1. Market Research and its use in a marketing plan. This means sourcing an example that demonstrates the use of market/marketing research to determine marketing objectives, strategies or tactics.
2. Who are the competition for your favourite product? This means sourcing an example that demonstrates the impact competition (an external factor) has on your favourite product and thus influences marketing objectives and strategies.
3. PESTEL and how this affects the introduction of a new product or service. This means sourcing an example of a new product or service first, and then explaining how each factor in PESTEL affects entry into the market.
4. SWOT analysis and its use in the marketing plan. This means sourcing an example that demonstrates how SWOT is used by a company to guide decisions related to the marketing mix or other elements of the marketing plan.
5. Segmentation, targeting and positioning in marketing (STP): Current trends in the industry of your choice. This means first choosing an industry that you are familiar with or interested in. Source an example that describes a current trend in that industry. Explain how STP could be used to take advantage of the trend.
6. New product/services launches or brand management: A success and failure. This means sourcing 1 example of a new product/service success and 1 example of a new product/service failure; OR 1 example of successful management of a brand and 1 example of failed management of a brand. Whichever option chosen, you need to consider how internal and external factors may have impacted the success or failure.
By the definition the market research, is regarded as the valuable technique which a specialist who is outsourced would conduct research to gain the information that could be used to under an organization client base (Andrews & Shimp, 2017). It allows organization to optimize on their advertisements, be able to predict the market trends and at the same time guide the overall making of the decision.
To understand on this process, I undertook part in the market research scheme which I carried in Altah research Company. This organization is involved in studying of the customer behaviors. The product i was involved in was an online source of news which targeted the generation Y. At the same time I was also wanted to source on the concept test. This entailed to determine whether or not a new concept could be attractive to this generation. Moreover, I also wanted to feel how customer satisfaction felt in regards to this new product to be able to understand the areas for improvement. From the outset, it was important to conduct list of the questionnaires to determine if I was viable and suitable for this particular exercise. Since I met the criteria, I then underwent for a face to face interview. Some of the questions which were asked in the interview did you find the format of the site appealing? If not suggest ways to improve on it.
As much as the market research aspects are undertaken, I was also involved in the pooling of the data. This was undertaken on 6th May 2018; the site has been adjusted accordingly based on the changes made from the suggestion. Moreover, there has been introduction of a column in the site which is labeled Gen Y and it report on the news which target individuals in this particular generation. This was a successful approach which determined on the marketing objectives.
The role in which the competitive market analysis plays in the service is usually an attempt to match and better on the performance against similar goods which are crucial to the marketing (Andrews & Shimp, 2017). The prices usually play a crucial role when it comes to an attempt to appeal to the target clients and ultimately yield a profit margin which is acceptable and at the same time provide a competitive market. When it comes to the competitive analysis within the hospitality industry it acts as the foundation in which the business thrives in. An example of this is exhibited in the Two Wolves Community Cantina, which is a Mexican themed restaurant which is located in the Chippendale has been competing with the chains which has been producing a similar kind of style in the cuisine.
Competition has an impact on the businesses to a great extent (Andrews & Shimp, 2017). Therefore, it is through the implementation of the marketing and the price would there be a reduction in the price which will enable the business to gain a competitive edge to the other businesses. In such, Two Wolves Community Cantina they have introduced various ploys which would enable them to get more customers. An example included the Happy Hour specials. Sometimes, this may be seen as a simple marketing scheme, it has been proven to draw more clients to the business due to the low prices (Hair Jr & Lukas, 2014). Additionally, the usage of the Facebook in order to advertise on various events is another marketing ploy which is utilizes so as to gain competitive edge over the rivals. Due to such, the upcoming ‘Mexican Fiesta Cinco de Mayo’, Two Wolves they have publicized on this kind of event to the Facebook.
‘Given the fast that Two Wolves is a Mexican Cantina, we intend to host special event from 5 pm. There will be a live music, photo exhibitions, food and special drinks’. This is an example of how the marketers have tried to gain competitive advantage against the other business. through implementation of an effective marketing, Two Wolves would produce desirable events as compared to the competitors.
When it comes to the marketing the compliance to the PESTEL model might not vary because certain products might be impacted by one factors or another (Babin & Zikmund, 2015). An example of this is when the consumer driven organization tend to be impacted by the social elements. in the example I will highlight it is impacted by the political factor and it is a defense contractor organization. The organization under the discussion is the Australian Military Service which has been new services and has identified sales opportunities hence improving and at the same time enhancing on the promotion as well as the importation of the products as well as capabilities (Babin & Zikmund, 2015). On the part of the service it could fail to identify on the issue in regards to the political framework since the government is the oriented service (Armstrong, Kotler, Harker & Brennan, 2015). The changes in the policies in defence could jeopardize on the services. On the part of the economic repercussion AMSO encounters is an issue due to the facts that their products are founded in the foreign organization such as USA and China (Armstrong, Kotler, Harker & Brennan, 2015). Therefore, the expenditure and the exchange rate could inhibit this organization to satisfy their clients (Armstrong, Kotler, Harker & Brennan, 2015). In contract to these small issues AMSO encounter issues related to the technological, social cultural, environment as well as legal which are highlighted as PESTEL. Beginning with the technological and environmental, the organization has been looking for the latest technology in order to suit on the rise in the demand in Australia market (Babin & Zikmund, 2015). The equipment as much as they are crucial to the defence forces they are costly both financially as well as environmentally. On the socio-cultural aspect the arms are not widely accepted by the community and this could impact policy within the political arena. Lastly, it is on the legal aspects, the organization could encounter this when they are dealing with the government through the sanctions implemented (McDonald & Wilson, 2016).
