For any business, it is very important to understand marketing principles and techniques to successfully run the business. This report will discuss about the concept of marketing and its application used by Origin Company operating in UK. It will also explain market segmentation and marketing mix for the business. This report will focus on various methods of research and its market analysis. It will also explain different methods used for e-market products and services of respective businesses.
1.1 Marketing Concept
Marketing is a process which is used by the owner of any business to promote its products and services in the market to increase its sales and profitability. The main principle of marketing is to plan strategies which can help the business to enhance their services. There are various ways in which organization can do marketing, for example, by posters, direct mailing, by organizing campaigns, through advertising, etc.
For Origin Company, it is very important to understand their customers’ needs and provide their services according to them. Employees should ensure that they apply the most appropriate method for marketing their products (French and Russell-Bennett, 2015).
1.2 Market Segmentation
For any business, market segmentation plays an important role. It helps the owner to understand their customers more precisely. This process is based on dividing the potential customers of their business. These are based on the groups which has similar characteristics.This method helps to understand the owner to supply its products according to their market segmentation.
There are 4 types of market segmentation,
- Geographic Segmentation: In this method, customers are divided on the basis of their locations in which they are living. This process helps the owner to draft personalized marketing campaigns for everyone.
- Demographic Segmentation: This is based on the basis of demographic variables, for example, family size, gender, age, income, religion, race, occupation, nationality, etc.
- Behavioral Segmentation: This method is grouped on the basis of their customer's behavior about their products and services. This will help the Origin Company to produce products according to that (Chong, Bian and Zhang, 2016).
- Psycho-graphic Segmentation: This method divided the customers on the basis of their personality, lifestyle and attitude. As these characteristics has an influence on the buying decision and habits of the customers.
1.3 Marketing Mix
It is a process used by the company to combine various factors that can be controlled by them to influence their consumers to purchase their products and services.
There are basically 4 P's of marketing mix such as:
- Product: This method includes all products which are delivered by them to their customers. It should be according to their liking and preferences as this will help them to satisfy their customer's requirements.
- Price: Pricing is very important for the company to manage properly. Origin should set their pricing strategies accordingly, so that their customers can easily afford it (Malhotra and Peterson, M., 2014).
- Place:This is the factors which measures their products rate which are being sold in the market. It should be easily accessible for their customers to buy it.
- Promotion: In this method, various promotional activities are carried out by Origin Company to promote their services and products in the market. There are different ways to achieve this like giving discounts and offers on their products, by advertising, through campaigning, etc.
Illustration 1: Marketing Mix
(Source: Marketing Mix Process, 2017)
2.1 Aim of Market Research and Market Analysis
For any business, market research is done to achieve their goals and objectives and to satisfy their customers. It is a careful study of their products, its design and there distribution in the market. It also helps in planning strategies to reduce marketing costs to find out new markets for their products, to evaluate their competitors in the target market, etc. Whereas in market analysis, a company evaluates it entire process such as production, promotions, etc. to improve their existing services. The main aim to apply market research and marketing analysis in the business is to increase their productivity and gain a good profit (Serrat, 2017).
2.2 Market Research Methods
Origin Company can do research in two ways,i.e. primary methodin which they obtain information related to their products through various ways such as by market segmentation, by advertising testing, customer's satisfaction and loyalty analysis, through pricing policies, one-on-One interviews, surveys, etc.
In secondary method,company uses the research datawhich has been already conducted by different organization for their research in the past. For Origin Company, primary method is useful as it will give them real time results which can be beneficial for them to improve their services according to outcomes. It will also help them to interact with their customers directly and understand them better(Gerrikagoitia and et.al., 2015).
2.3 Market Analysis Tools and Techniques
There are various tools and techniques available to perform market analysis for an organization, for example, PESTLE analysis, SWOT analysis, Porter's Five Force Method, Ansoff's Growth Matrix, etc. All these processes play a crucial role for better understanding of the target market and enhance their services. For Origin company, SWOT analysis is very important as it helps to determine their strengths and weaknesses and also helps to evaluate opportunities and threats in the market (Market Research Analysis Techniques: Uses & Benefits, 2018).
SWOT Analysis of Origin Company
Illustration 2: SWOT Analysis
(Source : SWOT Analysis, 2018)
3.1 Methods used for E-marketing
E-marketingis a method used for marketingtheir product or service using Internet facility. There are many ways by which a company can do its e-marketing for their promotion such as by designing their own website that contains details of their business and products and services. It will help them to connect with their customers directly and can know about their needs. Company can use social media platform such as Facebook, Twitter, Instagram for their promotional activities which is very popular nowadays (Armstrong and et.al., 2014).
3.2 Ways to manage Online image of Business
There are various ways in which organization can maintain their image in business. It can be done by putting attractive advertisements of providing discounts and offers to their customers on internet using social media. Promotions are nowadays has become so easy by using e-marketing strategies. This will also help them to communicate with their customers and improve their services according to their feed backs.Maintaining the brand image helps the business to stay in the market in good position and can earn a good profit from it.
4.1 Use of Market Analysis Techniques
There is a great advantage of market analysis for their business. It helps in various ways such as,
- Provide information of the latest trends in market.
- Helps in market segmentation.
- Give market information on various product prices.
- It helps to analyze their strengths, weaknesses, opportunities as well as threats.
- It encourages a healthy communication with their customers by knowing their likes and preferences (Habibi and et.al., 2015).
4.2 Interpretation and findings of Market Research and Market Analysis
From the above market research and analysis, it can be interpreted that both are very important for any business to run successfully in the target market. It is very useful to understand the overall management of an organization. These methods also ensure that organization is properly implementing all steps into their research in order to increase their productivity that will eventually improve their services. (Sarstedt and Mooi, 2014).
From the above report, it can be concluded that marketing plays an important role to operate any business in the market. For this, the owner has to understand the concept of marketing, market segmentation and marketing mix to successfully run his business. This report also explains about various methods of research and market analysis such as PESTLE, SWOT, Ansoff's growth matrix, etc. It also discussed about the e-marketing processes of company to promote their services and products in market.
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- Armstrong, G. and et.al., 2014. Principles of marketing. Pearson Australia.
- Chong, W. K., Bian, D. and Zhang, N., 2016. E-marketing services and e-marketing performance: the roles of innovation, knowledge complexity and environmental turbulence in influencing the relationship. Journal of Marketing Management.32(1-2). pp.149-178.
- French, J. and Russell-Bennett, R., 2015. A hierarchical model of social marketing. Journal of Social Marketing.5(2). pp.139-159.
- Gerrikagoitia, J.K. and et.al., 2015. New trends of Intelligent E-Marketing based on Web Mining for e-shops. Procedia-Social and Behavioral Sciences.175. pp.75-83.