Marketing Principles and Techniques: Honey Jam Retail Report

This report analyzes the marketing strategies of Honey Jam, a toy retail store. It begins with an introduction to marketing principles, emphasizing the importance of adapting to the business environment and understanding customer demands. The report then delves into various aspects of Honey Jam's marketing approach, including market research methods, such as primary and secondary research, and a SWOT analysis. It also explores e-marketing tools like affiliate marketing and social media marketing. The report examines Honey Jam's segmentation strategies based on income, gender, and age, along with the application of the marketing mix (product, price, place, and promotion). The report highlights the significance of customer interaction, innovation, and purchase activities within the marketing department. It concludes by summarizing the application of marketing techniques and their impact on establishing a strong market presence and increasing sales, emphasizing the use of SWOT analysis and e-marketing techniques to enhance customer relationships and promote products effectively. The report underscores the importance of marketing research in identifying market opportunities and expanding the business.

Marketing Principles
and Techniques

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
What is Marketing.......................................................................................................................1
TASK2 ............................................................................................................................................2
Market Research..........................................................................................................................2
TASK 3............................................................................................................................................4
E-marketing.................................................................................................................................4
TASK 4 ...........................................................................................................................................5
Applying your learning...............................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing is one of the important sector which helps in promoting sales of company. Due
to change in business related factors business environment has to make alterations in their plans
and policies. Marketing is department which deals with customer to know their demands and
then take actions to upgrade growth of company (Lee and Hoffman, 2014). It is essential that
manger has to work as per business environment, so they can compete with external factors of
society. This report is based on Honey Jam which is toy retail store. In this report there is
discussion about market, its concept, marketing mix, e-,marketing, tools of market research.
TASK 1
What is Marketing
MARKETING
marketing is the department which helps too improve image of company in effective and
efficient way. There are possibilities that when company is expanding their business, then this
has to be known to society. So this is performed by marketing department. It is necessary that
organisation has to give emphasise on change in demand of customer, this can b e analysed by
marketing managers through various techniques.
ACTIVITIES PERFORMED BY MARKETING DEPARTMENTS
Apart from marketing job there are various activities which has to be performed by
marketing manager, which is important for growth and development of business. There are
various departments in business, which work to achieve targets of association. Some activities
apart from marketing performed by managers of Honey Jam are as under-
Innovation- There is requirement of various changes which has to be undertaken by
managers to make competent to other factors. There are possibilities that association has to
perform innovation so they can competent to satisfy demand of society.
Customer interaction- Customer is the main component which makes association to
work as per need of company. It is essential that marketing manager has to contact with
customers to know their requirements (Gray, Peltier and Schibrowsky, 2012).
Purchase- There is requirement of various raw material and other substances to make use
it in business operations. Toys has to be purchased from wholesaler for the purpose of resale, in
this case marketing department has to work for business growth.
SEGMENTATION
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Segmentation means to make difference among group of customer. Through
segmentation, demands can be satisfied in effective way. It is important to now what can be done
through which they can perform business activities in efficient and effective way. Honey Jam has
various basis on which they bifurcate their customers-
Income- This is the main cause of dividing customer in division. It is important ton know
what has to be done through which association can make their customers satisfied. It helps in
making customers satisfied and then give appropriate product to customer (Amaral, 2013).
Gender-Toys are basically for children. There is difference in demand of boy and girl
child, so it is necessary to show product which are effective as gender. Robots, cars, trucks, etc.
is preferred by boys. At the same time teddy bears, dolls, etc. are preferable.
Age- This is also effective factors which help to divide children. There are possibilities
that due to change in demand of customer. As child grows there demand for toys also differs, so
while knowing age of child manager can provide appropriate product (Biroscak and et. al.,
2014).
MARKETING MIX
Marketing mix is one of the effective technique which has to be used by m,angers to
know what has to be done through which organisation can display their product in more effective
and efficient way.
Product- Toy is the thing in which Honey Jam deals. As time passes trends of toys also
changes, so it is important to work as per demand of society. While purchasing product from
wholesaler they must be updated and of recent trends.
