The purpose of this research is to analyze significance of marketing with a small business firm. In this regard, Stylish Up can conduct an analysis to evaluate the activities and concept of marketing division which assist them to expand its business structure effectively.
- Provide an analysis over marketing as well as discuss a clear application of marketing mix over the Stylish Up.
- Identify the significance of conducting market research for Stylish Up.
- Determine the role of e-marketing in developing an online presence of a firm.
- Outline an application of marketing tools and techniques over the business activities of Stylish Up.
Marketing is considered as an effective tool which gives maximum support to an organisation irrespective of the size whether small, medium or large in achieving growth and success. There are different marketing tools such as E-marketing which need to be adopt in order to attract and influence interest and buying behaviour of targeted customers. The present assignment is based on Stylish Up, a skin and beauty care company of UK which is started at six months before only. The project covers different elements of marketing and other aspects with the context of Stylish Up (Batini and Scannapieco, 2016).
1.1: Concept of marketing
At current times, the need of marketing is increasing due to capturing large market share and earn huge revenues. As in the given case, Stylish Up is facing lots of difficulties in achieving huge market share due to lack of knowledge about the importance of marketing to business. Thus, the report is prepared to just provide them the different marketing tools which brings their business ahead than their rivals.
Definition: Marketing refers to the process or an activity which is done to influence and attracts targeted customers towards the products and services offered by company so as to increases its sales figure and revenue of company. It includes different marketing tools such as advertisement on TV, Social media, pamphlets etc. which help in spreading information about products and services in the market of United Kingdom.
Defining and managing their brand: It is important for Stylish Up to know about the resources they have at present so that it can be properly utilised them in profitable manner so that healthy skin and care products can be promoted through different marketing techniques such as pamphlets, newspapers etc.
Producing internal communication: It is essential for workers who assist Stylish Up business in providing products and services to the customers to know that what are the main aim and objective which brings motivation among them to work hard (Deaconu and Buiga, 2010).
Research activity: It also must required for Stylish Up to hire researcher who brings valuable information to them related to the needs and preferences of targeted customers. For example, due to high preferences of youth related skin related products, Stylish Up need to sell more demanded products.
1.2: Market segmentation
It refers to division of population into different segments on the basis of their common needs and requirements with an objective of considering all needs and fulfil them in an effective and efficient manner. It includes different segment such are:
Geographic segmentation: Such type of market is classified on the basis of locations where the huge amount of crowd are available. For example, Stylish Up has located in London market where maximum number of people are found among which most of are tourists.
Behavioural segmentation: In this, population are segmented according to their behaviour, consumption and decision making pattern. For example, Women preferred more skin and beauty products due to which they need to choose suppliers where they get required products (Georgiou and Jack, 2011).
Psychographic segmentation: Such type of segmentation is based on lifestyle, culture of an individual which need to be considered by company in order to fulfil their needs and requirements. For example, Young generation spend more income on skin and beauty products to enhance their personality and lifestyle thus their needs and preferences need to be consider and fulfilled in proper manner.
1.3: Marketing mix
It consists of main 4P's which includes:
Product: Stylish Up is small-sized skin and beauty products retail store which has offered skin and beauty products to both men and women.
Price: It is such a crucial factors which need to carefully determined and setting up after analysing the buying behaviour and rival's pricing strategies. Offering discounts and cashback will help company in increasing its sales figure.
Place: Stylish Up is started from last 6 months at London Market with an objective of getting huge crowd for their skin and beauty products.
Promotion: There are different tools and techniques such as advertisement on TV, social media, pamphlets etc. which are more effective and economical way thus can easily acquired by Stylish Up.
2.1: Aims of research and market analysis
The main aim of research is to identify the market trends so as to cope up with them through bringing products and services in market which are more in demand. Therefore, Stylish Up are essentially required to analyse market through consider following points:
Market size: It can be properly analysed through considering the current sales and expected sales so as to increase expansion of business. There are various sources from which market information are collected such s government data, trade associations, customer surveys etc.
Market growth rate: The market can be evaluated through doing forecasting about the market needs and demands so that further action can be implement for the growth of business.
Market profitability: The company having different nature has different profitability level. Thus, it is must for Stylish Up store to know their profitability level after finding out the how to make more money (Sarea and Hanefah, 2013).
2.2: Marketing research method
There are different methods of doing research which includes primary and secondary due to which all required information are collected from the market. Such method are explained as below:
Primary research: This is the research in which first hand information are collected with the purpose of making an effective decision for the growth of business. It can be done through conducting survey, preparing questionnaires, feedback forms etc. which help Stylish Up in