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Business Marketing Strategies

Extracts from this document...

Introduction

Contents Introduction 3 Marketing Objectives 5 Questionnaire 9 Analysis of questionnaire 11 Secondary research 18 Advantages and Disadvantages of secondary research 26 SWOT analysis 28 Pestel Analysis 32 Competitor analysis 39 Product Life - cycle 40 Boston Matrix 44 Ansoff's Matrix 47 Marketing Strategy 49 Bibliography 56 Introduction In this unit I will be demonstrating how businesses need to achieve their business objectives by effective marketing in order to become successful. This would involve understanding the needs and wants of their target markets as well as providing and offering goods or services in a more effective and efficient way than any other competitors. I will show in this unit how businesses need to know what they are selling, who they are selling to and the price in order to be successful. Businesses also need to know where that particular product is being sold, and why people buy that product. Businesses need to identify their marketing aims and objectives. Different businesses will use different marketing activities depending on the objectives they are aiming to achieve. These objectives could include understanding customer wants and needs, diversification, improving profitability, improving market, and increasing brand awareness. In order for the businesses to achieve these objectives they would need to identify their target market through the use of target through the use of market segmentation and consider niche or mass marketing or how markets are segmented. Businesses would also need to understand the purpose of market research by identifying the target markets and identify sized, structure and dynamic of market and to identify competition. I will also show in this unit how businesses need to carry out appropriate research using primary research such as questionnaires and also secondary research. I will also show how businesses need to show appropriate marketing mix which is intended to influence the customer's needs in order to make the businesses sales. I will show how factors such as the price, product, place and promotion go towards determining the marketing mix for the business. ...read more.

Middle

This is because so much money is being used up cleaning up chewing gum, that the government may decide to stop the sales of chewing gum, or even raise the prices and cost for them. This is because it has such a major effect on the environment. If the prices rise, more customers will stop purchasing chewing gum; therefore sales will stop for chewing gum meaning that there could no longer be a market for that particular product. This is major threat to Wrigley's as a business because as the amount of litter is increasing, there is more money is needed and is being spent to clean up the excess chewing gum. Another major threat is that chewing gum is causing environmental pollution which is affecting people at a local level. According to the cbbcnews '12 areas will get government money for an advertising campaign encouraging people to bin their used chewing gum' this again is a lot a money being used, and the pollution is a threat to Wrigley's because people are likely to stop purchasing chewing gum as result of the campaign, and the pollution it is causing to the environment. Source: http://news.bbc.co.uk/cbbcnews/hi/uk/newsid_3579000/3579978.stm Limitations of the SWOT analysis The SWOT analysis tends to oversimplify a situation by classifying a business's environmental factors into categories in terms of the strengths, weaknesses, opportunities and threats. However sometimes these factors may not always fit into one particular category, this is because sometimes in one way a situation can be seen as strength for the business whereas in another point of view it can be seen as a weakness. Also if a certain situation was seen as a threat on the other hand it can be seen as an opportunity. Therefore this is one of the problems when identifying the SWOT analysis because it is important for businesses to see the situations from all points of view. The SWOT analysis would only be useful at the date it is written, this is because the constraint alter. ...read more.

Conclusion

For men these would be magazines such as FHM, or Maxpower, this is because I know that these magazines are read by this social group. My secondary research shows a table on marketing, and the most amount of money on advertising expenditures spent by Wrigley's for a product in 2004 was �3,332. Therefore this means that the product I would create for Wrigley's would have to have to be advertised and promoted, and large amounts of advertising spent. My PESTEL states the ASA rules for advertising and promotion. Therefore when doing advertising I must be aware that I do not mislead when advertising or that I do no cause any offence or cause harm. However if I was to make an advertisement for Wrigley's and it was banned because it did not comply with the ASA rules then it would mean I would be losing out on brand awareness. Therefore as a result there will be a loss of profit, because people will not see the product. During advertising and promotion I would need to think about the ASA as stated in my PESTEL. This is because I need to ensure that the advertisement is suitable for purpose and would not offend anyone. Wrigley's has a strong brand name and it and is a feature on the market as stated in the strengths for my SWOT analysis. This affects the advertising that I would do to promote the new flavoured chewing gum, because it means the advertising would bring upon more brand awareness, thereby this would increase the profitability of the business, and achieve the aims and objectives for the business. In the competitor analysis I had found that I had no competitors for my business. Therefore this meant that this would be an advantage. When it comes to promotion, the advertising is likely to be more effective and more successful. Therefore this means if the advertising was likely to be a success then, it achieve my marketing objectives, of improving profitability and, increasing market share and brand awareness. ...read more.

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