MARKETING ASSIGNMENT NAME: MALIK SAJJAD HAIDER E.MAIL:
[email protected] Q1:IDENTIFY Three Main Characteristics of Market Concept . ANSWER:
INTRODUTION Marketing is the process to launch new goods to customers. It is the process to attract the customers to the newly launch product. Marketing is also used to get satisfaction of the customers and also for the good customer relationships. Marketing is also used to increase the sale of a spesific product which is still not sold and waiting for the customer. It also expand the interest of the customer to gain reliability from the product. Infact, in my opinion marketing is back bone of the selling different products.
DEFINITION “The management process responsible for identifying, anticipating, and satisfying customer requirments profitability. ” (CHATERED INSTITUTE OF MARKETING)
CHARACTRISTICS OF MARKETING CONCEPT Following are the three main characteristics of marketing concept.
1. Market Products. 2.
3.
Market place. Market price.
MARKET PRODUCT Market product is the main characteristic of the market concept. Market tells us about the basic needs of the people, it also tells us about the taste and requirement of the people. Basically, market product is main subject of the market. I st
f we talk about “market products” then 1 of all the quality is mattered. If market provides best quality products, which is packed in a very good manner then it is a very fruitful way to attract the customers to these products.
MARKET PLACE P Place is most important feature of the market concepts. Because customers access is most important thing . when a customer reach in market easily he purchase the particular thing in the effective manners. Products should be placed out according to needs of customers of that area. For example, if a car’s showroom is far from city then people can’t reach there easily.
MARKET PRICE Price is a major element of market. Price plays a vital role in the market. Ups and downs in prices may also play a vital role in the market. High prices may be caused to reduce the
customers. You have to select those prices in which customer will satisfy. There is a relationship in quality and price. Pricing is depending upon the product, distribution and promotion decision.
Q 2: Explain Britvic’s micro & macro environment? ANSWER:
MICRO ENVIRONMENT “Factors or elements in an organization immediate area of opration that affects of performance and decision making freedom. These factors include competitors, customers, distribution channel, suppliers and the general public”. Micro environment is also called internal environment of the company by which the company can exercise greatest control their best into the firm. Some are internal factor close to any company that has a direct impact on any organization making for strategy. Their names are given below: Customers Employees Suppliers Shareholders Media Competitors These factors play very important role in any organization. These are the factors which is necessary for any organization.
SWOT ANALYSIS “Analysis of the internal strengths and weaknesses of a business and its external opportunities and threats.” (D HALL et al, 2009)
STRENGTH These are the things which are necessary for any business and staff must have the following abilities. Their names are given below: • How to make money • Satisfy the customers • What they known for E.g:From the case study leading brands, building a Morden factory, License to produce, brand loyalty. WEAKNESS It means the poor reputation of the company. Company faces many problems in that condition. Due to poor reputation company can cause many losses, disputes and hardship for a business. OPPURTUNITIES There are many different directions in which business can get huge profit. E.g.:- From the case study children and young teenager has targeted, rise brand awareness and promote sales.
THREATS Threats to a business arise from the activities of competitors and form failing to avail different opportunities.
MACRO ENVIRONMENT Macro environment is based on external factor of an organization that have a direct or indirect influenceon its ability to produce, promote and sell to customer. PEST analysis stands for "Political, Economic, Social, and Technological analysis" and describes a framework of macroenvironmental factors used in the environmental scanning component of strategic management. (Wikipedia) Political: Political factors include the different type of instrument: • Market regulation • Advertising • Product safety E.g.:- From the case study Britvic the children under 16 has apply new rules of T.V campaigns. Economical: Economic factors include the different type of instrument: • Income level • Interest rate • Employment level E.g.:- From the case study decline in soft drink due to economic downturn.
Social: It includes the different factors within the society such as family, friends, colleagues and the media social forces affect our attitudes interests and opinion. • Trends • Fashions • Heath • Crime E.g:- From the case study they plan they should launch a tango variant called tango clear with no sugar to attract the older people. Technological: Technology play leading role in the market industry. • Transport • Global communication • Computer aided manufacturing E.g.;- From the case study provide service vending machines for appropriate local use.
Market research and information.
Market Research. “Market research is any organized effort to gather information about markets or customers.” (Wikipedia) Market Information. “Any written, printed, audiovisual, or graphic information, including advertising, pamphlets, flyers, catalogues, posters, and signs, distributed, broadcast, or made
available outside of retail outlets that are used to assist in the sale or promotion of a product.” (law.justia) In simple words market information means, “Any information used or required to support making decision on the basis of collected data from market including customers, feedback, surveys etc.” Types of research. There are two types of research. • Primary research. • Secondary research. 1. Primary Research. Primary research is also called field research. It is the research in which data is collected very first time for the project making. Britvic does not deals with the data that already exists. Primary research is also useful for gathering statistics and opinions like leadership, motivation, teamwork etc. 2. Secondary research. Secondary research is also called desk research. Britvic deals with the data that already exists and collected by the desk research. It only includes the internal sources like company accounts, Stock analysis, retail data etc. Market research & Information beneficial for Britvic Market research and market information, both of them are important for Britvic because of the following circumstances,
• • • • •
To cover large market Export of products in approximate countries To take over the franchises like Pepsi and 7UP Expansion of business Supply of drinks to everywhere like hotels, cafes, cinemas, pubs, supermarkets etc.
