Marketing Principles and Techniques: A Business Report Analysis

This report delves into the core principles and techniques of marketing, focusing on their application to a business scenario. It begins with an introduction to marketing, emphasizing its role in understanding customer needs and driving sales. The report then examines key marketing activities such as market research, strategy development, product development, and communication. It explores market segmentation, including demographic, behavioral, and geographic approaches. The marketing mix, encompassing product, price, place, and promotion, is discussed. The report further analyzes market research methods, including primary and secondary research, and market analysis techniques such as SWOT, PESTEL, and Porter's Five Forces. The role of e-marketing, including social media, link building, PPC, and content marketing, is also covered. The report concludes with an analysis of The Goodhood Store, identifying its strengths, weaknesses, and recommending promotional strategies to enhance its market presence and profitability. The analysis covers the competitive landscape and strategies to improve its marketing performance.

Marketing Principles and
Techniques

Table of Contents
Marketing Principles and Techniques..............................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................4
TASK 4............................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7

INTRODUCTION
Marketing is a technique that uses to explore a business among user to increase their
desire to enhance the purchases that eventually hike the profit of the business. Basically,
marketing is a tool which utilizes to recognize the needs of the targeted customers and among
whom who can make transactions to satisfy the both sides The Goodhood Store is a department
store that holds everything from stationary to apparels even footwear. It is a small family running
business the entire family is putting their efforts earn high profits but they has a less market
share. So in order to increase the market share they need a marketing team which utilize all its
techniques like research, segmentation and so on (Marshment, 2014).
TASK 1
Marketing Basics
Marketing is a technique which used by various organizations whether they are the giants
of the market or a small or medium company. When a firm establishes its business it hires a
marketing team that scream about the company's existence and the products which is offered by
them. It is uses to make public aware that they should know that there is a some firm which is
offering the desired products that for what the people looking for. 'The Goodhood Store' should
also hire a marketing team that can tell the people about the products that are showcasing in the
store.
Marketing activities
There are various activities that are followed by other business in order to promote their
business to earn profit. The activities are:
Market research : Marketing department conduct a research to know the needs of the
people in a certain region where the firm is working. A store should provide all the things which
are required by the target customers.
Strategies : After the research the team put their efforts to construct strategies that can
improve the business effectively.
Product development and supply : The product which are most demanded by the
people that should be developed by the firm for example, the designer clothes cause that are
always in demand. The stationary and footwear should be supply when it needed by the
customers so that it the overstock problem can be avoided.
Communications : Marketing team needs to maintain the communication cause that can
transform the required informations to accomplish the objectives (Lilien, Rangaswamy and
Bruyn, 2013).
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Campaign : Campaign is a marketing tactic which is used to promote a business and its
products to inform the people.
Commercialization : Commercialization is a launching of a business on a large scale to
gather people at one place so that the people surrounding the area get know about the firm.
These all activities are used by the firms to spread out the information for the availability
of the business. The Goodhood Store is a small business but it can also use all these activities
that will support a business to grow (Spotswood and et. al., 2012).
Market segmentation
Marketing segmentation is a trick to research a particular area that emphasize on the
people who are dwelling in that area, there are three kinds of segmentations such as :
Demographic segmentation : The demographic segmentation is based on the variables
such as age, gender, family size, income, occupation, religion, race and nationality. The
Goodhood Store need to acquire the store which can allure the people who are related to these
variables. If there are more school students they need to sale the stationary items and according
to the level of income.
Behavioural segmentation : The behavioural segmentation is dependent on the behave,
usage and decision making pattern. If there that kind of population that make quick decision
without thinking about the cost then The Goodhood Store can design the silhouettes that can
attract the people for the luxurious population cause they are not worried about the cost.
Geographic segmentation : Geographic segmentation refers itself as the people who are
living in a particular area might has some different kinds of needs so they are focused on major
priorities, for an instance the store is situated in the Old Spitalfields market so the people who
stays there might have some specific requirement of the footwear and clothes according to the
weather (Hair and et. al., 2012).
Marketing mix
There are four major marketing mix components that focuses on the customers with
different perspective, the marketing mix has 4Ps that includes:
Product : The product should be designed to satisfy the user needs and wants.
Price : Price of the product should sale with affordable that consumer willing to pay for
the product.
Place : The Goodhood Store is at the most accessible place cause it is established in the
crowded area of the city, the firm should be at a place where the customers can reach easily to
buy their stuff.
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Promotion : There are various techniques to promote a business like advertising,
campaigns,etc., in order to increase the sales (Geissler, Edison and Wayland, 2012).
TASK 2
Market research
Market research is the process to assess the market reactions with respect to the product
and services with directly reach to the customers. This allows a firm to reach towards the target
customers and get the opinions regarding the goods which are offered by them. The research
provides the market information about the products through conducting surveys, testing and
focused groups and getting the feedback from the loyal customers. The marketing research is
conducted with specific aim such as:
 To know the consumer response regarding products.
 To better understand the consumer's needs and expectations.
 To know the nature of customer and competition in the market.
 To evaluate the reputation of the firm.
 To improve the existing products and introduce new range of products.
Market research methods
Marketing research has two methods such as :
Primary research – Primary research is a technique that used to gather the information
