This unit is related with small family owned business (Wolf & Badger) and they are unaware about development of market share thus data had to be gathered for maximizing share.
- What is the concept of marketing used by Wolf & Badger?
- Formulate market research analyze customer demand and activities operating at market place.
- What is meant by E Marketing and methods used by organization to E Market their goods.
Marketing is that process which help in examining the management for exchange relationships. This is used for developing, creating and satisfying the customers which mainly focus on their business activities and functions in proper manner. Marketing is one of the major element of Business Management (Lee and Kotler, 2015). This project is based on Wolf & Badger is the small boutique shop which designing various clothes and other products to the customers. The business wants to increasing market share in all over the local area for grow their family business. In this report, they need to analyse various marketing techniques and principles for growing their market share.
Marketing – This is the social procedures through which an individual as well as organisation gain what they actually required and need by developing and exchanging the value from others. Marketing is the procedure of interesting desired buyers and customers towards their goods and services.
In an organisation, marketing department help in promoting their products and services, increasing market share, contributing success and growth in effective manner. There are various activities which are performed by marketing department in other businesses that are as follows:
- Developing strategies – The marketing division senior manager take responsibility for making and developing appropriate strategies which help them in achieving desired goals and objectives in better manner. For example, if company required to enter in the new industry and open new distribution channel like internet which assist them in reach with broad geographical market place (Spreer, 2017).
- Conduct market research – This is the key role of Wolf and Badger marketing department is to analyse whole market place for gaining high income and profitability in proper manner. This will assist them in evaluating and understanding the customers requirements in proper manner.
- Product development – The marketing department required to developing and making innovative goods in proper manner. The marketing division need to analyse and examine all the existing products and services among customers according to their needs and demand they are make accurate changes effectively.
- Interacting with customers – With the assistance of marketing department, the employees are easily communicate with their desired buyers regarding specific products. This activities will help in getting high amount of profitability and income in better manner (Gordon and Gurrieri, 2014).
Market segmentation as a tool:
Market segmentation is that procedures which help in evaluating and classifying the group of customers to target specific market place. It is required for each business is to analyse and satisfy their customers regarding their desired goods and services in better manner. For Wolf and Badger, market segmentation is the indispensable tool which assist in developing and creating brand awareness and trust among their customers. There are various types of market segmentation through which company need to identify their customers that are described as follows:
- Geographical segment - There are various people who belong to different place so they have varies of needs and unique pattern of shopping. This segmentation is based on region, country, state and city that are depend on the business scope that can inform marketing business efforts in appropriate manner. For example, if almost buyers are from California, local promotion may create optimistic ROI.
- Demographic segment – In this, socio-economic component will play an indispensable role that how people behave as a user. This is based on age, gender, income, education level and group that directly impact on customer behaviour.
- Psychological segment – Every people have different values and beliefs that can directly impact on their buying decisions (Shank and Lyberger, 2014). It is that segmentation which is based on customers lifestyle, geography, age and religious beliefs.
The marketing mix is that process which help in putting right product and the combination in the specific place, at accurate time, and accurate place. There are four elements of marketing mix that are described as under:
Product – The product is that item which is developed and produced for satisfying their customers needs and demands in better manner. Wolf and Badger provide different types of products such as beauty items, clothes for men and women, home-ware, etc.
Price – The price should of the products should be affordable for the customers which they are pays for enjoy (Thøgersen, 2014). The company needs to analyse their buyers status according to this, they prefer different products and services for them. Price should be right.
Place – Wolf and Badger need to establish their business at convenient location where their desired buyers easily come for buying new or innovative products and services in proper manner. Business place is that where they easily distributing various products from their end users.
Promotion – Promotion is very essential factor of the marketing so this will help in increasing the reputation of the company. There are various methods or sources which are used by Wolf and Badger company for attracting buyers towards their services or goods such as public relation, advertisement, sales promotion, social media, etc.