Task 1 (LO1 AC 1.1, 1.2, 1.3)
What is marketing? Diverse activities carried out in marketing departments in other businesses.
Explain market segmentation as a tool to identify customers.
Explain the marketing mix and apply it to Bucovina products.
Explain why different tools are used to market products and services.
Analyze how the marketing mix is used to support decision-making in businesses.
Task 2 (LO1 AC 2.1, 2.2, 2.3)
Explain the aims of research and market analysis.
Describe market research methods. Give examples of methods that would be suitable for Bucovina’s own organization.
Outline market analysis tools and techniques that could be used.
Evaluate the market research methods used for the products and/or services of Bucovina.
Task 3 (LO1 AC 4.1, 4.2)
Describe the methods used to e-market products and services.
Explain how companies manage their online image.
Assess the benefits of e-marketing compared to traditional marketing techniques.
Manage the online image and brand value.
Task 4 (LO1 AC 3.1, 3.2, 3.3)
Use market analysis techniques to research the target market for Bucovina own product or service
The competitive edge of the proposed product
Interpret the findings of Bucovina market research and market analysis.
Recommendations to the marketing team based on the analysis.
Present research findings to the marketing team.
The name of the family-run business is Bucovina. Marketing is the set of institutions, activities, as well as methods for communicating, creating, exchanging offerings, and delivering that, have value for clients, customers, society at large and business partners. Bucovina requires receiving proper marketing principles to enhance its standards of the company and besides these approaches of marketing give appropriate methods to make sure the development. This is significant for Bucovina which should introduce product ranges and future initiatives of more online shopping features. E-marketing is a helpful method from Bucovina’s perspective to support its market activity internationally.
Task 1 (LO1 AC 1.1, 1.2, 1.3)
What is marketing? Diverse activities carried out in marketing departments in other businesses
Marketing is the process of management through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 Ps of marketing:
product’s identification, selection and development, product price determination, selection of a distribution channel to reach the customer’s place, and product’s promotional strategy implementation and development. People who are engaged in work in marketing departments of the companies try to get the attention of target audiences using slogans, packaging design, celebrity endorsements, and general media exposure (Kotler et al., 2014).
The marketing department workflow is explained by the functions of marketing. Most companies or businesses have different divisions of marketing accountable for advertising, promoting, branding, researching, creating corporate style, the strategy of marketing strategy. There are also several marketing functions, these are customers habits and needs research, focus on customers, get feedback from target audience, the relationship between marketers and organizations, measuring effectiveness, development of product brands, price strategy of products, packaging designs of the products, managing budget, do focus on the activity of the competitor’s activities, etc. The strategy creates the marketing department workflow in order that every method within the marketing workflow may be frequently measured, assessed, and developed until the goals of the marketing are gained successfully. The software permits marketing strategy and goals sharing and designing and making the workflow of the marketing department (Kotler et al., 2014).
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Explain market segmentation as a tool to identify customers
The segmentation system’s goal is to discover the groups in that the consumers are as similar as probable and significantly differentiated from customers in other segments. If the system of segmentation is well planned, segment members have the same behaviors, attitudes, and interests and they will reply likewise to marketing mix elements, includes sales channel, place, promotion, and pricing. There are various factors that influence segmentation in the market of the consumer. Geographic is the segmentation where a country is segmented on the basis of climate, urban, city, region, etc. Demographic segmentation is segmented on the basis of family size, age, household income, gender, life stage, race, education, occupation, religion, social class, and generation. Moreover, segmentation may also be made on the basis of personality traits and personal lifestyle. The market can be segmented on the basis of attitude, belief, and perception of products, product awareness, and usage patterns. Demographic segmentation contains the geographical location of the company and company size. Operational segmentation is segmented on the technology class, customer requirements, and customer consumption. The methodology of purchasing contains segmentation based on a policy of purchasing, the structure of the purchasing department, relation with different companies. Organizations should decide the target market in that it requires operating.
Bucovina, a mini super shop targets its potential and existing customers towards its new ranges of products and product diversification (Kotler et al., 2014). Demographic marketplace segmentation manages potential customers relied on different factors of demographic, such as socio-economic status, age, gender, marital status, race, etc. Bucovina targets all age people in society and children, male and female customers (Kotler et al., 2014). Geographical factor refers to segmenting customer markets in various aspects, for example, region, country, and state. Bucovina targets all local customers in Oak Broadway, UK. This also targets all national and international customers. Customers can be categorized as poor class, middle class, and rich. Bucovina has all price ranges of products to target the customers.
Explain the marketing mix and apply it to Bucovina products
The marketing mix includes 4P’s that is price, product, place, and promotion. The marketing mix and its application in Bucovina super shop are described as below:
A product is a thing which is produced or made in order to please a certain group of people’s needs. These products can be intangible or tangible. Bucovina should decide what types of products, fruits, desserts, drinks, packaging system customers may like. Then, Bucovina should test the concepts of new products with focus (Kotler et al., 2014).
Price is a very significant element. Bucovina must know the best possible price in order to trade its products to gain the utmost return. Bucovina’s system to price determination is to set it equivalent to competitors, as long as Bucovina can get well all connected expenses of the products and making a profit (Kotler et al., 2014).
Bucovina provides customers throughout targeted campaigns in order to make an interest in the company’s goods and products. Bucovina can use various types of media to promote their products and shop (Kotler et al., 2014).
Bucovina can trade its products on a local level in the UK. Bucovina can sell their products in online marketing. Bucovina distribution decisions are a division of the whole process of marketing (Kotler et al., 2014)………………
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