Working towards increasing the market share of a small family business, there is a requirement of understanding different marketing techniques that are:
- Define the concept of Marketing.
- What is the marketing segmentation and the marketing mix used by Mash Direct?
- Define market research along with various sources of collecting data
- What is E-marketing and sources used by Mash Direct
In this era of market dynamics where there is immense competition in business environment marketing plays a crucial role to in enabling business to achieve success and sustainability by providing customized products and services to its customers. These services are based on frequently changing needs and aspirations to attain higher profits and sustainability to attain consumer satisfaction.
Mash Direct is a farming and food manufacturing unit based in Ireland, UK. It produces and supplies vegetables, preprepared potato, croquettes, cakes and vegetable burgers to consumers and retailers. It has 180 people employees at its farm that handles it operations across UK and Ireland and exports it to USA and Middle East (Haffar, Al-Karaghouli and Ghoneim, 2013).
This assignment will provide a comprehensive detail about marketing and its various activities along with discussing market mix and target segmentation. It will further evaluate the objectives of conducting market research and its probable benefits to both organization and customers along with its various tool sand techniques used for it. In addition it will describes the various methods of e- marketing along with its strength and weakness.
Task 1 –What is marketing
Marketing can be defined as a process or socio economic activity that deals with manufacturing, communicating, delivering and exchanging products and services that is of great value for its consumers and society. It is anticipating needs and wants of potential clients by adopting market orientation to gauge out their desires through intensive research, develop a new product or modify the existing one in relation to revealed survey and then promote its products by using different techniques finding out their requirements to make people ware of the existence of commodity and its related benefits (RatkoviÃ„â€¡, GrubiÃ„â€¡ and TasiÃ„â€¡, 2012). Marketing is an amalgamation of various activities like selling, market research, selecting target market segment, creating and maintaining public relations, various promotional activities etc. all determined and aimed towards reaching and providing goods and services as per clients requirements. Mentioned below are some most prominent activities of marketing :-
Market Research:- Marketing research is a systematic procedure of gathering information about the target market segment, about their choices and demands, competitors strategies, prevailing market scenario etc. by using various tools like surveys, questionnaire etc. and then analysing the results to formulate appropriate strategies and plans to gain higher profits by properly serving diversified requirements of its contemporary clients (Polit, 2012)
Promotions:- Sales promotion forms the integral part of marketing process at it is one of most prominent factor that contributes in making costumers aware about the brands, its benefits and stimulating and attracting them to make a purchase. It includes several communication activities that are undertaken to provide value addition or incentives to stakeholders comprising retailers, customers etc. there are various elements included in sales promotion like advertising, personal selling, publicity etc. that could be adopted by a firm in accordance to availability of resources with business.
Types of market segmentation: There are various forms of segmentation which are used by organisation to have adequate market reach and customer base are describes below:
Demographic segmentation: It is widest and simple form which is used by management to divide population into various tactics which are age, gender, income, religion, nationality and so on. It is necessary that different variety and range of products are provided by firm to attract large number of customers and enhance sales volume. Mash Direct is a farming and food manufacturing unit whose target buyers for Ultimate truffle cupcake are children and adults.
Behavioural segmentation: This is another type of market segmentation which divide population and formulate group of people which have similar nature, attitude, taste, preferences and decision making pattern. Mash Direct provides Ultimate truffle cupcake which are manufactured in respect to choices and taste of children and youth people. This help company to have adequate customer base to enhance sales volume and revenue.
Geographical segmentation: It is form of segmentation of market which define that organisation require to provide products and services in respect to target market area and customers. Mash Direct is small firm which has outlet in only one country require to provide products in according to choices and preferences of people.
Psychographic Segmentation: This is another form of market segmentation which specifies that people lifestyle, opinions and interests determine products and services require by them to fulfil their demands and requirements.
It is one of the most famous strategy used by a business comprising eight combination of its 4P's place, product, price and promotion for creating an defective marketing plan that could promote its brand or product in the market in most effective, unique and distinctive way (Gardan, and Geangu, 2013). It included making variations and formulating tactics in the below mentioned variables to gain an edge over competitors:-
Product- It deals with an an item both tangible and non tangible which is manufactures or offered to satisfy needs and wants of consumers to attain maximum growth, profits as well as customer satisfaction. Mash Direct is associated with providing varied variety of mash potatoes with different variations in ingredients according to customers choice as well as different vegetables dishes , potato cakes, croquettes etc.
Price- It is the amount of a commodity that customers are ready to pay to during making purchase Ultimate truffle cupcakes. Firms generally tries to maintain this attribute by justifying its product price in reference its quality keeping it affordable for its customers. Mash Direct provided high quality of potato and vegetables dishes at affordable prices to its customers as well as to many retailers and supermarket chains across UK (Fagerstrøm and Ghinea, 2013).
Place- it deals with understanding target market inside out and the providing them with Ultimate truffle cupcakes through best distribution channels. Mash Direct has a strong channel of distribution through which it provides its products top over 5000 stores in UK.
Promotion- Mash Direct make use of various sales promotion tools like social marketing such a twitter, facebook, instagram and through various promotional events.