To what extent will Boots marketing objectives assist Boots in achieving its long-term strategy?
To what extent will Boots' marketing objectives assist Boots in achieving its long-term strategy? (34 marks) Boots the chemist, established in 1849, has had a variety of corporate objectives since its inception. Starting as a partnership between John Boots and his mother, their main objective was likely to be survival (as with all new business start-ups), but throughout time the Boots brand has build and secured its place as the UK's favourite cosmetics chain. This has also altered the objectives of Boots, as they can afford to set more ambitious targets. The expansion of Boots has lead to the need to different organisational structures, where the functions (also known as departments) of the business are clearly set. One such function is the marketing department, which will have its own objectives that need to be fulfilled. Marketing objectives are the specific goals or targets of the marketing department in an organisation. The typical marketing objectives of Boots are as follows: * to create and maintain brand loyalty, * to maximize market share, * to increase product range awareness, * to increase sales and footfall, * diversification into new markets by developing innovative products. These objectives must be set in line with their corporate objectives, which are the targets of the business as a whole, to ensure the workforce are all working to common goals.
Market Resarch Essay
Market Research Essay I am writing about my new business and product, which I am going to design using market research. Market research is "the collection of information about existing potential products". "Businesses use market research to find out what consumers think about a product or service." There are two sections of 'market research'. These are called 'Primary(field) Research' and 'Secondary(desk) Research'. Primary research is the process in which you collect new information. And Secondary research, is where you use the existing information that has already been gathered, to study the market. Therefore, you should present the data "in a form that allows analysis and evaluation of the information." My product is going to be a chocolate. This doesn't mean that it's going to be a bar. It could even be little sweets. My market research is about finding out the most wanted specifications and the target audience of my product. Now I am going to be discussing the various methods of market research available and furthermore, which is the most appropriate for my needs. The first method is 'Questionnaires'. A 'questionnaire' is a form consisting of a series of questions set for respondents to answer. It is also the most common method of collecting data for marketing decisions. The advantages of a questionnaire is that firstly, a business can decide exactly what questions it
Section 2-Marketing
Section 2 - Marketing To make a successful business we needed to complete a number of marketing tasks to research into price, place and promotion. The marketing director was Charlie, who with help from the team researched thoroughly into each of these three subjects. At first the group's idea for a business was to make magnets and sell them in school. Many other ideas were considered, including a football tournament, fair games in the hall and other plans. We were aiming at the target market of lower school, as we were going to sell the magnets on the premises. We thought that the younger students would prefer the product than the older ones, and so needed to plan the product to attract their attention. Also, our market research showed there was more females than males interested, shown in the chart. We decided upon this idea for a number of reasons, including that we could not get permission to use the hall for other events. Furthermore, magnets would be a lot cheaper to make - consequently we could hopefully make more money. We conducted a small amount of primary and secondary research, but probably should have completed more, although the research we used was relatively useful to help us target the product. Primary research is research conducted by the company itself, whereas secondary research is taken from another source that has completed it. The primary research we
Business Studies - Project
BY KAMRAN ADNAN Contents Page Aims And Objectives Page 3 Definition of Marketing Page The 4 Ps Page Explaining the Results Page Market Segmentation Page Hypothesis Page Marketing Plan Page Evaluation Page ACTION PLAN What do I have to do in this task What Information do I need How and where will I get the information What will I need next if I cannot find the Information that I need When do I need to finish this task by You have to complete an Action Plan The completion dates for the tasks From the worksheet given to me by my teacher Use my own initiative to ask my teacher if I get stuck 01/05/07 What are the aims and objectives of the task Task sheet From the worksheet given to me by my teacher Use my own initiative to ask my teacher if I get stuck 05/05/07 Identify and apply relevant theory to the marketing plan Note books / Internet Note books / Internet Use my own initiative to ask my teacher if I get stuck 0/05/07 Carry out Market Research including Market including hypothesis Questionnaire & any other market research tool From the public Use my own initiative to ask my teacher if I get stuck 30/05/07 Produce Findings Completed research From the public / respondents Use my own initiative to ask my teacher if I get stuck 06/06/07 Compare Hypothesis with Research Findings Complete research & findings From completed
The Marketing Mix. There are a number of pricing policies which a business may adopt.
"Marketing is the process which identifies, anticipates and satisfies customers' requirements profitably". This means, marketing finds out what products or services customers want, either now or in the future, and provide those products or services to them at a price which leaves a profit for the business. Marketing is much more than just selling. Competitive marketing: This is another frequently used term simply describes any market in which there are many businesses competing for customers. Price: There are a number of pricing policies which a business may adopt. The choice of policy depends on: * The type of product being marketed * The competition in that market * The price which people would be willing to pay * The costs of production which must be covered There are 6 methods that a business may use to price there product. These are: * Market-led pricing * Cost-based pricing * Skimming * Penetration pricing * Destruction pricing * Price wars Market-led pricing: This can also be referred to sometimes as "competitive pricing". This method accepts the price which competitors are charging for a product and then prices its product at the same level or slightly lower in order to gain an advantage over the competitors. This would be used in a market that is very competitive. A product that may be put into this market is, washing powder because
I am going to write a report that explains how my products, customer segments and the organisational culture. The name of my company isAir fix and the main product that it sells is car models.
