Task 1: Marketing (AC 1.1, 1.2, 1.3)
Diverse activities related to the marketing of business organizations.
Marketing activity with example.
Market segmentation in identifying the customers.
Tool using in market segmentation.
Role of the marketing mix.
Task 2: Market Research (AC 2.1, 2.2, 2.3)
Market research and Market analysis.
Micro Environmental Factors.
Macro Environmental Factors.
Market research methods.
Primary and Secondary Research Techniques.
Qualitative and Quantitative Research.
Market analysis techniques and tools.
Task 3: E-Marketing (AC 4.1, 4.2)
Methods used in e-marketing.
Search engine marketing.
Figure 4: Search engine marketing.
Pay per click.
Manage the online image and brand value.
Task 4: Learning outcomes (AC 3.1, 3.2, 3.3)
Market analysis techniques.
Presentation of marketing strategy in the marketing team.
The assignment is based on marketing techniques and principles of effectiveness to the small company market such as NEXT Plc. Marketing is a method by that an organization may be capable to trade its services and products to the customers. This study is useful in providing suitable and effective solutions to the Next Plc on the basis of the present market scenario. Marketing principles and techniques are two integral parts of a business organization that constantly evolves and provide necessary information regarding the adoption of a new marketing strategy. E-marketing is a useful approach from the perspective of Next Plc to promote its business activity globally. Moreover, a good marketing principle helps Next Plc in maintaining its brand value.
Marketing is the process by which a business organization can be able to sell its products to customers. The study is based on the effectiveness of marketing principles and techniques to a small business organization like Next Plc.
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Task 1: Marketing (AC 1.1, 1.2, 1.3)
Diverse activities related to the marketing of business organizations
Marketing is the process of interesting potential customers and clients in your products and/or services. The keyword in this marketing definition is “process”; marketing involves researching, promoting, selling, and distributing products or services. Marketing is the science and art of exploring, creating and delivering value different from your competitor to satisfy the needs of the target market at a profit.
Market opportunities: NEXT Plc need to be engaged with the present market opportunities by analyzing present as well as future market trends, evaluate the present resources and capabilities. In addition to this, it is important for the business organisation that it must analyze the role of external and internal factor regarding marketing principle.
Marketing strategy: Next Plc must adopt an appropriate strategy on the basis of target marketing and market opportunities, where they promote their home accessories with the help of social networking sites. A marketing strategy provides different aspects related to marketing growth and product development.
Marketing activity with example
This is the effectual method by that an organization may support its current goods. A company may promote its services and products by different approaches, throughout the internet, television, and social media particularly focused on social networking sites (Nowak et al., 2015).
Social media plays a significant role in marketing strategy in recent times. Social media marketing is beneficial in promoting brand value as well as a recent product advertisement.
Market segmentation in identifying the customers
Tool using in market segmentation
According to Crano et al. (2014), Market segmentation is a method that is helpful in recognizing active consumers and therefore, distinguishes them because of segments. The segmentation has based on geographic aspects, gender aspects, psychographic aspects and demographic factors.
Diagram: Market Segmentation Source: Lecture Note (2016)
Demographic factors: Demographic method has regarded as the most effectual method in the method of segmentation of the market. Next Plc requires receiving the approach in order to separate the groups of the market on account of age, gender and customers choices.
Geographic factors: Geographic segmentation is very helpful from a company and organization perspective because this is engaged in buying and selling goods and products on account of state and community (Kubacki et al., 2015). NEXT Plc wants to concentrate on increasing its business more branches in the UK.
Psychographic factors: Psychographic segmentation in engaged in separating consumers on account of customers’ personality and attitude. Next Plc requires regarding middle-aged generation in marketing strategy improvement.
Behavioural factors: Behaviour segmentation has distinguished consumers on account of price, behaviour, loyalty and sensitivity to business brand value (Pykett et al., 2014). Next Plc requires in the order establishing various kinds of home accessories that are not costly in order that utmost individuals may buy it…………….