Table of Contents
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 Peace Essentials 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 Peace Essentials’ 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 the Peace Essentials.
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.
Evaluate the measures companies need to take to manage their online image.
Task 4 (LO1 AC 3.1, 3.2, 3.3)
Use market analysis techniques to research the target market for Peace Essentials own product or service
The competitive edge of the proposed product
Interpret the findings of the Peace Essentials market research and market analysis.
Recommendations to the marketing team based on the analysis.
Present research findings to the marketing team.
I have just finished my course and have been working in a small family-run business for 6 months. The name of the family-run business is Peace Essentials. The key products of this business are different kinds of short and long dresses (such as Abaiya, Veils, Scaffs, Hijabs, brand, and panty, etc.) for the women, Islamic books and items, alcohol-free fragrance, etc. The products are mainly supplied from the Middle East (mainly Dubai and Saudi Arabia) and Bangladesh. The products are served based in East London, where the key customer segments are Muslim women and men. The business is located in Witney Market in Shadwell, East London (Peace Essentials, 2019).
Task 1 (LO1 AC 1.1, 1.2, 1.3)
What is marketing? Diverse activities carried out in marketing departments in other businesses
Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling, and delivering products to people. People who work in companies’ marketing departments try to get the attention of target audiences using slogans, packaging design, celebrity endorsements, and general media exposure (Kotler et al., 2014).
The workflow of the marketing department is defined by its functions. Most organizations have a marketing division responsible for marketing strategy, advertising, researching, promoting, conducting customer surveys, branding, public relations, and creating corporate style. Besides these main functions, there are other functions including a focus on customers, research customers’ habits and needs, analyze customers’ reaction to advertising, identifying influential groups in market segments, get feedback from the target audience, managing relationships with vendors, manage a budget, track competitors’ activity, conduct advertising campaigns, plan sales presentations, measuring effectiveness, develop product brands, forecast and analyze sales, developing price strategy, plan for product and package design, treat for online promotion.
The strategy establishes the workflow in the marketing department so that each process within the workflow can be continually evaluated, measured, and improved until marketing goals are successfully achieved. The software allows designing and sharing marketing goals and strategy and building marketing department workflow. By using this software, Marketing Director can create a work structure for coordinating all marketing processes toward the attainment of organizational goals (Kotler et al., 2014).
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Explain market segmentation as a tool to identify customers
The goal of a segmentation system is to identify groups in which the customers are as much alike as possible—and greatly differentiated from customers in other segments. If the segmentation system is well designed, members of a segment have similar interests, attitudes, and behaviors, and they will respond similarly to elements of the marketing mix such as pricing, promotion, and sales channel.
All consumer markets contain many subgroups of customers and prospects that behave differently, have different hopes, fears, and aspirations, and have different purchasing behaviors. Segmentation enables a company to craft individual marketing plans that hit the “hot buttons” of each consumer group. Segments can be developed from many variables that explain and predict consumer behavior: buying or usage habits, demographics, geo-demographics, price sensitivity, lifestyles, and media consumption (EJBarry, 2019).
Buying or usage habits: behavioral factor means segmenting the consumer market by depending on the consumers’ behaviors. Peace Essentials target its existing customers and potential customers towards its new products (Kotler et al., 2014).
Demographics: Demographic marketplace segmentation maintains the potential consumers depended on several demographic factors including age, socio-economic status, race, marital status, gender. Peace Essentials target both men and women of all ages. However, it targets mainly Muslims (Kotler et al., 2014).
Geo-demographics: geographical factor means segmenting the consumer market in different factors such as state, country, and region. Peace Essential targets the local customers in East London, UK. It also attracts some national and international tourists (Kotler et al., 2014).
Price sensitivity: Customers can be classified as rich, middle class, and poor. Peace Essentials mainly targets the middle class and poor customers who are looking for quality products at cheaper prices (Kotler et al., 2014).
Lifestyles: In terms of lifestyle, customers are classified mainly as upper class, middle class, and lower class. Peace Essential targets the middle and lower class of people. In addition, it mainly attracts Muslims who practices practice Islam and use religious products.
The market and customer segments for Peace Essentials are outlined in the diagram below:
Explain the marketing mix and apply it to Peace Essentials products
The components of the marketing mix can be identified using what is called The Four P’s model: product, price, promotion, and place. Peace Essentials should have procedures to ensure its products are ready for selling.
The first stage is called the “product development stage” or “ideation stage,” where the idea for the product is conceived. Before products go to the market, Peace Essentials must decide what styles, sizes, flavors, and scents they should sell and the packaging designs they should use. Then, Peace Essentials usually should test new product concepts with focus groups and surveys to ascertain interest levels among potential buyers and refine certain elements (Kotler et al., 2014).
Price is also tested through focus groups and surveys. Peace Essentials must know the optimal price to sell their products to achieve maximum return. Peace Essential’s way to determine price is to set it at a level comparable to competitors, as long the Peace Essentials can recover all associated product expenses and still make a profit. If the Peace Essentials is introducing a product that has never existed, they must determine how much the consumer is willing to pay for it (Kotler et al., 2014)…………..