Home > Marketing essays > Marketing Research and its use in a marketing plan

Essay: Marketing Research and its use in a marketing plan

Essay details and download:

  • Subject area(s): Marketing essays
  • Reading time: 7 minutes
  • Price: Free download
  • Published: 30 September 2022*
  • File format: Text
  • Words: 1,959 (approx)
  • Number of pages: 8 (approx)

Text preview of this essay:

This page of the essay has 1,959 words. Download the full version above.

The focus of this topic will be to determine how marketing research can be effectively used by an organisation in real work to develop its marketing objectives and strategies. Marketing research is concerned with collecting as well as analysis of data related to organisation products or services in the market and employing that data to overcome marketing challenges that an organisation might encounter in the market. One of the companies that have successfully managed to apply marketing research to aid in the development of its marketing plans is Tesco. According to Hammett (2018), Tesco has been using information from the 16 million customers who hold its Clubcard to understand their shopping behaviours and factors that trigger changes in their shopping behaviours as well as the manner in which the shoppers can be convinced to eat more healthily. The company conducted initially a market survey, where it found out that many customers were confused on the type of food to purchase, especially the healthier ones. The market research carried out by the company helped it to realise that customers require help in choosing healthy food products (Hammett 2018).

Consequently, Tesco was able to understand the cognitive needs of clients, particularly their thinking towards their choices of healthy foods. Bryant and Oliver (2009) indicate that marketers employ cognitive theory in understanding how clients think while doing shopping. Based on the marketing research findings, Tesco has been able to develop marketing objective of helping its clients to choose and eat healthy foods from the products it offers. It has also been able to develop the strategy of tracking the buying behaviours and decisions of clients using their Clubcard data, to influence their buying behaviours of healthier food positively. In future, companies should embrace marketing surveys as the basis of understanding their customers thinking as it has been the case with Tesco.

Competition

The topic that will be covered in this section is competition and how it influences the marketing objectives and strategies of different organisations. One of my favourite products is Apple iPhone. Apple iPhones are of high quality, primarily due to their robust security features. However, Apple iPhones faces stiff competition from various players in the smartphone industry. There are different players in the Smartphone industry that offer alternative smartphone products that offer huge competition to Apple iPhones. Some of the competitors include Samsung, Google and Microsoft. When an organisation product is faced with massive competition in the market, it has to find ways of remaining competitive. Failure for the product to have competitive features result in customers switching to competitors products, and this has an impact on the market share of the organisation offering the product in the market.

The competition has mostly shaped apple marketing strategies and objectives it faces in the market. One of the marketing objectives of the company has been continually offering innovative and quality iPhone products that meet the needs of the clients. Also, the company has been focused on retaining its customer base. To achieve marketing goals and overcome competition in the smartphone market, Apple has embraced different marketing strategies. The company has embraced differentiation marketing strategy. According to Gurău (2007), differentiation marketing strategy involves an organisation selling its products using their unique features. Apple sells its iPhone products in the market using their unique features, such as robust security features and innovation. The strategies help the company to overcome competition effectively. Also, the company due to competition continues releasing better and improved models of iPhones in the market to keep up with changes in competitors’ products. Competition should always inform the marketing strategies of companies in the market, as it is the case with Apple.

PESTL

The external business environment influences the operations of an organisation. The purpose of this essay is to demonstrate how PESTL model effectively influences an organisation decision of venturing into a new market. One of the companies that have recently employed the PESTL model is Tesla Inc while entering into the UAE market. In 2017, the company launched its electric car model into the UAE market (Workman and Graves 2017). Various external business environment factors influenced the decision of the company to launch its product in the UAE market.

Tesla conducted PESTL analysis before venturing into the UAE market Christiansen (2014) indicates that PESTL is used in helping an organisation to understand political, economic, socio-cultural, technological and legal factors can affect its operations. When it comes to the political factors, Tesla was able to realise that UAE is a politically stable country, lead by a king. This informed its decision to launch its products in this market, as the political risk was low due to political stability. The economic factors that influenced the decision of Tesla to launch its products in the UAE market are high per capita. The majority of the people in the country have high consumption power. Hence they can manage to purchase the expensive electric cars offered by the company. Socio-cultural factors that influenced the company in its decision of entering into UAE market include Islamic religion, use of Arabic as a medium of communication, high levels of education. The individuals in the country are always attracted to foreign products that are aligned with their cultural values. Also, the legal structure in the UAE that protects businesses, regarding unfair competition played a significant role in positively influencing the decision of the company to venture into this market.UAE is embracing green technologies also played a role in helping the company introduce its electric cars in this market.

SWOT Analysis and how it used in a marketing plan

A SWOT analysis is a technique that is widely used in helping to understand an internal organisation environment, through identification of its strengths and weaknesses. Christiansen (2014) reveals that SWOT analysis is also employed an organisation in identifying external threats and opportunities. The purpose of this essay is to analyse how organisations employ SWOT analysis in the development of their marketing plans, especially marketing-mix strategies.

