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Marketing management is a process which is used to identify what products and services in which customers are interested and what strategies to be used for sale and communicate to develop business among the costumers and target audience (Akter and et.al., 2016).In other work it is refers to the planning and implementing the conception, pricing, promotion etc. ideas to satisfy needs and wants of customers. This report is based on “Coffee House” company which is planning to be established in United Kingdom and that offer bakery products and different variety of coffee. The topics covered in this report are Concept of marketing, marketing planning process, role of internet in modern marketing, how an organisation identify new market opportunities, benefits of marketing management to customers and how marketing management can improve their business performance.
1 Define the marketing concept
Marketing concept refers to the process through which it is describe that success of a firm is depend upon efforts of marketing done by a company and value proposition which they are delivering as compare to its competitors in the same target market (Doyle, 2013). In other aspect, marketing concept is philosophy through which a firm analyse and evaluate their customers and then make decision according to it, so they can satisfy their customers needs and wants of customers in better way as compare to their competitors. In current time most of the firms adopt marketing concept to understand their customers' needs, satisfy them, increase profit, maximise sales and make decision accordingly to beat their rivals. Their are five type of marketing concept which an organization can adopt and execute in their firm, they are - production concept, product concept, selling concept, marketing concept and societal marketing concept.
2 Stages of marketing planning process
Marketing planning process refers to the steps that provide guidelines how to sell and market products in the target market within a particular period of time by involving promotional strategies. Coffee House adopt marketing planning process to make their business successful and sustain it in future market, which is describe below:-
Mission:- In this, Coffee House first develop their action plan, mission and company's objective to make their products successful in the market of United Kingdom.
Situational Analysis:- In this stage Coffee House will examine their current condition in market by analysing and audit target market and doing SWOT analysis.
Marketing Strategy:- In this, respective firm will evaluate and develop marketing objective and marketing strategies which can help them achieve overall company's objective in an effective way.
Marketing Mix:- In this step, Coffee House will make plans and strategies on focussing the marketing mix so that they target right audience and market and develop plan accordingly.
Implementation and Control:- In this step Coffee House implement their plan and strategies and evaluate it as it is correct for the current market trend or not (Garcés, Rivera and Murillo, 2012).
3 Difference between transactional and relationship marketing
Their are several difference in between relationship marketing and transactional marketing which are describe below in context of Coffee House analysis:-
In this organization's main focus is on making new customers (Grant, 2016).
According to this, their major focus is on customer retention.
Their main orientation is to providing service features.
In this marketing, the orientation is on the basis of customers benefits.
This is done for short time scale.
Whereas it is created for long time scale.
In this, a company emphasis on customer service little.
According to this, company emphasis more on customer service.
In this, commitment of customers are limited or less
When compared to transactional marketing, in it commitment is high of customers.
In this marketing contact of customer is less to a company.
Whereas in this contact of customers to a firm is high.
4 Difference between marketing mix planning for product based and service based organization
Coffee House analysis and evaluate the difference between the marketing mix planning of products and services, which are describe below:-
· Product based marketing means to develop and organize marketing activities which align and help to promote and sell particular product that is made for specific segment (Hazen and Byrd, 2012).
· In product based organization 4 p's of marketing mix are used for the development of products that are product, price, place and promotion.
· Service based marketing refers to the marketing of economic activities which is offered by business to their clients and customers for adequating consideration.
· In service based company, 7 p's of marketing mix are used for designing and planing service that are product, price, place, promotion, process, physical environment and people.
5 The role of internet in modern marketing
To adopt right internet marketing strategy is important for Coffee House because it help them to be success in market by doing marketing and advertising their products and services they can attract their customers, develop connections to customers and enhance sales (Kirchmer, 2012). In respective company internet play an essential role for marketing in modern way, which is described below:-
- Through internet,Coffee House can increase their visibility in market and between audiences. By the help of internet respective business can be visible to millions of audiences at once with help of media of multiple digital media such as websites, blogs, paid advertising, social media platforms etc.
- By this Coffee House able to do two way communication their customers through social media channel, rating and review board and forums. Through it customers are also able to connect directly to the respective company and company can also do follow up by using email to keep in touch with them.
1 Outline market research system used in gathering and managing market research
Market research refers to process of collecting data and information which help them to identify whether the market is favourable for company or not. Their are various type of market research system or techniques which help organization, some major of them are evaluated by Coffee House which is describe below:-
- Primary market research:-It is type of market research in which all information and data is collected by company itself according to the objective of improve product, service and functions.
- Secondary market research:-This method of market research dose not focus on collecting information from the scratch but based on existing information from numerous sources. For collecting information, company is based on many different sources like government data, magazines, internet etc.
For Coffee House primary research system is more beneficial to collecting data and information because by it they can get real and accurate information and feedback of their products and services and then they can do change and innovation according the requirements.
