Marketing Principles and Techniques: Specsavers Optical Group Report

This report provides a detailed analysis of marketing principles and techniques, using Specsavers Optical Group Ltd as a case study. It begins with an introduction to marketing and its importance, followed by an examination of market segmentation strategies, including psychographic, demographic, geographical, and behavioral segmentation. The report then delves into the marketing mix, analyzing place, product, promotion, and price strategies employed by Specsavers. Furthermore, it explores the aims of market research and various analysis tools such as SWOT and PESTLE analysis, along with market research methods like primary and secondary research. The report also discusses the methods used for e-marketing products and services and the importance of managing a company's online image. The conclusion summarizes the key findings and insights gained from the analysis. The report is a valuable resource for students studying marketing and related fields, offering practical examples and theoretical frameworks for understanding marketing concepts. This assignment is available on Desklib, a platform providing AI-based study tools for students to access past papers and solved assignments.

MARKETING PRINCIPLES AND
TECHNIQUES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Marketing.....................................................................................................................................1
Market segmentation....................................................................................................................2
Marketing mix..............................................................................................................................2
TASK 2............................................................................................................................................4
Aim of research and market analysis...........................................................................................4
Market research methods.............................................................................................................4
Market analysis tools...................................................................................................................5
TASK 3............................................................................................................................................7
Methods used to e-market products and services........................................................................7
Manage online image of company...............................................................................................8
TASK 4............................................................................................................................................9
Target market...............................................................................................................................9
Interpret findings of market research and analysis......................................................................9
Findings........................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is the process of promoting goods and services in order to raise profit of entity.
Present study is based on Specsaversoptical group Ltd that operates its business in optical
industry. Report will describe the concept of marketing and various marketing mix elements.
Furthermore, it will explain the aim of market research and various analysis tools that can be
used by enterprise for targeting consumers. This report covers different aspects of marketing
such as different types of marketing segmentation, marketing mix, etc. These days, there is use
of e- marketing concepts which helps to contact with consumers and provide them information
related to latest product and services.
TASK 1
Marketing
Marketing can be defined as a key activity that helps entities in identifying the needs of
consumers and promoting brand. It is considered as the management process for creating and
communicating things that have values for consumers. The Specsaversoptical group Ltd is a
medium sized family business of UK (Graber and et.al, 2016). Company is operating its business
in retail industry and offers a range of sunglasses and contact lenses to consumers. The main
agenda of this firm is to enhance sales volume and increase market share. It is very important to
take support of effective marketing strategies.
There are various activities carried out in marketing department of other businesses such
as market research, promotion, communication, etc. Specsaversoptical group Ltd can take
support of marketing activities in order to search about consumer needs and requirements.
Research aids in identifying opportunities and threats for the organization. Marketing assists in
identifying improvement areas so that entity can make changes in its products and can develop
goods and services of entity. Other businesses conduct market research in order to address
requirements of consumers (Lees-Marshment, 2014). Furthermore, marketing department of
companies perform function of product placement. Organizations take support of various
distribution channels so that final goods can reach to the end users. Apart from this, marketing
department performs the function of promotion. It aids in promoting products and services of
business across the world.
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Market segmentation
Market segmentation is considered as process of dividing potential consumers on the basis
of their certain characteristics. This classification method assists in targeting right people and
convey message to them. There are different kinds of segmentation methods that can be used by
Specsaversoptical group Ltd in its workplace (Lee, 2017). These are explained as below:
 Psychographic segmentation: In this segmentation method companies segment their
target audience on their bases of lifestyle, interest of people. It considered psychological
aspects (Merritt and et.al, 2017). There is difference in lifestyle of youngsters and old age
people, so there is difference in optical requirement of consumers. There is changes
taking place in trends regularly so it must be analysed by managers of Specsaversoptical
group Ltd to increase consumer satisfaction.
