Market Analysis and Improvement Strategies

The assignment involves analyzing customer feedback and preferences for a new product launched by an organization. The report presents four themes: customer like/dislike the new product, what customers like most about the product, what customers dislike most about the product, and how the product can be improved to meet customer needs. The findings suggest that quality, quantity, and price are important factors in customer satisfaction, and that improvements should focus on these areas.

Marketing Principles And
Techniques

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
AC 1.1 Marketing and diverse activities carried out in marketing department of other business
................................................................................................................................................1
AC 1.2 Market segments........................................................................................................1
AC1.3 Marketing mix ............................................................................................................2
TASK 2............................................................................................................................................2
AC 2.1 Research and market analysis....................................................................................2
AC 2.2 Market research methods...........................................................................................3
AC 2.3 Analysing market tools and techniques.....................................................................3
TASK 3...........................................................................................................................................3
AC3.1 E-marketing.................................................................................................................3
E-marketing deals with online buying and selling of products. There are various methods used
where some of them are as flows:..........................................................................................3
AC 3.2 Managing online image..............................................................................................4
TASK 4............................................................................................................................................4
Ac 4.1 Market analysis technique to research target market..................................................4
AC 4.2 Interpretation..............................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
In this project brief description about marketing is given. It is process that is used to
satisfy the desire or needs of the customer. Various types of activities are carried out during the
marketing process. It is ongoing process, exchange of ideas between buyer and seller. Main
motive is to provide satisfaction to the customers.
TASK 1
AC 1.1 Marketing and diverse activities carried out in marketing department of other business
Buying and selling of products in known as marketing. It is a social process in which
individuals and organisation exchange their value (Lees-Marshment, 2014). Companies produce
goods and services required by the customers. There are various activities carried out by
marketing department where some of them are listed as bellow:
 Operation activities are one of important activity of business, it deals with generation of
cash from operating activity . For instance: management can use operational activities to
enhance their marketability.
 Online market attract customers (Tanner, and Raymond, 2015). Products are available
online, customers can visit website and can order product. This marketing strategy can
be used in the management.
 Companies focus on building a strong relationship with customers so that they can easily
sell goods and services to them.
AC 1.2 Market segments
It means dividing the market or customers into groups or sub groups. There are different
ways to segment the market like b2b, b2c, etc. Customers can be segmented on the basis of
lifestyle, demographics, etc.
 Geographical segmentation: In this, markets are divided according to geographical
criteria like city, climate. ( Sheth, and Sisodia, ., 2015) This can be the first step of
marketing.
 Demographic segmentation: It assumes that people with same level of interest attract
each thera and select similar products or brands. Demographic variables are age,
occupation, home, gender etc.
1

 Psychopathic segmentation: It is also called as lifestyle segmentation. It deals with the
interest and opinions of customers, amount they want to spend on luxuxry.
 Behavioral segmentation: It divides the customers according to their behavior. Some of
the variable of this segmentation are occasion of purchse, locality of the product.
AC1.3 Marketing mix
Marketing mix is one of the models in marketing. It refers to marketing decisions,
product, pricing, place etc. earlier it was known as 4p and now it is expanded to 7p.
 Product: It refers to what a company offers to customers for sale (Armstrong, and et.a ,
2014). There are various range of products available for sale, company can offer product
in the same range or it can even change the range, depends upon needs of customers
 Price: I amount customer is willing to pay seller. The price of the product is decided on
the basis of its manufacturing cost, discounting cost, special offer, credit payment etc.
 Place: It refer to physical location of business. There are various distribution channels,
from which goods are delivered to the customers.
 Promotion: products are promoted so that customers become aware of product.
TASK 2
AC 2.1 Research and market analysis
Market is continuously changing from time; if a businessman wants to survive in this
changing environment, he must do research and make plans.
 Main objective of the business is to satisfy wants and needs of customers. Study should
be conducted to know what consumers actually aspire for (Alserhan, 2016). This will
help to attract new customers.
 If a company launches a new product in the market, they must take feedback from the
customers and then make change if needed.
 If you can identify the problem of your customers, then you can make changes in the
products accordingly. It will make your customers happy.
 SWOT analysis is done to analyse strength, weakness, opportunities and threat of the
firm
2

