Question :
This unit reflect working of small business which is running by family and they have no idea about increase in market share so there is need to identify marketing concept in order to develop information.
- What is the concept of marketing used by Bloom Perfumery?
- 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 of goods.
Answer :
INTRODUCTION
Marketing is one of the most important concept which has to be taken into consideration. There are different policies which has to be considered to run business in effective and efficient manner. Marketing department helps to deal with public to tell them about product and service produced by company. It is important for launching new product and then convey them about discounts and offers which is effective for growth and development of association. In this report there is discussion about Bloom Perfumery which is situated in Convent Garden. This is small family business (Menzel and Shrestha, 2012). This report tells about meaning of marketing, market research, e- marketing.
TASK 1
What is Marketing
MARKETING
Marketing is the sector which assist company to create awareness about product in society. There are many changes taking place in demand of customer, after research then those product are ready then this will be delivered with the help of Marketing department. While taking use of factors which help organisation to gain business objectives market analysis is done by marketing department. These days role of marketing is increasing, so this is important to know what has to be done with which company can get chance of increasing their goodwill.
ACTIVITIES PERFORMED BY MARKETING DEPARTMENTS
There are many activities which has to be considered by organisation to achieve targets. There are many activities which has to be performed by marketing personnel to achieve business objective. It is essential that managers of Bloom Perfumery has to make changes in plans and policies to satisfy demand of society. In this case every department has to work effectively through which actions can be performed in efficient manner. Some of activities performed by marketing personnel of Bloom Perfumery are as follows-
Research and Development: Research is important thee days it is essential that company has to use policies through which they can apply changes in their business policies (Jenkin, Madhvani, Signal and Bowers, 2014). Research tells what has to be improved through which business targets can achieve targets in effective and efficient manner. This activity is performed by marketing department to get positive results.
Customer representative: In perfume business, manager has to analyse need and then deliver to society. Customers are the key factor which helps association to grow. Marketing personnel deals with customer, this helps to know about need of society.
Innovation: Innovation means to come with some new product or services. This is essential because in perfume business there must be changes in fragrance. This is done by marketing personnel and provides growth of business (Hair, Sarstedt, Ringle and Mena, 2012).
SEGMENTATION
Segmentation is base of making difference among consumer. There is difference in demand of people residing in society. So it is essential that company has to make in their supply material through which they can get good image. In business product are divided, then they can be effective for satisfaction demand of customer. There are mainly four types of segmentation-
Geographical segmentation- As per this segmentation, there must be difference on the basis of place where public are residing. Customers belongs to different geographical regions, so managers has to work according to need of their demand.
Demographical segmentation- There is difference in income, gender, caste, nationality, etc. of customer and they are divided on the basis of demographical segmentation.
Behavioral segmentation- While shopping there is difference in behaviour of customer, this affects their demand too. There are various purpose for which customer is purchasing perfumes.
Psychogrpahic segmentation- Under this segmentation customer are bifurcated on various different basis. It is important to work as per change in perfumes, through which they enhance their sales.
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Basis of market segmentation adopted by Bloom Perfumery is as under-
Gender- In perfume segment this is one of the important component on the basis of which customer can be segmented. For male and female, there is different perfumes.
Age group- This is also factor which adopted by managers of Bloom Perfumery. As per difference in age, so there is difference in their perfume demand also (Izvercianu, Seran and Buciuman, 2012). Youngsters want mild perfume but art the same time elder people want light and long lasting fragrance.
Income- As per difference in income of customer, they prefer cheap or costly perfumes, hence mangers can bifurcate on the basis of cost of product.
MARKETING MIX
Mainly there are four marketing mix, which has to be considered by Bloom Perfumery. They are as under-
Product- Product means main component which business organisation is serving. There are possibilities that due to alteration in product features, it is essential to convey it in society.
Price- Price of product must be low so people are ready to intake product. Due to alteration in prices, marketing must be done in that way (Yi, Lodge and McCausland, 2013).
Place- Place where product is being consumed, then marketing approaches must be taken accordingly. This helps to attract targets consumer.
Promotion- Promotion is very important as it helps to create awareness related to sales of product.
Suggested Samples:
- Managing Marketing Operations- Genius Gluten Free
- Amazon Case Study
- Unit 19 Marketing Planning - Case Study L'Oreal
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