With this unit insight of different aspects and concepts of marketing is developed that facilitate organisation to accomplish their actual goals and objectives in a well define and effectively manner. For this below mentioned questions is being answered:
- Concept of marketing and different methods of market research.
- Methods for offering products and services through e-marketing.
- Techniques of market analysis to determine market for particular service or product.
INTRODUCTION
Marketing function in context of a business referred to the approach which helps in identifying and provision of products which are essential and profitable considering the market place. There are numerous marketing techniques and approaches which are employed so that a business is able to perform its operations in an improved manner. This assignment focuses on the Autex, it is a family owned serving and car repairing business operating in the market of United Kingdom. This report will focus on briefly mentioning concept of marketing in contemporary business world. The concept of marketing research and internet marketing tools will be stated briefly in this report. Finally application of learning is being carried out at the end of this report.
Task 1- what is marketing
Marketing and its activities
Marketing is defined to be a concept in which potential customer are informed and influenced in availing services of business. There can be numerous activities identified in the process of marketing which are mentioned below briefly. (Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014)
Researching: the primary activity which is to be carried out within marketing function is to identify products and services which is really required by the consumer. The market research will be helpful in ascertaining requirement in the target customer.
Promoting: the identification of tastes and preferences will be helpful in making sure that services and spare parts is offered to be people in the right manner. Promotion of products stands crucial as it will be helpful in speeding up turnover in a business.
Selling: The activities comes post undertaking of promotional measures in context of a business. After the demand has been generated, marketing function is responsible in making sure that product has been delivered to consumers in the right manner.
Distribution: the marketing function is responsible for making sure that right approach for distribution of offerings is being carried out. Selection of right channel ensures selling of products in the market.
Market segmentation as a tool to identify customers
Market segmentation is mentioned to be one of crucial tool which is helpful in categorisation of the target market and makes sure that best is stretched out of the available marketing budget of the business. (Hastings, G. and Domegan, C., 2013)The understanding of target market will be helpful in ensuring that right promotional messages and slogans are being formed which will further assist in gaining improved outcomes for the organisation in terms of profit. The categorisation of market can be carried out on the basis of geographical boundaries, demographic and psycho-graphic. For this particular family business, the division on the basis of location. This business is been aiming to target Deansgate Manchester and its people so that there is an increase in the market share of business.
Marketing Mix
A marketing mix consist of numerous elements which can be controlled by a business to achieve a higher position in the market. A brief mention of key elements of marketing mix are as follows:
Product: It is being referred to tangible product and service which is being offered to consumers. Autex is attempting to provide auto-mobile services and spare parts to its selected target market.
Price: This section focuses on pricing strategy which has been adopted by the business. The price discrimination approaches are considered as an individual avails more number of services will be charged lesser than availing the same services individually.
Place: the place determines the location in which products and services will be offered by the business. The Deansgate Manchester has been selected as a place for offering of products and services of an enterprise.
Promotion: This segment focuses upon the various modes of communication which are undertaken. Since the budget for promotion is lower, there will be an utilisation of the internet tools of marketing due to their cost effectiveness.
People: This section focuses on the workforce which has been employed in this business. There are approximate staff of 10 people working to provide suitable services.
Process: Depending on the condition and requirement of the auto mobile, process has been initiated leading to provision of right qualities.
Physical evidence: There is a provision of right uniform to employees along with presence of machinery and equipment required to provide essential services to consumers.
Task 2 – Market Research
Market research can be considered to be a great tool which is undertaken by organisation and even small businesses so that right decisions concerning future can be formulated. It is helpful in identification of choices and preferences of consumers along with buying pattern which can be later be utilised in development of business. (Gordon, R., 2013)
Market research aims
The aims of undertaking marketing research is to identify measures through market share of this undertaken family business could developed. The market research will be helpful in collection of relevant data related to customers so that they can be approached with right products and services. It will be helpful in understanding pricing and product strategies by the competitors so that it can be targeted.
Market research Methods along with example of suitable method in context of business
There are commonly two approaches which are mostly undertaken when thinking of conducting a research in business. It is mostly dependent upon the nature of aims and objectives formed which will lead to identification of right method. The attempt in this report is to make use of marketing measures so that there is an increase in market share and profitability of an enterprise. The primary research methods focuses on collecting raw information relating to subject matter which will lead to accomplishment of aim. Surveys, interviews and focus groups are some of the renowned tools of data collection. A business can make use of articles, journals and government published statistics which improved understanding on the subject matter.
The most suitable approach related to this business is conducting a survey over the internet platforms. It is one of the most suitable budget approach when it comes to obtaining raw information related to purchasing pattern and preferences of prospective buyers in the target segment.(Wood, M., 2012)
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