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Marketing refers to an activity which considers all the tasks required for a company to produce and present its products in front of its customers effectively (Kenny and Dyson, 2016). The assignment is based on Yum Chocolate Shop, which is a small chocolates confectionery organisation situated in UK. The company is majorly deals in different products like Chocolates, toffee, nuts, crackers, chips, gluten-free product “Yum Bar”. This report contents the study about marketing and its assorted activities along with discussing market mix and target segmentation. It also covers analysis of effective market research and E-marketing methods. It also includes application of effective market analysis technique to research target market
TASK 1: What is Marketing
1.1. Diverse Marketing Activities
Marketing is the process of creating, exchanging, delivering and offering goods and services which are value for buyers, consumers, clients, partners and society. The basic purpose of marketing is to identify the needs and wants of the public. Marketing department is the key aspect of an organisation and the potential motive of marketing department is to analysing the changing needs and demands of the market in respect to making appropriate transformation in their offerings to satisfy its target audiences (French and Russell-Bennett, 2015). All the aspects of marketing are recognised and aimed towards reaching and providing goods and services as per customers needs or preferences. There are few essential activities of marketing, that are associated as below:
One of the most prominent activities which are associated with marketing are promotions. The main agenda of this activity is to effectively make customers aware about the brand. Yum Chocolate Shop could effectively use marketing as an effective tool for promotions. It would help the company to gain a competitive advantage over other companies and effectively improve its position in the market.
Another marketing activity is to effectively research the marketplace. It requires the firm to conduct an inside out analysis of the business environment to gain a better understanding of customer's needs, wants and preferences and even expectations from the company.
1.2. Market Segmentation
Apart from this, to effectively apply its marketing strategy to the most appropriate customers, it is imperative that the firm undergoes market segmentation (Graber and et. al., 2016). It is a step of dividing the market into various groups based on different characteristics that are described below:
- Demographic:This type of segmentation divides the marketplace on the basis of certain demographical factors. Examples of this segment could be division on the base of gender, income, age, nationality, etc. With varied range of products, Yum Chocolate Shop could effectively approach wider group of customers using this segmentation.
- Behavioural:It divides the customers on the basis of their behavioural characteristics, for instance, attitudes, nature, decision-making pattern, etc. which is necessary for Yum Chocolate Shop to determine
- Geographical:As the name suggest, this divides the buyers on the basis of their geographical location which could provide the strategy to the company to place its product.
- Psychographic:This emphasises on dividing consumers with their opinions and lifestyle. Yum Chocolate Shop could use this segmentation factor to opt for customers who tend to live a healthy lifestyle and have strong opinion in favour of companies that could satisfy this interest of these customers.
1.3. Marketing Mix
This refers to an effective blend of all the marketing elements which are essential for a company to develop effective marketing strategies for their products (Lee and Kotler, 2015). These elements are described below:
- Product:This refers to the offering which is provided by the company to its customers. As for Yum Chocolate Shop, the firm provides effective chocolate products, such as chocolate bars, crackers. Currently, the firm has an effective offering by the name of Yum Bar, which is a gluten-free chocolate.
- Price:One of the most important element of marketing mix, price is the amount charged by a company for its offerings to the customers. The price depends heavily on the quality of their product. In the case for Yum bar, the company provides effective quality product which is tasty as well as healthy for its customers. Thus, the company is adopting premium pricing strategy.
- Place:It consists of the distribution channels through which a firm positions its products to be delivered to the customers (Jim Burtles and CMLJ, 2015). For Yum Bar, the company would adopt offline channels, i.e., its physical stores at prime locations of London. In addition, the company would also adopt various online channels such company's website to make its product available to the customers.
- Promotion:This element consists with the promotion of the offerings. For Yum Bar, the company is opting various online portals like Facebook, Twitter and YouTube to promote its product to a wide range of customers.
TASK 2: Market Research
2.1. Aims of research and market analysis
Market research is a method which is undertaken by the companies to gather an inside view of the market and customer trends which allow them to produce effective products which are in accordance with customer preferences. It is effective for a firm to analyse the marketplace which is essential for the company and its products like Yum Bar. It is very important that the company effectively adopt various research methods and market analysis tool to get a 360ºview of t