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2 Define stage of marketing research process
Marketing research refers to efforts of a company which are made to gather information about their target market and customers (Manville and et.al., 2012). Coffee House marketing research process to evaluate and analyse market, whose description is described below:-
- Define problems or opportunities:- In this stage,Coffee House define problems and opportunities and determine information to solve that problems. This help respective company to clarify overarching problems or opportunities such as how to develop and launch new product in market.
- Develop research plan:-After identifying problems and its reasons the respective company build research plan to solve or overcome it (McIntyre and Srinivasan, 2017). The research plan made by Coffee House can be overwhelming to case because it also involves methods and techniques which help firm to identify answer.
- Collect relevant data and information:- In this Coffee House Collect data by using different techniques such as quantitate, qualitative, primary and so on which is relevant to them.
- Analysis data and report findings:-In this respective company analysis and evaluate data and information which they collect and make report to find some accurate and appropriate outcome.
- Take action:- After analysing and evaluating the report and outcome Coffee House develop action plan which is beneficial for them and help in enhancing their growth an profit.
3 Collect market information to identify new products opportunities
When Coffee house current products and services are liked by customers and audiences, then they should plan to introduce new product range for that they has to conduct market analysis to identify opportunities for the new products (Park, Fujimoto and Hong, 2012). Steps taken by respective company to collect market information are describe below:-
- The Coffee House can conductresearch of their customers and competitors on various or multiple level which help them in evaluating and analysing whether demand of products and services are real and introducing new product is worthwhile or not.
- Coffee Housecan do customers segmentation for their new product range on basis of age, income, occupation, place of residence, life style and so on. And after that they design and plan for new products.
- Coffee House also has to identify their target market in which they identify for which area or demographic they develop and create new products. When they decide it they will develop the product which is preferable for customers of that particular market.
- While collecting information of market for new product Coffee House has to identify and plan for its price which can be affordable by every group or their target audience and product must be have some unique feature so that it attract more customers and audience.
- The new product of Coffee House must be unique and different form the products offer by their competitors so that they attract attract customers, so it is responsibilities of their management to analysis the market as well as competitors.
4 Identify new market opportunities
It is the responsibility of management of Coffee House to consider and evaluate new business ideas and marketing opportunities and identify and select one of them which is worth for them (Schuh and et.al., 2014). Through it an organisation can identify new market opportunities, some major of them adopt by respective company are mentioned below:-
- Research customers and competition:- Coffee House use multiple level, to analysis their customers and competitor which help them to analysis whether need and demand of products and service are true and to expand in new market is worth for them or not. They should identify their customers for new market on basis of age, gender, lifestyle, income, place of residence and so on. The respective company also research about their customers at new market.
- Get high level view of market:- For Coffee House it not sufficient to only analyse about customers and competitors, they also need to evaluate and understand market as a whole and potential of success in that new market (Wang and Feng, 2012). The respective company can do market analysis by evaluating high level questions such as market size, how quick market is expanding, numbers of buyers at new market, entry barrier at market, bargaining power of buyers and so on.
1 Define strategic planning planning process
Strategies planning is refers to a process of organisation in which it define its strategies, directions and making decision based on allocation of resources to continue strategy (West, Ford and Ibrahim, 2015). In other words, it is the management activity which is generally used to set priorities, focus energy and resources, ensure about employees and other stakeholders who are working toward common goal and assess, which help an organisation to adopt changed environment and so on.
Strategic planning process has some steps by which an organisation can go through following things to determine it:
- Vision- Direction for the organisation.
- Mission- What activity company is going to do and for whom.
- Goal- How to measure, guide and plan strategy to go where company wants to go or to achieve goal.
If an organisation go through strategic planning process they can plan strategies and implement it in effective way. The respective process include steps like developing mission, objectives, situational analysis, strategy formulation, implementing it and control.
2 Outline segmentation, targeting and position process
- Segmentation:- Through segmentation Coffee House can divide market of potential customers into group or segments which is based on different characteristics such as age, gender, lifestyle, income and so on (West Ford and Ibrahim, 2015). The main aim of respective company to do segmentation is to identify high yield segmentation that means to identify that segment which is most profitable or have growth potential.
- Targeting:- It is second stage of market segmentation process, after identifying and selecting appropriate customer to whom Coffee House want to sell their products and services targeting will done. It involve segmenting market and identify which segment of market is appropriate for respective company and determine products which they can offer.
- Position process:-Position process is important for Coffee House because by it they can identify and follow effective and sound marketing strategies in company. By using this process the respective firm can identify and do positioning of production and services in appropriate manner. It is a six step process and each step is employed or conduct to get specific information.
3 Define decision making unit and its advantage and disadvantage
Decision making unit is a team of individual or collection of them which participate in buyer's decision making process. In other words, decision making is the collective process and in which a number of individuals are involved but not every person have same or equal power (Akter and et.al., 2016). Someone of them are most influential and some of them are least. In purchasing decision making process an individual and decision making unit has to play respective role such as user, influencer, buyers, deciders and gatekeepers. Decision making unit is not stable, it gets change according to time and it may change as a overcome of addition of another individual.