One of the leading global giants in the area of manufacturing and selling of automobile products are Ford Motor Company. Ford Motor Company has successfully employed SWOT analysis in developing its marketing mix strategies. One of the strengths of the company is its investment in green products, especially in using raw materials that are environmentally sustainable. The company employs this strength as part of its product marketing mix strategy. The company uses the green aspect of its products to influence the buying decisions of the customers in the market.

Given that customers are sensitive to environmental pollution, the ability of the firm to offer them environmental friendly vehicles, play an influential role in helping it achieve its marketing objectives. Also, the Ford SWOT analysis helps the management understand that social media is a primary technological tool that can help its reach to many customers around the globe. As a result, as part of its promotion mix, the company employs social media marketing strategies. The company has social media pages that enable it to interact at a personalised level with the target customers. Lastly, the company has employed SWOT analysis in developing its market segments. The SWOT analysis reveals that there are tremendous opportunities in emerging markets. The company has been forced to segments its markets regarding emerging and developed ones, to effectively meet the marketing needs of these different markets.

Segmentation, targeting and positioning in marketing

Segmentation, targeting and positioning are marketing concepts employed by organisations as way meeting the needs of customers in a better way. One of the industries that can benefit from these concepts is the automobile industry. The automobile industry is involved in the business of manufacturing and selling automobile products and their spare parts, such as cars, motorbikes. The industry is one of the biggest in the world, as it produces automobile products used by governments, businesses and individuals. The automobile industry is also highly competitive due to a large number of players operating in this industry. One of the major players in the automobile industry is the Toyota Corporation. Toyota Corporation is a multinational company, with its origins from Japan. The company offer different products and has managed to achieve tremendous success over the years through the use of the segmentation, targeting and positioning in its marketing efforts.

The same way that Toyota has managed to apply these concepts in marketing successfully, other players in the automobile industry can also succeed in doing so. Segmentation involves an organisation dividing its target markets into small units, that are profitable, and has the potential of growth to serve them better (Kotler and Armstrong 2010). Toyota segments its customers and target markets regarding demographic and geography. For instance, it has products meant for the U.S market, and others for the Asian market. Similarly, firms in the automobile industry can use demographic factors, such as income, age as well as geographical regions to segment their target markets to develop products that fit the needs of customers within these segments. Targeting involves an organisation developing products that target the particular needs of customers in the market. The automobile industry players can manage to serve the world better by targeting particular types of customers. Toyota position itself in the market as an organisation that offer low-cost vehicle products that meet the needs of clients. Players can also position themselves in particular ways to win the heart of the target customers.

New Product/Services Launch or Brand Management

Proper brand management is essential in helping an organisation successfully launch a new service or product in the market. An organisation should employ the right brand management strategies to succeed in its new product launch. The purpose of this essay is to analyse the external and internal factors that lead to brand success or failure. The essay will look at factors that contribute to the success of one brand recently as well as the failure of another brand in recent times.

One of the new product launch failure that happened in 2017 was Movie Pass. The company announced the launch of $10 per month subscription services for its customers, and this resulted in the number of its subscribers increasing from 20,000 to 600,000 within three months. However, the product launched failed due to lack of the organisation technical capabilities to handle the increase in demand for its movie subscription services. According to Kotler and Armstrong (2010), an organisation should have the technical capability of meeting the demand for its product in the market before launching it. Also, the company had poor customer service for its products, and this lead to many subscribers being satisfied with the way their complaints were being handled.

On the other hand, Forever 21 successfully launched its services in the Chinese market. The ability of the company to succeed in its product launch was due to its ability to offer services that were aligned to the needs of the target customers. The company understood the needs of the target audience within the Chinese market effectively and launched services with features that meet the need of these customers. Forever 21 launched its services and ensured that it meet the linguistic needs of the Chinese customers leading to its success in the short-run.

List of References

  • Bryant, J. and Oliver, M.B. eds., 2009. Media effects: Advances in theory and research. Routledge.
  • Christiansen, B. ed., 2014. Handbook of research on effective marketing in contemporary globalism. IGI Global.
  • Gurău, C., 2007. Porter’s generic strategies: a re-interpretation from a relationship marketing perspective. The Marketing Review, 7(4), pp.369-383.
  • Hammett, E. 2018. Tesco uses Clubcard data to help people eat more healthily. Retrieved from https://www.marketingweek.com/2018/10/15/tesco-clubcard-data-to-help-people-eat-healthier/
  • Kotler, P. and Armstrong, G., 2010. Principles of marketing. Pearson Education.
  • Workman, A and Graves, L. 2017. Elon Musk launches Tesla in the UAE. The National, retrieved from https://www.thenational.ae/arts-culture/elon-musk-launches-tesla-in-the-uae-1.30459.

2019-1-8-1546922401

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

About this essay:

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

Essay Sauce, Marketing Research and its use in a marketing plan. Available from:<https://www.essaysauce.com/marketing-essays/marketing-research-and-its-use-in-a-marketing-plan/> [Accessed 02-12-22].

These Marketing essays have been submitted to us by students in order to help you with your studies.

* This essay may have been previously published on Essay.uk.com at an earlier date.