Table of Contents
1.1 Marketing definition and diverse activities carried out in the marketing departments of other businesses.
1.2 Explain market segmentation as the tool to identify customers and give examples of different market segments that your business attracts.
1.3 Explain the marketing mix and apply it to the products and services of Damian.
2.1 Explain the aims of research and market analysis.
2.2 Describe market research methods and give examples of methods that would be suitable for your own organization.
2.3 Outline market analysis tools and techniques that could be used in Damian.
Task 3. 1
3.1 Describe different methods that are used to e-market products and services.
3.2 Explain how companies manage their online image.
4.1 Use market analysis techniques to research the target market for your own product or service
4.2 Interpret the findings of your market research and market analysis.
4.3 Make recommendations to the marketing team based on your analysis.
4.4 Present research findings to the marketing team.
For six months, I have been working for a small business organization named Damian. Damian is a small kind of grocery shop where the key products are fruit, vegetables, fish and meat products, bread, cakes, flour confectionery, and sugar confectionery. Damian’s address is 34 Vivian Ave, Hendon, London NW4 3XP, UK.
1.1 Marketing definition and diverse activities carried out in the marketing departments of other businesses
Marketing refers to activities undertaken by a company to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Professionals who work in a corporation’s marketing and promotion departments seek to get the attention of key potential audiences through advertising. Promotions are targeted to certain audiences and may involve celebrity endorsements, catchy phrases or slogans, memorable packaging or graphic designs and overall media exposure
The Marketing Department is the key to good marketing and sales. 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:
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).
Build a relationship with the customers and involve customers: 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. 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.
Advertising and other promotional factors: 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.
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.
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1.2 Explain market segmentation as the tool to identify customers and give examples of different market segments that your business attracts
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. Market segmentation makes it easier for marketers to personalize their marketing campaigns. By arranging their company’s target market into segmented groups, rather than targeting each potential customer individually, marketers can be more efficient with their time, money, and other resources than if they were targeting consumers on an individual level. Market segmentation also reduces the risk of an unsuccessful or ineffective marketing campaign. A marketer can segment its market in different segmentations which are described as follows:
Geographic Segmentation: Geographic segmentation means where business organizations segment the market by attacking a restricted geographic area (Wedel, 2017). Damian can choose to market their brands in certain countries outside the UK. Regional differences in consumer preferences exist, and this often provides a basis for geographic specialization. Damina targets its customers in the London area.
Price Segmentation: Price segmentation is a common type of market segmentation. Price segmentation means variation in household incomes creates an opportunity for segmenting some markets along a price dimension (Simkin, 2017). Damian mainly sells fruit, vegetables, meat and meat products, fish, bread, cakes, flour confectionery, and sugar confectionery items to its customers. Therefore, Damian tags an amount of price for fruits and vegetables, another amount of price for fishes, and another amount of price for confectionery items.
Distribution Segmentation: Different markets can be reached through different channels of distribution. 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. Damian sells its products from its own shop to the customers with its brand name…………….