Table of Contents
Definition of marketing.
Diverse activities carried out in marketing departments in other businesses.
Explain market segmentation as a tool to identify customers. Give examples of the different market segments your business attracts.
Explain the marketing mix and apply it to Bondor Bazar products.
Explain the aims of research and market analysis.
Describe market research methods. Give examples of methods that would be suitable for your own organization
Outline market analysis tools and techniques that could be used.
Describe the methods used to e-market products and services.
Explain how companies manage their online image.
Use market analysis techniques to research the target market for your own product or service.
I have been working for a family-run business for 6 months, where the business name is Bondor Bazar Cash & Carry Ltd. Bondor Bazar Cash & Carry Ltd is a family-run retailing company. Their main products are fruit, vegetables, meat and meat products, fish, crustaceans, mollusks, bread, cakes, flour confectionery, and sugar confectionery. The address of Bondor Bazar Cash & Carry Ltd is 130 Green Street, Green Street, London. Postal code: E7 8jQ.
1.1 Definition of marketing.
Diverse activities carried out in marketing departments in other businesses
According to Ward (2018) notes, marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Marketing is everything a company does to gain customers and maintain relationships with them. Even the small tasks like writing thank-you letters, playing golf with a prospective client, returning calls promptly, and meeting with a past client for coffee are marketing (Kotler and Armstrong, 2017). The goal of marketing is to match a company’s products and services to the people who need and want them to ensure profitability.
The Marketing Department is the key to good marketing and sales. It promotes and establishes a business in its niche, based on the products or services the business is offering. It identifies the areas in which the product fits and where the business should focus its marketing strategy and, therefore, spend its budget for the maximum coverage and results (Greene, 2019). The marketing department helps business to do the following:
Build a relationship with the audience: Creates awareness of the business and its products as well as provides inputs that create interest for the audience (Blythe, 2017). It brings in new customers and creates new business opportunities for the enterprise.
Involve the customer: It engages existing customers, tries to understand them, and hears what they have to say. It monitors the competition, creates new ideas, identifies outlets, plans the strategy to involve customers, and retains them.
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Generate income: The aim of the marketing department is to generate revenue. All its activities are aimed at broadening the customer base and finding opportunities that would create more revenue for the enterprise (Greene, 2019).
Marketing Research: The marketing department is responsible for all marketing research. Research is essential to understand consumer needs and also to identify the market for the products that the company hopes to sell. Marketing research also helps to identify the strengths and weaknesses of the business and its competitors (Greene, 2019). This eventually helps a business to eliminate its weakness, work upon its strength, and to exploit the weaknesses of the competitors to wean away from the customers from the competitors. The entire enterprise benefits from market research and the insights it generates.
Product Development: The marketing department helps to create products that customers need or want and improve upon the ones that already exist to create better value for the customers. It is the job of the marketing department to analyze the sales of products already in the market, look for opportunities to introduce new products where there are gaps or change, and improve products that are hard to sell (Kotler and Armstrong, 2017). Marketing personnel provides information to the product development team about customer preferences so that new products can be developed based on the customer insight provided by the marketing team. The marketing team is also responsible for determining the price of a product based on its research and for launching the product into the market.
Advertising and Promotional Campaigning: Once the enterprise has a product to sell, it is the responsibility of the Marketing Department to promote the product and the brand. This will be performed through the help of the creative team by creating campaigns, events, advertisements, as well as promotional material. Such promotional material is used to promote the product, services, and brand to the public in order to create awareness and to convert prospects into customers (Blythe, 2017). The marketing department is provided with a budget for promotion, and it has to design its promotional activities within the budget. The marketing department also manages social media marketing for businesses. It does so with the help of social media experts who design and implement the strategy to promote the business and its product on the internet, create a buzz and utilize that buzz to attract customers and improve sales.
1.2 Explain market segmentation as a tool to identify customers. Give examples of the different market segments your business attracts
The term “market segmentation” refers to subdividing a market along some commonality, similarity, or kinship. The purpose of segmentation is the concentration of marketing energy and force on the subdivision (or the market segment) to gain a competitive advantage within the segment (Malcolm, 2018). It’s analogous to the military principle of “concentration of force” to overwhelm an enemy. The concentration of marketing energy (or force) is the essence of all marketing strategies, and market segmentation is the conceptual tool to help achieve this focus.
This is perhaps the most common form of market segmentation, wherein companies segment the market by attacking a restricted geographic area (Wedel, 2017). Bondor Bazar may choose to market their brands in certain countries, but not in others. A brand could be sold only in one market, one state, or one region of the United States. Regional differences in consumer preferences exist, and this often provides a basis for geographic specialization. Geographic segmentation can take many forms (urban versus rural, north versus south, seacoasts versus interior, warm areas versus cold, high-humidity areas versus dry areas, high elevation versus low-elevation areas, and so on). Bondor Bazar targets the customers of the East London area.
Different markets can be reached through different channels of distribution. For example, a company might segment the “tick and flea collar” market by selling the product to supermarkets under one brand name, to mass merchandisers under another brand name, to pet stores under another brand name, and to veterinarians under yet another brand name. As Wedel (2017) notes, distributional segmentation is common, especially among small companies that grant each channel a unique brand to gain distribution within that channel. Bondor Bazar sells its products from its own shop to the customers with its brand name.
While not common, media segmentation is sometimes a possibility. It is based on the fact that different media tend to reach different audiences (Kotler and Armstrong, 2017). Media segmentation is most often practiced by companies that have some control over the media and can somehow discourage competitors from using that media. Bondor Bazar uses different Media to reach its audiences such as social media…………….