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Principles of Marketing (questions and answers)

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Introduction

Anglia Polytechnic University Business & Economics Set Academic Year 2001/02 Semester 2 Level: B Module title: Principles of Marketing Module code: BCB1M01 Module Leader: Jonathan Wilson Author: SID 0111111/ 1 Table of Contents Question 1 on page 3 Explain why you think market research is so important to SDH. Provide examples of research methods the company could use. Question 2 on page 7 Discuss suitable types of segmentation the firm could use, and comment on how you think the tailor-made market should be positioned in the market. Question 3 on page 10 Analyse suitable methods SDH could use to promote its new tailor-made product. Bibliography on page 14 Question 1 Explain why you think market research is so important to SDH. Provide examples of research methods the company could use. > Little customer loyalty > No real evidence of repeat business > High fixed costs > Growing level of price competition These are some problems of Sunny Days Holidays, a Manchester-based company offering packaged holidays. Due to these problems the company has been relatively unsuccessful. Turnover went down in recent years, holiday destinations offer little real scope for growth and as a result of this the company finds it difficult to achieve shelf space for its brochures in showrooms. ...read more.

Middle

On page 322 in 'Principles of Marketing' the different concepts of market segmentation are summed up in a table. This table outlines typical breakdowns of the main variables. Geographic-, demographic-, psychographic- and behavioural segmentation are the four main schemes to segment consumer markets. A geographic segmentation addresses to a region, a country size or for example the climate of a country. Demographic segmentation is aimed at the division of the consumer market into groups 'based on variables such as age, gender, sexual orientation, family size, family life cycle, income, occupation, education, religion, ethnic community and nationality'11. Social class, lifestyle and personality characteristics are the main elements of a psychographic segmentation. The last point of departure concerning market segmentation is the behavioural one. This type 'divides buyers into groups based on their knowledge, attitudes, uses or responses to a product'12. All these options can be combined or used alone to develop the best strategy to segment a market. Since SDH is offering holidays they should take following methods into account: Income, age (demographic segmentation) and the social class (psychographic segmentation) are in my opinion the important variables. It is the money earned which decides what kind of holiday people book and how exclusive they can be, e.g. ...read more.

Conclusion

My final advise would be to start of with the affordable method but still keeping the opportunity of changing to the objective-and-task method. The preparatory work is very important when forming the right promotion mix. The results of the market research, the appropriate market segment, the position of the product as well as the commitment on a promotional budget now has to be taken into account. SDH efforts to investigate those issues will form the frame of a promotional strategy. Promotion can be brought forward in different ways. Promotional mix which was mentioned above is the application of the tools which are available. The mix consist of four major tools: Advertising, personal selling, sales promotion and public relations. SDH has to decide which tools are best suitated for communicating their products to the prospected customer. The promotional budget gives the frame because one tool can be more expensive then the other. Advertising for instance 'can be very costly. Although some advertising forms, such as newspaper and radio advertising, can be done on smaller budgets, other forms, such as network TV advertising, require very large budgets`22 which SDH does not have. Of course, advertising has many advantages. It reaches the masses, large-scale advertising can say something positive about the seller's size, popularity and success and it builds images of the product which can due to the artistic freedom memorised easily by the recipient. Another tool out of the promotion mix is personal selling. ...read more.

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