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Marketing - what it is and why it is importance. Analysis of my marketing research into a new sugar-free chocolate bar.

Extracts from this document...

Introduction

Scenario Task 1 Demonstrate that you understand the importance of marketing products and services to meet customer needs. Explain and analyse the wide range of different wants and needs benefits that products satisfy Task 2 Demonstrate an understanding of how customers are positioned in the market and how the market operates A) Discuss and analyse the characteristics of the different customer group B) Discuss how business take these factors into account to create a target market Task 3 Primary and secondary research Explain the importance of marketing research and how businesses use market research A) outline the relevant of marketing research to businesses B) explain how these principles can be used to develop a marketing strategy Task 4 Conduct a small marketing survey using a primary and secondary research and to evaluate the differences in the two types of research Task 5 Competitors Investigate the competitors for a particular product/ service A) investigate and analyse the competitors for a product of your choice B) analyse how much competition these competitors present. Task 1 Demonstrate that you understand the importance of marketing products and services to meet customer needs. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Marketing is the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to satisfy individual and organisational objectives. Marketing is concerned with the decisions that relate to a business customers, competitors, and promotion of the firms. Marketing focuses on how customers make choices and how companies should design products, services, and programs to satisfy their customer needs. Marketing is a process. It does not have a start and an end, but is ongoing all the time. Business must be prepared to respond to changes that take place. This is shown in the figure below: Explain and analyse the wide range of different wants and needs benefits that products satisfy In Life there are always wants and needs. ...read more.

Middle

Here, it is helpful that focus groups are completely "open-ended:" The consumer mentions his or her preferences and opinions, and the focus group moderator can ask the consumer to elaborate. In a questionnaire, if one did not think to ask about something, chances are that few consumers would take the time to write out an elaborate answer. Focus groups also have some drawbacks, for example: * They represent small sample sizes. Because of the cost of running focus groups, only a few groups can be run. Suppose you run four focus groups with ten members each. This will result in an n of 4(10)=40, which is too small to generalize from. Therefore, focus groups cannot give us a good idea of: * What proportion of the population is likely to buy the product. * What price consumers are willing to pay. * The groups are inherently social. This means that: * Consumers will often say things that may make them look good (i.e., they watch public television rather than soap operas or cook fresh meals for their families daily) even if that is not true. * Consumers may be reluctant to speak about embarrassing issues (e.g., weight control, birth control). Personal interviews involve in-depth questioning of an individual about his or her interest in or experiences with a product. The benefit here is that we can get really into depth (when the respondent says something interesting, we can ask him or her to elaborate), but this method of research is costly and can be extremely vulnerable to interviewer bias. To get a person to elaborate, it may help to try a common tool of psychologists and psychiatrists-simply repeating what the person said. He or she will often become uncomfortable with the silence that follows and will then tend to elaborate. This approach has the benefit that it minimizes the interference with the respondent's own ideas and thoughts. ...read more.

Conclusion

task 5 competitors investigate the competitors for a particular products. Competitors Research: This is the research for the Cadburys Competitors. It is important to know everything about their competitors. Cadburys have many competitors that are: Mars, Nestl�, Snickers. By discovering the research about the competitors it will be easier for Cadburys to set out its goals and market strategies. Mars: Mars is a �14bn business operating in over 100 countries. It has a huge business our size, and it is privately owned, which makes them one of the largest 'small family businesses' in the world. Their success is not simply due to developing the right products. It's a unique combination of innovation and determination, the essence of which can be found in the Five Principles that shape our business: - Quality - Responsibility - Mutuality - Freedom - Effeciency The Cadburys has to make sure they notice these five strategies very well and try to evaluate them into theirs new launch and also by analysing their financial statement as well to try to point out the success. Nestle: Nestle is the world's biggest food manufacturer, with well over 500 factories in 85 countries, and a portfolio that is famous for chocolates. The Nestl� Company is named after its founder, Henri Nestl�, who, in 1867, at a time of high infant mortality. The picture below shows the Nestle Company's financial statement for three years. The profile shows that it has huge turnover and income. So the step for the Cadburys would be to keep the price down and increase sales to get huge turnover. Snickers: Snickers was first introduced to the public in 1930 and is now the number one selling candy bar in the United States. It is made of peanut butter nougat, topped with caramel and roasted peanuts and covered with milk chocolate. The peanuts are crisp-textured special grade which have good flavor and keep well. SNICKERS(r) is a global brand, however, in the U.S. they are made in Chicago, Illinois and Waco, Texas. The following picture shows the Company's financial statement which briefs out company's turnover for three years. ...read more.

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