Marketing research

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MARKETING RESEARCH
Marketing Plan
Victoria Thomas
[email protected]
Contents
1.0
Marketing Planning explanation ....................................................................... 2
2.0
Marketing research ........................................................................................... 2
2.1
PESTLE ........................................................................................................ 2
2.2
SWOT ........................................................................................................... 3
2.3
Analysis of Market Research in relation to business ..................................... 3
3.0
SMART Objectives ........................................................................................... 4
4.0
Determination of strategy and tactics ............................................................... 5
5.0
Conclusion........................................................................................................ 5
1.0
Marketing Planning explanation
Marketing Planning is the use of a business’s resources to form goals and objectives
in order to create a plan of action. I also sets out ways in which a business can
evaluate their performance against their marketing targets. This report will outline
PESTLE and SWOT explanation and implementation in relation to a sandwich bar
business. A SMART objectives analysis and determination of strategy and tactics will
also be included.
2.0
Marketing research
Market research is when an organisation obtains information, records and analyses
the data collected about matters concerning marketing their products or services.
The market research an organisation conducts can help develop the products or
services they offer by helping them understand the changing dynamics of their
particular market. This would involve the organisation to find out more information on
or about their customers, competitors and their overall marketing environment.
2.1
PESTLE
One area of gathering information and compiling the results for market research, is
to use a PEST or PESTLE analysis. This stands for political, economic, social,
technological, legal and environmental. Owners or managers of a business will use a
PESTLE analysis to examine factors that are external to their business.
Political
Economical
Environmental
The
Business
Legal
Social
Technological
Even though there is insufficient data to complete an accurate PESTLE analysis on
the sandwich shop, I have provided an example of how one might look.
Political
Importation tax on new products i.e. New Zealand Lamb as a sandwich filler
Economical
This is in regards to both employment of staff and the income the business receives
i.e. If the UK were to have a recession, customers would be less inclined to part with
their cash for the sandwich bars products, which would result in the business having
cut costs by letting some members of staff go.
Social
This would relate to the religious beliefs of members of the public i.e. a Jewish
community would be less inclined to eat at the sandwich bar if they served pork as it
is against their religious belief to consume it, as it is not kosher.
Technology
This can affect businesses in a range of different ways i.e. if a company decided to
start selling similar products to those in the vicinity of the sandwich bar through the
internet, the sandwich bar may lose some of their customers
Legal
All businesses will be affected by legal developments i.e. if the sandwich bar holds
any customer details that fall under the Data Protection Act, they would have to
ensure that they are up to date with all changes to the legislation.
Environmental
This can relate to any legal, political and social aspects of the sandwich bar i.e. if
they decided to invest in making all packaging recyclable, this could attract more
customers as the environment is a growing issue. Similarly, the government could
impose that business change their packaging as a legal requirement.
2.2
SWOT
Another useful technique that the owners of a business might consider using is a
SWOT analysis.
SWOT stands for:
Strengths
Weaknesses
Opportunities
Threats
Strengths and weaknesses are internal to the business and can include matters such
as products, staff or even advantages concerning competitors. Opportunities and
threats are the external/environmental factors that can affect the business. Issues
may include expansions into new markets or new product launches and a larger
range of competitors or imposed taxes from government policies.
2.3
Analysis of Market Research in relation to business
In regards to a PESTLE analysis of the market research, it would be extremely
difficult to apply the findings from the market research results provided as they are all
internal to the business. However, they can be applied to a SWOT analysis. Below is
a SWOT analysis that I have created using the results from the 200 questionnaires
that were completed by customers of the sandwich bar:
Strengths
82% want the shop to be open longer – The majority of people enjoy going to the
sandwich shop.
Weaknesses
50% said the contents of the sandwiches should be fresher – Half of the customers
who completed a questionnaire thought that the fillings were not as fresh as they
could be.
Opportunities
75% want more children’s sandwiches – More families may buy from the sandwich
bar
80% said they would prefer more wraps – more range would mean more customers.
Threats
65% said that the staff were unfriendly - A high percentage of customers were
unhappy with the service, this may cause a lot of customers to purchase their
sandwiches elsewhere.
3.0
SMART Objectives
SMART objectives are large or small objectives that all businesses have. In order to
be effective, objectives should stay in line with the SMART principles, which are
specific, measurable, achievable, realistic and time scaled.
Example
This is an example of a SMART analysis based on the sandwich bar if their objective
was to introduce children’s sandwiches:
Element
(SMART)
Specific
Measurable
Achievable
Realistic
Time scaled
Objectives
The objective specifically states that they will introduce
children’s sandwiches and expect on average at least
75% of 200 customers to purchase them.
The objective states that they expect on average at least
75% of 200 customers to purchase them.
Before the sandwich bar set this objective, they
discovered that there was a demand for this product.
Before the sandwich bar set this objective, they
discovered 75% of 200 customers who filled out a
questionnaire, wanted children’s sandwiches to be
available.
This objective has a small timescale of 6 months
4.0
Determination of strategy and tactics
Marketing strategy involves the maintaining and creation of a marketing mix,
comprising of the 4 and 7 P’s, which satisfies and incorporates the target market.
A successful plan should include the following elements:





Executive summary
SWOT analysis
Resources from the business
Objectives
Strategies which include:
o Target market identification
o Marketing mix development
o Financial forecasts (returns, costs etc.)
o Evaluations and control systems (consisting of establishing and
evaluating the performance in relation to what was initially planned and
reducing the difference.
The marketing mix elements could be affected by any changes implemented from
the marketing plan. It is essential that the marketing plan is not only planned and
executed cautiously but that it is measured, evaluated and precautionary corrective
courses are put in place, should those plans differ.
5.0
Conclusion
From looking at the sandwich bar business, it is my opinion that if they plan, conduct
the necessary research effectively and fully utilise the results, they will not only be
able to plan their aims and objectives, but execute them successfully.
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