BTEC Subsidiary Diploma in Business Unit 03: Introduction to Marketing

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BTEC Subsidiary Diploma in Business
Name
Unit 03: INTRODUCTION TO MARKETING
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Table of Contents
Introduction......................................................................................................................................3
P1: Describe marketing techniques used by Alton towers and Wellacre........................................4
P2: Describe marketing limitations and constraints........................................................................5
P3: Describing the using of market research in developing plans...................................................6
P4: Use research of marketing to make planning in marketing.......................................................9
P5: Explaining the validation of the of groups of customers for the products..............................11
P6: Develop a traditional marketing mix to use in a new product or service................................13
Conclusion.....................................................................................................................................15
Reference.......................................................................................................................................16
Appendices....................................................................................................................................18
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Introduction
The marketing functions of a company have always been a very crucial activity for the success of
the organisation. The study focuses to highlight different strategies of marketing development
techniques. The study also focuses to evaluate different limitation in the course of marketing
plan and they can influence the overall functioning of the organisation. The study with the
efficient use of the marketing mix can help the organisation to deliver excellent product and
service, which are relevant to the needs of the consumers. The report discusses functioning of the
Alton towers, which is a well-acknowledged amusement park in the country. The amusement
park opened in the year 1980 has been catering to the needs of its consumers very successfully
since then (altontowers.com, 2019). On the other hand, the company Wellacre Academy is a well
established educational institution, which is in operation since the 1955(wellacre.org, 2019).
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P1: Describe marketing techniques used by Alton towers and Wellacre
Different marketing techniques used by Alton towers and Wellacre academy are as follows
Product development
In the case of Alton towers, the company uses a yearly discounted membership service through
which they make sure that the loyal consumers have better facilitates. In addition to that, within
this membership program, healthier food options are given to the consumers of the company
(Hill et al., 2014).
Apart from that, in the case of Wellacre, within the school they have chosen to introduce a
diversification program. Through which at least six new learners from different races are given a
chance to learn.
Market penetration
In order for the company to increase its target audience reach, both of the companies are
considering expanding in places within England such as Bath, York, London, and others (Bell et
al., 2018).
Diversification
If both of the companies do not choose to consider moving towards the market penetration route,
then they can alter their businesses’ strategy to diversify in places such as America, Russia and
others. Here the enterprises initiate services as race diversity and consumer membership better.
Low pricing- This is a strategy through which enterprises can provide the lowest of prices
through which the can compete with other similar businesses such as Blackpool and St Paul’s
School respectively in the case of Alton towers and Wellacre (Ansoff et al., 2018).
Importance of customers’ buying behaviour
Keeping a constant overview on the purchase trends, wants, and preferences of consumers a
better track over what they might want in the future might be ascertained. Multiple psychological
approaches are explored in this regard, which includes cognitive approach, behavioural
perspective, and others.
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Building a brand image
Multiple ways are present through which brand image is built for both the companies: online
marketing, quality improvement, and others
Brand extensions
Both of the companies can use their existing brand value in order to achieve sales on other new
products such as soft drinks, fast food, and others.
Relationship marketing
In order to connect with the consumers better, emotionally impactful advertising is initiated that
resonates with customers better and stay in the mind of consumers.
Understanding the value of lifetime customers-
In order for the company to have long-term consumers, value must be put on existing consumers
so that customer retention is attained and higher profits company in for both (Wellacre and Alton
towers)
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P2: Describe marketing limitations and constraints
Marketers need to follow different voluntary codes and constraints to operate in the market. The
codes and constraints are as follows-
Code of advertising practice
The Competition Act 2002, illustrates that companies should operate in an ethical and lawful
manner so that there is no undue advantage attained in the long run. Through this Code of
Practice, no shocking, pornographic, or other similar content is promoted.
Sales of Goods Act (1979)
This act illustrates the limit of sales, which an enterprise can make. It elaborates what are the tax
slabs present that elevate the companies cost rate (Legislation.gov.uk, 2019).
Consumer Credit Act (1974 and 2008)
This regulation illustrates the amount of credit, which a consumer can take from a store amount
of bad debt that intake before which legal steps are taken against them.
Data Protection Act (1998)
This act illustrates the information protection measures that should be taken by a business in
order to protect the interests of the stakeholders of both the companies. Inside this act, there are
different tiers of sensitive information, which requires higher protection (Legislation.gov.uk,
2019).
Examples
Acceptable behaviour
In both of the organisations, acceptable behaviour will primarily be detected by the policies that
have been illustrated the managerial heads. However, in the normal consensus is that there
should not be any unethical and rush behaviour will be permitted.
Consumer protection of unfair trading regulation (2008)
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In case, Wellacre or Alton towers provide faulty services to its consumers. In that scenario, the
customers have the right to take the matter to court on legal grounds for any trade regulation that
they might have violated.
Prevent violence in the premises
In order to prevent unnecessary violence and conflict, extreme punishments must be present such
as expulsion from the premises and others.
Voluntary
In promote employee relations, voluntary association on the part of the consumers and students
in the case of Wellacre and Alton towers must be request. The management through games and
others can facilitate this situation
P3: Describing the using of market research in developing plans
Abstract
Alton Tower’s market research aims to provide the indigenous plans for the identification and
the satisfaction of the different customers that target their individual needs. Primary and the
secondary data research procedures produce both qualitative and quantitative data by the Alton
Tower’s market research.
