Comprehensive Marketing Report: Strategies, Research, and Analysis

This report provides a detailed overview of marketing principles and strategies. It begins by defining marketing and then explores various techniques, including market penetration, development, and diversification, as outlined in the Ansoff matrix. The report addresses the limitations and constraints of marketing, such as budgetary, legal, and ethical considerations. It then delves into the uses of marketing research, covering information gathering on market size, product acceptance, pricing, promotion, and distribution. The report explains how to utilize data collected through marketing research for marketing planning, emphasizing the importance of desk and original research methods. It also discusses the process of targeting customer groups, highlighting the need for specific market segmentation. Finally, the report examines the coherent marketing mix, outlining the 4Ps (product, price, place, and promotion) along with additional elements like process, physical evidence, and people.

Introduction to Marketing

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1) Marketing techniques ...........................................................................................................3
P2) Limitations and constraints of marketing .............................................................................4
TASK 2 ...........................................................................................................................................4
P3) Uses of marketing research ..................................................................................................4
P4) Utilising data and information collected through marketing research for marketing
planning.......................................................................................................................................5
TASK 3 ...........................................................................................................................................6
P5) Targeting customer groups....................................................................................................6
TASK 4 ...........................................................................................................................................7
P6) Coherent marketing mix........................................................................................................7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Marketing is the study and management of exchange relationships. The American
Marketing Association has defined marketing as "the activity, set of institutions, and processes
for creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large. In this report, Marketing techniques, Limitations and
constraints of marketing, Uses of marketing research, Utilising data and information collected
through marketing research for marketing planning, Targeting customer groups and Coherent
marketing mix has been depicted. These informative content shall help in improving the
knowledge base with regards to marketing and marketing strategies.
TASK 1
P1) Marketing techniques
A marketing strategy is an overall marketing plan designed to meet the needs and
requirements of customers. The plan should be based on clear objectives. A number of
techniques will then be employed to make sure that the marketing plan is effectively delivered.
Market Penetration: The first quadrant in the Ansoff matrix is market penetration. It is often
adopted as a strategy when the organization has an existing product with a known market and
needs a growth strategy within that market. The best example of such a scenario is the telecom
industry. Most telecom products exist in the market and must cater to that market.
Market Development: Market development is the second market growth strategy in the Ansoff
matrix. This strategy is used when the firm targets a new market with existing products. There
are several examples. These include leading footwear firms like Adidas, Nike and Reebok, which
have entered international markets for expansion.
Product Development: Product development in the Ansoff matrix refers to firms which have a
good market share in an existing market and therefore might need to introduce new products for
expansion. Product development is needed when the company has a good customer base and
knows that the market for its existing product has reached saturation.
Diversification. The diversification strategy in the Ansoff matrix applies when the product is
completely new and is being introduced into a new market.
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P2) Limitations and constraints of marketing
Budgetary constraints
Gathering and processing data can be very expensive. Many organisations may lack the expertise
to conduct extensive surveys to gather primary data, whatever the potential benefits, and also
lack the funds to pay specialist market research agencies to gather such data for them. In these
cases, organisations may be forced to rely on data that is less than ‘perfect’ but that can be
accessed more cheaply, e.g., from secondary sources.
Legal & ethical constraints
the Data Protection Act (1998) is a good example of a law that has a number of implications for
market researchers collecting and holding personal data. For instance, researchers must ensure
that the data they obtain is kept secure, is only used for lawful purposes and is only kept for as
long as it is necessary. It must be made clear as to why data is being collected and the consent of
participants must be obtained. In addition to this, there are a number of guidelines, laid down by
such organisations as the Market Research Society, that, although not legally binding, encourage
organisations to behave ethically when dealing with members of the public.
