Techniques and marketing principles benefits The Goodhood store to increase its brand recognition along with increasing market share holding. For this marketing mix facilitate Identification of suitable target market.
- Explanation of marketing and different segments of market.
- Outline aim of research and market investigation.
- Determine different types of methods to e-market services and goods.
- Application of market analysis techniques.
Marketing is a technique that uses to explore a business among user to increase their desire to enhance the purchases that eventually hike the profit of the business. Basically, marketing is a tool which utilizes to recognize the needs of the targeted customers and among whom who can make transactions to satisfy the both sides The Goodhood Store is a department store that holds everything from stationary to apparels even footwear. It is a small family running business the entire family is putting their efforts earn high profits but they has a less market share. So in order to increase the market share they need a marketing team which utilize all its techniques like research, segmentation and so on (Marshment, 2014).
TASK 1 Marketing Basics
Marketing is a technique which used by various organizations whether they are the giants of the market or a small or medium company. When a firm establishes its business it hires a marketing team that scream about the company's existence and the products which is offered by them. It is uses to make public aware that they should know that there is a some firm which is offering the desired products that for what the people looking for. 'The Goodhood Store' should also hire a marketing team that can tell the people about the products that are showcasing in the store.
There are various activities that are followed by other business in order to promote their business to earn profit. The activities are:
Market research : Marketing department conduct a research to know the needs of the people in a certain region where the firm is working. A store should provide all the things which are required by the target customers.
Strategies : After the research the team put their efforts to construct strategies that can improve the business effectively.
Product development and supply : The product which are most demanded by the people that should be developed by the firm for example, the designer clothes cause that are always in demand. The stationary and footwear should be supply when it needed by the customers so that it the overstock problem can be avoided.
Communications : Marketing team needs to maintain the communication cause that can transform the required informations to accomplish the objectives (Lilien, Rangaswamy and Bruyn, 2013).
Campaign : Campaign is a marketing tactic which is used to promote a business and its products to inform the people.
Commercialization : Commercialization is a launching of a business on a large scale to gather people at one place so that the people surrounding the area get know about the firm.
These all activities are used by the firms to spread out the information for the availability of the business. The Goodhood Store is a small business but it can also use all these activities that will support a business to grow (Spotswood and et. al., 2012).
Marketing segmentation is a trick to research a particular area that emphasize on the people who are dwelling in that area, there are three kinds of segmentations such as :
Demographic segmentation : The demographic segmentation is based on the variables such as age, gender, family size, income, occupation, religion, race and nationality. The Goodhood Store need to acquire the store which can allure the people who are related to these variables. If there are more school students they need to sale the stationary items and according to the level of income.
Behavioural segmentation : The behavioural segmentation is dependent on the behave, usage and decision making pattern. If there that kind of population that make quick decision without thinking about the cost then The Goodhood Store can design the silhouettes that can attract the people for the luxurious population cause they are not worried about the cost.
Geographic segmentation : Geographic segmentation refers itself as the people who are living in a particular area might has some different kinds of needs so they are focused on major priorities, for an instance the store is situated in the Old Spitalfields market so the people who stays there might have some specific requirement of the footwear and clothes according to the weather (Hair and et. al., 2012).
There are four major marketing mix components that focuses on the customers with different perspective, the marketing mix has 4Ps that includes:
Product : The product should be designed to satisfy the user needs and wants.
Price : Price of the product should sale with affordable that consumer willing to pay for the product.
Place : The Goodhood Store is at the most accessible place cause it is established in the crowded area of the city, the firm should be at a place where the customers can reach easily to buy their stuff.
Promotion : There are various techniques to promote a business like advertising, campaigns,etc., in order to increase the sales (Geissler, Edison and Wayland, 2012).
TASK 2 Market research
Market research is the process to assess the market reactions with respect to the product and services with directly reach to the customers. This allows a firm to reach towards the target customers and get the opinions regarding the goods which are offered by them.