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Marketing opportunity refers to a possibly favourable condition through which a business can take advantage on changing trends or an accelerating demand for a specific product or service by a social group that has yet to be acknowledged by its challengers (Bamossy and Solomon, 2016). In this report two small medium enterprises are taken. First is Fulton's Foods Ltd. which deals in frozen foods, groceries and household products, and second one is Ocado which provides groceries, consumer goods and other products online. Further different marketing practices used by these enterprises are mentioned in this project. Theories like marketing mix, social media, word of mouth and their comparison is also described.
Marketing practices used by two different small medium enterprises
Marketing refers to a process which includes a product or service's pricing, promotion, distribution, attributes, etc. All these activities which are performed by different persons or individuals are said to be marketing practices. It includes many efforts or attempts to provide effective services to customers. Every company or businesses uses different marketing practices. Here marketing practices used by the chosen enterprises are described under.
Marketing practices of Fulton's foods
Meeting consumers needs:- It is very important for every organisation or business to satisfy their consumer by providing products according their requirements. If a business is creating products or services should special focus on marketing practices, whether their products are meeting consumer requirements or not. In Fulton's foods the manager analyse the market and identify customer's requirements. With the help of this market research, Fulton's foods provide services by meeting customer's requirements.
Revise and formalize strategy: - Planning and strategy both are different. Planning brings an enterprise to venture while strategy is how to start it. In Fulton's foods strategy incorporate tactics with progressive momentum (Berthon and et. al., 2012). It involves metrics, calendars, KPIs, schedules and another achievable. The managers revise and formulate their strategies in company. They change it according to the new market trends or demands.
Marketing practices of Ocado
Sell value not price:- As a small medium enterprise the company is not able to afford price wars. In context to Ocado the company provides service not as commodity, in order to increase products value for the customer. They bundle services and provide payment options to customers, as their customers value company's time, readiness, customer service, accuracy, innovations, etc. It help them in making more customers and creating brand image.
Advertise on Facebook: - The second and effective marketing practice used by company is advertising on Facebook. Ocado is an online small medium enterprise which offers its services online. With the help of advertising it explore its information about service and products easily. It help the company in increasing customers and saves their time (Burns, Bush and Sinha, 2014).
Different features of small business marketing environment
Competition: - The competition level in marketing influences company' tactics and marketing strategies. If there is strong competition in a sector the mangers in both Fulton's foods and Ocado should increase their market share by improving their products performance and prices.
Media: - The media infrastructure in small and medium enterprises provides various options to communicate with prospects and consumers. Both the chosen enterprises will achieve benefits from newspapers, television, magazines, etc. to reach the product to customers and prospects.
Technology: - The technology structure also have impact on small and medium enterprises. It will more beneficial in Ocado, as it provides essential communication channel and enables to promote the products in market through e-mails or website.