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Aim of Research and Market Analysis

University: University of Chester

  • Unit No: 3
  • Level: Diploma
  • Pages: 6 / Words 1528
  • Paper Type: Assignment
  • Course Code: MGMT2100
  • Downloads: 400

INTRODUCTION

The Markson family is having a good product which they are selling into the market of London but not having specified strategies to develop their market share the product is dealing with providing IT solutions to other bigger business firms. Complete IT is a small family running a business so in order to increase their share in marketing and number of customers as well there are some below-mentioned strategies.

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TASK 1

1.1 Marketing and activities related to it.

Marketing could be defined as that process that is adopted by a company in order to gain higher profits and a larger number of customers (Serrat, 2017). With the help of this marketing, it becomes easy for companies like Complete IT that it is reaching out to more prospects to convert them into customers.

Awareness- this is the most important activity which is performed by the marketing team as they increase awareness and knowledge about their products in the market through various channels.

Engaging customers- marketing department also keeps in regular touch with customers both B2B and B2C.

1.2 Explaining market segmentation as a tool to identify customers.

For companies, it becomes important that they are identifying their prospect and then converting them into customers so this is done through segmenting their whole market (Marketing Tools for Segmentation, 2018).

Cluster analysis- this will be helping company to identify customers and gather their information based on the characteristics and demographics of the targeted areas.

Lifestyle segmentation- this is done after understanding the lifestyle of customers so this is the best tool to discover information about their style of shopping, financial preference, and technology.

1.3 Explaining marketing mix

The marketing mix is the tool that helps companies to identify their products and services with respect to others or their competitors and then formulating s

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