it is going to launch healthy chocolates for all age of
customer. Promotion- Main aim of promotions is to increase the brand awareness of company and
its product which will leads to better sales and productivity. Company will use social
media and print media for promoting and advertising products and services in the market.
 Price- Company will use penetration pricing strategy where the price of a product so
initially sets low At initial stage, company set the lowest price.
Extension activities
As per the above discussion, it has been analysed that in order to launch and promote
products and services, organisation has to focus on several techniques and concepts of marketing
such as marketing mix, market segmentation, customer relationship management, etc (Kumar,
2016).
Marketing mix assists the organisation in taking effective business decisions because
with help of this technique, company can deliver right commodities at the right time in right
price and at right place.

TASK 2
Market analysis techniques and tools
There are several techniques of market analysis that can use by XYZ company- Poster five force analysis-This technique uses to analyse the industry which includes five
stages such a bargaining power of customers, bargaining power of suppliers, threat of
substitutes, competition, threat of new entrants etc. XYZ can easily assess its competency
in the competitive business environment (Barrett and Weinstein, 2015). This helps
company to identify different factors which they should be prepare of like threats from
another company or prices changes by the vendor etc.
 SWOT analysis- With help of this technique, XYZ company can identify strength,
weakness, opportunities and threats. Main task of company is to strengthen the strength
and reduce the weakness of company. This technique can use to analyse internal
condition of business.
(Source: SWOT analysis, 2018)
Illustration 1: SWOT Analysis

 PESTLE analysis- This technique help to analyse the business environment that is micro
and macro. Company should be aware of all the factors which could affect their working
performance in a negative way. XYZ company can identify and assess the political,
social, cultural, economical, environmental and legal environment of country with help of
this technique.
Aim of research and market analysis
Market research is the organised effort to collect information about target market and
customers. With help of market research organisation can easily collect information about
customers taste, perception, age, gender, income level, education, life style, region, culture etc.
These all information helps to business entity in identify actual requirement of customer
regarding product and services. (Kubacki, and et.al., 2015) In addition to this, market analysis is
another significant procedure that helps to organisation in acknowledge its opportunities, threats,
strength and weaknesses. It also helps to organisation in determine the attractiveness of a market,
currently and in the future. XYZ have main aim of conduct market research and analysis is to
identify actual demand of customer regarding healthy chocolates.
Market research methods
Following are some methods of market research in context of XYZ corporation- Focus group- It is another market research method that brings together 6 to 10 people in
a room to provide feedback regarding a product, services, concept and marketing
campaign.
 Survey- Survey method is a technique of gathering information by asking question from
people. In this method, company needs to design systematic questionnaire on the
particular subject. XYZ can use this method under which it has to design questionnaire
for asking perception of customer regarding existing product and services of XYZ
company (Jaramillo and Spector, 2015). With help of survey, cited venture can identify
actual demand of healthy chocolates in the market.
These types of methods is used in primary research in which researcher find the raw data and
then use it for their personal research. Apart from that, secondary research refers to using of data
which is already stored by some other researcher.

TASK 3
How corporation manage their online images
XYZ organisation can manage its online image by regularly maintain the information of
product and services on various online channels. For example, if XYZ have its own profile on
the internet and have its own page of Facebook and other social media channels then it is very
important to maintain regular update (Homburg, Jozić and Kuehnl, 2015). If company changes
in the prices, features, design, offers etc of product and services then it is very important to make
change on the online channels and update right information about product so as customer can
aware about it. By post regular update, right information, post new images, pictures and video of
business and its associated product and services, XYZ can maintain its online image on internet.
Methods used to e-market products and services
Following are various methods that cab use XYZ company for e-market its product and services- Social media channels- It is a type of communication channel that direct connect
customer and organisation. It helps to increase company's fame and promote its product
and services by various channels such as Facebook, Twitter, instagram, You Tube etc.
Company can directly place and post its information regarding product and services on
internet and get customer attention. XYZ can use Facebook, Twitter, You Tube etc
channels for promote its new Chocolate product. With help of these channels, it can
advertise its product in the large number of audience and identify their reviews regarding
existing product and services (Jaramillo and Spector, 2015). Search engine optimisation- It is considered the art of increasing the appearances of the
website in the first results of search engines such as Google search engine. If customers
are visiting company's site then there is a chances of sales in future which is good for the
company. It can aid to XYZ in increase the numbers of visitors.
 E-mail marketing- In this technique, XYZ can use email option for communicate with
customer about its product and services. Email sent to the customers contain information
of products like ingredients use in it, size of product, expiry date of product etc. It is
considered one of the best e marketing technique because of its lowest cost, simplicity of
use and increasing the return of investment.

