The scenario of this report is based on a small scale business organisation as PALM 2 that wants to develop its marketing share for which firm wants to evaluate requirement of developing an understanding over marketing activities and concept.
- Explain the concept of marketing and its potential techniques.
- Evaluate how PALM 2 can find information related to its potential customer and target market.
- Discuss the role of e-marketing and companies can operate their business activities through online medium.
- Provide application of marketing analysis techniques in the context of PALM 2.
Marketing is a function of firm which are associated with selling and buying of goods as well as services at market place. It is covers promotion, advertisement, marketing research, product development and delivering of commodities at market place. Through this, enterprises are able to achieve competitive advantage in front of competitors in the same industry. Marketing strategies help organisation of get attraction of large number of individual toward their goods as well as services in an effective manner (Ehrlich and Fanelli, 2012). There are several marketing action of plan develop my management in order to achieve goals and objectives in limited period of time appropriately. In this report select PALM 2. It is a family run shop that has been serving their product as well as services from past 20 years. PALM 2 offer several kind of dishes with wine to their customers.
Marketing: It is a activities, communicating, process of creating, exchanging as well as delivering offerings all values to clients, society, partner,customers etc. Through this, firm are able to achieve goals and objectives in limited period of time.
Function of marketing departments: Marketing departments has lot of work at work place which are help organisation to run whole business activities effectively in long run. Some of the function are detail as follows:
- Environmental analysis: This section has help to identifying several environmental factor which are create negative impact on organisation performance as well as productivity (Gordon, 2012). Some important environmental elements are technology, nation economy, political, social cultural, customer, suppliers, employees, environment and many more. PALM 2 has effected by this kind of internal as well as external elements.
- Marketing management: Departments has run their business activities in an effective ways. They are coordinating with all section so that all section are work together in order to achieve common goals and objectives in given time frame.
- Price planning: They are identifying clients needs and wants as well as competitors strategies to get higher market share. Accordingly they are select best method of pricing to attract large number of consumer in the industry.
- Promotions and advertisement: PALM 2 can not using promotional as well as advertisement plan. Through this, firm are able to increase awareness about their product and services at market place.
- Consumers analysis: Marketing departments is conducting market research in order to identify customers needs, preferences, attitude, perception, behaviour etc. accordingly produce goods and services to them which help to get higher customer satisfaction in long period of time (Gordon, 2013).
- Distribution planning: It is a one of the most important function of marketing section in which they select best delivery method to sell their commodities from one place to another. Small business wants to establish strong distribution channel in order to rise their market share in the same industry.
Marketing segmentation: It is a process of dividing whole market of potential clients into manage section. Segmentation are divided on the basis of certain characteristics, for example, in section that have same social cultural environment. The members of each group has same characteristics or one or more one then aspect are common between all members. Here are explain type of market segmentation as follows:
- Geographic segmentation: Management has divided market according to geography location through this PALM 2 has able to selling their product to focus group which help them to run their business activities appropriately.
- Demographic segmentation: Market are divided according to demographic variables like family, age, education, occupation, income, nationality, gender, religion, marital status etc. thus help PALM 2 to produce goods accordingly to provide higher customer satisfaction in long run (Hair and et. al., 2012).
- Behaviour segmentation: Industry are segmented according to clients behaviour like attitude, perception, choices, usages, lifestyle and many more PALM 2 are offer product accordingly to get higher profitability as well as market position.
Marketing mix: It is a combination of several different factor which are control by organisation to influence clients purchasing behaviour of their product and services. That are explain as follows:
- Product: PALM 2 want to conduct market research in order to identify consumer needs and wants accordingly product commodities as well as services that help to run entire business activities effectively in long run.
- Price: They want to analysis their competitors pricing strategies and fix price on their goods which are help to get higher customers satisfaction in long run. PALM 2 has offer exclusive deal to their members.
- Place: PALM 2 want to expend their business activities in different location, at present they are running one store in London. Through this, they are able to get attraction to large market share effectively (Hastings and Domegan, 2013).
- Promotion: Store owner has organising special events, wine testing and many more as promotional strategies to attract large number of consumers. They are also want to use other promotional plan like social media marketing, internet advertisement etc.
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