TASK 2
P3) Uses of marketing research
A wide variety of information used to support marketing decisions can be obtained from
market research. A selection of such uses are summarised below:
Information about the size and competitive structure of the market
• Analysis of the market potential for existing products (e.g. market size, growth, changing
sales trends)
• Forecasting future demand for existing products
• Assessing the potential for new products
• Study of market trends
• Analysis of competitor behaviour and performance
• Analysis of market shares
Information about Products
• Likely customer acceptance (or rejection) of new products
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• Comparison of existing products in the market (e.g. price, features, costs, distribution)
• Forecasting new uses for existing products
• Technologies that may threaten existing products
• New product development
Information about Pricing in the Market
• Estimates and testing of price elasticity
• Trends in pricing over recent years
• Analysis of revenues, margins and profits
• Customer perceptions of “just or fair” pricing
• Competitor pricing strategies
Information about Promotion in the Market
• Effectiveness of advertising
• Effectiveness of sales force (personal selling)
• Extent and effectiveness of sales promotional activities
• Competitor promotional strategies
Information about Distribution in the Market
• Use and effectiveness of distribution channels
• Opportunities to sell direct
• Cost of transporting and warehousing products
• Level and quality of after-sales service
P4) Utilising data and information collected through marketing research for marketing planning
Different ways to gather data about what your customers, beneficiaries and donors want
is acknowledged through marketing research. Marketing information and research describes
information you need to collect which gives you a good idea what your target customers
(beneficiaries, donors, opinion formers, etc) are thinking/wanting/needing or doing in relation to
your product (be it a service, a fundraising proposal or a campaign).
There are many methods of collecting this information but these fall into two camps.
Desk research is where you gather information which is already available inside or outside your
organisation. Original research is where you or someone you commission asks questions of a lot
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of people in your target group (quantitative research) or approaches a few people and goes into a
lot of depth with them (qualitative research).
Business owners use market research to:
 Determine the feasibility of a new business. Market research is an essential component
of a business plan for startup businesses - if market research does not indicate a demand
for the product or service the proposed business will not likely be viable.
 Test interest in new products or services to respond to customer needs.
 Find and develop new markets. Monitor industry and economic trends and develop strategies to adapt the business to the
changing environment.
 Determine optimal product placement - when, where, and how should a product or
service be distributed. Improve aspects of their businesses, such as customer service. Develop competitive strategies - for example, setting competitive pricing for products or
services or determining how your products/services and customer service compare to the
competition.
 Develop optimal strategies for promotion - how to get the message out to the target
market via branding, traditional advertising and/or social media, etc.
TASK 3
P5) Targeting customer groups
Many businesses say they target "anyone interested in my services." Some say they target
small-business owners, homeowners, or stay-at-home moms. All of these targets are too general.
Targeting a specific market does not mean that you are excluding people who do not fit your
criteria. Rather, target marketing allows you to focus your marketing dollars and brand message
on a specific market that is more likely to buy from you than other markets. This is a much more
affordable, efficient, and effective way to reach potential clients and generate business.
For example, an interior design company could choose to market to homeowners between
the ages of 35 and 65 with incomes of $150,000-plus in Baton Rouge, Louisiana. To define the
market even further, the company could choose to target only those interested in kitchen and bath
remodelling and traditional styles. This market could be broken down into two niches: parents on
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the go and retiring baby boomers. With a clearly defined target audience, it is much easier to
determine where and how to market your company. Here are some tips to help you define your
target market.
A target market is a group of people considered likely to buy a product or service. A
target market consists of customers that share similar characteristics, such as age, location,
income and lifestyle, to which a business directs its marketing efforts and sells its products. As
marketing efforts are becoming increasingly online based, the need to find the right market for
marketing campaigns is essential. One of the first steps in developing an effective marketing
campaign is determining an appropriate target market so that marketing goals can be set and
implemented.
TASK 4
P6) Coherent marketing mix
Marketing mix is commonly known as the 4Ps: product, price, place and promotion.
These are controllable element and it importantly use when determined and adjusted until the
right combination that serve the needs of the product’s consumers.
Product: A product is an item that is built or produced to satisfy the needs of a certain group of
people. The product can be intangible or tangible as it can be in the form of services or goods.
You must ensure to have the right type of product that is in demand for your market. So
during the product development phase, the marketer must do an extensive research on the life
cycle of the product that they are creating.
