Principles and techniques of marketing is having tendency of increase Venice bakery brand recognition. It requires evaluation of target market for entity products or services with the help of segmentation and market mix method.
- State the concept of marketing mix.
- Provide methods of market analysis techniques and tools.
- Mention e-marketing ways through which Venice bakery can maximise efficiency of their online profile.
- Demonstration of target market fining to marketing team.
INTRODUCTION
Marketing principles and techniques play a important role in carrying out the business operations and transactions. It is a essential function that consist of number of interrelated activities like sales promotion, marketing mix, understanding the customer's behaviour in order to accomplish final aims and objectives in set time period (Zainuddin and Gordon, 2014). The report highlights the case of Venice bakery, which is a family business in UK and sells bakery items that include cookies, bread, pastries, cakes and other confectionery products. The assignment includes the concept of marketing, importance of market research, E- marketing as well as applying several market analysis techniques.
TASK 1
Marketing is defined as a management procedure that is concentrated on carrying out work process by locating demands of consumers and perform functions to satisfy them in effective manner. There are numerous types of activities that are carried out under this, which include marketing research, pricing, promotional process, developing communication strategy, preparation of budget and many others. Hence, the basic objective behind it is to identify the consumer's needs and work in accordance to satisfy them in market place (Armstrong, Adam, Denize and Kotler, 2014). For instance, Venice bakery have to perform marketing research before producing some bakery product. After this, advertisement activities have to be conducted in order to develop the interest among customers to purchase it. Venice bakery have introduced Decorated doughnuts for the first time and various promotional activities are performed which include offering of free samples to customers who visited the bakery. There are other important activities that are conducted under marketing function which are described below:
- Purchase of raw materials: It is a initial step in which marketer have to make purchases of basic and raw materials so that final product could be produced.
- Selling function: Sales and marketing are different concepts and involve diverse types of process that is carried out. Selling involves generating leads for particular goods or products.
- Effective communication procedure: This is also a necessary activity that is conducted in marketing process in which producer carry out communication process with their customers for providing information related to goods or products.
MARKET SEGMENTATION
It is a activity in which whole market place is divided into small groups of customers on the basis of some common features or characteristics. Every individual is different from others and therefore, it is necessary to classify them according to their needs and wants so that company could make their marketing strategies accordingly (Kerstetter, 2011). There are various basis on which whole market place can be classified that involve according to age group, income, attitude and interest. Venice Bakery focuses on different age group and produce products or goods accordingly.
MARKETING MIX
Marketing mix is a model that provide framework to carry out the marketing function. It consists of 7 components that are described below:
- Product: It is basic item that is produced by marketer and is offered to their customers in order to satisfy their needs. Bakery offers several products of different kinds and nature and take decisions related to its design, quality etc.
- Place: There are several branches of Venice bakery hence, number of strategies are included in it that include customer's accessibility, location, channel distribution.
- Price: It refers to the final price that is paid by customers in return of the product. Venice bakery offers products at affordable price and make several strategies in relation to it.
- Promotion: It include communication strategies that are adopted by marketer to promote their product in market place. Hence, bakery could achieve high growth and earn significant market share.
- People: It involve employees and customers that are included in this component.
- Process: it involve various actions, mechanisms that are adopted to deliver high quality of services to their consumers.
- Physical evidence: the design and facilities that are delivered by bakery to their consumers in market place. It involve furniture, ambience and equipments adopted by the marketer to attract the interest of customers.
TASK 2 MARKET RESEARCH
It refers to the work activity that is performed by marketer to collect relevant data or information about the focused group of people. This assist the business entity to examine the behaviour, nature, need, demands of customer so that effective decision can be taken place. There are several methods through which effective market research is performed and involve huge amount of activities to be conducted. Its primary purpose is to record the view points of customers and carry out actions accordingly (Gordon and Gurrieri, 2014).
Aims of research and Market analysis process:
The major aim or objective of research process is to deliver relevant and important information about various applications used by business entity to their customers.
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Market research methods:
Marketing research is performed basically in two ways that include through primary or secondary sources. Primary market research procedure is conducted through interaction to focused group of customers that include conducting surveys, interviews, observation, experimental method and many others. On the other hand, secondary market research is performed through collecting the information from already collect
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