Marketing techniques are those that are used by marketing department in order to encourage sales of products and services of company. Marketing is a process of facilitating products and service to customers. Marketers should ensure that their products are timely available to customers (Batini and Scannapieco, 2016). This leads to better satisfaction of consumers. By using different tools and techniques, marketers can develop better plans and also result in more sales. They implement different marketing functions and marketing mix while formulating plan in order to increase the efficiency of plan. This project is based on The Oven bakery which is situated in London, United Kingdom that offers different types of products such as cakes, pastries, doughnuts, wafers, etc. This assignment will cover different aspects of marketing, marketing research, E – marketing, etc.
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1.1 Marketing and functions perform by marketing department
Marketing is a process which help company to sell their products and services into target market and to customers. Organisation use this activity in order to facilitate more sales through buying and selling. In order to maximise marketing of company's product, organisation uses different techniques and they are advertising, promotion, selling and delivery of the goods and services. Marketing department develop suitable marketing plan that assist company to achieve all its marketing objectives (Bishop, Fody and Schoeff, 2013). The Oven Bakery needs to carry out marketing activities and for that they can implement following marketing functions.
Market-research:Bakery can run different types of investigation and surveys in order to find out tastes and preferences of customers and providing them the desired taste in their products. For proper research, they require talented employees, that can perform surveys and gather important and suitable information.
Promotion:This is a powerful tool which help company to advertise and promote their bakery products so that people come to know about their products which they are providing. With strong promoting tools, company can attract large number of customers towards their bakery and encourage their sales. As a result, more profits to company.
By applying above marketing functions, Oven company can analyse their target customers with people and can plan their marketing strategies according to that. Then assign different responsibilities to employees who are working under marketing department.
1.2 Market segmentation
This is a process which help in dividing markets and people based on their characteristics and divide them into different segments and groups. This segmentation help in targeting market and people in better manner and satisfying all their needs by fulfilling them. In order to know about exact markets and customers, The Oven Bakery can research on following segments:
Geographic segmentation:This segmentation helps in dividing customers and markets according to geographic region (Lees-Marshment, 2014). Various geographical variables include: Country, region, city or town size, etc. With this, company can easily divide their market and focus on desired target market.
Demographic segmentation:It divides population on the basis of different variables and those are age, gender, religion, race, colour, income, occupation, etc. This is most widely used by companies. The Oven Bakery adopt this segmentation in order to know about different customers.
Behavioural segmentation:This segmentation divides people on the basis of their behaviour, usage and decision making patterns. This help company to know about tastes and patterns of customers and offering their products and services according to that.
Psycho graphic segmentation:This segmentation is mainly concerned with lifestyle of people, their activities, interests, etc. It is similar to behavioural segmentation.
1.3 Marketing mix
It is a tool that is used by marketers to achieve marketing objectives of company. Marketing mix is one of the the effective tool which mainly includes 4P's, that are product, people, promotion, place and later on it was extended to 7P's which includes people, physical evidence and process.
Product: It is intangible or tangible item that is developed by company in order to fulfil customer's needs and desires. The Oven Bakery manufactures different types of products like pastries, cakes, wafers, cookies, etc. according to tastes and preferences of consumers.
Price: It is generally the amount of the product which is kept by company according to customer's spending habit. It is an important factor of marketing mix as this will directly effects product's sales. Reasonable price attract customers and also maximise sales. By keeping economic price, Oven Bakery can easily attract and retain customers.
Place: This includes positioning and distribution of company's product. This help in delivering food items to customers and for this, it requires detailed study of different markets where company can reach easily to its customers and on time.
Promotion: It is an important tool for marketers to advertise and promote their goods and items. It make customer aware about the products offered by bakery (Reynolds, 2013). It is a powerful tool which have the capacity to attract customers towards them. The Oven Bakery use different and unique tools to seek the attention of people.
2.1 Aim of research and market analysis
Research and market analysis are crucial parts of an organisation as they help marketing department to know about their target customers and market places. With proper analysis and investigation, Oven Bakery can formulate effective plans and strategies which can help them to earn high profits and encourage their sales. Survey and research provide crucial information about competition, markets with growing economies, customers tastes and preferences, etc. It also facilitate bakery to establish a good position and reputation in the market. Following are some aim of market-research and survey:
- It helps in identifying target market.
- Comes to know about customer's tastes and preferences.
- In order to analyse competition in the market.
- Gather maximum information related to macro factors.
- Helps in evaluating company's reputation and future opportunities.
- Helps in identifying customer's buying and spending behaviour.
