Marketing Principles and Techniques - Modern Society

TASK 1:- Marketing

Marketing.

Marketing is considered as that term which assist in increasing sales of products and manipulates mindset of people towards those items and pull in to purchase it. In other words, marketing can be said as exchange of goods in with consideration to money. Hence, there is a key word used in marketing i.e. process and even it is an study of exchange of relationships. Therefore, a variety of responsibilities and duty is performed by marketing department as they do indulge themselves in managing a brand, it also conduct campaign in marketing activities, produce an internal communication, they also lead to customer and market research, even look for the other vendors and agencies in perfect manner etc (Hair and et.al., 2012). These all are those which help Modern Society to get stable in market for longer period in great way. Marketing involved as mandatory aspect for entities because without it a large part cannot be covered and this also help in focusing on a individual segment too.

Market Segmentation.

When a firm divide a market into different segment so that they could focus on a specific criteria, even it is a consisting a existing and prospects client, based on a certain specific features in proper manner. Basically, they do share a group which do show and also share a ordinary or similar kind of features that people have an basic aspects among them in right manner. Market segmentation is performed on basis of few criteria and few of those are as Age Group, Income, Place and occupation etc. Hence, it is also having type as Demographic, Geographic, behavioural and Psychographic too.

Marketing Mix.

Marketing Mix is a tool and technique a firm uses to prosecute its objectives and target in effective manner. There are 4P's which are considered as main aspects of Marketing mix as product, price, place and promotion

Product: The modern Society do provide an product according to needs and wants of customers, even they take care of change in environment and sell cloths similar or exactly same as demanded (Calco and Veeck, 2015). Marketing do help them to make people aware about firm and availability of cloths according to requirement and trends running in market, even though it should be there that prices of it is reasonable.

Price: Cloths of Modern Society should be of quality that could make customer to get in to buy there product. Basically. Entity set there prices according to market analysis and what amount exactly people are looking to spend over cloths. Modern society do set reasonable prices of cloths and convert firm to increase sales.

Place: Modern Society should choose a good place to serve millions of people with there clothing product. Even a place should be convenient to every customer so that they can manage to overcome the distance in quite right manner. Place should consider variety of aspects while opening it as do customer will look on or will get attention of people etc. As place must be reachable to each and every customer.

Promotion: Promotion is that part of marketing mix which include variety of things to perform as advertisement, even it can be done in various ways and that should be specific with concise and accurate content for product and shop. Promotion is an mandatory aspect as it helps in increasing the sales of firm.

TASK 2:- MARKET RESEARCH

Aims and market analysis.

Market is that particular term which is broad in itself and required to analyse by Modern society in perfect manner as because this criteria could help firm to bring in a effective strategy and decision which can make them to attain a better competitive advantage in market (Lees-Marshment, 2014).

When the modern society came in market to get established they took a Aim on top priority to achieve something good in market and even it is required to manipulate the working into hard work so attainment can be there of aims and objectives.

Aim:- It is required to collect information related customers and in which particular market they are operating business. Some other aims are related to as:

• To earn a good amount of profit which can help in getting stable in market in proper manner.
• To become a unique and famous shop in particular market so people can come to shop and purchase quality product in great way.

Market Research Method.

Research is that method which is required to be given an special attention as this do help firm to bring in effective strategies and decision and same scenario can help them to attain goals and objectives too. Basically, there are two methods through which an perfect research can be conducted and it is be like:

Primary research: It is that which is considered for having an first hand collection of data which is not being gathered by any other researcher too (Lilien, Rangaswamyand De Bruyn, 2013). The methods which are available with this research as Surveys, Focus group, Interviews and observation as well.