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.
Marketing theories – marketing mix, social media, word of mouth
Marketing involves different types of theories which are used to launch or promote their products and satisfy customers by providing products according to their requirements (Chaplin and TJ O’Rourke, 2014). Here some theories are described under.
Marketing mix: - It is an effective tool which is used by every company or businesses, in order to identify a product and brand substance. Marketing mix is associated with 4 Ps which are product, place promotion and price. These are explained under.
Product: - It is the important element in marketing mix. Product should be appropriate and according to the consumer requirements. It should be designed or produced by considering customers demands (Christopher and Ryals, 2014). Different points to be considered at the time of developing product are – what does the customers want, how they will use it, features to be added in the product, products name, its colour, size, attributes, packaging, labelling, etc. The product should meet all the demands of customers.
Price: - It is also very important element of marketing mix, because it defines firm's profitability and growth. Pricing of a product has great impact on overall strategy of marketing. It also influences the demand and sales of a product. Different companies use various pricing strategies like – market skimming pricing, penetration pricing, neutral pricing, etc. to decide their products prices.
Place: - Placement is also very vital element in marketing mix,as it determines appropriate channel of distribution of products. The product positioning and distribution should be placed according to the accessibility of prospective buyers. Various distribution strategies can be used such as – exclusive distribution, intensive, franchising and selective.
Promotion: - Promotion is the essential component in marketing mix, because it increases brand image, and sales. Promotion involves different elements such as – public relations, sales promotion, sales organisation, advertisement, etc. While preparing a promotion strategy a company should consider various points like – effective time for product promotion, will customers influence through TV ads, promotion strategy of competitors, etc.
Social media: - It is an important part of online marketing which determines how to communicate and do conversation with customers on social websites like – tumbler, facebook, twitter, etc. In other words it refers to monitoring and facilitating customers interaction, sharing and participation with the help of digital media in order to encourage positive attitude of customers towards brand and company. In this modern world of marketing it social media is the best option to promote a product towards customers, as there are millions of people who are active on social websites (Kim and Ko, 2012). It assist in spreading product information easily through online websites.
Word of mouth: - It is a marketing theory which assist in spreading or promoting information about specific services or products. It is a free form through which products can be easily advertised among customers. It is an integrated way of advertising information which apply elements of viral marketing. It is oral recommendation about a product or service by a satisfied customer to a potential customer. It is very effective way of promoting products, but it not necessary that the received or provided information is correct, it can be incorrect also. australia assignment help
Experts opinions and recommendation about two marketing theories
Different marketing theories have their own importance and influence on various prospects or customers. Each theory is useful according to different situations and demands of customers. Here what experts says and their views or opinions about two theories are explained under.
Social media marketing: - It is very effective way of advertising a particular company's products online and promoting them to customers. According to experts it is the top online method or theory for promotion of products. It help in changing and providing a new way for business growth and continuity through open graph searches and social ads. It supports different issues and delight customers with advanced transparency (Ottman, 2017). Companies who are using social media marketing for selling their products realise that it is very effective tool for promoting their services to customers.
Most of the part of population is using smartphones and different apps of social media are attracting customers towards their services. The small and medium enterprises should also active on all those apps or platforms and learn how to communicate on those apps. It will save their time and efforts. Videos are also very trending now a days. Products can be make reach to customers with the help of uploading videos on various social media apps like – facebook, twitter, instagram, line, vine, snap chat, wechat, KIK, etc. Companies who use different social media strategies or sites have great influence on customers. It assist companies in determining customers demand and sustainability of business.
Word of mouth marketing: - It is also on of the effective advertising form of promoting products and services. According to experts various companies use and adopt this theory and concentrate on providing reasons to people for receiving positive experiences regarding their goods or services, as people generally consult with their friends, family and relatives before purchasing products or making buying decisions. Its main advantage is inbuilt cognition of recommendations, because different people trust and take recommendations before buying (Persaud and Azhar, 2012).
It is a cost effective theory or method to market a company's services or products, as if a company is providing good quality services or goods to customers then they will be satisfied and happy consumers will share their experiences with friends and families. So it will help in promoting company's brand image and value. Along with these benefits it has also some disadvantages according to experts views or opinions. One of the demerit of word of mouth marketing is negative feedback impact (Shankar and et. al., 2016). If a customer share its bad experience regarding services or products of a company, then it will leave a negative impact on friends, family, etc. Second thing in word mouth marketing is information shared by customers may be true or fake.
Recommendation: - After discussing and knowing experts opinion about both marketing theories – the managers of Fulton's foods and Ocado should use social media theory because it s very effective and influencing in comparison of word mouth marketing. Along with this help in understanding customers, build relations with consumers, ads allows retargeting and targeting, thriving brand image and provide many other benefits.
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Practice methods of marketing
There are various practice methods of marketing used by different companies to serve their customers, produce products according to their requirements and satisfying them. Here two different practice
methods – opportunistic and innovative method are discussed under.
Opportunistic practice method: - Marketing executives working in different companies have pressure to increase their brands profits and revenue. It includes preparing higher budgets for marketing which is very expensive. In such cases, opportunistic practice is used. It refers to the practice or method which take advantages of certain circumstances in market. In other words taking advantage of different situations with little attentiveness for value or with what the consequences are for another. These practices are advantageous actions guided mainly by self-interested needs (Wallnöfer and Hacklin, 2013).
It happens accidentally, as companies using this marketing practice method does not wait for the right time or situation to achieve the desired targets. To create opportunistic marketing practice three points should be considered – superfast approval process, creative or dedicated team to grab the opportunities at appropriate time and powerful intention to spread it on social media.
Innovative practice method: - Innovation is increasing day by day in various fields. There are different innovative practices of marketing used by many businesses or companies, as innovative techniques, procedures, or process are require to promote or market the products or services to customers. It includes many practices like – public relations, networking, past and existing clients, reposition the brand, etc. Two practice methods are described under among all of them.
Public relations: - It is an important practice of marketing which assist in managing marketing activities through public relations. This practice give permission to tell people about a particular company's products or services (Kim and Ko, 2012). It ensures clear strategies and consonant efforts of marketing which help in sustaining for a long time.
Reposition the brand: - It is also very vital practice method of marketing. It determines that the company should adopt and accept a challenging scenario for its business to rethink and for repositioning of its brand.
Recommendation: - In both small and medium enterprises, Fulton's foods and Ocado the managers should use innovative practices of marketing as, it involves various practices and options to promote their products or services in market.
From the above project report it is concluded that marketing opportunity is a situation or condition which occurs accidentally. Different practices used by small and medium enterprises assist them in performing day to day operations and achieving desired targets. Further, various marketing theories help businesses in promoting their products and services. Along with these, opportunistic and innovative marketing practices also provide different options to satisfy customers effectively.
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