2.2 Market research method
As mentioned above, market research is crucial for organisation as it provides important details and information related to several factors. In order to carry out research effectively, marketers use two types of methods and they are primary and secondary research. As The Oven Bakery is new organisation and at the initial stage market research is necessary to know about the market and people. Following are the primary and secondary research:
Primary market research: This research is one of the best method at initial stage of a company. Information and other details are collected directly from the sources or customers through interviews, questionnaires, surveys, focus groups, etc. Two types of information is generally gathers at the time of primary research and they are:
- Exploratory: This type of research is general and open.
- Specific: This type of research is specific and more precise.
Secondary market research: Collection of information is from those sources in which the somebody has already compiled the research. It basically involves reports, studies by some agencies, etc. This is more affordable and easily accessible as compared to primary research.
2.3 Market analysis tools and techniques
There are different tools and techniques that are used by marketers of Oven Bakery in order to analyse macro factors and also finds out competitors. Tool that is used by them are PEST Analysis and is mentioned below:
Political: This factor tells company about the political environment of London. As Oven Bakery is a new organisation, government supply funds to new ventures at nominal interest rates. This helps in running business operations and start up in smooth manner.
Economical: It includes all economic factors that can influence business profitability and operations (Ehrlich and Fanelli, 2012). It mainly includes tax, interest, exchange rates, etc. As Oven is a new company, before starting up the business, they have to analyse all these factors in order to avoid loss.
Social: This factor involves people living in society, their way of living, age, eductaion, culture, attitude, etc. Company can use market segmentation and categorise different people and focus on their target customers.
Technological: As bakery is a new venture, they can implement new and recent technologies that will help them to produce better food items with greater tastes. With better quality and taste, they can attract as well as can retain customers.
4.1 Methods used for e-marketing of products and services
E-marketing: It is referred to buying and selling of products and services by using internet. This is also known as digital marketing. This is an effective platform where company can switch their business to online mode as they will get better customers online. With this online mode, they can reach millions of customer and thus this increase revenues and profit for company.
The Oven Bakery can use different online marketing methods to attract customers and make people about their company. Some of them are mentioned below:
E-mail marketing: This will help them to provide information related to offers and discounts on bakery products to their customers by using E – mails. Company can adopt this methods to reach to their customers and providing them there services at their doorsteps.
Search Engine Optimisation: This is an effective process which help company to make their company visible on online websites or on search engines so that people can prefer them first over others (Graber and et. al., 2016). Bakery can adopt this by giving web makers more money so that there company can be visible on top of the list.
4.2 Method regarding management of online image of organisation
Following are some methods that help in maintaining online reputation of company:
- Up gradation of websites in some interval of time for better services.
- Proper and logical arrangement of tabs on web pages.
- By search engine optimisation in order to be visible on top of the bakery companies.
- 24 hours customer services.
- Prohibition of possible fraud.
Above are some points which should be followed by company in order to provide better services to their customers so that they can be satisfied.
3.1 Application of market analysis techniques to research target market of own products
By implementing several methods of research, sited company can research their target markets and focus on providing best services to them. They can use primary and secondary sources in order to collect information related to market and customers. Marketers are using effective market tools like SWOT Analysis, PESTEL Analysis, Ansoff matrix, etc. to know about the market and people (Stewart and Smith, 2014). With this, they can concentrate on more on their market and develop better strategies and plans, which can benefits the company with greater profits and revenues. With proper implementation of marketing activities, they can easily achieve their marketing objectives and can also attract large number of customers towards them. Research and marketing activities assist company to develop a good position in market.
3.2 Interpretation of market research and analysis
From the above information, it can be interpreted that there are greater opportunities for Oven Bakery as they are providing quality products at reasonable and economic prices. With greater tastes and higher quality, Oven bakery can attract customers and can achieve their desired success in future. Marketers should be aware about external environment and competitors and be prepared for possible contingency.
3.3 Presentation of the findings to marketing team
All the findings which are gathered from market analysis is necessary to present marketing team. This will help in improving decision making process and developing strong and effective strategies. With this, they can develop better bakery items by considering customers tastes and preferences. Marketing team have kept low prices which is one advantage to attract people toward them. With affordable prices, company can achieve maximum sales and thus achieve their desired success.
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From the above report, it can be concluded that, marketing is an essential process that help company to make their products available in target marker and for people. By performing appropriate market research, they can gather crucial information related to customer's demands and requirements and market also. With this they can develop better market plans that help them to attract customers towards their bakery items. As The Oven Bakery is a new venture, they need to run research for better establishment of business. This will help them to compete with already exiting competitors and establishing a good position in market.
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