Market Research & Info Gathered There are several ways to gather data on market research. In our research regarding Britvic, we will define it into 2 ways. • Quantitative technique • Qualitative technique Quantitative Technique : If Britvic ask its customers regarding its product, like what flavor do they like, how many bottles of juices do they drink in a day, do they require any other flavor which hasn’t been introduced, its all based on quantitative techniques. Qualitative Technique: If Britvic ask its customers regarding its products taste, like what kind of taste it has, either its good or bad, which flavor they like most, why they have chosen that drink when other companies also have drink like this, this all is based on qualitative techniques. Market Segmentation Definition A way of analyzing a market by specific characteristics in order to create a target market.
(www.glencoe.com/sec/busadmin/marketing/dp/a d_serv/gloss.shtml) Process of Market Segmentation Market segmentation is the identification of the market which is different from one another. Market segmentation allows the organization to better satisfy the needs and wants of the customers. It is also communicate the right message to the right person. Market segmentation is processed in the following way. A. Segment identification 1. Segment Variables Personal Characteristics Geodemographics Psycho demographics Benefits sought Behavioral measures 2. Segmentation techniques B. Segment Evaluation C. Targeting through Marketing Mix Explanation First of all we have to identify peoples through age’s needs and areas from different segments. It includes ages, gender, cities, states, attitudes, lifestyles, usage level, benefits, etc. we also have to choose some segmentation techniques. Then we have a view on segment evaluation n evaluated the first identify section. And after then we have to build targets through marketing mix. Benefits of Market Segmentation: It is very to describe when we divide a market into different segments like Britvic has divided it’s into different ages such as children and teenagers they have found the
taste of all these different types like children , teenagers and old people want and need of customers in this way and served them particular drinks. Market segmentation means to target the market. We can make different segmentation such as age, sex, lifestyle, income etc. this is the easy method to find out the need of customer.
Marketing 4P’S
There are 4p’s in marketing theory and these are given below. 1. 2. 3. 4.
Product. Price. Place. Promotion.
Product By product in market we means that the brand names, functionality, style, packing, repairs & support and warranty etc. Price Price in market usually indicates, • Price strategy. • Price flexibility • Price discrimination etc Place Place or distribution of product means to gather the product to customers some of its examples are as follows,
• • • •
Warehousing Distribution via Distribution places Reserve logistics
Promotion Promotion is about the communication and information of a product. It also means to meet the goals. Some of its examples are public relation services, sales promotion, promotional strategy etc. Choices of 4P’S by Britvic
Product mix and individual product
Britvic Company is producing pepsi, fruit shoot, tango, 7up, purdeys etc and Ali Company is producing sprite high quality and attracting customers. Both companies are famous due to his high quality production and price. Product mix and individual product effects on Britvic Company. Some suggestions for Britvic company as following as: • • • • •
Provide good taste Attract customers by high quality production Reasonable price Satisfy to their customers High quality production at reasonable price
Pricing method
When Britvic Company fixes the price firstly they should keep in their mind that every person can afford that price. So, Britvic Company should maintain the price according to the product and the company adopts the skimming strategy. It means charging a higher price for a new product for a limited period. Distribution channels Distribution channel is such type of place where customer purchase the product direct to the distribution manufactured and consumer can indirect purchase from the retailer. The soft drink which is manufacturing by Britvic Company can buy from retailer shops such as asda, Iceland and Sainsbury.
Promotional methods It is a successful method to promote Britvic Company. There are many ways to promote the product of Britvic Company following as: • Advertising • Sales of the product • Show Britvic product on newspaper • Customer and public relation also promote to the Britvic product. Factors effects If the Britvic Company choose the high quality product then the customer needs will be fulfill and customer will attract and create relations with customer. The main effect of choosing mix and individual product is increasing profit ratio of the Britvic Company. The main effect of the distribution is that if Britvic Company sells the product and services from manufacturer to consumer is almost the efficient methodology for doing a business. The main effect of pricing method is that Britvic Company set the
reasonable price that customers can easily purchase and they will be happy and having relation with customers. If the Britvic company choose promotional method than there is positive effect business will increase and profit will increase and the customer attract towards the Britvic company.
Importance of Marketing Service
1. Process By process we mean having an established, step-bystep way of doing things, and a well-articulated set of internal and external documents and tools supporting it. It is matters that how the process take place like how it is working such as transportation from one place to another place and delivery are also involved in this procedure such as delivery of particular products in a given time. There are two reasons why process is so key. The first is efficiency. It doesn't make sense to have to reinvent steps each time through. It is a waste of time. Having documentation that you can use as a tool saves time, energy and resources.
2. People People are an important ingredient of the market Consumers make judgments and deliver perceptions of the service based on the employees they interact with. According to the needs and wants of customer services should provide to them like at three store services should be provided to customer what they need in their staff. Staff should be educated so that they can convey every clear message to the customer of anything. Staff should have the
appropriate interpersonal skills, attitude, and service knowledge to provide the service that consumers are paying for. Physical environment The physical environment sends important signals to all of the hospitality organization’s stakeholders, but most importantly to customers, according to their ages, needs etc. It is the process where we can know about all the physical matters of the company like what the infrastructure of the company is and what kind of physical product they use for the packing of the product. 3.
Britvic’s adaptation of marketing mix in the Three Possible Changes
Explanation The three possible changes in addition to Britvic are economic downturn, poor summer weather and health awareness. Poor summer weather also has an impact on market trends that effect to the Britvic Company. Economic downturn has impact on reduce the sales of drinks because of lees money with consumers that reduces the customers and the company bears the loss. In poor summer weather drinks are bit used because of low thirst. So the Britvic used to produce more soft drinks because nowadays youngsters are more used to of soft drinks inspect of some hot drinks whether the weather is hot or cold. So, Britvic
Company should produce the soft drinks according to the weather. Health awareness has driven demand within the soft drink market since 2000 both from the customers and government level. Health awareness has an impact in the market.