Price- Price of toys must be low, so they can be purchased by different customers. This is
effective as it helps to increase sales of association.
Place- Place is important component which says that manager has to displays products as
per culture of society where business is operating.
Promotion- Promotion means to promote product through various different sources. It is
essential that association has to select source through which they can attrtact more and morre
customers (Thackeray, Fulkerson and Neiger, 2012).
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TASK2
Market Research
Marketing research include all those marketing tools and techniques through which
organisation can research regarding all the current demands and wants of products and services
in which company is currently dealing on the basis of which they predict future success of
business.
Aim of research:- It is consider as simple way through which organisation can observe and
analyse all the data and information from various sources on the basis of which they predict the
condition regarding particular market.
Aim of marketing research:- The main aim and objective of marketing research is to identify the
basic needs and wants of customers regarding the products and services of Honey-jam which is
small retail shop of toys in London operated the business in form of family (Saunders,
Barrington and Sridharan, 2015).
Different marketing research methods:-
Their are different marketing research methods which can be used by any company who
establish their business at small scale and want to predict the growth rate in future. Research
through marketing can be done through both primary and secondary modes on the basis of
mission and objectives of business. If honey jam using secondary methods under which they
collect all the data and information from secondary source like magazines, published journals
and through different articles in which they get to know the demand and number of rivalry who
were working in such sector and their success story and on the basis of which further strategies
and tactics were made by company. Although Honey Jam is small retail store which engaged in
manufacturing of toys and it is family business so it is better for organisation to conduct the
primary research in which they gather all the data for first time and information they gathered are
relevant and true and leads to better result or outcomes for business in order to accomplish all the
goals and objectives (Lefebvre, 2012).
Further for better marketing analysis SWOT analysis of Honey Jam is conducted which
described below:-
Strength
11 Honey jam is small toy company
comprises of few customers but
Threats
Their is strong player in toy industries like
Wal-mart, KB toys and other rivalry so in
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company make strategy in order to
increase customer value through web
and apart from it company also have
proper distribution channel that has
been benefited through advance
logistics system.
order to reduce all the risk company need to
formulate various policies and strategies. In
case if company planning to expand market in
china they need to develop such creative plans
and must applied in their product services in
order to maintain their market place.
Weaknesses
Now a days toys industries has no single and
sustainable competitive advantages other than
brand. Apart from it, Walmart is coming up
different design in toys sector that become
difficult for toys company like honey jam to
preserve their market existence for longer
period of time.
Opportunity
Honey jam engaged in different toys
manufacturing with different design and
standard quality so in order to maximise sale
company must use such price strategy which is
affordable for all the group of people in order
to gain competitive advantage over
competitors.
TASK 3
E-marketing
E- marketing means marketing through electronic media. This is one concept which is
very famous in market. There are major use of marketing channel to promote sources but through
use of e- marketing they can contact more and more customers. Some of e- marketing tools are
as under-
Affiliate marketing: In this source there is help of some external parties of company and
on sales managers of Honey Jam has to give some commission (Kim and et. al., 2012).
Social media marketing: Social media are very important source of marketing which
help to perform business objectives in effective way. It is essential to know what has to be done
through which they can achieve targets.
Content marketing: Content related to product of Honey Jam has to be published at some
source where more and more people can perform actions. After reading this material they can
used by customer to know rating of association.
COMPANIES MANAGE THEIR ONLINE IMAGE
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It is essential that company has to make and retain their image in online platform. Some
measures used by Honey Jam are discussed as under-
Referrals- Referral are very effective these days. Through this customer are are of new
products launched by company to perform business objectives in effective way. Through this
sales can be increased in industry.
Joint sales- Joint sales means company can use these measures to know what has to be
done through which company can use resource of some other external source to perform business
objectives.
TASK 4
Applying your learning
Under this whole case it has been learned that marketer need to carry out different research
programmes and methods on the basis of which they can evaluate the whole external market
condition I.e. information regarding current trends and demand on the basis of which they make
alteration in their organisation structure which allow them to remain sustain for longer period.