Introduction
The decision-making procedures implemented by a particular organisation largely depend on the
results and the reviews of the previously conducted market research. This research aims to
scrutinise the probability of a desired or proposed market plan to the latest market developments.
As stated by Vanhonacker et al. (2013, p.14), it summarises the potential fate of the proposed
plan in the modern market scenario, thereby enabling the organisations or companies to produce
the desired amendments to the plan, prior to its introduction in the market.
Modes of Research
The Alton Tower implements both qualitative and quantitative techniques of research. It is based
on the formal modes of interview of the customers, in order to collect the qualitative information.
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Survey methods are employed by the Alton Tower to have an access to the quantitative nature of
the data (www.altontowers.com, 2016).
Primary Research
Primary research includes methods such interviewing, surveying, and others. Through these
methods, information is attempted to be collected directly from the consumers so that wants and
preferences can be analyzed to perform organisational tasks such as product development and
others (Bell et al., 2018).
Secondary Research
Secondary research method includes thematic analysis through which information from scholarly
sources is attempted to be generated so that multiple points of views can be presented. In this
method, there are lesser chances of misinterpretation as verdicts are already present in many
cases (Eriksson and Kovalainen, 2015).
Minimisation of the risks in decision-making
In order to development optimized plans for different scenarios and events, both of the above
methods must be used so that minimization of risk is attained. If the wants and preferences and a
general overview of consumers is acquired through both research methods, then improve market
approach can be attained.
Limitations
There are several limitations present for performing market research:
Time – If there is a limited degree of time then it is imperative that in deep research cannot be
performed and the data analysis will be rush.
Coercion – The respondents on whom the research is being performed, it is important that they
do are not forced or put in situation where they are pressurised to answer (Eriksson and
Kovalainen, 2015).
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P4: Use research of marketing to make planning in marketing
The marketing research helps the management of Alton tower to identify the prevailing trend in
the economy. This gives them an opportunity to modify their product and services to stay
relevant in the economy and enhance its revenue. The amusement park incorporates the SMART
objective approach to enhance its competitive edge in the economy (Corporate Finance Institute,
2019). The same is discussed in brief below.
S for Specific
The marketing research conducted by the marketing department of the amusement tower has
helped identify the given specific goals.
 Developing new and healthier meal options catering to the diverse taste bud of its
consumers
 Enhance the interpersonal skills of their staffs in the organisation
M for Measurable
The specific goals should be measurable to garner the most efficient results.
 The efficient CRM can help the amusement park attain the feedback from its consumers
to help improve the areas where they seem to be lacking (Assimakopoulos et al., 2015).
 A periodical and constant training programme could help monitor and enhance the skills
of the employees.
A for Actionable
The goal should have a specific individual to follow the actions to be approached in the pre-
determined path.
 The HRM department should follow the process of effectively placing the right person at
the right job.
 An experienced H&B manager could be appointed to assess the quality of the food being
delivers to the consumers.
R for Realistic
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The goals should be realistic and achievable incorporating the judicious use of the available
resources.
 Develop new tastier menus, which are healthier in nature.
 A strict positive and negative reinforcement tactics should be in place for maintaining the
efficiency of the employees.
 The competitive pricing strategy should be incorporated where the best quality is
delivered at the optimum price.
T for Timely
The goal should follow a strategic path and focus to maintain a steady period.
 The food quality can be modified over a month’s time taking into consideration the
feedbacks of the consumers
 The employee’s performance can be monitored at every month on a regular basis.
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P5: Explaining the validation of the of groups of customers for the products
Customers and Buyers
The organisation is required to evaluate the prevailing trend in the economy to deliver the most
relevant product and service to its customers. The management at the amusement park can
design new rides and ancillary products to enhance its revenue.
Market segmentation
The process helps the marketing department of the country to segment the entire population into
relevant and targetable segment to have a very specific and focused approach to the consumers.
This helps the organisation to devise strategies and plan to cater to the different segments in a
different manner to deliver desired service to the customers (Hassan and Mehmood, 2018). For
example, the park could incorporate a live music performance stage to attract the teenagers to the
park. This helps in enhancing the overall service as well as the revenue for the organisation.
Customer Profile
The profile of the customer provides the company with a detailed demography of the customer.
This includes the name, sex, and location.
Business-to-Consumer Market
 Families: The concept of amusement park focuses to create an environment, which caters
the needs and requirement of the entire family. The delivers food and services like rides
for every age group. The focus to create a memorable experience for its customers
 Adventure Lovers: The amusement park focus to cater to the needs of the thrill seeking
consumers to cater to the needs in the most safe and efficient manner (Freedman et al.,
2018)
 Youngsters: The major focus of the amusement park is to caret to the needs of the young
generation customers. The different rides and activities keep the young consumers
hooked to the amusement park.
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 Sportsmen: There are several sport activities focused on giving the sports lovers a
segment to have a fun filled experience at the amusement park. The company focuses to
incorporate activities like basketball, mountain climbing and many more.
Business-to-Business Markets
 Traders: The amusement park provides the different business owners and traders to set
up shop at the park premises and pay a small commission for the place they use (Do et
al., 2019). This benefits both the trader as well as the amusement park.
 Businesspersons: The businessperson or an investor always looks for areas to invest to
make good returns. The amusement parks maintain a good profit margin, which attracts a
lot of businessperson.
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