Market Analysis: Enhancing Annie's Product Using Marketing Principles

This report provides a comprehensive analysis of marketing principles and techniques applied to Annie's product, a small family business manufacturing household products, specifically shampoo. It covers key marketing concepts, diverse activities within the marketing department, and the market segmentation process for identifying target customers. The report also discusses the marketing mix (product, price, promotion, place) and its application to Annie's shampoo. Furthermore, it explores market research methods (primary and secondary) and market analysis tools and techniques (VMOST, SWOT, PEST, SOAR, Boston Matrix). The report also examines e-marketing methods and online image management. Finally, it addresses market analysis techniques for researching the target market, interpreting research findings, and presenting them to the marketing team, aiming to increase Annie's product's market share. Desklib provides access to this and other solved assignments for students.

MARKETING
PRINCIPLES AND
TECHNIQUES

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1..............................................................................................................................................4
1.1 CONCEPT OF MARKETING AND DIVERSE ACTIVITIES USED IN MARKETING
DEPARTMENT..............................................................................................................................4
1.2 MARKET SEGMENTATION PROCESS FOR IDENTIFYING CUSTOMERS...............................7
1.3 MARKETING MIX APPLICABLE TO THE PRODUCTS................................................................9
TASK 2............................................................................................................................................11
2.1 AIMS OF RESEARCH AND MARKET ANALYSIS......................................................................11
2.2 MARKET RESEARCH METHODS............................................................................................12
2.3 MARKET ANALYSIS TOOLS AND TECHNIQUES.....................................................................14
TASK 3............................................................................................................................................15
3.1 METHODS USED TO E- MARKET PRODUCTS AND SERVICES...............................................15
3.2 COMPANIES MANAGING THEIR ONLINE IMAGE.................................................................18
TASK 4............................................................................................................................................19
4.1 MARKET ANALYSIS TECHNIQUES TO RESEARCH THE TARGET MARKET FOR PRODUCTS
AND SERVICES............................................................................................................................19
4.2 INTERPRETATION OF THE FINDINGS OF MARKET RESEARCH AND MARKET ANALYSIS......20
4.3 PRESENTING THE FINDINGS TO THE MARKETING TEAM....................................................21
CONCLUSION.................................................................................................................................22
REFERENCES...................................................................................................................................23
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INTRODUCTION
Marketing is considered as the backbone of any business which helps in promoting the growth
of the business. This report focuses on the understanding of the concept of marketing for
running a business by doing research and the tools as well as the techniques needed for the
business to run smoothly. Further, the concept of e-marketing is described with respect to the
products and the services used by the business. This report describes the procedure and the
techniques that the small family runs a business of manufacturing the household products
consisting of the excellent product of shampoo for increasing the market share of the company
named Annie’s product.
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TASK 1
1.1 CONCEPT OF MARKETING AND DIVERSE ACTIVITIES USED IN MARKETING
DEPARTMENT
Marketing is defined as the doing the promotion of the products and services offered by the
company in order to attract a large number of customers for buying the products. It consists of
different activities such as advertising, selling the products and the products to the customer.
Marketing helps in describing the features of the product and their benefits to the customer so
that the customer can purchase it (Jobber and Ellis-Chadwick, 2012). The marketing helps in
building the relationship of the company with the customer. The analysis of the marketing is
done by the research which helps in understanding the needs as well as the demands of the
customer. The survival of the company without the marketing is impossible. The marketing
helps in gaining the profit of the company.
Figure: Core Marketing Concepts
Source: Administrator, 2011
DIVERSE ACTIVITIES IN MARKETING DEPARTMENT
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Marketing department in small business consist of a person, either the marketing director or
the manager in addition to the executive.
The diverse activities in the marketing department are:
Product Development
The product development helps in bringing either the new product or improving the existing
one so that the opportunities with respect to the company can be analysed by doing the
research on the needs of the customer (Lovelock, 2011). This approach helps in identifying the
features of the product.
Sales Report
Sales support can be built by the company by giving the customer the website of the company
to register their details so that the customer base will be build which will further help in
increasing the sales of the company.
Communication
Communication material can be developed by the company such as the brochures, leaflets,
advertisement according to their budget so that the promotion can be done of the products
and services of the company to the customer.
Market Research
The benefit of doing the market research helps in gaining the opportunities by analysing the
needs of the customer (Kotlerand Armstrong, 2010).The research is conducted in order to
identify the strength as well as the weaknesses of the competitors.
Events
The events help in organizing the seminars, exhibitions, conferences by planning the logistics
and the facilities of a meeting. For an example, presentation and handouts can be given to the
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customer of the shampoo product for the purpose of giving them knowledge about the