INTRODUCTION I am going to write a report that explains how my products, customer segments and the organisational culture. The name of my company is'Air fix' and the main product that it sells is car models. PRODUCTS The product ideas for our business are detachable parts for custom made cars, new custom made cars and football stadiums. The chosen product for our business is the production of football stadiums. MARKET Target market is a defined segment of the market that is the strategic focus of a business. Normally the members of this segment possess common characteristics and to purchase a particular product or service. The target market for Airfix is teenagers with a range of 3-4 years either way. The accurate age group is from 10-22 years old. ORGANISATIONAL CULTURE Organisational behaviour is the study and understanding of individuals and group behaviour and patterns of structure in order to help improve organisational performance. Organisational culture is a set of beliefs and values within a company and how management and employees interact with each other. The sources chosen to demonstrate organisational culture show a direct and easy understanding about what it means and it shows the interaction between employees within a company. Airfix is based on task culture and it has an important influence on motivating company employees because the production
This essay explores the idea that the use of e-marketing means that segmentation is no longer relevant.
Assignment 1 Question 4 This essay explores the idea that the use of e-marketing means that segmentation is no longer relevant. This statement is discussed in relation to organisations that use e-marketing to complement traditional marketing strategies and in the context of 1:1 marketing. It is emphasised that e-marketing is not limited to the internet. Although a number of examples in the essay involve the internet, the same basic principles apply in relation to the other e-resources an organisation can use. Traditionally, a firm can choose from 3 different marketing coverages. These are mass marketing, multi-segment marketing and niche marketing (Strauss, 2001). The evidence in the literature is overwhelming that segmentation still has a central role to play. The reasons for this include that segmentation enables an organisation to: * group people and organisations with similar needs * define marketing objectives * allocate resources and evaluation (Study Guide, 2001). In addition to the 3 traditional marketing coverages, more recently individualised or 1:1 marketing is being used by organisations. 1:1 marketing involves customising a product offering for individual customers. The very nature of targeting individuals seems to make segmentation no longer relevant. However, it is clear that this is only correct in part and that segmentation still has a significant
A Marketing Plans
Marketing Report . Introduction .1 The Task A local manager of a sports shop in Harrow, Janice Reynolds, has decided to start up her own business. She hopes to set up a sole trader sports retail outlet somewhere in the local area. My task will be to research and advise Janice of the market and marketing strategies. She understands that marketing a business deals with many issues, these are: * How to promote the business. * How to compete, while gaining profit, with the other sports shops. * What the other sports shops are doing. * Who the target market should be. * What pricing policy to use. * Products to sell. * Where to locate the business. I will also need to reassure Janice that all these issues are giving a good affect on the local community. Finally that all legal issues are covered and in order. .2 Marketing What is the definition of 'marketing'? Here I will research the different definitions of marketing. I will use various sources to find the definitions, for example, textbooks, the Internet etc. Here are the definitions and their sources: . "Marketing is the process that helps businesses to discover and meet the demands of customers." Applied Business for GCSE, Malcolm Surridge, Collins. 2. "Marketing is more than just selling or advertising. It is the art of making it as easy as possible to get the potential customer to buy your product." GCSE
Marketing Strategy - the marketing mix - promotion - product - price - place
My Marketing Strategy As previously mentioned in this report, there are several aspects, that play a big part in a products successes or downfall. These are classified as the marketing mix, and are again shown below, Pricing Pricing is one of the key features of the marketing mix. The producer sets the price of a product with great caution, as incorrect pricing can result in product failure, and sometimes even market failure. If the price of a product is too high, then consumers will simply not be willing to pay for it, and yet if a product is priced too low, people will view the product as cheap, and so it will loose its exclusivity, and demand from consumers. There are many different pricing methods used by companies today including, Cost-plus pricing This involves setting a price by calculating the average cost of producing a product, and then adding a "mark-up" (profit margin) on to that price. If it costs £35.00 to produce a small television, firms usually add up to 100% profit margin on top, and so the consumer would have to pay £75.00 for the television. Cost plus pricing has a number of disadvantages though such as it doesn't take into account the needs, wants and opinions of the consumers. Market orientated pricing These methods are those which are based upon a careful analysis of the market at which products are aimed, and so are much more effective
NIKE SPRINTS AHEAD OF COMPETITION, YET HAS A LONG WAY TO RUN"
CASE NUMBER # 1.2 CASE NAME "NIKE SPRINTS AHEAD OF COMPETITION, YET HAS A LONG WAY TO RUN" Submitted by Indrajit Rau (56) Jayanta Bhattarcharjee (57) Justin.P.Sam (61) Ruchi (119) Q1.) Should Nike switch from a focus on celebrities to a focus on its products in its advertising? Discuss the role of marketing research in helping the Nike management to make this decision. What kind of research should be undertaken? Answer:- Yes, it should change its focus from celebrities to its product as we can see that the Nike Shox was a run away success in U.K and U.S. Marketing research will help Nike management to find out eh effectiveness of celebrities focused adds to product feature adds. Descriptive research should be undertaken as it gives a conclusive result. Q2.) Discuss the buying behavior of consumer with respect to athletic footwear. Answer: - People buy things for obvious and hidden reasons. The importance of the product determines the amount of thought and effort into the purchase. For instance buying behavior of athletic footwear will be different for serious sports athletics and different for other consumers. Athletic footwear can be categorized into 3 types: Athleisure = Casual athletic styles, canvas, suede, etc. Recreational Boots = Hunting, Fishing. Waterboot etc. Sports based = Golf, Basketball, Soccer etc. There are essential factors that
