Essay:

Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

Text preview of this essay:

This page is a preview - download the full version of this essay above.

 

Homebase

Introduction

Homebase is a British home improvement retailer and garden centre with stores across the United Kingdom .Has been founded by Sainsbury's and GB-Inno-BM in 1979, the company was owned by Home Retail Group from October 2006, until it has been sold to the Australian Wesfarmers in February 2016 which ended in very bad, Hilco took over in 2018 and purchased the company for £1.

Homebase had sales of £1.49 bilion for financial year 2013-2014 . Homebase was founded by the supermarket chain Sainsbury's and Belgian retailer GB-Inno-BM in 1979, as Sainsbury's Homebase. This was to bring a style layout to the British Do It Yourself (DIY) market.

In 2013, Homebase faced criticism after a poster from a store in London was released. The poster appeared to highlight the benefits of free labour through work experience, called Workfare. The offending poster depicts a number of volunteer staff at the Haringey branch and is captioned: “How the work experience programme can benefit your store. Would 750 hours with no payroll costs help YOUR store?”". Organisers calling Homebase's scheme a "profit driven attack" on workers and benefit claimants.

The importance of the role of Marketing

In today's world, the role of marketing in organizations is too important to be ignored. Large and small organizations are today competing for the same market and the most innovative and proactive have emerged victors. Marketing plays an important role in establishing relationships between customers and the organizations offering to the market.

Marketing is an important strategy to ensure the growth of your business. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers. In essence, marketing secures your business's future through new and old customer engagement.

What is marketing?

Putting the right product in the right place, at the right price, at the right time.

- Product refers to a good or service a company offers. Ideally, a product should meet a certain consumer demand or be so compelling that consumers believe they need it.

- Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts and competitors' prices

- Place decisions outline where a company sells a product and how it delivers the product to the market. The goal of business executives is to get their products in front of consumers most likely to buy them

- Promotion includes advertising, public relations and promotional strategy.

   Promotion is the element in our promotional plan. These are personal selling, advertising, sales promotion, direct marketing publicity and may also include event marketing, exhibitions and trade shows. A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget we should be allocate to each element.

The goal of this promotional marketing campaign is to gain awareness about a product or increase its appeal. Promotional marketing has the advantage of being valuable to both new customers and existing customers -it offers new customers a reason to try the product for the first time, while building loyalty in existing customers.This promotional strategy is done through special offers with a plan to attract people to buy the product. Sales promotions can include coupons, free samples, incentives, contests, prizes, loyalty programs, and rebates.

      "Make a house a home."

How Cultural differences impact the marketing message

    Thought processes may vary among different cultures. This could affect the way a marketing strategy is perceived. People who are part of one culture may take in the whole picture in an advertisement and be able to report specific details of what they have seen, even in the background; those of another culture may only see and identify with the central figure and ignore background items altogether. This would affect the way a marketer presents his message based on cultural thought processes. General cultural knowledge includes implicit theories about the world we live in that are largely shared by the members of our society.

Understanding the culture of the customers with whom you are dealing is important to successful business interactions and to accomplishing business objectives. For example, you'll need to understand: How people communicate, how culture impacts how people view time and deadlines, how they are likely to ask questions or highlight problems.

Your understanding of culture will affect your ability to enter a local market, develop and maintain business relationships, negotiate successful deals, conduct sales, conduct marketing and advertising campaigns, and engage in manufacturing and distribution.  

   

Segmentation Methods

The target customers are people who will use, as well as influence or decide the purchase of the product. Identifying these people is an important part of your market research. The marketing image that you're trying to project must match the advertisement's message .Targeting a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.

Figure out not only who has a need for our product but also who is most likely to buy it. Think about the following factors:

- Age

- Location

- Gender

- Income level

- Education level

- Marital or family status

- Occupation

- Ethnic background

As a local business owner, I'm obviously keen to target and acquire customers within the workable radius of the service we offer. If you're offering plumbing services in Leicester in England, it's unlikely that people viewing your adverts or social media updates in France are likely to call you anytime soon.

Some people need to repeatedly see a product in action through photos and videos over the space of a few days before making a purchase. At the core they're people with individual habits from which an average can be taken as a guide to their general buying habits.

Conclusion

Marketing is of vital importance to any business. It is the key process of researching, promoting and selling products or services to your target market. The bottom line of any business is profit. Profit is largely the result of successful sales. Marketing is an important business process where you inform, attract and convince people that your products or services are of value to them. Without Marketing, many businesses would fail to exist. You could have the most amazing product or service, but if no one knows it exists or understands the value, you won't make a single sale. It's important that you use marketing to promote your business, brand and offerings. Without it, how will you make those sales.

References :

1. “Marketing- 5th edition” by Grewal. D and Levy. M.

2. Agata Maccarrone‐Eaglen and Peter Schofield, A cross‐cultural and cross‐gender analysis of compulsive buying behaviour's core dimensions, International Journal of Consumer Studies, 42, 1, (173-185), (2017).

3. Marco Hubert, Mirja Hubert, Marc Linzmajer, René Riedl and Peter Kenning, Trust me if you can – neurophysiological insights on the influence of consumer impulsiveness on trustworthiness evaluations in online settings, European Journal of Marketing, (2018).

4. Saeed Shobeiri, Ebrahim Mazaheri and Michel Laroche, Creating the right customer experience online: The influence of culture, Journal of Marketing Communications, 24, 3, (270), (2018).

5. American Marketing Association. 1986. “AMA Again Seeks Input On Proposed Code Ethics.”Marketing News 18 (December 5): 6.

6. Ferrell, O. C., Larry Gresham, and John Fraedrich. 1989. “A Synthesis of Ethical Decision Models for Marketing.”Journal of Macromarketing 11 (Fall): 55–64.

7. Hunt, Shelby D. and Scott Vitell. 1993. “The General Theory of Marketing Ethics: A Retrospective and Revision.” InEthics in Marketing. Eds. N. Craig Smith and John A. Smith. Chicago, IL: Richard D. Irwin, 775–784.

8. Hudson, Simon; Roth, Martin S.; Madden, Thomas J.; Hudson, Rupert (2015-04-01). "The effects of social media on emotions, brand relationship quality, and word of mouth: An empirical study of music festival attendees". Tourism Management 47: 68–76.

9. Mulhern, Frank (2009). "Integrated marketing communications: From media channels to digital connectivity". Journal of Marketing Communications 15 (2-3): 87.

10. Hudson, Simon; Roth, Martin S.; Madden, Thomas J.; Hudson, Rupert (2015-04-01). "The effects of social media on emotions, brand relationship quality, and word of mouth: An empirical study of music festival attendees". Tourism Management 47: 68–76.

...(download the rest of the essay above)

About this essay:

This essay was submitted to us by a student in order to help you with your studies.

If you use part of this page in your own work, you need to provide a citation, as follows:

Essay Sauce, . Available from:< https://www.essaysauce.com/essays/marketing/2018-12-5-1544005803.php > [Accessed 18.11.19].