Every thing has its limitation and corns same as the decision making unit have some advantage and disadvantage which are found by Coffee House while analysing are describe below:-
- Multiple perspective:-In Coffee House the decision which make are positive because they involve and allow their all employees to give their opinion which is based on unique knowledge.
- Increase understanding and knowledge:-Through decision making unit Coffee House enhance the ability of understanding between group and individual and ensure that voice of every employees must be get into consideration.
- Commitment growth for teams:-people are like to be in group when they are a part of a big group and develop sense of pride and feel a part of a group. So the Coffee House make decision making unit and involve every employees so that they feel connected and part of company.
- Collaboration can be time intensive:- While taking decision making Decision making unit can be very time consuming process because it include large number of people who come together and need to be agreed on a common point which is not easy and simple.
4 Describe concept of decision making process for consumers and organization
Decision making is the process done by decision maker through which they identify and select alternative which is based on values, preferences and beliefs (Doyle, 2013). Every decision making result in a final options which may or may not be accurate and prompt action. Decision making process is useful for both customers and organisation.
Customer use decision making process while purchasing any products and services, so that they can purchase effective and efficiently. For that they first do research about the product and company. After that they compare the products to other products or competitors products.
Organisation use decision making process to analyse and evaluate market so that they can take appropriate decision according to the situation and needs. In this they first evaluate the market, make decision accordingly and implement it and evaluate outcome.
1 Develop business plan that support achievement of business objectives
Business plan is refers to the documents which contain information about new business, its products and services, how they will earn money, so leadership and staffing, financial planning, operational and functional model and many other things which are necessary for both conduct operations and be successful. For seeking funds whether from financial institute or investors business plan is required for each and every organisation.
Be a successful business a company has to develop and create business plan which help them to be a successful organisation (Grant, 2016). The Coffee House Develop business plan by developing effective business plan which is describe below:-
- Research:-In this Coffee House it is responsibilities of management to do proper research about the market, price, consumer demand and need and competitors so that they can make effective business plan. So managers of the respective company do appropriate and effective business plan that they can attract investors and financial institute.
- Determine purpose of plan:-Then they determine the purpose or objective of their business plan which describe about the nature of business, sales and marketing and financial background and so on. A effective business plan serve and fulfil several different purpose. The responsibility of manager to develop business plan which efficiently determine the objective and purpose of plan which is made.
- Create a Company name:-After deciding all thing the management decide company's name which is unique and different from competitors and which attract customers. The management decide appropriate and unique name for the company which is attractive and influence in nature and which is easily understand and remember by customers or target audience.
- Document all aspects of business:- The next step is to maintain all documents such as expenses, cash flow and industry projection etc. which help company to attract and convene investors and shareholders.
- Have a strategic marketing plan in place:- The respective company must develop certain business plan which include strategic and aggressive marketing plan that involve certain objective such as introduction of new product, enter new territories for company, boost sales, cross sell, refine a products etc.(Kirchmer, 2012).
- Make it adaptable based on audience:- The company must prepare that type of business plan which can be adopted by the audience and that is customer friendly. So that they can easily attract the audience and investors for their company or business plan.
2 Identify most appropriate marketing tools that meet business and customers needs.
Their are various type of marketing tools and techniques which are used by company to meet business and customer needs, some major of them are mentioned below:-
- Traditional Media:-The Coffee House can use traditional media such as billboards, banner, newspapers, magazines, television, radio and telephone directories. This tool mainly focus on sales of one way push and it is costly marketing tool.
- Digital Media:-Digital media used for describing content which are made available for using various forms of electronic communication that are possible with the help of using new technology. The Coffee House can use digital media for the marketing purpose in which they can use engine optimization, mobile marketing, interactive online advertisement, email and online partnership such as sponsorship and marketing and so on (Hazen and Byrd, 2012). This will used by company for promoting their goods and services among large number of customers whether they domestic as well as international level.
- Social Media:-It is an integral part of online as social websites and it is help in developing and building brand image in proper manner. It will assist in increasing brand visibility through developing and maintaining strong relationship with their desired customers. It is subset of digital media and its main goal is to develop and create an interaction and relationship with customers and products users by the help of internet, respective company can use this tool to achieve and cover major audience. Social media must include twitter, Facebook, LinkedIn, YouTube, printerest and so on.
- Promotional Item:- Promotional item include Boucher, business card, press kits, websites, informational video and merchandise are used by Coffee House to do advertisement and promotion about their products and services to their audience.
From the above mentioned point it can be conclude that to develop the successful business management must have to develop a effective business plan and strategy. Their are difference between transactional and relationship marketing and it is role of manager to identify accurate one for their company. A company can use various type of tools to promote its products and services to market.Get here best assigment help.
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