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Market Analysis Techniques Concept - Wish-box Store

University: Regent College London

  • Unit No: 3
  • Level: Diploma
  • Pages 8 / Words 2000
  • Paper Type: Assignment
  • Course Code: R/508/0431
  • Downloads: 34
Question :

Present report scenario states that understanding of marketing concept is essential to increase overall market share and have knowledge about ideal market. For this marketing mix principles is applied to gain effective consideration of different factors.

  • Define marketing concept and tool to determine consumers.
  • Determine suitable method to identify appropriate market segment.
  • Identify e-marketing and market analysis techniques concept.   
Answer :
Organization Selected : Wish-box Store

INTRODUCTION

Marketing is characterized as a procedure which incorporates different exercises of an association identified with purchasing and offering of merchandise or services. This idea is utilized as a part of organizations keeping in mind the end goal to make, hold and fulfil clients diverse requirement in an effective and efficient manner (Cahn and Abigail, 2014). The report is based on Wish-box Store which is a UK based small grocery store. The main objective of this report is to increase the sale of company by using various techniques of marketing like marketing mix, marketing research, online marketing and utilization of marketing analysis techniques so as to gain high competitive edge in the market.

TASK 1

Concept of Marketing: The term “Marketing” is recognized as a social procedure by which items, services or process moves from idea to customers. It helps in pulling in and holding more number of clients and keeping up an extensive shopper base (Mughari, 2015). Predominantly, firms utilize advertising idea keeping in mind the end goal to advance their merchandise and ventures in showcase and impart their esteem and advantages to clients. Through showcasing, amazing items are offer to purchasers that gives some an incentive to them and fulfil their requirements. It's consist of 4 main P's including price, product, place and promotion known as Marketing Mix.

Different exercises are performed by showcasing office keeping in mind the end goal to accomplish objectives and targets of organization. A portion of these exercises are characterized below:

Promotion: One of the principle action of showcasing is advancement of products and enterprises in advertise keeping in mind the end goal to mindful clients about them and conveying its esteem and advantages. It enables firm in achieving high deals and benefits.

Build strong customer relation: Marketing exercises of organization additionally helps making extensive client base by keeping up great connection with them (Constantinescu, 2012). It additionally aids mindful clients about brand and create solid picture of firm in psyches of potential purchasers.

Segmentation of market

Market division is distinguished as the way toward segmented market into little homogeneous gatherings. Individuals from sub divisions share same attributes and have at least one regular perspective. It categorise into following:

  • Behavioural segmentation: This division is done based on behaviour, usage, preference and conduct of group of target customers.
  • Psychographic Segmentation: : It depends on way of personality, attitude and lifestyle clients. State of mind of purchasers is considered by Wish-box  Store before separating their market (French and Gordon, 2015).
  • Geographic Segmentation: In this, advertise is partitioned on premise of geology. Division of this kind is imperative for Wish-box  Stores as prerequisites of individuals of various districts are unmistakable. For instance: In a few zones, request of transitory products are high while low in a few districts.
  • Demographic Segmentation : Some factors are there based on which market is isolated like salary, age, religion, sexual orientation, family measure, nationality and so on. This division is finished by Wish-box  Store by thinking about purchasing conduct of clients. 

Marketing Mix:

Marketing Mix can be define as a combination of factors that is mainly controlled by firm with an aim of influencing customers to purchase respective product or services. It is a blend of  price, product, promotion and place.

Product: As Wish-box  Store bargains in retail division, different basic need items are offered by organization to their potential clients with a specific end goal to meet their prerequisites and fulfil them. Sustenance items, house hold things, excellence items and so forth are the products offered by organization. 

Price: Wish-box  Store utilize aggressive evaluating system and set costs according to the costs of contenders items. It encourages them in pulling in expansive gathering of clients and furthermore helps in expanding its gainfulness ( Lees-Marshment,  and Lilleker, 2012).

Place: according to the gave data, just a half year altogether are finished by Wish-box  Store at a place in this way, it is troublesome for them to extend their business at different places in this way, they are require to underscore on development of business at single place.

Promotion: It is exceptionally fundamental for Wish-box  Store to mindful their clients about item. For this, they should utilize different special instruments with a specific end goal to convey esteem and advantages of their item in a powerful way.

You may also like: Effectiveness of Marketing Planning Practices

2.1 Aims of market analysis and market research

Market Research assumes crucial part in deciding the genuine needs and needs of client through social and assessment examine. It enable Wish-box  Store to find its objective market and record their suggestion concerning enthusiasm for the individual product. Essentially, it gives a photo to showcase in regards to what sort of item organization needs to present in advertise that satisfy assorted need of client in a compelling and productive way (Mughari, 2011).  Research is characterized into two classes to be specific Primary and Secondary which discussed in brief below:

Primary Research: Data is gathered out of the blue principally through review, focus group survey etc.  Up close and personal communication amongst buyer and specialist. 

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