Download Marketing workshop candidate 3

Candidate 3
Marketing Assessment 1 – Heavenly Treats
1. There are a lot of definitions of marketing but the principle is the same. We can understand that
marketing is the process of creating, communication, promoting, advertising, selling and
delivering products or services which have value for customers, clients, partners and society at
large, including market research. It is the management process responsible for identifying,
anticipating and satisfying customer requirements profitably (reference provided). Marketing
concept is a philosophy explaining that all organisations should analyse the needs and wants of
their target customers and satisfy those needs and wants more effectively that their
competitions. As per the marketing concept, “market” means all buyers of products/services
both actual and potential. People are motivated by the desire to satisfy needs which are complex
including basic physical needs eg need for food and shelter. "Want" is the need for product or
service which is not necessary but shaped by individual personality and culture. Customer
satisfaction may be defined as a post consumption feedback of a product or service given by the
customer. The product or service performance should match a buyer’s expectation.
2. A company’s marketing environment represents a mixture of the internal and external forces
outside the organisation which affect the ability to build and develop successful relationships
with all target customers (reference provided). A micro environment consists of all forces which
are close to the company and influence its capability to service customers such as employees,
suppliers, competitors, customers and publish. Macro environment of a company is made of
larger forces as social, political, economic, demographic, natural and cultural which affect the
whole microenvironment. Considering the microenvironment of Heavenly Treats, the suppliers
form an important part of the business as for the organisations natural products and premium
quality ingredients are required. Other salons can post competition to Heavenly Treats but the
service offered at Heavenly Treats is much more upmarket. As Heavenly Treats started as a small
enterprise, its sales were mainly focussed for the locals (mainly women aged 25-50) however
because very popular among visitors. While analysing the macro environment of Heavenly
Treats, global weather conditions can affect the production of the natural ingredients is a major
threat as the price would go up in the future. Older women are now more likely to indulge in
beauty treatments, requiring different products and treatments. However, economic issues such
as recession can affect the organisation as beauty treatments could be regarded as luxury items
and will be stopped by individuals if they cannot afford them.
3. Market research “is the function that links the consumer, customer and public to the marketer
through information that it used to identify and define marketing opportunities and problems to
generate, refine and evaluation marketing actions.” (reference given) The information gathered
by market research would help Heavenly Treats to reduce risks and make better decisions. With
a potential threat to ingredient suppliers, Heavenly Treats may have to come up with alternative
products and ingredients and also amend the cost based on the cost of raw materials. Heavenly
Treats can use secondary information (which is the data that has already been gathered for a
different purpose) for its research. Newspapers, government statistics are some of the good
examples for secondary information category. The primary data is first-hand information
collected by an organisation for a specific purpose.
4. Heavenly Treats can use feedback from its customers as primary data collection for quantitative
research. Quantitative research involved computational and mathematical techniques to collect
information for statistical analysis. One of the techniques that Heavenly Treats can use is
personal interviewing customers to know their level of satisfaction. On the other hand,
qualitative research will help an organisation understand the core motivations, reasons and
opinions of customers’ behaviours. The suitable method of qualitative date collection for
Heavenly Treats would be observational research which means to gather information by
observing people and their actions in different situations.
5. Market segmentation is defined as a marketing strategy which divides markets into groups of
consumers who have similar needs, wants, priorities, interest, characteristics or behaviour”.
(Reference provided). Market targeting is the process of identifying all segments and their
attractiveness to the business and finally selecting one or more to which organisations want to
aim its marketing efforts. There are six steps of market segmentation and targeting: Identifying
bases for segmenting the market, develop profiles of existing segments, develop measures of
segment attractiveness, select the target segment, develop positioning for target segment, and
develop marketing mix for selected segment. In the case of Heavenly Treats, research has shown
that an increasing number of men are using products and treatments. The company could
develop a specific strategy to attract men to the salons and retain them as customers.
Segmentation would ensure that products and treatments which were suitable would be
developed.
Suitable references provided