4 Pages 923 Words 70 Downloads
Marketing is an activity for selling products and services of the enterprise to a larger number of people. It is critical that effective marketing strategies should be formed for executing marketing functions of enterprise ineffective way (Bose, 2010). Present report is based on significance of marketing in current global business environment. Various elements of marketing processes have been explained in the report and segmentation criteria has been proposed for chosen organization. In addition to that evaluation of benefits and costs of a marketing orientation has been explained and impact of buyers behaviour in different consumers market has been explained. Moreover, diverse range of macro and micro environmental factors which influence marketing decisions for a small business has been explained. Furthermore, methods of distributing the products of enterprise to rendering better convenience to consumers have been explained.
(a) Various elements of marketing process and proposed segmentation criteria.
Quality preserves Ltd, is growing fruit and preserve manufacturing organization that serves consumers by providing superior quality food products. There are some marketing issues which are needed to be known to Teresa so that better decision can be taken for carrying out business activities. Elements of the marketing process need to be known and it supports for doing segmentation in market areas (Domegan and et.al., 2013). Various elements of the marketing process are as described:-
Analysis of requirement and preferences of buyers:- Buyers are most significant stakeholders that renders financial revenues and funds to the business. It is essential that the demands and needs of consumers should be assessed and products and services should be developed on the basis of that (Simpson, 2013). It will also help in designing an effective distribution channel for supplying commodities and services to a large market area.
Conducting marketing research:- It is vital that market research should be conducted for assessing the needs and preferences of consumers. Marketing research conducted by Survey, questionnaire and interview method will support for collecting data and information for identifying the needs of consumers. It will also help in assessing threats and opportunities that are available for business (Jobber and Ellis-Chadwick, 2012).
Formulating marketing strategies:- Data and information collected through marketing research will support for formulating effective marketing strategies for enterprise. Advertisement and promotional strategies can be formed by making use of facts and figures that have been collected through consumers and other stakeholders (Nicholson and Oliphant, 2014).
Developing marketing mix:- significant elements of marketing mix are needed to be considered while making marketing action plans for entity (Brown, Browne and Browne, 2015). Major elements that are included under marketing mix are product, price, place and promotions. All the marketing strategies are formed by considering these elements.
Monitoring and control:- It is critical that proper monitoring of operational activities should be done. It aids for identifying weak performing areas of corporation and effective measures can be taken for rectifying those areas (Jobber and Ellis-Chadwick, 2012). Monitoring done in an effective and planned way also helps in making modifications in existing marketing strategies and action plans.
Segmentation criteria proposed for business supports for targeting specific consumer base for enterprise. Products of Quality preserve limited are sold in farmers market and in addition to that Teresa has gone opportunities for selling products in Major departmental store. Segmentation criteria for Quality preserves limited are as follows :-
Demographic segmentation:- According to this segmentation criterion consumers can be targeted on the grounds of age, sex, gender, financial status, occupation, educational status and marital status (Kumar, 2015). It will help in making effective promotional and advertisement and promotional plan for the entity and large number of purchasers can be targeted for selling existing food preserve products of the entity.
Geographic Segmentation:- Quality food preserve limited got contract for selling their products at Major City Departmental store. Company can target consumers by making use of geographic segmentation criteria (Kotler and et.al., 2015). Divisions can be made on the basis of regions, nations and specific local areas. It will help in making marketing action plans after assessing and evaluating needs of consumers belonging from a particular geographical area.
Phychographics segmentation:- products and services of corporation can be developed and sold in market on the basis of life style and social and personal characteristics shown by consumer.
Behavioural segmentation:- Quality food preserve limited can target their consumer on the basis of behavioural segmentation criteria (Armstrong and et.al., 2014.). Buying behaviour of consumers, Purchasing patterns and loyalty shown by buyers and frequent buying pattern are considered while doing this segmentation.
All the above-mentioned segmentation criteria supports for targeting consumer base for selling large amount of commodities to a big consumer base. It will also help for formulating effective marketing strategies and action plans for doing promotions and making advertisement plans for entity (Allred and Addams, 2013.). Segmentation criteria might be different for consumer markets and hotelier market. Buyers produce large amount of products in hotelier market and they give more preferences for doing bargaining to cut price of products that are supplied by them.