Marketing is the management process of anticipating, identifying and satisfying customer's requirements profitably. Marketing has many different stages and different methods to it. Moreover, they consist of market research, product development, product life cycle management, pricing etc. Either a company can be market orientated or it can be product orientated.
A market orientated business finds out what potential customers will want before making the product which reduces the risk of failures, however on the other hand a product orientated business makes the product without asking the public or their potential customers and the business just expects the product to do well which is an extremely risky procedure for the firm because it can lead to a loss. A market is a place where buyers and sellers meet.
A firm can tell how well it is doing in the market by finding out what the market share is for its firm. Market share is the sales achieved by one firm (or brand) as a proportion of the total sales in a market as a whole. Market growth is the amount by which a market has grown within a year. It can be calculated as a value in currency or as a percentage. By calculating the market growth, a firm finds out if they are doing well in after a year of sales or if there productivity is decreasing.
Don't use plagiarized sources. Get Your Custom Essay on
Business Studies Coursework
just from $13,9 / page
It is easier for marketing to take place if the firm knows what its target market is. One way a firm can work out its target market is through market segmentation. Market segmentation is breaking down the total market into a number of more relevant subsections or segments. Marketing activities can then be specifically targeted at those areas only. There are three ways to segment a market: Type of personality; type of interests; options e. g. fashion conscious (trendy), animal lovers, environmentalists, sporty etc.
For market research to take place it is extremely difficult to ask the entire population to fill out the questionnaire and it is sometimes unnecessary as well because the questionnaire may not involve the entire population therefore to make it sensible a sample should be taken who would somehow represent the entire population. This way it is also economic because it is very expensive to ask the entire population a questionnaire. However a bigger sample is better because it can make you more confident because your finding is more likely to be closer to the entire population.
The result is more reliable. The marketing mix refers to the four p's: product, price, promotion, and place. These four elements need to be appropriately combined. Product refers to the actual good or service, and it shows the stages of product development and packaging. Price is the method of pricing the method or good e. g. skimming, penetration pricing, cost-plus pricing method etc. Promotion is the communication technique aimed at informing or persuading people to buy a product. It can be above the line promotion or below the line promotion.
Place is the procedure of passing the product from the producer to the customer and also where the customer obtains the good. Target Market For my buisness I will mainly be targeting on family. This is because my resturant is going to be mainly aimed for families as well as couples. I have decided this because I have noticed that in the resturants especially the indian rsturants which are already in Ilford have mostly all of their customers who are with their family or a couple who have come out for a lovely romantic dinner.
For my buisnes to be effective for them I will need to provide such service in my resturant that will attract those with a family or couples and one way which I have decided which will make my resturant different from the others I have already seen in Ilford is to have a corner dedicated to a live band and on specific days the band will play lovely romantic songs on a specific day where on another day they will play indian music and on other days they will play english music.
This way I will be able to attract as many customers as possible and they will enjoy their visit and may decide to come back again which will be good for me because my profit margin will rise. Market segmentation it is the breaking down of the total market into a number of relevent subsections or segment, marketing activities can be then specifically targeted at these segments. There are 3 ways of segmenting a market; geograpy, demography, and psychographic. For my resturant I will sepmenting the market through demography.
Demography is by segmenting the market through population and there are two ways to do this and for my resturant I will be making use of both of these types. The first is family life cycle. This is when you segment the market according to where you stand in the basic family life cycle. (batchelor - newly wed - full nest - empty nest - retired) for my buisness I will be mainly concentrating on full nest. The second is socio economic groupings. There are 6 SEG groups: For my resturant I wil mainly be targeting the SEG A and SEG B.
this does not mean that other people will not be welcome in my resturant. It is just the case that I have decided to target it to the upper and middle class, because according to secondary data through census in the area I have chosen there are more upper and middle class people, as compared to other places in the bourogh as well as the city. Market map A market map is a diagram which shows the position of other buisnesses which are in the same segment. Eg clothes shop. I have produced a market map which can be seen below.
This is a market map of how mainy indian resturants are allready there in the area I have chosen and it gives information on whether they offer only vegetarian food or non vegetarian and vegetarian (nb there is no resturant which has only non vegetarian food. ) This market map will also show if the food there is expensive or not. I know this information because I visited the resturants. The restaurant is situated on Ilford lane that is the main street. It is fairly close to the cinema and shopping centre. This is a good place to locate the shop because the shopping centre is open late nights on Wednesdays and on Saturdays.
This means that it is quite likely that shoppers will finish their shopping and then have a meal. There is off street parking near the restaurant for around seven cars. It is a double yellow line but only during peak hours. Therefore, the cars can park after 6 pm. There is no car park close to the restaurant. The closest car park is nearly a 15-minute walk and I am not sure that people may be willing to walk fifteen minutes because they will pass other restaurants during that walk. Public transport can also be used for them to get to the restaurant because it is quite close to the restaurant.
Services available at the Mirch Masala restaurant At the restaurant I had visited, I had noticed the following services they offered. 1. They catered for birthdays. I know this because the day I had visited the restaurant it was one of their customers birthdays and there was a big family who had decided to celebrate the birthday over there so the restaurant had made a large variety of party snacks and food which then lead onto a 3 course meal which is not what they would usually do because it is normally the person has to order whatever he or she wants and that is what they get.
2. the communication techniques with the employee and the customer was not great because I had noticed that some of the employees were not very good at English and they had difficulty trying to take down the order of the customer but overall they delivered a very kind service to their customers and were polite to them 3. They care about their customers because sometimes some customers do not want the food what is on the menu and instead they like to have something they are familiar with and the chef cooks it for them despite the fact that it is not on the menu.
The target market for Mirch Masala. When I had an interview with the owner of mirch masala I had asked him a variety of questions and one question I asked him was who the restaurant is aimed at (who is the target market. ) the owner told me that the restaurant aimed at families. This is true because after talking to the owner of the restaurant, I was sitting in the restaurant and observing a few things and this is one thing that struck me because all who were present in the restaurant were family as well as a big family who were celebrating the birthday of another member of the family.
Remember. This is just a sample.
You can get your custom paper from our expert writers