The diagram below shows these aspects as they have been highlighted.
The SWOT analysis is crucial since it has contributed to the growth of the Uber organization as well as its employees. When analyzing an organization such as this one it is important to consider all the cons as well as pros for the drivers along with the passengers since they all contributed to the overall success of the organization (Baker, 2016). The internal strengths as well as the weaknesses are much easy to perceive from the perspective of the consumer. The internal strength for the Uber organization is that rather than waiting on the cab, the usage of the E-Hail function within the application offer the ability to hail an Uber from any particular location. The clients have the tendency to favor such competitive edge since they are able to access Uber from any location (Baker, 2016). On the part of the drivers they have much freedom and they are much flexible as compared to the other drivers. On the internal weakness is on the struggle to the serge prices. Although the drivers benefits the clients are the one who suffers most due to the demand of the Uber drivers in the populated locations. This offers only the regular taxis competitive edge.
The external threat as well as the opportunities plays a crucial role to this organization. The future trends in the organization could threaten the business or at the same time strengthen it. Transport sector is an emerging trend which could threaten Uber organization (Kotler & Armstrong, 2012). However, with the introduction of light-rail in Australia which is expected to operate next year, it would likely pose a threat to Uber since it would be more affordable and also convenient to the clients.
The impact of the segmentation, positioning as well as targeting in the market has on the product or service is crucial to the success of the product. Indeed Sport Bet Australia is the example in this case (Mullin, Hardy & Sutton, 2014). The organization has been successful due to its marketing to an extend the government intervened and created policies to guide them.
The strong suit adopted by this organization is on the demographic aspect. The organization has been able to target the young and the adult males to engage themselves in this sport. It is also observed that there has been resurgence when it comes to the sport betting as an activity for the professionals as well as successful individuals (McDonald & Wilson, 2016). An organization entails to focus on the product specialization through a marketing strategy in order to concentrate on the efforts to offer single range of product to various segments in the market.
With the reference to the psychographic research in regards to the classification of the individuals based on their attitudes, as well as other psychological criteria has been evident to their adds since they try to portray they are typical punters.
As much as the trends in this industry have been booming there is lack of the marketing schemes which could be utilized to make the product much better. It is important to have an effective segmentation of the marketing (Ryan, 2016). The organization through introduction of the smart phone, they could use this to position and target their clients forum and this might be used as the new avenue to the online betting.
On the last aspect is on the positioning which an organization formulate a desired image for their products to a particular user segment (Sheth & Sisodia, 2015). This betting organization formulated and implemented a strategy which was designed in creating a single market perception to this organization in relations to their competitors. Moreover, there positioning strategy is designed to create a market with the perception of their brand.
To fulfil on the both the internal as well as the external aspects within marketing is crucial to the overall success towards the name of the brand (Stelzner, 2014). It is upon organization best interest would they attempt to maximize on both their strengths and opportunities and at the same time minimize on the weaknesses and the threats. It is therefore, important to compare two services which are compared both in terms of attaining their marketing. The example is on the Grounds which is a café cross restaurant which is situated at Alexandria. The organization has been able to handle a successful management. on the other hand there is Café Sophra which is situated within two hundred Meters away from the other restaurant. This organization has been unable to compete due to the aspects of the external elements which were created by Ground café.
The success of Ground Café has been pegged on the fact that they are utilizing the social media. The use of the social media has enabled them to communicate efficiently with the customers, negotiate with the suppliers as well as the clients (Scott, 2015). The use of the social media was a type of marketing regarded as the word of mouth as opposed to the traditional technique of one getting their name out there to the clients. Thus, the significance to shape the online interactions was an internal strength which helped them to grow and succeed.
Due to this kind of success of the Ground Café, the other café suffered a lot. The internal weaknesses in this situation played a big role and this led to their failures. Therefore, the external threats such as the Ground café were harmful to the other organization and they were unable to attain success.
References
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.
Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.
Baker, M. J. (2016). What is marketing?. In The Marketing Book (pp. 25-42). Routledge.
Hair Jr, J. F., & Lukas, B. (2014). Marketing research (Vol. 2). McGraw-Hill Education Australia.
Kotler, P. and Armstrong, G. (2012). Principles of marketing. 14th ed. Boston: PearsonPrentice Hall.
McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
Mullin, B. J., Hardy, S., & Sutton, W. (2014). Sport Marketing 4th Edition. Human Kinetics.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Scott, D. M. (2015). The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley & Sons
Sheth, J. N., & Sisodia, R. S. (2015). Does marketing need reform?: Fresh perspectives on the future. Routledge.
Stelzner, M. (2014). 2014 Social Media Marketing Industry Report. Social media examiner, 1- 52
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