The given scenario of small business which is running by family and they are unaware about increase in market share so there is need to identify marketing concept for gathering information
- Provide explanation of the concept of marketing used by Furniture shop
- Conduct market research to know about customer demand and activities which are operating at market place.
- Provide introduction about E Marketing and methods used by Furniture shop to E Market their goods & services.
Marketing is one of the most critical aspect that is responsible for the business concern to increase the profitability of the business and its sustainability. The definition and meaning of marketing is explained and elaborated by various professionals in different ways. Many professionals explains marketing as a process related to completing activities related business concern by formulating plans of action, determination of price, promoting and advertising products and services, and finally providing the products to final consumers in an effective and efficient manner.( Azar, and Menassa, 2011) This project report discusses about the meaning of marketing and related activities like market segmentation, applications of market mix. The discussion of aims of marketing research and analysis. Significance of online marketing and finally discussing about marketing analysis techniques and interpreting and presenting results about the report to the team.
1.1: Define marketing and activities related to marketing
Marketing: In modern world marketing plays an important role in an organisation in order to promote about the products and services that the company is providing to the customers. According to the case study a shop of Furniture that is operated in the region for the past 6 months is not operating in a reliable way. The business needs to enhance their goods in order to satisfy the desires and needs according to the way they require.
Marketing is an way to assist the companies in applying the business actions in such a way that helps the companies in selling their products. The marketing activities include selling, advertising and delivering products and services to the final consumers. The employees of the organisations who work in the marketing department emphasises on selling their products to the targeted customers by creating slogans, designing packaging, using celebrities for endorsements of their products etc. The main components of marketing includes place , product, price and promotion.( Bakar, and HUSSIN, 2013)
1.2: Market segmentation
Segmentation is the process of dividing the homogeneous part of market into the different segments according to the factors such as demographic, psycho-graphic, geographic and behavioural according to the similar needs, demands , wants , tastes and preferences of consumers. These market segmentation strategies are discussed as below:
- Demographic segmentation: this Market segmentation strategy divides the markets on the variables related to consumers such as income, age , size of family and socio-economic status. The demographic factor considers the customers of same demographic profile and same culture and accordingly decides the types of products the consumers will buy.
- Geographic Segmentation: According to this the market is divided on the geographical criteria where the consumers are residing. The segmentation considers factors such as location of country, climatic patterns, population density and many more.
- Behavioural segmentation: In this strategy the consumers are divided according to their behaviour and attitude the possess. In this kind of segmentation the marketer determines the mentality of the consumers where the company is trying to sell its products and accordingly produces the products that will be accepted by them.( Caywood, 2012)
1.3: Marketing mix
This is a crucial process that assist the companies in determining the types of goods and services that can be offered to the consumers and how an successful and efficient product can be offered to the consumers. The marketing mix involves four P's of marketing which are discussed in brief as below:
- Price: The prices that are determined by the members of the family are not able in following methods related to specific pricing. The are charging price at maximum level for their products. The should determine the prices as per the standards provided by them . ( Thøgersen, 2014)
- Product: In the furniture business there are different products that can be produced such as dining tables, beds, sofas etc. which can assist the company in increasing their productivity.
- Place: As per the information that is mentioned, it has been seen that the company is operating for just 6 months at an individual place which makes it impossible for the business to expand.
- Promotion: this relates to spreading awareness about the products that the company is offering. There is an need to tell to the general public about the products they are offering to increase the revenues of business.( Dobyns, 2012 )
2.1: Aims of research and market analysis
The major objectives behind the research is to increase the customer base of the business by using different innovative ideas for the production of their goods that is being produced by the business. With the assistance of this person doing research will be able to examine the purchasing habits of customers, advertising and promotion recalls and emphasis of attractive packaging on customers etc.
Market analysis is used to determine the significant aspects of market and in determining opportunities and threats associated with the firm. It includes the common aspects such as:
- Size of market: this aspect of analysis is related to the total size and potential of sales that is done by the company in order to spread out their work in an efficient manner. Some of the vital sources for knowing the size of the market is researching data provided by government, and the other regulatory bodies such as trade associations and financial institutions. This process can be compact for the cited company.
- Market growth rate: It is a very easy aspect which is implemented by the companies in order to find the growth of the business in comparison to the industry average or using historical data.
2.2: Market analysis
For getting outcomes that are more reliable regarding the customer demand. It is very significant for the marketing managers to formulate and use these research methods. The most common source of performing market research and analysis are as follows:
Primary method: These research method is considered as more reliable because this research is conducted by the company itself or the by other researcher on behalf of company. The primary research conducted by the company uses the fresh and first hand data in its reports.
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