product.
Market Strategy
The strategy of the marketing is designed in order to achieve the overall objectives of the
company for entering a new market so that the campaigns of planning can be made. For an
example, the demands for product shampoo can be increased in the market using a market
strategy to enable the customer know about the brand.
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1.2 MARKET SEGMENTATION PROCESS FOR IDENTIFYING CUSTOMERS
Market segmentation is used to identify different types of customers based on their needsfor
the purpose of satisfying their needs. This process of identification of the customers is referred
to as the market segmentation (Hollensen, 2010).It is the division of the market into the
different types of segments so that the similar needs, as well as the demands of the people, can
be understood easily. After the division of the market, the customers can be targeted more
easily for buying the product.
Figure: Market Segmentation
Source: Admin, 2017
The various types of market segmentation are described below:
Demographic Segmentation
The market segmentation is done on the basis of age, income, qualifications, gender; status is
termed as demographic segmentation (Hair, et al.2010).The advantage of this is to divide the
people into groups of similar needs.
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Psychographics Segmentation
It consists of the segmentation on the basis of personality, lifestyle, characteristics, as well as
the status of the people.
Geographic Segmentation
The segmentation of the people is done on the basis of the country, village, state, region, etc. A
group of people is designed according to the location as well as the topography.
Behavioural Segmentation
Segmentation of the people is done on the basis of the behaviour of the people generally
consisting of the past behaviour in order to group the people.
Attractive Features of the Product for providing Attraction to Annie’s Business
The price of the shampoo is kept affordable so that the customer can easily buy it. The
shampoo is made from the herbal ingredients which will help in promoting the growth of the
hair. It will further help in curing all the hair related problems such as hair fall, dandruff,
dryness, etc. The shampoo will help in promoting the shine to the hair. The results of the
shampoo are commendable. It is safe for all the ages of the people. It has passed a further test
of quality.The goal of the product is to give the people a healthy, shiny, lustrous hair.
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1.3 MARKETING MIX APPLICABLE TO THE PRODUCTS
The marketing mix is considered as the foundation of marketing and is defines as the process of
bringing the right product at the right place and time in the market and also the price of the
product to be made correct (Armstrong, et al. 2015). Building a right marketing mix is utmost
essential in the business which consists of 4 Ps of marketing which is further described below:
Figure: Marketing Mix
Source: Bhasin, 2017
Product
A product is defined as the item built for the purpose of satisfying the needs of the customer.
The product consists of different phases of its life cycle including the growth, maturity, and the
downfall of the product. The Annie’s shampoo will satisfy the needs of the customer giving
them a lustrous and healthy looking hair solving their all the hair problems.
Price
Price is defined as the amount the company has set for the customer in order to buy it. Price of
the shampoo is kept affordable so that the customer can easily buy it.The price of Annie
shampoo is kept according to the values and the features possessed by it.
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Promotion
Promotion plays a key role in marketing in influencing the customer about the product with the
help of banners, advertisements, different media, etc. The Annie’s shampoo will be promoted
with the description of its excellent features so that the attention of the customer can be
drawn.
Place
The place is one of the most important components of marketing mix so that a large number of
customers can be targeted (Kimand Hyun, 2011). The place of distributing the product is chosen
according to the analysis done in the market for recognizing the target market.
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TASK 2
2.1AIMS OF RESEARCH AND MARKET ANALYSIS
The aims of market research and market analysis are described below:
 To understand the needs, demands and the expectation of the people.
 Evaluating the measures for improving the performance of policy of sales of the
company.
 Analysing the reactions of the people towards the company’s products as well as the
services.
 Identifying the opportunities for the company to enhance growth.
 Designing the attractive packages for the products of the company (Granot, et al. 2014).
 Improving the older products as well as introducing the other products by analysing the
market.
 Identification of the methods for doing the promotion of the products in order to
increase the customer base (Dibband Simkin, 2013).
 Identification of the strength as well as the weakness of the competitors.
 Analysing the market for determining the share of the company.
 Determining the problems of marketing along with their solutions to enhance the
growth in the market.
 Estimating the powers of buyers in the certain areas.
 Analysing the market for finding out the habits of the people.
 The market analysis helps in determining the conditions of the market. ‘
 To understand the customer level of acceptance.
 Helps in analysing the methods of distribution which is essential for the products as well
as the services.
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2.2 MARKET RESEARCH METHODS
Market research methods are classified into two types namely the primary methods and the
secondary methods.
Figure: Market Research Methods
Source: Administrator, 2017
PRIMARY RESEARCH METHOD
It further consists of the surveys, interviews, focus groups, observation, and the experiment
which are described below:
Surveys
Surveys are conducted in order to obtain the feedback about the particular product. It is
considered as one of the most commonly used methods of market research. A survey is done
for determining the facts and the satisfaction level of the customers and is done by analysing
the answers of the people (Malhotra, and Peterson, 2014).
Focus Groups
Focus group helps in estimating the research based on qualitative and is generally done by the
discussing involving a group of people. These people are set according to the common
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