This unit is related with small business which is handled by family and they have no idea about increase in market share thus marketing concept is to be analyzed in order to develop information
- What is the concept of marketing used by 69b boutique?
- Formulate market research analyze customer demand and activities operating at market place.
- What is meant by E Marketing and methods used by 69b boutique to E Market of goods.
Marketing is the concept through which products and services offering by the company move from the concept of customers (Lees-Marshment,2014). Mainly it done with the coordination of 4P's such as product, price, place and promotion as well these are known as marketing mix tools. It is based on the thinking of business and owners which is formed in relation to fulfilling customers need and wants. Moreover marketing is formed for providing satisfaction to customers because without this no company can sustain in business environment for long duration. This assignment is based on 69b boutique which is situated in London and offering men's and women's both clothes as well accessories. Below mention report explain entire marketing program of the respective boutique which help them in reaching to customers and fulfil their needs and wants.
TASK 1 - Marketing
Marketing – Marketing is set of activities, instruction, procedure of creating, communicating, delivery and exchange offerings which have value of customers, partners, society at large level. In simple words it can be said that marketing is the process through which enterprise create interest of customers in goods and services offering by them. It generate strategies like business communication and development, sales techniques along with this company can build strong relation with their customers and also create values. For 69b Boutique marketing is important because it will help them in attracting more and more customers which increase their sales and profit ratio (Lilien, Rangaswamy and De Bruyn,2013). Company can also use digital marketing tool and techniques such as social media, E-Mails and several other. Boutiques is not too much popular so with the assistance of marketing they can become more popular and famous in London.
Market Segmentation – Market segmentation is the procedure of dividing customers into different segments and groups on the basis of some specific characteristics. Thus, there are several numbers of groups who are sharing similar characteristics and generally more than one common aspects are finned in them. This is one of the most effective tool which assist marketer to cater their targeted customers (Spotswood and et.al., 2012). Market segment make easy to personalise their campaign, for grouping similar customers Along with this, it can also target customers in cost effective manner. There are four types of market segments in which 69b Boutique can divide their customers:-
- Demographic Segmentation – This segment use variables such as age, gender, family size, occupation, income, nationality and religion for dividing their customers in different segments.
- Behavioural Segmentation – It is the segment which divides the population on the basis of their buying habits, decision making, behaviours and usage.
- Psychographic Segmentation – Psychographic segment is that which includes lifestyle of peoples, activities, interest and opinions for dividing customers in it.
- Geographic Segmentation – In this customers are divided on the basis of their geographical area . This divides customers as per their location in which they are living.
Marketing Mix – marketing mix is the set of tactics or actions which is used by company for promoting their brand and products in market area. It includes 4P's product, price, place and promotion. Now a days competition is increasing because of that some more P's are included in this such as packaging, positioning and people. Description of 4P's is given below:-
- Product – This is related to the items such as clothes and accessories which is sold by 69b Boutiques. Main motive of delivering product is to satisfy needs and wants of customers. This can be tangible, intangible and can be in the form of goods and services. But it must be ensure by enterprise that it should be according to needs and wants of customers.
- Price – It is simply the amount of products which is pays by customers for consuming or enjoying it. Price is important part of marketing mix because it determine profit and survival of business (Geissler,, Edison and Wayland, 2012). While setting the price of product three major pricing strategies can be taken in mind such as: market penetration, netural and market skimming.
- Place – It includes the area in which 69b Boutique have to sell their goods such as clothes and accessories. Place must be accessible or in the reach of potential customers.
- Promotion – This is used for boosting brand and recognition of sales. Promotion is comprised of different elements such as: public relation, advertising, sales promotion and sales organisation.
TASK 2 :- Marketing Research
Aims and market analysis.
When any of firm gets establish in market they have a certain aims for which they perform various task and activities to attain that particular aspect in great way. A Modern Society clothing shop also have some of aims as:
- Modern Society also thinking to use modern techniques to identify about there customers and in which market basically they are operating to attain a better market competitiveness (Burchell, Rettie and Patel,2013).
- To manipulate perception of people towards cloth of modern society as they provide an quality product to large market.
- To earn a good amount of profit which can help entity to expand there business too in right prospect.
Market Research Method.
To conduct a research in market there are variety of methods available with firm that can help them to cover large market to collect an important information and data. A research is classified into two segment i.e. primary and secondary research.
Primary research:- This research method make company to gain information for the first time as never data and facts is being collected. Therefore, ways through which it can be collected as Surveys, Focus Group, Interviews and having an observation etc.
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Secondary method: It simply means to act as seeking an existing research and data. It is that which do involve books, journals and UK census data etc. Hence, this is considered as best method as it is less expensive and quick to use as well because no sorting is required in this particular section.
Primary Method can be used by company as survey and observation power can help in effective manner to modern society to corrective steps towards there aims and conducting research over particular thing can help them to collect an needed information and data as well.