A product has a certain life cycle that includes the growth phase, the maturity phase, and
the sales decline phase. It is important for marketers to reinvent their products to stimulate more
demand once it reaches the sales decline phase. Marketers must also create the right product mix.
It may be wise to expand your current product mix by diversifying and increasing the depth of
your product line. All in all, marketers must ask themselves the question “what can I do to offer a
better product to this group of people than my competitors”.
Price: The price of the product is basically the amount that a customer pays for to enjoy it. Price
is a very important component of the marketing mix definition.
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It is also a very important component of a marketing plan as it determines your firm’s profit and
survival. Adjusting the price of the product has a big impact on the entire marketing strategy as
well as greatly affecting the sales and demand of the product.
This is inherently a touchy area though. If a company is new to the market and has not made a
name for themselves yet, it is unlikely that your target market will be willing to pay a high price.
Although they may be willing in the future to hand over large sums of money, it is inevitably
harder to get them to do so during the birth of a business.
Place: Placement or distribution is a very important part of the product mix definition. You have
to position and distribute the product in a place that is accessible to potential buyers.
This comes with a deep understanding of your target market. Understand them inside out
and you will discover the most efficient positioning and distribution channels that directly speak
with your market.
There are many distribution strategies, including:
 Intensive distribution
 Exclusive distribution
 Selective distribution
 Franchising
Promotion: Promotion is a very important component of marketing as it can boost brand
recognition and sales. Promotion is comprised of various elements like:
 Sales Organization
 Public Relations
 Advertising
 Sales Promotion
Advertising typically covers communication methods that are paid for like television
advertisements, radio commercials, print media, and internet advertisements. In contemporary
times, there seems to be a shift in focus offline to the online world.
Process:The systems and processes of the organization affect the execution of the service. So,
you have to make sure that you have a well-tailored process in place to minimize costs. It could
be your entire sales funnel, a pay system, distribution system and other systematic procedures
and steps to ensure a working business that is running effectively.
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Physical Evidence: In the service industries, there should be physical evidence that the service
was delivered. Additionally, physical evidence pertains also to how a business and it’s products
are perceived in the marketplace.
People: Of both target market and people directly related to the business. Thorough research is
important to discover whether there are enough people in your target market that is in demand
for certain types of products and services. The company’s employees are important in marketing
because they are the ones who deliver the service. It is important to hire and train the right
people to deliver superior service to the clients, whether they run a support desk, customer
service, copywriters, programmers…etc.
CONCLUSION
Through this report, one can understand the basic marketing strategies which a company
can use for bringing more effectiveness to its product development and distribution of the
commodity. The use of coherent marketing mix and marketing researches helps in planning the
entire marketing process quite efficiently.
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REFERENCES
Books and Journals
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Williamson, et al, 2004, Strategic Management and Business Analysis, Butterworth-Heinemann,
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Palmer, A. and Hartley, B., 2006, The Business Environment (5th edi.), McGraw-Hill
Education, Berkshire, UK.
Worthington, I. and Britton, C., 2006, The Business Environment (5th ed.), De Monfort
University, Leicester.
Botha, A., Kourie, D. and Snyman, R., 2014. Coping with continuous change in the business
environment: Knowledge management and knowledge management technology. Elsevier.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Wetherly, P. and Otter, D., 2014. The business environment: themes and issues in a globalizing
world. Oxford University Press.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Belás, J., Bartos, P., Habánik, J. and Novák, P., 2014. Significant attributes of the business
environment in small and meduim-sized enterprises. Economics & Sociology, 7(3), p.22.
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http://www.tutor2u.net/economics/revision-notes/a2-micro-competition-policy.html
[Accessed: 08/05/2017].
Lasanthaw (2012), Objectives of Public and Private sector organizations – A comparison
[Online], August 3, 2012, Available from: http://lasanthaw.hubpages.com/hub/Objectives-
of-Public-and-Private-organizations-comparison [Accessed: 08/05/2017].
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