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Unit 3 - Investigating Marketing
Task A - Aims & Objectives of Marketing:
For this unit I will be investigating the marketing strategies of a local business in Hong Kong. The business is a well known, established company; Ocean Park.
Marketing is essential for a business to survive. Marketing covers the four main areas; Product, Price, Promotion and Placement. The aims and objectives of marketing are firstly to attract customers to the chosen product; this is followed by selling the product to the customers. Marketing can be separated into two categories; Attracting & Selling or Finding gaps in the market.
Market segmentation is the division of customers with similar needs or wants. This will allow a business to match the needs of potential customers of the selected market segments. It would also be easier to define a marketing strategy that covers a selected group of customers rather than the whole marketplace. If a marketing strategy and campaign are done properly, it will help to maximize return on marketing expenditures. Some businesses will want to make their target market as broad as possible, so that one product can serve a very large base of customers;
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