Long term relationship with customers by offering them valuable products can be assured with the help of marketing techniques and principles. It helps in boosting sales and market share.
- Define marketing concept and diverse range of activities involved in departments of marketing.
- Describe aims of research and techniques of market analysis.
- Identify ways to use e-marketing to manage Chocoflair bakery shop online image.
- Determine target market with the help of market analysis techniques.
INTRODUCTION
Marketing is an essential need of every business organisation irrespective of size whether small, medium or large in order to expand business and capture large market share. The project includes marketing aspects which includes marketing mix, marketing analysis tools and techniques etc. Role of E-marketing in growth and success of business are also covered under this report. The present assignment report is based on Chocoflair bakery shop which is just started 6 months before. All given aspects in report are discussed with the context of such bakery shop (Bishop, Fody and Schoeff, 2013).
TASK 1 Concept of marketing
At present times, marketing is an essential need for every organisation which drives them to achieve success within shorter period of time. As in the given case, Bakery shop which is continuing its business for last 6 months are finding difficulties in achieving growth due to lack of knowledge of marketing which is essential to capture large market share. Due to offering multiple products such chocolates, cold-drinks, cakes etc. it becomes easy to market as especially young generation are easily attracted towards such bakery products.
Definition: Marketing refers to an activity in which business can promote its products and services with an objective of capturing large market share. There are different marketing techniques and tools such as advertising through pamphlets, newspapers, social media etc. which can help in spreading information about availability of bakery products along with their prices due to which the targeted customers can easily attracted towards them (Deaconu and Buiga, 2010). It includes various aspects which are given as below:
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Defining and managing their brand: It includes identification of resources the business have at present and accordingly manage and utilising them in marketing their brand so as to provide knowledge to customers about their products and services. It can be done through conducting campaigns, pamphlets etc.
Producing internal communication: It is must required for workers working in such bakery shop to understand the main aim and objectives of business so as to motivate them to give more efforts in reaching business to large scale.
Planning activity: The owner of bakery shop is held liable to make an effective marketing plans and strategies to expand their business in market so as to capture large market share and generate huge revenues.
Research activity: Conducting research is an essential need to make business more successful as it help in identifying the needs and preferences of targeted customers so as to fulfil them as quickly as possible. For example, if chocolate pastries are more in demand then it will directing the bakery business to produce such demand goods more (Georgiou and Jack, 2011).
1.2: Market segmentation
It is a process of dividing market into different segment to identify the needs and preferences of respective segment which make easy for business to fulfil them according to their requirements.
Psycho-graphic segmentation: Such type of segmentation is based on lifestyle, culture of an individual which need to be considered by company in order to fulfil their needs and requirements. Market segmentation is categorised into four parts which are briefly described as below:
Geographic segmentation: Under this, the market is segmented on the basis of locations or geographical area where the business can get more crowd. For example, Chocoflair Bakery is located at London market of UK where large amount of population are gathered which may increases sales figure of Chocoflair bakery shop.
Behavioural segmentation: In this market segmentation, the population are divided on the basis of their behaviour, consumption and decision making pattern. For example, Kids and young generation are the one who preferred to buy bakery products thus their needs and preferences are identified first for the purpose of fulfilling them.
Demographic segmentation: Under this, market is segmented on the basis of variables which includes age, income, gender, religion etc. For example, mostly kids are preferring to buy bakery products thus are targeted first (Gordon, 2012).
1.3: Marketing Mix
Marketing mix is combination of several factors which may affects and influences the interest and buying behaviour of customers to buy products and services of Chocoflair bakery shop. It consists of 4P's which are briefly described as below:
Product: Chocoflair bakery business offered multiple number of bakery products which includes chocolates, cakes and pastries, cold-drinks, snacks etc. which makes easy to survive and achieve growth in market due to having large number of customers who preferred to buy such products.
Price: It refers to the amount value which is charged on the products and services offered by Chocoflair bakery shop. Pricing factors largely affects the buying behaviour of customers thus need to adopt an effective pricing strategies after analysing their rival's strategies. For example, the prices of chocolate flavour cake is different from normal flavour cake.
Place: Chocoflair bakery shop is situated in London market for last 6 months with a hope of expansion of business to a large scale. Thus, producing quality products at an affordable prices and market them through using different marketing tools and techniques the chances of achieving expansion of business will be more (Polman and Atwater, 2012).
Promotion: It is essential Chocoflair Bakery Shop to spread information about the products and services offered by them in market through using different marketing tools and techniques such as advertisement through pamphlets, hoardings, newspapers etc. which can easily grab an attention of targeted customers towards the location and products offered by them.
TASK 2 Aims of research and market analysis
The main aim of research is to identifying the the location of targeted customers along with their needs and preferences so as to fulfil them in order to attain their loyalty. For this, there is need to hire researcher who conduct research for Chocoflair Bakery shop and provide them relevant and accurate information about the taste and preferences, buying behaviour, product packaging etc. due to which further actions will be implemented to improve the deviations if any.
Market size: It can be evaluated after determining the current sales and desired sales in order to expand business on large scale. There are number of information sources determining the market structure which includes government data, trade associations, customer surveys, financial information from rivals etc.
Market growth rate: The market can be evaluated through forecasting which help them in find out the products and services whose demands goes high in future. Such forecasting is done on the basis of historical data into future.
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