Techniques of marketing allows B&B to understand consumers needs and boost their market share holding. With the principles of marketing audience can be communicated with product features and uniqueness by using market segmentation.
- Identify marketing concept ad activities undertaken in departments of marketing.
- Evaluate methods of market research.
- Outline ways to use e-marketing to manage B&B online image.
- Analyse techniques of market analysis to target suitable market segment.
Marketing principles refers to the principles that are utilise by a business entity to frame product, promotion, price and distribution strategy of the enterprise. Marketing is known as one of the most significant factor of successful business (Provost and Fawcett, 2013). It is very important that all activities related with marketing department should be execute well so entity can generate more number of profits and at the same time can get competitive advantage. B&B limited a small retail firms that deal in various type of home and grocery products is consider in this report for study. Application of various elements of marketing mix for various products is also mentioned in this. Various methods that can be utilise by manager for market research and different methods of e marketing is all given in this.
Marketing is the process in which various communication tools are use by a business organisation to interact with customers, make them information about company's products and influence them to buy the same. This is known as one of the most important activity as this is the one which provide opportunity to business enterprise to interact with its target customers. This process is based on the thinking about business on basis on customer satisfaction (Spotswood and et. al., 2012). Process of marketing is different from selling as it not concern about the value an individual get. Overall it is a process of develop a demand for a product in order to generate more profits and to satisfy the needs of customers. Major activities perform by a marketing department of a business organisation is given below under the following points:
- Marketing research: This is one of the major function perform by marketing department of a business organisation. Major benefit of this is that it help in identify needs of customers and support in highlight the product to sell company's products (Lefebvre, 2012). With this manager can identify major strengths and weakness of entity and its rivals. This also provide basis to deal with company's weakness so it can sustain in market for long run.
- Product development: Marketing department help a business entity develop products and services as per the requirements of customers and offer value to them. Marketing department is the one which remain responsible to identify and utilise the opportunities exist in market by introduce a specific product. Marketing manager is the one that make the product development team aware about the needs of customers which help in create goods as per needs of customers. Marketing team is the one who remain responsible to decide the price of product based on collected information.
- Advertising and promotional campaigning: After the entity has a good to offer its customers then marketing department is the one who remain responsible to promote product (Taylor and et. al., 2013). This is done with help of advertisements, campaigns, events and various promotional material. It is done by marketing department to create awareness of product among customers. A budget is offer to the marketing department and manager design activities of promotion within that budget.
Process of divide broad customers in sub groups of customers on basis of a specific feature is known as market segmentation. One of the main reason why entities perform this is to identify the customer segment with high growth potential (Gordon, 2013). Market segment that attract B&B is demographic segmentation in which entity set the price of its products as per the income of customers in order to attract them and to retain them for long time period.
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This is known as one of the most important and effective tool of marketing which highlight the major tools and techniques use by business entity to attain its marketing objective. Product, price, place and promotion are the four major elements of marketing mix. These factors related with business concept of B&B can be understood by the following points:
- Product: Various type of home and grocery products are offer by B&B firm in order to satisfy the needs of customers and generate more profits. It is very essential for entity to offer featured product to its customers to retain them for long time period.
- Price: Firm manufacture and offer quality services to its consumers at affordable prices and this is the main reason firm has a larger market share as compare to its rivals.
- Place: B&B offer its products goods and services to large number of customers through its various outlets. This help individuals in easily find company's product.
- Promotion: Company use various promotional tools to promote its products and to influence customers to buy company's product. This support entity in achieve its sales target.
One of the main objective of market analysis is to determine the customer segment with high growth potential. For this, it is very essential for manager to examine the consumption trends in order to utilise opportunities exist in market. One of the main objective of market research remain to gain insight about consumer (Xie and Tian, 2013). This help entity in manufacture better product which support in achieve sales objective.
Market research methods
Mainly research methods are categories into two known as primary research method and secondary research method. These are further explain in following points:
Primary research methods
This is one of the most popular method of research in which researcher collect and analyse fresh data in order to draw conclusion. Survey, observation, focus groups, interviews and experiments all are the major tools use by research workers under this (Gordon, 2012).