This unit relates with case study of small business which is operated by family and they have no idea about increase in market share so concept of marketing is to be identified to gather information
- Give explanation of the concept of marketing used by Nature Beauty
- Formulate market research to analyze customer demand and activities which are operating at market place.
- Provide introduction about E Marketing and methods used by Nature Beauty to E Market their goods & services.
Marketing is one of the reliable management exchange relationships which is used to create and satisfy various customers’ needs and want of an organization. As per the mentioned case scenario, it has been found that one of the family member are operating small business their own skills and ability. By without having appropriate marketing knowledge they are not being able to operate their business in proper manner. This project report is all about analyzing concept of marketing and their essential research methods those are profitable in coming period of time. Further this report provided certain crucial aspects related with customers and E-marking are mentioned under this report. All kind of learning experience those are gather from overall research is being discussed positively in this report (Ang, 2014)
1.1: Concept of marketing
Market is a place where a product and services can be traded as per the demand of customer. While marking is known as one of the crucial process which is being used for the purpose providing products to the customers in that manner in which they get satisfied. To be a successful in business that must be helpful to attract and retain customer for longer period of time.
According to the mention case study which is related with production of “Herbal products” for almost 6 months’ time. The business that is run by them are taken as one hypothetical basic. In spite of having such a great business they are not able to manage their resources and generate sufficient amount of profit. There are certain marketing abilities are lacking which can be needed to be resolve as soon as possible so that future aims and attain in more quick period of time. The marketing managers is playing an eminent role in promoting business and their aims of an organization (Armstrong and et. al., 2014). They seem to be future face of the company so some vital activities are required to be implemented. Some of them are:
- Product planning: The main activity of an organization is to make appropriate strategies regarding increase the customer size by providing valuable product to them.
- Advertising: This seems to be another important technique which are used for the purpose of promoting their products in various parts of the nations.
- Direct selling: It is more concern with face to face marketing of products mainly done business to customers.
1.2: Market segmentation and their various types
In market concept, it has been found that segmentation is one of the appropriate techniques of marketing which is need to divide product as per the various demand of the company. It is one of the effective process of dividing a market one the basis of potential customers into various groups and various characteristics. There are various types of segmentation. Such as:
- Geographic segmentation: This type of market segment is crucial for the researcher as people belonging to various regions would have various demand. It drafts personalized marketing campaign for period. For example, Naturabeauty choose market in various countries but the company sold its products in one market.
- Demographic segmentation: It is one of the appropriate market segment which is based on various aspects such as age, gender, family income, occupation and nationality etc (Bramer, 2013). For example, Naturabeauty targeted to women and men as well. In which they easily evaluate their needs and wants towards Herbal products.
- Behavioral segmentation: The market relies on overall audience attitude, usage and choice as well as decision making. Market is divided as per the knowledge of product and usage of goods. For example, mostly woman are likes to use herbal products to maintain their beauty. As Naturabeauty is target their customers as per their behavior.
- Psychographic segmentation: It is used to divided the people on the basis of personality, lifestyle and behavior. This seems to be reliable process which would work by personality of various customers that consists of habits, traits and attitude. For example, Naturabeauty offer premium products to its customers in order to satisfy their needs and wants.
1.3: Marketing mix
Marketing mix is an effective tool which used by the company to increase customers demand towards its products and services. One of the main aim of using this is to enhance the brand image of the company at market place and at the same time also increase market share.
2.1: Aims of research and market analysis
In every business, it is necessary to make use of appropriate marketing aims that can make company to plan their business in more effective manner. The primary motive of the mentioned family business is to make use of appropriate marketing tools and techniques in order to increase overall aim and objectives of the company (Wright and Watkins, 2010). The motive behind doing so is to attain maximum growth and revenue in coming period. In order to analyze the market some vital aspects of business as well as market trends are needed to be taken into account so that new innovative opportunities can be created. Some of them are:
- Market size: It is mainly associated with the entire business and sales they are doing within each months. This will assist them to expand their business in more effective manner.