Apart from it, honey jam is known for vintage line products and these toys are classic that parent
will remember for longer period of time (Kotler and Armstrong, 2013). From research it has
been observed that uniqueness of company is that known for tea sets, tiddlywinks and baby
grand pianos that help in attracting large number of customers.
Further company also conducting primary research under which they use the mode of personal
interview methods in which they ask series of questions related to toys quality and their
experiences or satisfaction customers get after using these products items. Different review and
opinion has been taken in which strength and weaknesses of company products and services
evaluated in which changes are made in respect of company products so that they easily increase
the sales and establish the long term relationship with customers (Armstrong and et. al., 2014). In
research it has been evaluated that marketing research is a systematic way through which
organisation can know about all the positive and negative factor that present in respect of their
goods and services and also know the ways through which company easily grab all the market
opportunities and use it for immense profits and on the basis of strong financial position
company also plan to expand their business at global level from local reach and this is one of the
major step in order to strengthen the brand position in market (Cătoiu, Geangu and Gârdan,
2013).
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CONCLUSION
It has been concluded from whole assignment that using various marketing techniques
and their principle allow business to establish the strong market place and increase the sales of
their products and services. Further in order to know the current situation in local region they
also conduct swot analysis which allow them to know exactly about their present position on the
basis of which management formulate different strategies and tactics that allow them to carry out
their operations in better and effective manner. Further, business can also use various marketing
promotion tools in order to create more awareness regarding their toys products and services.
Apart from it in order to establish long term relation with customers and for the purpose of face
to face communication different E-marketing techniques used through which they also promote
their goods and services and create such position which induces buyer to buy products in bulk.
Research medium is true medium through which organisation can plan to expand their business
at national and international level once brand image has been created company easily earn huge
profits and enhance their market share through which they accomplish their goals.
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REFERENCES
Books and Journals
Lee, S. H. and Hoffman, K. D., 2014. The" Iron Inventor": Using creative problem solving to
spur student creativity. Marketing Education Review. 24(1). pp.69-74.
Gray, D. M., Peltier, J. W. and Schibrowsky, J. A., 2012. The journal of marketing education:
Past, present, and future. Journal of Marketing Education. 34(3). pp.217-237.
do Amaral, S. A., 2013. Estudos de usuários e marketing da informação. Brazilian Journal of
Information Science. 7(1). pp.3-25.
Thackeray, R., Fulkerson, K. N. and Neiger, B. L., 2012. Defining the product in social
marketing: An analysis of published research. Journal of Nonprofit & Public Sector
Marketing. 24(2). pp.83-100.
Saunders, S. G., Barrington, D. J. and Sridharan, S., 2015. Redefining social marketing: beyond
behavioural change. Journal of Social Marketing. 5(2). pp.160-168.
Lefebvre, R. C., 2012. Transformative social marketing: co-creating the social marketing
discipline and brand. Journal of Social Marketing. 2(2). pp.118-129.
Kim, K. H. and et. al., 2012. Effective employment brand equity through sustainable competitive
advantage, marketing strategy, and corporate image. Journal of Business
Research. 65(11). pp.1612-1617.
Kotler, P. and Armstrong, G., 2013. Principles of Marketing (16th Global Edition).
Armstrong, G. and et. al., 2014. Principles of marketing. Pearson Australia.
Cătoiu, I., Geangu, I. P. and Gârdan, D. A., 2013. Applying marketing principles in the field of
medical services–an ethical challenge?. Procedia Economics and Finance. 6. pp.449-
456.
Biroscak, B. J. and et. al., 2014. Assessment of social marketing education, training, and
application in public health settings. International Review on Public and Nonprofit
Marketing. 11(2). pp.145-160.
Online
4 types of Market segmentation and how to segment with them? 2018. [Online]. Available
through: <https://www.marketing91.com/4-types-market-segmentation-segment/ >.
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