Extension activities
Benefits of e-marketing as compared to traditional marketing
The major advantage of e-marketing is that it helps in decrease cost of business. It is the
fastest activity of promotion and advertisement as compare to traditional marketing. In this
corporation do not require sales representatives for sale its product and services. In addition to
this, e-marketing is the product of the meeting between modern communication technologies
whereas traditional marketing remain to be stagnant.
Measures through organisation can manage their online image
 Put all content in one place so that customer would be able to find out all the information
about products and company.
 Join social media networks so to create brand awareness
 Optimize company presences on these sites
TASK 4
Application of market analysis technique
There are several kinds of market analysis techniques such as product testing, market
segmentation, advertising testing, brand awareness, pricing research etc. XYZ company will use
product testing method under which company measure the property and performance of product.
It is also known as the consumer testing and comparative testing. In this method company select
small group of customer for test its product. It seeks to ensure that buyers can understand what
product will do for them and which products are best value. It can accomplish by a manufacturer,
an independent laboratory, a government agency etc (Bahadir, Bharadwaj and Srivastava, 2015).
XYZ company will use this method for analyse its target market. With help of this method,
customer can easily identify the actual demand of customer regarding healthy chocolate and their
perception about it. Another technique is SWOT analysis by which organisation can identify its
strength, weakness, opportunity and threat.
Interpret the finding
On the basis of market analysis of XYZ company it has been found that majority of
customers are required healthy chocolates because in the present time, customers are more heath

conscious due to which they always prefer to eat healthy food so that they avoid chocolates. But,
XYZ is going to launch healthy chocolate that will defiantly like by customers.
CONCLUSION
From this entire report it has been concluded that marketing mix and market segmentation is
major technique of marketing. XYZ company can divide the market into small target market
with help if market segmentation. Company should continuously do SWOT analysis on their
own as assist them to identify different strengths they have but they are not aware of. It has been
also concluded that market research provide accurate information about customer demand and
perception about product and services. If company is prepared for the future threat which could
be arise in future then it would help to gain competitive advantage over others. It can be identify
by using different techniques like PESTLE or Porter five forces model etc.

REFERENCES
Books and Journals
Bahadir, S. C., Bharadwaj, S. G. and Srivastava, R. K., 2015. Marketing mix and brand sales in
global markets: Examining the contingent role of country-market characteristics.
Journal of International Business Studies. 46(5). pp.596-619.
Barrett, H. and Weinstein, A., 2015. Corporate entrepreneurship, the marketing mix, and
business performance. In Proceedings of the 1997 Academy of Marketing Science
(AMS) Annual Conference. Springer International Publishing.
Chen, Y. and et.al., 2015. Linking market orientation and environmental performance: The
influence of environmental strategy, employee’s environmental involvement, and
environmental product quality. Journal of Business Ethics. 127(2). pp.479-500.
Homburg, C., Jozić, D. and Kuehnl, C., 2015. Customer experience management: toward
implementing an evolving marketing concept. Journal of the Academy of Marketing
Science. pp.1-25.
Jaramillo, F. and Spector, P.E., 2015. Sunk Cost Effect, Escalation of Commitment and the
Principle of Fungibility: Consumers’ Reactions to Membership Cards. In Creating and
Delivering Value in Marketing. Springer International Publishing.
Kubacki, K. and et.al., 2015. A systematic review assessing the extent of social marketing
principle use in interventions targeting children (2000-2014). Young Consumers.16(2).
pp.141-158.
Kumar, M., 2016. Aesthetic principles of product form and cognitive appraisals: Predicting
emotional responses to beauty. The psychology of design: Creating consumer appeal.
pp.234-251.
Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look
out for. Journal of Marketing. 79(1). pp.1-9.
Loe, T. W. and Ferrell, O. C., 2015. Ethical climate’s relationship to trust, market orientation and
commitment to quality: A single firm study. In Proceedings of the 1997 Academy of
Marketing Science (AMS) Annual Conference. Springer International Publishing.
Pavlou, P. A. and Stewart, D. W., 2015. Interactive Advertising: A New Conceptual Framework
Towards Integrating Elements of the Marketing Mix. In New Meanings for Marketing
in a New Millennium. Springer International Publishing.
Pels, J., 2015. Actors’ Exchange Paradigms and Their Impact on the Choice of Marketing
Models. In Proceedings of the 1998 Academy of Marketing Science (AMS) Annual
Conference. Springer International Publishing.
Online
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