For effective business management, understanding marketing principles and techniques are very important to make it successful in the target industry. This report will discuss the concept of marketing and its application used by Arcadia Company located in London, the UK which is a fashion retail store. It will also explain market segmentation and the marketing mix for the business. This report will focus on various methods of research and their market analysis. It will also explain different methods used for e-market products and services of respective businesses.
1.1 Marketing Concept
Marketing is the study which is used by the owner of the business to increase its products and services in the target market to enhance its sales and profitability rate. Marketingis used to create, keep and satisfy their customer (Lees-Marshment, 2014). To plan strategies is the main objective of this process which can help the business to raise the standard of their services. There are various ways in which organization can do marketing, for example, by posters, direct mailing, by organizing campaigns, through advertising, etc.
The marketing concept is a philosophy which is used evaluate the needs and preferences of their customers and then make decisions accordingly to satisfy those needs, better than the competition. For Arcadia company it is very important to follow the current trends as it a fashion retailer store (Rivera, 2017).
1.2 Market Segmentation
Market segmentationis a type of process which is used to divide customers or business market into different groups known as segments based on some shared characteristics, for example, according to their preferences, income group, locations, etc (Domegan and Hastings, 2017). There are four different types of segmentation which can be implemented by the business owner to target their customers, such as,
In this segmentation, customers are divided into groups on the basis of their locations which can be a state, region, community, etc. This method helps to provide services according to their customers.
This is the most common type of segmentation which is used in businesses. This is based on several traits, for example, family size, gender, age, income, religion, race, occupation, nationality, etc (Armstrong and et.al, 2015).
Psycho graphic segmentation
This segmentation is based on their customer's behavior on their products and services. This can help the Arcadia Company to produce products which can fulfill their needs and make them satisfy (Chernev, 2018).
In this method, customers are grouped on the basis of their personality, lifestyle, attitude and their brand loyalty towards their company's products. As these characteristics has an influence on the buying decision and habits of the customers (Thakur, 2016).
1.3 Marketing Mix
It is a process which is used by Arcadia company to combine various factors which can be controlled by them to influence their consumers to purchase their products and services.
There are basically 4 P's of marketing mix, for example,
This includes all the products of the company. Arcadia should ensure that they are providing the right product to their customers (Hennink-Kaminski and et.al, 2017).
Pricing strategies of the company should be affordable to their customers so that they can easily buy their services.
This is the factors which measures their products rate which are being sold in the market. It should be easily accessible for their customers to buy it.
In this method, various promotional activities are carried out by Origin Company to promote their services and products in the market. It should be done effectively to reach to their customers (Scovotti, 2016).
2.1 Aim of Market Research and Market Analysis
Market research and market analysis is used by the owner of the business to fulfill their objectives and goals. The main purpose of market research method is to gather data on customers and potential customers. These will help the company to make effective decision-making processes which can be beneficiary for Arcadia company. While in market analysis is a quantitative and qualitative analysis which helps the company to determine the effectiveness of their business in the market for their customers (Dogramatzis, 2015). It also helps to evaluate their current position in the industry. The main aim to apply market research and marketing analysis in the business is to increase their productivity and gain a good profit.
2.2 Market Research Methods
There are basically two methods which can be used by the company to market research, i.e., primary and secondary method (Surugiu and Surugiu, 2015).
- Primary Research Method: This research is done by the owner of the business itself with the aim to gather information which can be used by them for the improvement of their products and services. It can be done through surveys, interviews, etc.
- Secondary Research Method: This method focuses on data or information that was collected by other people and is available for either free or paid use for others. This method takes into account many sources for collection of information which includes, government data, office data, newspapers, magazines, the internet, etc (Lees-Marshment, 2014).
2.3 Market Analysis Tools and Techniques
There are various marketing analysis tools and techniques which can be used by the organization, such as, SWOT and PESTLE analysis, Ansoff's growth matrix, BGC method, etc.
- SWOT analysis method: This is the most effective method for Arcadia company to implement into their business as it will help them to give information related to their strength and weakness along with opportunities and threats (Rivera, 2017).
·Arcadia have varieties of products available dot their customers.
·Their pricing is very affordable.
·They have very weak or poor strategy related to their promotion of products and services in market.
·There is a huge scope to expand their business in different cities.
·Great demand of innovative products as fashion is continuously changing.
·There are so many competitors present in the market.
3.1 Methods used for E-marketing
E-marketing is the best way which Arcadia company can implement in their management system. There are various methods which can be opted by the company, for example, by making their own website which gives all the related information about their products and services, such as, prices, quality, etc. Other option in e-marketing includes, social media platform which has several tool like, Facebook, Twitter, Instagram, etc. which can help the organization to promote their products in market. This ensure that customers are getting news of their services and offer which they provide to them (Domegan and Hastings, 2017).
3.2 Ways to manage Online image of Business
Keeping a good record of the Brand Image in market helps any business to stay in top positions in the market. There are so many ways in which Arcadia company can maintain their online image in the industry. It can be achieved by putting attractive advertisements of their products which provides them discounts and offers on internet using social media platform. E-marketing has made promotional activities so easy for the business. These methods also helps them to communicate with their customers and improve their services according to their feed backs.It helped them to earn a good revenue and profit from it (Hennink-Kaminski and et.al, 2017).
4.1 Use of Market Analysis Techniques
There is a great importance of market analysis for Arcadia company's business. It will help them in various ways, for example,
- It will provide information of the latest trends in market.
- It helps to analyze their strengths, weaknesses, opportunities as well as threats.
- Give market information on various product prices.
- Helps in market segmentation.
- It encourages a healthy communication with their customers by knowing their likes and preferences (Scovotti, 2016).
4.2 Interpretation and findings of Market Research and Market Analysis
From the market research and market analysis it can be interpreted that it plays an important role for any business to have a good reputation in the market which will enhance their brand image. These methods also help to increase the production rate of the company. By implementing all the information gathered the research, for example, their customer's feedback which will help them produce products that will fulfill their requirement (Dogramatzis, 2015). Our experts provide unique content assignment help at the best price.
From the above report it can be concluded that marketing plays a crucial role to operate any business successfully in the target industry. The owner of Arcadia company have to understand the marketing concept which includes, market segmentation and marketing mix to successfully run his business. This report also explains about various methods of research and market analysis such as PESTLE, SWOT, Ansoff's growth matrix, etc through which they can evaluate their strength and weakness. It also discussed about the e-marketing processes of company to promote their services and products in market.