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edexcel Marketing Assignment

Extracts from this document...

Introduction

Introduction: The assignment focuses on identifying customer needs and wants in a changing and competitive environment, and that's what marketing is about. This report is being written for as new retail business (shop). It could be a florist, nail bar, internet caf� or a sports shop opening in my area. The report is all about creating a marketing campaign in order to compete successfully and pursued customers to shop from the new retail business. Name of business: T. Sports Nature of business: Retail sector Address of business: 18 Vicarage Field shopping centre, Longbridge road, Barking, Essex, IG11 8DQ Telephone Number: 0208 565 5521 Target market: people aged between 15 - 25. (1.3) Business aim: to own the best sports shop in my local market Business objectives: * To maximise a profit of �20.000 this year (SMART Objective) * To offer customer satisfaction * To offer more product range * To expand on our market segmentation * To expand our business all over the autopen market * To gain customer base T. Sports is a local retail outlet and its target market consists of local people aged between 15 - 25, therefore this means that the marketing campaign should be a small scale rather than national or international. I will be looking at the 4P's (product, pricing, place and promotion). I will need to think about where the retail business (T. Sport) will be located then I will think about the pricing strategies. I will also think about how they promote their products and how similar their products are to mine. So I will curry out primary research search as questionnaire and surveys, and secondary research search as the internet in order to complete this report. The type of retail outlet I will be creating the marketing campaign for is a 'sports shop' called T. Sport as mentioned above, which will be going to be located in Barking shopping centre. ...read more.

Middle

(4.1) According to my questionnaire research, there were no problems found with this particular question. Why? This is because most people know what they are aiming to buy and this was the reason why it was found easier for the people to answer the question, as well easier for myself to analyse realistically However, most youths happened to purchased products for status. Example: status, most youths were personally asked why they love buying trainers very often? Youths say: "to keep up with the competition and fashion as there are new trainers are launched very often". (4.4), (4.5), (4.2) As stated in point (4.1), that no problem occurred, I conclude by saying that in future I should attempt this question for further reference. However, it may change slightly depending on the nature of the business being investigated. In order to find out more results on the number of people who buy JD Sports' product range. I would try and extend the targeted number of people to be questioned from 30 - 50 people. (3.3) Collate information: Figure 4 Analysis: This question was chosen in order to support the market research of the new sports retail shop in terms of price elasticity demand. The bar chart illustrates the number of people and the price range and also how much they may spend according price range. Therefore, the bar chart reveals that the highest number of people of that spends the least on trainers was 15 people at a price range of �30 - �60. However, it was found that the lowest number of people of that spend the most on trainers were 3 people at a price range of �90 - �110. (4.1) A lot of problems were experienced during this question of the questionnaire as it was found out that most people were not being honest with the price of their trainers and it was found that they happened to circle the wrong category of price range. ...read more.

Conclusion

In order the business can do more to be able to meet its main objectives, is by making sure that it keeps a head of competition, in terms of prices, technology, up-to-date brands or fashion/products. Recommendations on improving the product range, how and why: Product- can be a good or service. In competitive markets, businesses have to be customer driven. They may use types of product differentiation (e.g. package design and/or a brand name) in an attempt to convince potential customers that their good or service is different from competitors' products. The four types of products are: 1. Star - High share of market in the 'growth' stage of the product life-cycle. -Requires significant injections of capital to finance the rapid growth. -May have negative cashflows but seen as having potential for high sales, and profit. 2. Cash Cow -High markets share, bringing in high sales revenue, cashflows and (usually) profit. -No market growth likely. -Product may have a personality/image in the market. -The large amounts of cash bought in can be used to subsidise 'stars'. 3. Problem Child -Low share of a market with high potential for growth. -Relatively large injections of finance needed (as with 'stars'). -Uncertainty about future sales revenue, cashflow and profit. -Decision needed on whether or not to halt production, or (if possible) to sell a brand. 4. Dog -Not going anywhere- no growth potential. -Any profit has to be reinvested just to maintain market share. -Identify and remove from the product portfolio. The final explanation why I used the method here above known as the Boston Consulting Group matrix was because its based on the product's life cycle that assesses the potential of a business's products or the business itself. It is useful in helping the management decide, which of its current products should receive more or less investments to ensure the business achieves its objectives. 1 http://www.upmystreet.com/local/my-neighbours/l/ig11+8dq.html 2 http://www.jdsports.co.uk/youth.aspx 3 Business Studies - author Ian Marcouse, Andrew Gillespie, Barry Martin, Malcolm Surridge and Nancy Wall. Page No. (22) 4 http://www.mindbranch.com/products/R310-951_toc.html 5 http://www.postersonwheels.co.uk/index.asp#11 6 http://www.gorillamedia.ltd.uk/rates.htm 7 http://www.coursework.info/cgi-bin/e/page.cgi?page=view;link=60682;d=1;U=aaliyahpierre83; Zulfa Kaseruuzi Business coursework 1 - - ...read more.

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