They influence the product or service they buy. ~ Market segmentation - The important thing is to influence your target group, to buy your products or services. ~ Bases of a segmentation * Geographic : Segmenting by content, country, city * Psychographic: Understanding the lifestyle and opinions of the consumers. * Demographic: Segmentation based on age, sex, marital status * Lifestyle : Segmentation based on state, neighborhood, region ~ Uses of geo-demographic systems to identify and reach target groups eg ACRON, MOSAIC * The ACORN is a geo-demographic tool the business use to identify and understand the UK population and local demand for products and services. They use the postcodes for demographic statistics and lifestyle variables to give business a guide to different regions.
In this report I am going to discuss the similarities and differences between the marketing techniques between Starbucks coffee and Santander Firstly diversification is important in a business like Starbucks coffee as if a company does not bring out new products the existing customers may lose interest in the business and move to a rival company that is showing interest in to bringing out new products and trying new things, however bringing out lots of different products and possibly forgetting or getting rid of the old products might upset existing customers as they have no reason to shop with you. Starbucks has to bring out new products but keep or work on the existing ones to keep a healthy customer base and hopefully bring in new customers. Santander are slightly different as they are marketing a service they want to offer new customers deals and offers to persuade them to start banking with Santander, but they need to keep their existing customers happy too by offering them deals. Customers stay loyal when they feel like they benefit from using your service or enjoy your products this is why both companies use diversification to show they are active and interested in their customers. Some customers don’t like change and they like to feel comfortable with their products and services, this is where product development is useful as they are used to their usual product or service but it has been improved or changed in some way, for example Starbucks changing their coffees and using different types of beans shows they are interested in keeping the customer and the customer feels important to the business.
Even though there is high risk involved in the “wait-and-see” method (as it may be crucial to potential growth), the consumer response to the development of the mobile/PDA market is currently undetermined. By having greater market share via the manufactures, Intel would be able to leverage the growth toward a more reputable ad campaign. 2. Since the market is stagnating, they should continue to invest money into the advertising department focusing mainly on the PC
Make sure that your name, assignment number, page numbers and bibliography are included. Make sure that your name, assignment number, page numbers and bibliography are included. Assignment 2 - Helpsheet Assignment 2 - Marketing Research Part 1 You need to write a report explaining how John Lewis uses market research and how this informs their marketing plan (P3). You should include the following on ONE of the businesses: * Describe what is meant by quantitative and qualitative research with examples for John Lewis * Describe what is meant by primary and secondary research with examples related to John Lewis * Explain the following steps in the Marketing Planning Process Model using examples related to John Lewis. * conduct a PESTLE audit – describe the 6 elements and explain how the market research carried out by John Lewis would be useful when carrying out a PESTLE audit * perform a SWOT analysis - describe the 4 elements and explain how the market research carried out by John Lewis would be useful when carrying out a SWOT analysis * set SMART objectives - describe the 5 elements and explain how the market research carried out by John Lewis would be useful when setting SMART objectives * determine the marketing strategy and tactics (marketing plan) explain how market research will inform this plan * implement the changes * evaluate their effect Part 2 You need to include a section in the report that explains the limitations of the marketing research used to contribute to John Lewis’ marketing plan (M2).
| Writing is the use of physical symbols to represent words. | Written communication is used in marketing research as a key variable to determine consumers’ attitudes, values and beliefs regarding a certain product or service. They use progression sheets in order to know what they need to target. | Written communication may come from a wide variety of sources including newspapers, books, trade journals and government publications, memorandum | On-screen communication | TV, mobile phones. | This is a way of communicating using
Explain the different types of business information, their sources and purposes. Different types of information being used: | Explain Theory | Give an example of LTM using this type of information | What was the purpose of the information | What was the source of the information | Verbal | Verbal communication is the passing of information between people through using speech. | An example of verbal communication could be the finance department having a meeting to discuss future plans. | The purpose of this information could possibly be to ensure that London Transport Museum can communicate sales promotions successfully. | This source of information is an internal source in the finance department this is as they create the sales promotions and impose them.
Relevant financial information contributes to sound business solutions. For example, the predicted future costs and revenues that differ among alternatives are essential to financial decisions. Currently, Guillermo’s patented finishing coating does not have a large market audience as does the flame-retardant coating. Thus the company has determined that it could purchase another finishing product that would add the same amount of value to its custom furniture. This alternative requires consideration of the opportunity cost of eliminating in-house production of the finished coating.
Rivalry between competitors: with this new entry, there will be much rivalry between other brands, as we read in the article that occurs with Amazon. Power of negotiation between vendors: by this, is torn between the product's price and cost for providers of iPad, so there has been conflict. Buyers bargaining power: you want to put a price according to the quality of the iPad, but good in comparison with other similar products, to increase sales on consumers and dominate in the market for e-books. Threat of substitute products income: for they arise cannot substitute for iPad, need to change attitudes that these had, keeping the good quality and that this is consistent with the established price. What makes the iPad a disruptive technology?
By expanding into the market of low cost tax accounting services this firm will be able to remain competitive and profitable. To successfully complete this goal, the company will hire non-Certified Public Accountant (CPA) tax consultants. Non-CPA tax consultants require less compensation than their CPA counterparts, thus aiding in the goal to reduce costs. By hiring non-CPAs, this firm will be adopting an ethical responsibility to clients, the public, and the non-CPA employees. The American Institute of Certified Public Accountants (AICPA) has published guidance on various ethical issues that may possibly arise from the shift in business strategy in this firm.
A strong brand influences the choices made and products bought by customers. Once a company has built a strong brand, it must maintain a positive reputation. Premium Price Companies with strong brands can charge more for their products and services because the brand is valuable in the eyes of consumers. Some customers won't even consider purchasing alternative products because they do not believe they will receive the same value. For example, a customer may choose to buy a premium cup of coffee from a national coffee chain instead of buying coffee at a local corner store.