 Demographic segmentation: It is type of method in which marketers divide people on
the bases of their demographic features such as age, income, gender, family size,
occupation etc. Most of the companies take assistance of this segmentation method
because by this way they can attract more people by offering goods as per their desires.
 Geographical segmentation: It can be defined as classification of market on the bases of
geographical areas. To promote products and services in other geographical location
entity will have to implement different strategies. Specsaversoptical group Ltd deals in
optical sector, hence there is no major difference on the basis of geographical region. In
case of special requirement of consumers, then managers must provide it, so satisfaction
can be achieved.
 Behavioural segmentation: It is another type of sorting method that considers
behaviour, preferences, choice of people (Mayer, Borges and Simske, 2018). For example
young people like to use fashionable optical and contact lenses whereas old people like to
use simple glasses. So, Specsaversoptical group Ltd can target both these consumers by
taking support of different marketing strategies.
Marketing mix
Eye care or optical industry is performing well in UK. There are many people those who
use contact lens. This product of entity generates 25-30% profit. Marketing mix is most effective
marketing strategy that helps businesses in accomplishing their objectives (Kraak and et.al,
2017).
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Figure 1: Marketing mix
(Source: The Marketing Mix, 2018)
Place
Specsaversoptical group Ltd is family business that performs well in UK. Entity has
opened various outlets in high street locations. It has shops in malls and other places near to UK.
Place is important aspect which assist manager to make changes in marketing policies. In case
people are not so techno friendly, then marketing must be done with print media.
Product
Specsaversoptical group Ltd offers wide range of products such as sun glasses, contact
lenses, hearing aids, spectacles etc. Entity offers power, premium, sporty glasses to consumers.
It always concentrates on needs of consumers and accordingly offers them goods and services. It
has different products for men, women and kids (Vellas, 2016).
Promotion
Specsaversoptical group Ltd uses Facebook, YouTube and Twitter to promote its contact
lenses product in UK. It makes effective coordination with population by this medium and makes
them aware with products and services of enterprise (Dutescu and et.al, 2017). These days,
changes in trends are taking place rapidly, so there must be use of different techniques which
attracts consumers. This helps to create brand image in industry and hence it is easy to compete
with other brands.
Price
Specsaversoptical group Ltd always concentrate on providing high quality innovative
products to consumers. That is why it has hold patent for some of its premium products such eye
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wear, contact lenses etc (Yamashita, 2016). It takes support of premium pricing strategy.
Population of UK is ready to pay more for getting premium products. Entity also adopts
promotional pricing strategy in which company offers amazing coupons and promo codes to
people those who buy products online.
TASK 2
Aim of research and market analysis
Market research and analysis aim to evaluate promotional activities and make necessary
changes so that overall sales revenues of entity can be increased. Another purpose of
conducting research is to find out reaction of people and design products in such manner so that
it can meet with needs of target audience (The Marketing Mix. 2018).
The main agenda of conducting market research is to gather in-depth information about
needs of consumers and their requirements. Market analysis assist in evaluating the process ad
making sound decision for the growth of business unit. Specsaversoptical group Ltd is family
business that conducts its operations in market at medium scale. The objective of firm is to
develop new products and attract more buyers. By conducting market research and analysis
marketers can identify development areas and can implement innovative ideas in order to
develop its products (Market segmentation, 2018).
Market research methods
There are two main types of methods that help organization in conducting market research.
These are primary and secondary methods.
 Primary research is type of technique in which marketers gather data by own. These are
original detail that is directly linked with purpose of entity. Survey, interview,
questionnaire etc. are various primary research methods. Though it is time consuming but
it aids in gathering factual detail about needs of consumers and market situations
(Different types and methods of e-marketing, 2016).
 On other hand secondary research method is another type of technique in which
researcher use books, journals, internet articles in order to address market situation. There
are many authors that have conducted research on the same topic and individual utilize
their studies in order to make sound decision for the welfare of business. It is type of
source that uses already available details from multiple sources.
