• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21
  22. 22
    22
  23. 23
    23
  24. 24
    24
  25. 25
    25
  26. 26
    26
  27. 27
    27
  28. 28
    28
  29. 29
    29
  30. 30
    30
  31. 31
    31
  32. 32
    32
  33. 33
    33
  34. 34
    34
  35. 35
    35
  36. 36
    36
  37. 37
    37
  38. 38
    38
  39. 39
    39
  40. 40
    40
  41. 41
    41
  42. 42
    42
  43. 43
    43
  44. 44
    44
  45. 45
    45
  46. 46
    46
  47. 47
    47
  48. 48
    48
  49. 49
    49

Investigating Marketing

Extracts from this document...

Introduction

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; this is known as mass marketing. The products are usually available in most high street shops, and can be found by shopping around to get the best price as there will be many shops selling the specific product. Mass marketing is also a relatively cheaper way to tackle the market compared with segmentation, but mass marketing is not always practical because there are too many people with different tastes and preferences. Generally a business that targets specific markets will promote its products more effectively than a business aiming at the whole market. Another extreme in segmentation is niche marketing. It highly focuses on the needs of a small population; these kinds of products are usually very expensive and are not easy to get hold of as there won't be many companies producing it. ...read more.

Middle

Under the good economic environment in Hong Kong, Ocean Park was granted a loan of 5.5 billion dollars from the Hong Kong Government and three local commercial banks for a redevelopment Plan to upgrade its facilities that will be completed in stages until 2012. The major upgrade includes a train from to the headlands from the lowland, Thrill Mountain and other new attractions. This will allow Ocean Park to cope with future business as well as having an opportunity to contribute back to the future GDP growth of Hong Kong. Unemployment is the loss of jobs due to a range of reasons (e.g. low profits, delayering, low demand). A high unemployment rate will lead to a low GDP since not all human resources are being used and this wastes opportunities to produce goods and services. This also means that a business will not be able to produce enough goods or services which will lead to fewer goods/services sold and a smaller profit being made. Unemployment leads to fewer business transactions because people wont want to spend, if this happens more businesses will fail to gain a profit and close down leading to further unemployment. However unemployment does benefit the economy by reducing inflation since there are more people without jobs and cannot afford general products and therefore there is a decrease in all general prices. When unemployment is low the unemployed would be able to search for jobs that are more applealing towards them. Ocean Park is affected by unemployment, 50% of its customers come from the local market; if the rates are high, this will create a problem because if customers are not spending money, this will affect some businesses (i.e. Ocean Park). The businesses will then lose profits from those customers and would need to cut some of the jobs to ensure the business keeps running and this leads to unemployment. If there are not enough employees working, some attractions will in turn may need to be shut down since customers wont want to visit attractions if service is limited. ...read more.

Conclusion

For "Product" the healthy food bar will serve as an alternative to the existing fast food, and two restaurants which serve international and Chinese food respectively. The healthy alternative adds on to what Ocean Park has lacked for a long time. The healthy food bar will have items such as a variety of organic vegetable salads, sandwiches, milkshakes, smoothes, fruit juices, fruit and herbal tea. As for "Promotion", Ocean Park needs to emphasize on the health aspects whenever possible. If the marketing promotion is executed properly, this can bring in more customers to Ocean Park. The health bar should be promoted with its products to be with the marketing message being healthy, educational and fun. Advantages: Disadvantages: Healthy Pricey Well being May not have a profound affect on Chinese High energy Setup Costs New Different concept If Ocean Park were to open up a healthy alternative food bar, this would benefit visitors in the park. Firstly people are becoming more conscious of being healthier and living a healthier lifestyle. Also if Ocean Park includes a healthy alternative food bar it would show that it cares for the well being of its customer's health. The visitors may become loyal and come back because they know that Ocean Park is considerate of their needs. The educational aspect of health also matches the general theme of Ocean Park's message of fun and education. This is also a new and different concept from most of Ocean Park's current dining options. However some of the disadvantages of include the initial setup costs for placing the health bar, but this initial setup cost can be overcome with the profits made. Also some of the customers may be put off by prices if set too high which could drive some customers away. Some of the traditional Chinese people might not want to change their diets, which might influence their family member not to take a healthier alternative. Overall I believe this is a good idea which will help Ocean Park to improve its business and customers to gain a health and educational benefits. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Jollibee Foods Coporation case study. there are some alternative strategies that JFC can ...

    JFC can also use the follower strategy based on KFC's way to expanding the distribution network in Vietnam. However, JFC must pay attention to the Vietnam's law about franchising. For example, the Commercial Law was promulgated on 14th June 3, 2005 including the franchising law, or the decree no 35/2006/ND-CP

  2. From a marketing point of view, what were the main objectives or the Hovis ...

    These three factors helped to reduce pressure within the group and stop any destructive conflict that could occur. The main factor in group work is co-operation. In our meetings for the coursework we discussed how the individual's subtasks are related to each others and how each group member will go about processing them.

  1. S.W.O.T. Analysis, P.E.S.T.L.E Analysis, Product life cycle and Porters Competitors Analysis for Sainsburys.

    Legal Factors � Other important issues, like sale of organic food and the ethical treatment of animals, clearly effect Sainsbury's on different levels. The importance of such issues means that they will have to cater to those consumers as well as to consumers who are price conscious.

  2. Impact on Automobile Industry Due To Recession in India

    * Commercial vehicles segment grew at 10.1 per cent with 3, 50,683 units against 3, 18,430 units in 2004-05. Overview Snippets * India, sourcing base for global auto majors. * Passenger car and motorcycle segment is set to grow by 8-9%.

  1. Sony Online Entertainment: EverQuest or EverCrack?

    The executives deceived and exploited consumers to advance their own self-interests which failed to respect the dignity of humanity. In fact, they treated the consumers simply as objects that were incapable of free choice by using deception and failing to inform them of possible dangers.

  2. Describe the Social Implications of Business Ethics Facing A Selected Business In

    Recent news reports suggest that the new chief executive of the bank Barclays Bob Diamond is in line to receive a bonus of �8million despite only being in the job for just 9 days, the story so far has caused outrage amongst Barclays employees who feel the money should be given to existing employees or pumped back into the economy.

  1. Describe how marketing techniques are used to market products in two organisations. The two ...

    This shows Apple are producing the latest product and developing the latest technology and the latest software on the new iPhone 5. Apple has developed modified versions by simply adding more powerful processors. Market development: Apple have recently opened in Hong Kong in September 2011 this show that they are expanding new markets with existing products.

  2. Business Environment SWOT Analysis for a pizza restaurant.

    Have more options of alcoholic and non-alcoholic drinks 4. Our competitors may be slow to adopt organic ingredients 5. Improve the wine suppliers, specially for the organic option THREATS 1. Rising competition may result in costumers going for greater convenience 2. Rising the price of the exported products 3.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work