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Techniques of Market Analysis - John Lewis

University: Regent College London

  • Unit No: 3
  • Level: Diploma
  • Pages: 8
  • Words: 2000
  • Paper Type: Assignment
  • Course Code:

    R/508/0541

  • Country: UK
  • Downloads: 53
Question :

Business relevance can be maintain with the help of marketing principles and techniques that facilitate John Lewis to create more revenue and market share. Overall understanding of marketing concept include various aspects.

  • Identification of marketing concept.
  • Evaluation of market research methods.
  • Determination of e-marketing ways to promote services and products.
  • Apply techniques of market analysis.   
Answer :
Organization Selected : John Lewis

INTRODUCTION

Marketing is the selling and management of goods and services by seller to the buyers. Thus as a result they can easily sell good quality of services to various users (Amine, 2015). Hence it directly increase the level of customer satisfaction and thus firm can earn more profits. As a result it can maintain unique position in market as well as in front of users. Assignment describes about the different activities in marketing departments and market segmentation. It discusses about John Lewis which is a retail firm. It was found in 1864 in U.K. It further explains about the market analysis and research tools with techniques. It also explains about the e marketing and thus range of various methods and the methods through which company manages their image.

TASK 1 Description of marketing

Marketing is a method in which seller identifies the needs and wants of customers and thus sell goods according to their requirements. Thus as a result they can directly increases the customer satisfaction. Hence as a result they can maintain good image in minds of all users and in market. Marketing includes different activities such as sales, market research, diversification and promotion etc. Different tasks involved in marketing by John Lewis are:

  • Sales: Marketing helps in selling suitable goods to various users. It is done after performing the market analysis. This is an important function of the marketing. Thus as a result it can increase the level of satisfaction.
  • Market analysis: In this method company identifies the need and wants of all customers. Thus as a result they can provide goods according to requirements of all consumers. Hence they can easily satisfy many users.
  • Purchase: Marketing manager purchase good quality of raw materials at lower costs. Thus as a result they can gain more profits.

Segmentation: It is the process in which populations is divided into different criteria. Company has divided people on different basis (Batini and Scannapieco, 2016). They are:

  • Geographical segmentation: Population is divided on basis of different cities,villages and towns. For example in town s mostly shopping goods are preferred and in villages consumer goods are used by people. Hence this segmentation is very crucial so that company can easily fulfil all needs and wants of all people. Thus as a result they can directly increase the user's satisfaction (Gitman, Juchau and Flanagan, 2015).
  • Demographic: In this population is divided on basis of age, sex, education and occupation. Basis of segmentation is:
  • Age: In this population is divided in different criteria such as teenage, retired person and the adults.
  • Sex: It is divided into male and female.
  • Occupation: Population is divided on basis of service sector, agriculture and the household sector.
  • Psycho graphic : In this population is divided on basis of different criteria such as attitude and lifestyle of various customers. Through this firm can satisfy all needs and wants of all users.

Marketing mix: It includes the process of promoting various products. Marketing Mix of John Lewis are.

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Product: They provide various products related to electronics, gift items, fashion etc. It is done to satisfy needs of all consumers.

Price: They generally follow the competitive pricing in which company charges prices according to strategies of rivals. Thy can charge low rices if less prices are charged by competitors.

Place: It has approximately has 50 stores in various count rues. Manager has also rated different and unique mobile applications so that it can easily sell various products to various users.

Promotion: In this company performs many promotional; campaign such as Buster the boxer and the Journey to promote various products Thus they can easily perform the promotion of various goods.

Process: They create various procedures so that products from manufacturing house can easily be sold to warehouses. This helps in distributing the products to all users (Graber  and et. al., 2016).

People: They select educated and competent staff members. It has around 38000 workers.

Physical evidence: Shop and outlets have good ambiance and unique look so that it can attract many users. Through this it can attract many customers. Hence it can satisfy all needs of customers (Lee and Kotler, 2015).

TASK 2 Performing marketing research

Market research is identification of all needs and wants of various users. It is crucial so that company can easily fulfil requirements and demand of people. Research can be primary or  secondary. There are various objectives of research. Aim of research by John Lewis are:

  • Determining the customer needs: Through market research company can easily determine the customer needs and wants. Thus as a result they can easily satisfy their demands.
  • Nature of competition: Through evaluating of market research, John Lewis can easily identify the strengths and weakness of competitors and hence can create effective strategies to beat the rivals.
  • Solve marketing issues: Marketer can easily solve any issues or problems related to marketing of any product. Hence marketing can easily be done smoothly and successfully.

Market research methods: There are different marketing research techniques which are used by the company. It can be primary and secondary research. Primary research is collecting the fresh information and data. John Lewis uses primary research in the company to collect relevant data from all users. This method directly saves expenses and time of company.

John Lewis have done a survey and then creates questionnaire which is send to various users for getting suggestions from all people.  Thus as a result they can easily collect suitable and relevant data. Thus as a result they can directly choose an appropriate method. Questionnaire must contain simple questions so that they can easily understandable to various users. They cannot contain complex questions. Through this it can easily receive feedback from all people.

John Lewis has performed the Pestel analysis. It is described below:

Political: In this U.K. tries to decrease the tax rate so that they can easily perform all activities. Thus they can generate more revenues (McClements, 2015).

Economic: In this there is recession.  So hence customers can earn more revenues as they get profits at low costs.

Social: Customers are demanding many products. Thus as a result they have to give appropriate  products to various users. Thus they can generate more revenues (Schmidt,  2017).

Technological: In this there are different technologies which can be directly impact the company. So hence as a result they have to create strategies to adopt  the recent tools and techniques.

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