Introduction to Marketing: Report on Market Analysis

This report provides a comprehensive introduction to marketing, covering essential concepts and strategies. It begins with an overview of marketing and its importance, followed by an exploration of the production concept and market penetration. The report then delves into legal aspects, such as the Sale of Goods Act 1979 and the Trade Descriptions Act 1968, and their implications for consumer protection. It examines the role of marketing research, including primary and secondary research methods, and their applications in decision-making. The report further discusses market orientation, buyer behavior, and market segmentation, including geographic, demographic, and psychographic approaches. Finally, it analyzes the marketing mix, focusing on price, product, promotion, and place, providing a holistic view of marketing principles and practices. The report offers valuable insights into marketing analysis and consumer behavior.

INTRODUCTION TO MARKETING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
P1.................................................................................................................................................1
P2.................................................................................................................................................2
P3.................................................................................................................................................3
P4.................................................................................................................................................4
P5.................................................................................................................................................4
P6.................................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing is the one of the important tool that is used to do marketing of the firm
products and services. There are number of tools and methods that are used for doing marketing
of the firm products and services. In this regard first of all analysis of market is done and through
segmentation it is classified and on that basis targeted customers are identified. In the current
report, different marketing techniques are disused in detail. Along with this, way in which groups
of customers must be targeted is determined. At end of the report, marketing mix is developed
for products and services.
P1
Marketing in my words is to find out what your target audience want through
carrying out market research. For example; using primary and secondary research. By doing this
marketing will be able to promote products to their target audience by meeting their customer’s
needs.
Production Concept
This is the production concept in which a business focuses on achieving high
efficiency at a low cost and mass distribution. The reason for this is because when the business
produces a high amount of products then this will mean that customers will want to buy more
products. Businesses assume that customers are interested in prices which are low and the
availability of the price which attracts customers (McCaughey and Ayers, 2013).
The function of marketing is the role in which helps the company identify and fined the
potential successful products for the market. This will help them promote the business by
separating them from similar products. The marketing functions that are within a large
organization can include performing market research, producing a marketing plan, product
development, strategically managing advertisement, promotion, distribution for sale etc. When it
comes to market research it’s very important as you have find out which customers make up
particular market and how can they use to find out what customers want, where they want it, how
they like it and what price. Marketing work closely with production as it helps them meet the
wishes of customers so it can help will the new development.
 The products that the business produces
 The prices changed
 The promotions designed to encourage customers
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 The place where goods are sold
 The people- for example; the employees who produce
 The process- for example; the system in which create the product
Market Penetration
Market penetration is the increasing amount of existing products or try to promote a new
product though strategies such as advertising, lower prices, discount. Market penetration is when
the company raise awareness for the same products for the existing market. For example;
Kellogg’s use this strategy by bringing new products that can suit all ages. They do special
offers, discounts, and large packages for less. Another example would be Coca Cola selling more
of Diet coke to the same UK market by selling their products the retailer who are huge
multinational business such as Tesco, Asda, and McDonalds (Ross, 2014). Another example
would be advertising Coca-Cola in the Christmas season in order to boost their sales in the
Christmas season.
P2
The Sale of Goods Act 1979 is an Act of the Parliament of the United Kingdom which
regulates English contract law and UK commercial law in respect of goods that are sold and
bought. The sale of goods act 1979 is a law that protects consumers and ensures goods are as
described, and also of satisfactory quality and fit for purpose. This law means any products sold
must be fit for purpose, for example, Tesco breached the sales of goods act when they sold meat
that was labelled as Beef, however, it was horsemeat, this means that it was not as described, of
satisfactory quality or fit for purpose.
The Trade Descriptions Act 1968 is an Act of the Parliament of the United Kingdom
which prevents manufacturers, retailers or service industry providers from misleading consumers
as to what they are spending their money on. This law empowers the judiciary to punish
companies or individuals who make false claims about the products or services that they sell.
The trade descriptions act means organizations selling products must ensure the definition of the
goods they are selling are truthful and describe the product accurately, as any other information
they give may be misleading (Hull, 2012). For example, Coca-Cola was offering a discount on
coke which was advertised on posters displayed in stores. Once they had ran out of the lower
priced product the stores began to replace it with the regularly priced stock. The manager failed
to take the signs down and a customer was charged at the higher price, this is how Coca-Cola
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breached the trade description act. From special offers that don't exist to closing down sales that
run for months and months, some companies use underhand tactics to get a sale. The Consumer
Protection from Unfair Trading Regulations provide consumer protection from unfair or
misleading trading practices, misleading omissions and aggressive sales tactics. From special
offers that don't exist to closing down sales that run for months and months, some companies use
underhand tactics to get a sale. The Consumer Protection from Unfair Trading Regulations
provide consumer protection from unfair or misleading trading practices, misleading omissions
and aggressive sales tactics.
P3
Marketing research helps a business to make decisions by understanding the changing
of the markets that it sells products in. For example, Coca-Cola wanted to promote their cereal
would want to know their target audience, what people want to know about the cereal, and what
makes their cereal stand out from others, they may also want to know the best way for them to
distribute the product.
There are two different ways that Coca-Cola can gather research, either primary or
secondary (Lambrecht and Tucker, 2013). Primary research is carried out by the organization
that the research is being done about, secondary research is gained by collecting data that has
been collected previously. There are two types of primary research (internal and external,
internal primary research refers to data collected by looking at the businesses internal databases,
external primary research refers to date that is collected by finding out opinions that have an
outside view on the business. There are also two types of secondary research (internal and
external) which are almost the same to primary research except the research has been collected
before.
