Sample Assignment on Marketing Principles (GC0324)
Table of Contents
Task 1 (LO1 AC 1.1, 1.2, 1.3) 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 Bengal Village 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 Bengal Village’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 Bengal Village.
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 Bengal Village own product or service
PESTLE Analysis.
SWOT Analysis.
Competitive Edge of the proposed product
Interpret the findings of Bengal Village market research and market analysis.
Recommendations to the marketing team based on the analysis.
Present research findings to the marketing team.
Conclusion.
References.
Introduction
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 Bengal Village which is a small Indian restaurant and curry house. This restaurant offers authentic Bengali and Indian dishes to its customers (Bengal Village, 2018). There is a total of 7 employees of Bengal Village who operate different activities in the store. The price of the foods ranges from Papadam £0.75, mixed starters £4.95, and other many items (Bengal Village, 2018). Bengal Village has also a facility for reservation. In addition, this restaurant operates seven days a week from 12:00 pm to 11:30 pm. Bengal Cuisine, Poppies Fish and Chips are the key competitors of Bengal Village. As Bengal Village (2018) notes, they provide online services to their customers and give a 25% discount for online orders. Moreover, they give special offers to their customers.
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.
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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).
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. Bengal Village targets 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. Bengal Villagetargets both men and women of all ages(Kotler et al., 2014).
Geo-demographics: geographical factor means segmenting the consumer market in different factors such as state, country, and region. Bengal Village 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. Bengal Village mainly targets middle-class and low-level 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. Bengal Village targets the middle and lower class of people. In addition, it mainly attracts customers who like curry dishes.
The market and customer segments for Bengal Village are outlined in the diagram below:
Diagram: Bengal Village’s market segment Source: Bengal Village(2019)
Explain the marketing mix and apply it to Bengal Village products
The components of the marketing mix can be identified using what is called The Four P’s model: product, price, promotion, and place. Bengal Village should have procedures to ensure its products are ready for selling.
Products
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, Bengal Village must decide what flavors, scents, and ingredients they should sell and the packaging designs they should use. Then, Bengal Villageusually 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
Price is also tested through focus groups and surveys. Bengal Village must know the optimal price to sell their products to achieve maximum return. Bengal Village’s way to determine price is to set it at a level comparable to competitors, as long the Bengal Village can recover all associated product expenses and still make a profit. If Bengal Village is introducing a product that has never existed, it must determine how much the consumer is willing to pay for it (Kotler et al., 2014).
Promotion
Promotion pertains to information that Bengal Village gives consumers through targeted campaigns to generate interest in their products. Bengal Village can include different forms of media (including traditional and digital), events, and more. Promotions usually have two purposes: generate leads for sales reps or initiate actual purchases (Kotler et al., 2014).
Place
“Place” in The Four P’s of marketing refers to how and where products are sold. Bengal Village, for example, sells to retailers. Bengal Village also sells products on a local level, in East London. Bengal Village also sells its products online. All distribution decisions of Bengal Village are part of the overall marketing process (Kotler et al., 2014).
Explain why different tools are used to market products and services
Different tools are invaluable to business owners and their employees, whether they operate a local store or a large corporation. These tools give businesses the ability to monitor customers’ reactions to their products, measure the impact of their marketing decisions, and create an open communication loop with their customers. This useful information allows them to make informed decisions on their businesses, such as whether to launch new products or remove product lines and in which marketing activities they should invest the most time and money…………………
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