that can be utilize to improve the products, services, and functions. It is also used to gather the
information from the people in terms of feedback forms and interviews. That tells that what kind
of services and products are expected from the store. The store should take interview of the
people so that the firm can know what kind of products are required by the people.
Secondary research - The secondary research is used to refine the gathered information
to derive the qualitative information which can reflect in the near future. It is a collected
information that is already has been approved in the previous phase.
For an example, The Goodhood Store is a small business so can directly access the
customer requirements through interviews of the several people cause they can tell easily what
kind of product they want and then the store owners can stock the stuff according to the need and
demand of prospect customers (Burchell, Rettie and Patel, 2013).
Market analysis
Marketing analysis refers to the quantitative and qualitative assessment of the market in
terms of the size of market from the both point of view that is in volume and in value. It is based
on the customer segmentation, competition and the economic environment. It is uses to diagnose
the potential problems in the focused area to measure the success and failure rate of the idea.
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There are several kind of market analysis tools and techniques which embrace the market
situations and condition of the business such as :
 SWOT analysis
 PESTEL analysis
 PORTER's Five Force Analysis
 COMPETITION analysis
These are the techniques which can be used to measure the business on various points to increase
the sales in order to profit (Calco and Veeck, 2015).
TASK 3
E - marketing
In present marketing scenario, marketing is not all about the television and print media
advertising. In fact technological world, marketing has gone beyond limits cause it has a open a
wide area to spread. If a firm develops its website then it can gain profit much beyond the
thinking that becomes possible because of the internet, it is providing a huge platform for
advertising. E – marketing or online marketing has various techniques from which a business can
boost the sales through advertising. It can include:
Social media : Social media is big platform that is uses by several social media websites
an entrepreneur can get increase the sales by exposing its business on Facebook, Twitter, Reddit,
Delicious, Tumbler, imgur, Flickr, etc. On these kind of websites are used to promote the
products of the firm through advertisements and infographic.
Link building – A firm can also promote a business through link building on various
blogs and websites that are similar. Through link building the reader follows a back to back link
that directs towards the website lending page.
PPC – PPC or pay per click is a paid source to generate the traffic whenever the expected
visitor will click on the link that is showed on the Google search page at the owner have to
transfer the money to the marketing team (Marshment, 2014).
Blog –Blog is about to share the experience on several things, anyone can write a blog so
an entrepreneur can also write a blog to promote its business by describing in creative words.
Content marketing – Content marketing is one of the attractive thing which appeals to
the reader in an enchanting way that can engage the people while reading and keep their interest
alive. The content should be unique and ultimate that can derive the customer to the website with
a satisfying description about the product.
Manage online image
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Set up Google alerts – Google alerts is the best tool to manage a business, it allows
notification when somebody react to the brand and this is also use to analyse the competition also
(Lilien, Rangaswamy and Bruyn, 2013).
Become a Social Listener – An entrepreneur should listen other, they participant in the
discussion and listen what others are saying no matter it is good or bad.
Monitor Feedback – One should monitor feedbacks carefully so that they can overcome
and corrected for the next time. Feedback is also encourage the business when it is all good.
These things will keep the entrepreneur aware about the market and also help to manage
online image of the the The Goodhood Store that can keep the business growing with raising
sales.
TASK 4
The Goodhood Store is a one stop destination for all the people who has been done the
exploring every nook and cranny. The store is displaying its knack with a niche to provide stuff
to everyone whether its a stationary, footwear or the apparels. Though it needs a marketing to
enhance its business through market research, segmentation and market analysis.
Although the firm is offering so many things but there is something which is not working
for it, so initially by putting up a research in which the direct interview and survey it is observed
that there are many competitors in the market who are also offering the same elements. As the
firm is situated in the well renowned market there are so many existing rivals who have strong
and loyal customer bonding (Spotswood and et. al., 2012).
The Goodhood Store is also has some strength and weaknesses:
Strength
 The store is offering multiple stuff that is most demanded in every age group.
 It is situated in in the main market area.
 The quality of the goods is outstanding.
Weaknesses
 It does not have the marketing team.
 Fix price so that the buyer cannot bargain the price.
 It has less visibility in the market.
In order to increase the business The Goodhood Store should use the promotional strategies that
can give a hike to the business.
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CONCLUSION
Every business organization has a marketing department that aid to support the firm. It is used to
satisfy customer own requirements and the business needs in terms of money and growing
market share. The report is based on the The Goodhood Store which is a family run small
business but has a less sales due to lack of marketing that's why it is reporting the benefits of the
marketing by using several techniques.
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REFERENCES
Books and Journals
Lees-Marshment, J., 2014. Political marketing: Principles and applications. Routledge.
Lilien, G.L., Rangaswamy, A. and De Bruyn, A., 2013. Principles of marketing engineering.
DecisionPro.
Spotswood, F. and et. al., 2012. Some reasonable but uncomfortable questions about social
marketing. Journal of Social Marketing. 2(3). pp.163-175.
Hair, J.F. and et.al., 2012. An assessment of the use of partial least squares structural equation
modeling in marketing research. Journal of the academy of marketing science. 40(3).
pp.414-433.
Geissler, G. L., Edison, S. W. and Wayland, J. P., 2012. Improving students' critical thinking,
creativity, and communication skills. Journal of Instructional Pedagogies. 8. p.1.
Burchell, K., Rettie, R. and Patel, K., 2013. Marketing social norms: social marketing and the
‘social norm approach’. Journal of Consumer Behaviour. 12(1), pp.1-9.
Calco, M. and Veeck, A., 2015. The markathon: Adapting the hackathon model for an
introductory marketing class project. Marketing Education Review. 25(1). pp.33-38.
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