Both primary and secondary research have their uses and limitations. The research can
be used to make sure that Coca-Cola make the right decisions and to see how they are doing over
a certain amount of time. The limitations are a bit more complicated, cost effectiveness might be
a big one for a smaller company this is because the research may not tell them anymore than they
already know. The date that is collected may not be reliable, also the more reliable the research
collected usually means the more expensive it is because to make sure that data is reliable you
have to repeat it numerous times (San Lim, Heng, Ng and Cheah, 2016). The research needs to
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be valid also, it is more important for it to be valid because if it’s not valid then reliability
doesn’t matter, valid data is data that can be used for its intended purpose.
Research can be qualitative, quantitative or both. Qualitative research involves an
opinion being expressed in a non-numerical method, the research is subjective and allows
companies to delve deeper into these opinions to understand them better. Quantitative research is
usually objective and involves numbers and can establish relationships and causation,
quantitative research is a lot quicker to understand because all the research is measurable and
sticks to the intended purpose of the research.
P4
Coca-Cola market orientated meaning that they develop products based on the needs
and wants of the market. Kellogg’s carry out market research so they can plan ahead, meaning
they can look into what products they should developing to fill future needs. Carry out market
research also means that Coca-Cola can attempt to strengthen their product range to ensure that
they beat competition. By having an improved focus on market research collection the issues are
being identified in desired manner (Reed, 2016). Along with this, use of questionnaire allows to
have understanding about subject in appropriate manner. It has been noticed that by having an
improved focus on effective interpretation of data collected in research process the overall
process significance can be advanced.
P5
The difference between a buyer and a customer consumer is a buyer is an individual or
a business who makes a purchase from someone who is selling something. A customer consumer
is a person who uses a service or a product. A buyer can sometimes be a consumer, especially
when somebody buys something for themselves that they themselves will use.
Consumer purchases are influenced by various factors. Understanding these influences
will help a business market its products and services effectively. Marketing and advertising
campaigns should be designed to address these influences. It’s important to understand the
relevance if human needs to buyer behavior. For example, Coca-Cola targeted at young people, it
will be the youth who will have the influence over the purchasing decision (Hull, 2012).
Market Segmentation - a marketing strategy that involves dividing a broad
target market into subsets of consumers who have common needs, and then designing and
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implementing strategies to target their needs and desires using media channels and other touch-
points that best allow to reach them.
 Geographic - is an important process - mainly for a multi-national and global businesses
and brands. Many large businesses have regional and national marketing which change
their products, advertising and promotion to meet the individual needs of geographic
section.
 Demographic - contains of mixing the market into groups based on variables
such as sex, gender family, age, income, occupation, race, religion, and nationality.
Business might expect. Demographic segmentation variables are between the most
popular sources for segmenting customer groups. This is mainly because customer wants
are closely linked to variables such as income and age.
 Psychographic -refers to a marketing strategy in which customers are divided into
various groups based on lifestyle (Ross, 2014). This approach to defining various
demographics helps marketers understand what influences purchase decisions such as
different attitudes and expectations, particularly of a good or service.
On the basis of Demographic and psychographic aspects the business firm can have
better opportunities in the market. It means application of such measures will lead Coca-Cola to
the impressive level of success.
P6
1. Price — this where business to decide how much customers should pay for a product. A
product is only worth tat customers are prepared to pay for it. The price also needs to be
competitive, but this does not necessarily mean the cheapest; the small business may be able to
compete with larger rivals by adding extra services or details that will offer customers better
value for money.
2 Product — the is no point in developing a product or service that no one wants to buy, yet
many businesses decide what to offer first, and then hope to find a market for it afterwards. In
contrast, the successful company will find out what customers need or want and then develop the
right product with the right level of quality to meet those needs now an in the future.
3. Promotion — All of the methods of communication that a marketer may use to provide
information to different parties about the product (Marketing, 2017). It’s includes activities such
as branding, advertising, sales management, special offers and exhibitions. Promotion must gain
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attention, be appealing, tell a consistent message and above all else give the customer a reason to
choose your product rather than someone else’s.
4. Place — Refers to providing the product at a place which is convenient for consumers to
access the product must be available in the right place, at the right time and in the right quantity.
CONCLUSION
On the basis of above discussion it is concluded that there is significant importance of
marketing for the business firms. There are number of tools in marketing that must be used by
the firms for advertising their products and services. Targeting and segmentation strategy are the
one of the main techniques that must be used by the firms for doing marketing of their products
in the market. It can be said that marketing pave way for success of an organization.
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REFERENCES
Books and Journals
McCaughey, M. and Ayers, M.D. eds., 2013. Cyberactivism: Online activism in theory and
practice. Routledge.
Ross, S.M., 2014. Introduction to probability models. Academic press.
Hull, J., 2012. Risk Management and Financial Institutions,+ Web Site. John Wiley & Sons.
Lambrecht, A. and Tucker, C., 2013. When does retargeting work? Information specificity in
online advertising. Journal of Marketing Research. 50(5). pp. 561-576.
San Lim, Y., Heng, P.C., Ng, T.H. and Cheah, C.S., 2016. Customers' online website satisfaction
in online apparel purchase: A study of Generation Y in Malaysia. Asia Pacific
Management Review. 21(2). pp. 74-78.
Reed, K., 2016. Users Engage More with Interface than Materials at Welsh Newspapers Online
Website. Evidence Based Library and Information Practice. 11(3). pp. 91-92.
Online
Marketing, 2017. [Online]. Available through :<
https://www.entrepreneur.com/topic/marketing>. [Accessed on 14th July 2017].
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