Marketing Principles and Techniques | Assignment
Added on 2020-11-12
26 Pages4798 Words154 Views
Marketing
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Marketing Principles andTechniques`1
Table of ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3Concept of marketing and market segmentation....................................................................................3TASK 2..........................................................................................................................................................5Primary research and its tools.................................................................................................................5TASK 4..........................................................................................................................................................8Market research......................................................................................................................................8TASK 3........................................................................................................................................................24Use of marketing analysis techniques to research.....................................................................................24CONCLUSION.............................................................................................................................................25REFERENCES..............................................................................................................................................26`2
INTRODUCTIONMarketing is one of the vital aspects for every business concern in order to increaseproductivity as well as growth of the company. All essential aspects related with the product orservices delivery as per the mentioned detail information in the case. There are different segmentwhich should be targeted by business in order to fulfill their needs and requirements in aneffective and efficient manner. Management plan This project is all about various marketingconcept and appropriate research which is done in an organization to increase the productivity ofthe company. The SWOT and PESTLE analysis shall required to be conducted to analysesinternal as well as external environment so that proper actions are implemented in order toachieve better result. Role of E-marketing in increasing profitability of the company is beingdetermine in effective manner. With the use of innovative ideas and learning ability how smallbusiness can enhance their goodwill in various parts of the nation is being mentioned in thereport more effectively. (Graber and et. Al., 2016).TASK 1Concept of marketing and market segmentationIn nowadays, it has been seen that marketing is an essential aspect for an organizationlead to make appropriate business in coming period of time. As per the mentioned case study, a“Bakery Shop” that is being run for 6 months is not able to operate in more reliable manner. Themain motive of the departments is to products is to satisfy various needs and wants of the peopleby providing specific product to them.Definition: As per the marketing association, the activity set of institutions and processesfor creating, communicating and exchanging demand that are having certain value for customers,partners and other communities. In other words, it is referring as the activity of a companyrelated with buying and selling of products that are being serve by the company to variouscustomers. It consists of advertising, selling and delivering goods to numerous people (Lees-Marshment, 2014). The marketing department used to play a dominant role in promotingbusiness and aims of an organization. It seems to serves as the face of company, coordinatingand producing all material representing of business. These are depending upon various aspectssuch as:`3
Defining and managing their brand: This is associated with managing their resourcesin reliable manner so that their brand can be enhances in faster rate in coming period oftime. This can be done by conducting campaign administration for marketing initiativeswithin a specific period of time.Producing internal communication: Employees need to determine their companiesvalue and aims those are being set by the company within an organization. These aremore vital for effective communication to get more reliable outcome is coming time.Planning activity: It is considering as one of the reliable executive set which is beingrelated with marketing objectives. It will increase marketing share with certainpercentage in order to meet those objectives.Research Activity: It is essential need of every business to carry out appropriate researchto determine reliable opportunities to get better profit during the coming time.Market segmentationIt is known as one of the crucial break down of a company’s total target market into smallerunit which is manageable by all group. It enables companies to be better serves customersthrough identifying and marketing various products and services to different types of customers.It need to be more valuable market segmentation of customer markets into various homogeneousproducts. It is categories into four equal parts (Gordon, 2012). Such as:Geographicsegmentation: It is known as dividing market as per the geographic criteria.In current market it can be segmented as widely as continents and more narrowly orreliable manner. It consists of country, region, population density and climatic. Underthis, the population is divided on the basis of their location where the targeted customersare located. As Bakery shop is operated its business in London city thus they need tolocate targeted customers which are mostly young people and kids in different places ofLondon City.Demographicsegmentation: These type of demographic division is based on consumervariables such as age, income, family size and socio-economic status. It assumes thatconsumers with similar demographic profiles will exhibit more buying patterns and`4
interest.Under this segment, the population is divided on the basis of characteristics of anindividual such as gender, religion, income level etc. Therefore, due to dealing in bakerybusiness, the company has targeted medium and higher income group people due tohaving more demand by such income group group people.Behaviourssegmentation: As per the attitude and behaviour of consumers it is dividedinto various group in respect to determine observed behaviour of various customers. themarketer believes that all variables are more superior to demographic formulation ofmarket.This segment is related with buying behaviour, usage and decision-makingpattern of people therefore the “Delight Bakery” shop focuses mainly on the teenagersand kids as they are mostly preferred to buy bakery products such as chocolates, cakes,drinks items etc.Psycho graphicsegmentation: These are based on lifestyle of segmentation which isbeing measured by studying all activities, interest and opinion of customers. It is used tomake into consideration about various attitude of people those are spending certainissues. As the main targeted customers of “Delight Bakery” are teenagers and kids thusthe members of such business are required to focus on their interest with an objective offulfilling through offering wide variety of bakery products at an effective prices. TASK 2Primary research and its toolsThe primary objective of this particular research is to increase the business base by usingvarious innovative ideas for their product that are being produced by the company. By the helpof this, researcher would be able to determine purchasing habit, advertising recalls and productpackaging are considering some possible elements.Market Analysis is used to examine the crucial aspects of a market and to determinevarious opportunities and threats associated with the firm. It consists of some common aspectssuch as:Market size: It is mostly related with overall size of sales and potential sales done by thecompany in order to expand their work in effective manner. Some vital sources for`5
determining market size are government data, trade association and financial data fromwide players. It is smaller for the cited company.Market growth rate: It is more simple aspects that is used for forecasting the marketgrowth rate those are based on historical data into the future. As per the mention situationof bakery shop is also not so effective. They are not able to predict important turningpoint.Market profitability: It has been seen that in a market which will have various levels ofprofitability, the average profit for the bakery shop is need for knowing how hard it is tomake money in market (Reynolds, 2013). These are analyses by using five force model.Marketing research method:In order to get more reliable outcomes about the current demand of customers. it isnecessary for the marketing manages to make use of research methods. The most basicclassification of market research is primary and secondary research: Secondary market research: It is more common act of seeking out present research anddata of the company. The main think about this particular research is that often free and can bedone in more quickly (Market Research, 2018). The existing data that are applicable to thepresent project are taken into account.Primary market research: These are considering more reliable research methods which willbe helpful for the business to collect fresh data by using various means. Such as:Survey: These are more largely known method that is used for the market research.These are more effective as some sorts of questionnaire is being design to get morereliable information about the perception of customers regarding bakery business (Batiniand Scannapieco, 2016).Using such tool, there is no travel expense, no interview bias,and it can be sent to a targeted group of people. There is some advantages as well byusing such tool such as there are response rate of 3% and it can be lengthy process as wellif respondents wait to return the survey.Focus group: It involves in getting more valuable amount of information can be gatherfrom the selected group of people. Professional target group will have one-way mirror to`6
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