Techniques of Market Analysis - Rebellion Development
University: University of Chester
Question :
With having proper understanding of marketing concepts shareholding in market can be developed that further allows entity to ensure maximum competitive advantages. With having proper evaluation of below mentioned questions significant benefits can be assured.
- Marketing concept and different type of activities in company marketing departments.
- Market research with market analysis techniques and tools.
- Use of e-marketing through which entity can manage their online presence.
- Presentation of market analysis and research findings to marketing team.
Answer :
INTRODUCTION
Marketing is the essence of business. Marketing is the procedure by which producers of goods and services aim to find out where demand of its goods and services. Marketing function is based on some principles and techniques which is very fruitful for any business. The basic principles of marketing majorly consist of product, price, place and promotion. There are some functions of marketing as marketing manager has to perform market research, making marketing plan, product development and promoting for goods and services.
The report gives an understanding of entire definition of marketing and department of marketing. Furthermore, the report will also analyse STP technique and 7P's of marketing mix. Marketing research and its tools and techniques will be also analysing in this assessment. Moreover, the concept of E-marketing is also included in this report.
The product in this report is magazines and games of computer of Rebellion Development which is a small-scale company in UK.
TASK 1
Marketing- It is the heart of every business and is the procedure of moving goods from stage of production to consumers. Rebellion Development is trying to promote its products and make available to maximum customers. Marketing includes procedure of communicating, delivering and exchanging offers that have worth for customers, clients and society (León-Flández and et.al, 2018).
Marketing is a never- ending process as it starts before launching of products and ends after evaluating and identifying all levels of satisfaction of customers. Traditionally, there are 4P's of marketing mix but today company uses 7P's of marketing which is a broad concept. Rebellion Development Company of UK is going to launch new magazines in computer education by using 7P's strategy.
Role of Marketing Department
In a company, there is a marketing department which conduct whole activities of marketing.
Build relationship with customers- This department helps in building effective relationship with audience. I also create awareness among people about products and business.
Generate Income- the main aim of marketing department is to generate income in business. All activities aim at taking advantages of opportunities and generating high revenues.
Segmentation Targeting and Positioning (STP)
This is the best tool to develop marketing strategies. It is the most popular approach of marketing. There are three phases in STP. In these techniques, determination of existence of various kinds of consumers occurs, secondly selection of the best method takes place and lastly, application occurs by optimizing products for that segment and communicating all products and services to audience.
Segmentation- Segmentation means identifying what kinds of consumers with various needs exist. There are various sections of marketing such as geographic segmentation, demographic segmentation, psycho-graphic segmentation, behavioural segmentation and other types of consumer segmentation (Garrido-Morgado, and et.al, 2017). For example- Rebellion Development is trading in computer games and magazines so it can divide its customers in kids or youth.
Targeting- target marketing involves breakage a market into segments and then concentrating on efforts of marketing on few key segments. By targeting company can win over competitors. For example- Rebellion Development can target children's and youth for targeting its products.
Positioning- Positioning segment is the most important segment of STP tools as it is very important to have specific position of products in the market and also among competitors. It also focuses on products that occupy a consumer’s mind. For example- Rebellion Development can acquire a good image or position on the mind of children's and youth by providing effective computer games and interesting magazines.
7P's of Marketing Mix.
This is the modern concept of marketing. 7P's of marketing has broader concept than 4P's of marketing. 7P's of marketing assist the manager of company to review and define key issues that affect marketing of its goods and services. 7P's is also called as Digital Marketing Mix. The manager wants to launch new magazine in the market. Therefore, he must consider all elements of 7P's in order to achieve objectives and goals.
Product- products means to what manager of company wants to sell including all features, advantages and benefits that consumer can enjoy purchasing magazines and games of computers.
Price- This is the most concerned element of marketing because pricing of products directly affects customers. The manager should evaluate prices of product and ensure it is value to money.
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