AC 2.2 Market research methods
There are various methods adopted by the firm to do research in market. Some of them
are as follows:
 Survey: This method is widely used to do any research program (Adams, 2015). It is a
simple and easy method. There are various ways through which survey can be done like
telephonic interview, paper and online survey, etc.
 Interview: In this method, simple interview is conducted and different questions are
asked directly to the customers. Some of the ways to conduct interview are telephone,
face to face and online.
 Observation: It is an old method and still applicable. In this method, simple observation
is conducted and reports are prepared (Lees-Marshment, 2014).
 Trial and error: This is method is used when company need immediate feedback of new
product.
AC 2.3 Analysing market tools and techniques
 Swot analysis: SWOT (strength, weakness, opportunity and threats) internal
management has control over strength and weakness of the firm, whereas external
management control threats and opportunities (Smith, , 2014). By using this analysis
organization can analyse the market research data.
 PESTLE analysis: It stands for (political, economic, social, technological, legal and
environmental). All aspects of this study are very crucial for marketing ( Tanner, and
Raymond, 2015). It not only defines what a management should do but also helps them in
achieving goals and targets effectually.
TASK 3
AC3.1 E-marketing
E-marketing deals with online buying and selling of products. There are various methods
used where some of them are as flows:
 Social network applications: This type of marketing is done with the help of social
networking sites like Facebook, twitter, etc. Advertisement of product is done on these
sites and customers interested in buying can contact seller on site.
3

 Blogging: This gives the ability to publish content online and upload product, it can be
promoted on the main site (Sheth, and Sisodia, 2015).
 Email marketing: It is one of the traditional ways of online marketing
AC 3.2 Managing online image
It is very important to maintain online brand image so that it can attract customers. Here
are some ways that can help to maintain image.
 On the first page, always mention positive reviews, media coverage and customer
feedback.
 Always paint a picture or write eye catchy slogans that attract the buyers or customers.
 Your online executives must have positive image in front of the buyers (Armstrong, and
et.a , 2014). Company must create attractive bio for every executive.
End of the page should be feedback in which customers can upload their questions or queries
that they have regarding the products.
TASK 4
Ac 4.1 Market analysis technique to research target market
Questionnaire
Q1. Do you like the new product which is launched by our organisation?
Yes
No
Not Sure
Q2. What do you like most about the product?
Quality
Quantity
Price
Q3. What do you dislike most about the product?
Quality
Quantity
Price
Q4. How we can improve the product to meet your needs?
Improving in quality
4

Improving in price
Improving in quantity
Theme 1: Customer like the new product launch by organization.
Q1. Do you like the new product which is launched by our organisation? Frequency
Yes 31
No 12
Not Sure 7
Total 50
Theme 2: customer like most about the product
Q2. What do you like most about the product? Frequency
quality 36
quantity 6
price 8
Total 50
5
31
12
7
Yes
No
Not Sure

Theme 3 : customer dislike about the product
What do you dislike most about the product? Frequency
quality 16
quantity 28
Price 6
Total 50
6
quality quantity price
0
5
10
15
20
25
30
35
40 36
6 8
Frequency
16
28
6
quality
quantity
Price

Theme 4 : improvement of the product
How we can improve the product to meet your needs? Frequency
Improve in quality 15
Improve in price 9
Improve in quantity 26
Total 50
AC 4.2 Interpretation
In this part the interpretation of data will be made.
Theme 1
the survey was conducted about weather the customer like new product, 31 out of 50 like our
new product, 12 of them disliked it and rest of them was not sure.
Theme 2
research was conducted what customers like about product, 36 out 50 like quality of the product,
6 out of 50 like quantity of the product and rest of them like price of product
theme 3
study was conducted and it was found that 28 out of 50 s don't like the quantity of the product,
16 out of 50 don't like the quality and rest of them disagreed with the price
theme 4
7
15
9
26
Improve in quality
Improve in price
Improve in quantity

survey was conducted and It was found that quantity of the product should be improved, 26 out
of 50 wants that quantity of the product should be improved, 15 out of 50 want improvement in
quantity and rest of them want to improve price of product.
CONCLUSION
Above report it can be conclude that, marketing , it is very important for business. All marketing
strategies should be planned carefully. Market change on regular basis, to survive the changing
conditions, adaptation of changing environment is very necessary. Good market strategies help
firm to grow.
8

REFERENCES
Books and Journals
Adams, R.L., 2015. Web 4.0 Marketing: The Black Book of Powerful Online Marketing
Strategies & Tactics.
Alserhan, B.A., 2016. The principles of Islamic marketing. Gower.
Armstrong, G., and et.a , 2014. Principles of marketing. Pearson Australia.
Lees-Marshment, J., 2014. Political marketing: Principles and applications. Routledge.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the
future. Routledge.
Smith, M.C., 2014. Principles of pharmaceutical marketing. Routledge.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries
Publishing.
9