Marketing Principles | Assignment
Added on 2020-12-18
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MARKETING PRINCIPLES ANDTECHNIQUES
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Marketing Concept...........................................................................................................41.2 Market Segmentation........................................................................................................41.3 Marketing Mix..................................................................................................................5TASK 2............................................................................................................................................72.1 Aim of Market Research and Market Analysis................................................................72.2 Market Research Methods................................................................................................72.3 Market Analysis Tools and Techniques...........................................................................8TASK 3............................................................................................................................................93.1 Methods used for E-marketing.........................................................................................93.2 Ways to manage Online image of Business...................................................................10TASK 4..........................................................................................................................................104.1 Use of Market Analysis Techniques...............................................................................104.2 Interpretation and findings of Market Research and Market Analysis...........................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing principles and techniques are very important for any business to runsuccessfully in the target industry. These factors help owner of the organization to build a strongbrand image in market. This report will discuss about the concept of marketing and itsapplications used by Origin. This is a furniture company which provides their services in the UK.It will also discuss the different concepts which are present in the industry like marketsegmentation and marketing mix for the business. This report will focus on various methods ofresearch and how it helps in their market analysis. It will also explain different methods used fore-marketing of products and services of respective businesses.TASK 11.1 Marketing ConceptTo increase their overall productivity rate of organization, they have to ensure propermarketing tool applied in business.This will also enhance its production, sale and profit rate.Marketing is used by the organization to get information related to their customers like forexample, their needs and preferences from that organization and how they can makeimprovement in their production system to increase their sales, etc (French and Russell-Bennett,2015). There are so many ways in which an organization can promote their products and servicesin the market such as by advertising on TV, radio, by using print media such as newspaper,magazines, posters or even they can use internet as well because it is very popular nowadays. Itis very important for company to have an effective marketing strategy which can help them toachieve their targets and objectives (Cross, Belich and Rudelius, 2015). 1.2 Market SegmentationFor their proper functioning of business in industry, it is very important for organizationto have a good market segmentation of their customers to deliver right product to appropriatecustomers in market (Graber, L.W. and et.al., 2016). This segmentation of market is a processwhich is used to divide customers on the basis of their similar behavior, for example, accordingto their liking and preferences of the products, income group, locations, etc. There are fourdifferent types of segmentation which can be implemented by the business owner to target theircustomers such as: Psycho graphic segmentation: This process divides their customers on the basis of theirlifestyle, activities, interests as well as opinions in buying any product or service in the market.
This method helps the business owner to provide the best service according to their preferences(Kubacki, Dietrich and Rundle-Thiele, 2017).Demographic segmentation: It is the most widely used method in the business. In thisprocess, customers are divided on the basis of their age, gender, family size, income, occupation,religion, nationality, etc. This is applied in the business to get the right customers for theirproducts (Habibi, F. and et.al., 2015).Behavioral segmentation: Customers are divided on basis of their behavior, usage oftheir products and on their decision process for buying any service in market. There is differencein behavior of consumer with respect to change in circle, peer members, etc. hence it is importantand relevant to analyses it and then provide appropriate products. Geographic segmentation: In this method, customers are divided on the basis of theirgeography in which they live. This will help the owner of business to provide appropriateservices to them (Huang and Sarigöllü, 2014).1.3 Marketing MixIt is a type of process which is used by owner of the business to promote its brand orproducts in market. This method is a set of actions or tactics that a company can use in theirIllustration 1: Market SegmentationSource : (Market Segmentation Types, 2018)
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