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Investigating Marketing

Extracts from this document...

Introduction

Unit 3 - Investigating Marketing (Section A) Contents Page CONTENTS Contents 2 Introduction 3 Brief Background 6 Aims and Objectives 8 Segmentation 10 Target Market 17 Market Research (Identifying the Market) 19 Marketing Mix (The 4 P's of Marketing) 24 Evaluation 28 Conclusion 30 Appendix 31 Bibliography 32 INTRODUCTION All or most successful business/organisations carry out research when launching a new product; this is to ensure that the product is targeted for the right audience and that it does not fail to sell. Various aspects are considered when doing this e.g. the type of customer and his is also considering customers needs and wants. Once they have introduced the new product then they put various messages within their stores to attract that targeted audience. The purpose of this report or marketing objective/report is to create a unique product for Marks and Spencer's stores so it can be purchased by customers. This product should attract a niche market. This new product should be an item which customers may need or want and would like to buy. This objective will attract a wide range of customers and should be an item that is not commonly found in similar stores which are in competition, this should then theoretically improve the sales of the business. Marketing is simply a matter of understanding the customer and ensuring that a certain product or service that is provided matches an existing and potential customers needs. The product that will be launched will be a brand new mobile phone in the market exclusive to Marks & Spencer's. The mobile phone will be on for a special offer as an introduction price to the market to see how the product sells in all the Marks & Spencer's stores all around the U.K. This will be linked with a mobile network service such as Orange or O2 to reach maximum sales. This will also be available on pay-as-you-go and a contract service by the service provider. ...read more.

Middle

Small segments are often termed niche markets or specialty markets. However, all segments fall into either consumer or industrial markets. Although it has similar objectives and it overlaps with consumer markets in many ways, the process of Industrial market segmentation is quite different. The process of segmentation is distinct from targeting (choosing which segments to address) and positioning (designing an appropriate marketing mix for each segment). The overall intent is to identify groups of similar customers and potential customers; to prioritise the groups to address to understand their behaviour and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. Revenues are thus improved. Improved segmentation can lead to significantly improved marketing effectiveness. With the right segmentation, the right lists can be purchased, advertising results can be improved and customer satisfaction can be increased. When enough information is combined to create a clear picture of a typical member of a segment, this is referred to as a buyer profile. When the profile is limited to demographic variables it is called a demographic profile (typically shortened to "a demographic"). A statistical technique commonly used in determining a profile is cluster analysis. Other less common variable may include; Geographic variables - * Region - Region of the world or country, East, West, South, North, Central, coastal, hilly, etc. * Country - Size of country, metropolitan cities, small cities and towns. * Density of area - Urban, semi-urban and rural. * Climate - Hot, cold, rainy, sunny, breeze, humid, thunder, lighting and fog. Other Psychological variables may include - * Personality * Lifestyle * Value * Attitude * Appearance * Behavioural variables * benefit sought * product usage rate * brand loyalty * product end use * readiness-to-buy stage * decision making unit * profitability TARGET MARKET Every company has to set a target market for their products that they are going to sell or service that they intend to provide. ...read more.

Conclusion

The disadvantages of this newly launched product may that as the product is in the niche market it may take some time to gain awareness to the people who would be interested in the product and Marks & Spencer's will not have existing customers for this newly launched product to start off with. Another disadvantage may be that the advertisements and market researching, and marketing of the product will be expensive and consequently decrease the overall income of the business/organisation. Recommendations to the product and Marks & Spencer's may be to launch a variety of different colours in the product so that the customer's feel as if their demands are being met and so that they can chose the product in the colour that they desire the most and be satisfied with the product and this should also lower the amount of negative feedbacks from the customer and consumers of the product. CONCLUSION Overall in conclusion the product of Marks & Spencer' should prove to sell effectively and be successful in terms of selling to the customer/consumers; as the appropriate marketing method are used theoretically and also the price range and customer profile/target market has been narrowed down and the relevant and specific audience have been targeted therefore it should be a success. Also the product that will be sold should also increase the business and publicity of the Marks & Spencer's;' organisation, so the product should also have a lot of awareness as it will advertised all over the U.K as the product will be selling throughout all the branches and not just the one or tow odd ones. In order to finish the product will be easily sold as it is of high quality and calibre and so the more sophisticated customers would want to buy the product straight away, and there should be no hassle in doing so as the targeted audience will have the sufficient amount of money to easily afford the product along with enough to spare for accessories. ...read more.

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