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In order to enhance market share of company, Specsaversoptical group Ltd needs to take
support of primary data collection sources. Entity can take support of questionnaire and can ask
questions with consumers (Online Reputation Management Tips: 3 Brands to Learn From,
2014). This will help in identifying their requirement and providing them goods and services as
per their desires.
Market analysis tools
Specsaversoptical group Ltd can use various methods to analysis market: SWOT and
PESTLE.
PESTLE analysis
On other hand Specsaversoptical group Ltd can use PESTLE analysis techniques for
identifying its external position. It will support in evaluating external factors that can influence
overall performance of business. This will help in making sound decision so that entity can run
its business in international market effectively. It includes political, economic, technological,
social and legal as well as environmental factors that put their impact on the overall performance
of entity (Lees-Marshment, 2014).
Porter’s five forces
It is another type of analysis tool that helps in analysing competition in market. There are
five main forces that impact on functioning of entity such as bargaining power of suppliers,
consumers, threats of new entrants, competitive rivalry, threats of substitute products. By looking
upon these elements Specsaversoptical group Ltd can make effective strategy for improving its
market position (Merritt and et.al, 2017).
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(Source: Porter's Five Force Model, 2017)
SWOT analysis
In order to conduct internal investigation company can use SWOT analysis techniques. By
conducting SWOT, it will be able to identify strength, weakness, opportunities and threats of
business. This will help in identifying actual internal position so enterprise will be able to make
strategies for improving its situation (Graber and et.al, 2016).
(Source: SWOT Analysis, 2017)
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Illustration 2: SWOT Analysis
Illustration 1: Porter's Five Force Model

TASK 3
Methods used to e-market products and services
In order to enhance revenues and expand its business in the countries Specsaversoptical
group Ltd can take support of e-mail marketing method. Entity can send email to certain segment
of consumers. It consumes low cost and target particular segment people. This can increase
return of organization significantly (Yamashita, 2016).
Illustration 3: email marketing
(Source: Different types and methods of e-marketing, 2016)
Email marketing is best way to communicate with consumers and provide them
information related to product and services. This is the way to make consumer remember aboiut
brand image. Hence there is increment in consumer base which is fruitful in terms of positive
sales.
Social media is most common and popular e-marketing method, entity can coordinate with
consumers through social networking sites. With the help of social networking sites entity can
make connection with mass audience and can make them aware with products and services of
entity. This strategy can help Specsaversoptical group Ltd in increasing number of consumers
and improving its ranking as well. By this way firm will be able to market its contact lenses and
other eye wear products effectively (Vellas, 2016).
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Illustration 4: social media
(Source: Different types and methods of e-marketing, 2016)
Manage online image of company
Specsaversoptical group Ltd has faced difficulty when its flights were cancelled because
people were giving negative reviews about entity. In such condition enterprise has improved its
communication with consumers. Specsaversoptical group Ltd has started communicating with
travellers through social networking sites.
They have ensured that they give quick response to consumers. This has improved brand
reputation of business (Online Reputation Management Tips: 3 Brands to Learn From, 2014).
Thus, effective communication and improved customer service facilities are great way to manage
online reputation of organization.
One of the most effective way to manage online image of company is to make effective
interaction with consumers and improve online customer service facilities. For example before
few years Nike was facing huge issues and its online sales were getting decreased. In such
condition entity has improved its customer service facility. Entity has simplifies its process and
start giving immediate response to unhappy consumers. Online platform is the best way through
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which organization can develop its reputation. This strategy has supported Nike in attracting
more buyers and enhancing its image (Yamashita, 2016).
TASK 4
Target market
Target market are the consumers for whom product and services are planned. Marketing
plan are framed for the target market in order to attract them and satisfy them in terms of product
and services.
Use of social media is considered as most effective market analysis method that can help
Specsaversoptical group Ltd in targeting its consumers. By using social media entity will be able
to share its content related to contact lenses. It will support in attracting women and men towards
the brand. They will get to know about variety of contact lenses and benefits that provides by
Specsaversoptical group Ltd (Merritt and et.al, 2017). Online marketing will assist in identifying
needs of various consumers and entity will be able to offer them same products and services.
Interpret findings of market research and analysis
From the research it is analysed that social media is best way to enhance communication
with mass audience. This helps in identifying needs of people and providing them goods and
services as per their requirements. If Specsaversoptical group Ltd takes support of social media
marketing techniques then it would be beneficial for organization in targeting mass audience. By
this way entity will be able to collect fast reviews of consumers. This would help in increasing
traffic and enhancing sales of business unit (Lee, 2017).
Findings
Social media marketing is key element for the success of business unit. This can increase
brand awareness of Specsaversoptical group Ltd. Apart from this by using this method entity will
be able to improve its search engine ranking this will be beneficial in gaining competitive
advantage. It would be beneficial for Specsaversoptical group Ltd to use social networking sites.
By this way company will raise coordination with consumers and will be able to target mass
audience. Thus, for raising marker share and enhancing profit of company it would be better to
use his strategy (Graber and et. al, 2016). This will help in accomplishing its objective and
making people loyal towards the brand. From the above discussion it is clear that role of
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marketing is important and hence marketing manager has to select approaches according to
market trends to increase revenues and profits of association.
CONCLUSION
From the above study, it can be concluded that marketing plays a significant role in
development of business unit. Entity can use effective market analysis techniques in order to
evaluate the market condition and identifying needs of consumers. This is the way that can help
organization in performing well and retaining consumers in the firm for longer duration. At last it
is concluded that with the marketing techniques such as Porter's Five Force Model and PESTLE
analysis, it is easy to analyse external market and competitors policies which helps to attain good
image in industry.
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REFERENCES
Books and Journals
Dutescu, A. and et.al., 2017, July. Sustainability of financial professional services through
marketing strategy-an empirical research. In Proceedings of the International Conference
on Business Excellence (Vol. 11, No. 1, pp. 121-130). De Gruyter Open.
Graber, L.W. and et.al., 2016. Orthodontics-e-book: current principles and techniques. Elsevier
Health Sciences.
Kraak, V. I. and et.al., 2017. A novel marketing mix and choice architecture framework to
nudge restaurant customers toward healthy food environments to reduce obesity in the
United States. Obesity Reviews. 18(8). pp.852-868.
Lee, N. R., 2017. Policymaking for Citizen Behavior Change: A Social Marketing Approach.
Routledge.
Lees-Marshment, J., 2014. Political marketing: Principles and applications. Routledge.
Mayer, J., Borges, P. V. and Simske, S. J., 2018. Introduction. In Fundamentals and Applications
of Hardcopy Communication (pp. 1-5). Springer, Cham.
Merritt, R. K. and et.al., 2017. The History of Social Marketing in Europe: The Story So Far.
Social Marketing Quarterly. 23(4). pp.291-301.
Vellas, F., 2016. The international marketing of travel and tourism: A strategic approach.
Macmillan International Higher Education.
Yamashita, R., 2016. The potential of social marketing on a community based agricultural
cooperation in indonesia based the viewpoint of forthcoming globalization. advancing
inclusive rural development and transformation in a challenging environment. p p.102.
Online
Different types and methods of e-marketing. 2016. [Online]. Available through:
<https://code95.com/blog/types-and-methods-of-e-marketing/>.
Market segmentation. 2018. [Online]. Available through:
<https://www.decisionanalyst.com/whitepapers/marketsegmentation/>.
Online Reputation Management Tips: 3 Brands to Learn From. 2014. [Online]. Available
through: <https://adespresso.com/blog/online-reputation-management-tips/>.
The Marketing Mix. 2018. [Online]. Available through: <http://tinobusiness.com/the-marketing-
mix-variables-that-comprise-tools/>.
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