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TA_BA1 : Business
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TA_BA1 : Business
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Course Code: TA_BA1
University: University Of Oxford
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Country: United Kingdom
Question:
1.Discuss the 4P’s and how marketing implement them?
2. Discuss the marketing research process.
3.Discuss the concept of market segmentation.
4.Discuss how the consumer market differs form the business to business market .
Answer:
1. 4P’s of marketing are
Product: It can be tangible product and also intangible service that enhances the satisfaction level of the customers.
Price: Price of the product helps to make a proper estimation of the profits and marketing strategy.
Promotion: It is related to promoting the products by taking into consideration marketing strategies. Promotion takes into consideration public relations, advertising, and social media marketing.
Place: This factor helps to analyze the exact locations to convert potential customers into actual customers. In the recent scenario, activities are conducted mainly through websites.
Marketers will implement all these factors by conducting market research and also evaluate the demand of the customers (Sheth and Sisodia, 2015).
2. 5 steps in the marketing research process
Define the problem: At the time of conducting market research it is important to evaluate the problem so that it can be beneficial for the next phase.
Develop research plan: In this techniques are taken into consideration to conduct the market research. The techniques are taking interview of the customers, by conducting a survey on Survey monkey and also online research.
Gather data and information: The information that is collected should be valid. The information that is gathered should be scientific and also emotional data that can help to look at a graph.
Evaluate the data and report findings: In this step, the data is evaluated and the results are analyzed that they are correct or wrong (McQuarrie, 2015).
Take action: In this step the research is complete and it is important to present the findings and start creating marketing campaigns. It is important to search the data properly so that proper results can be taken.
3. Market segmentation is a process that divides the homogenous market into the segments by taking into consideration the similar wants and desires. The objective to design a marketing mix is to match the customer’s expectation. Marketing segmentation strategies are based on behavioral, demographic, psychographic and geographical differences. It is important to segment the market so that goals and objectives can be accomplished. The factors that affect the marketing are the accuracy-related with the policies and resources of the company and also proper identification of the segment (Cross et al., 2015).
4. Business to business market is a purchasing process which is difficult as the overall process is related to the management that depends on the type of the business. Individuals who make purchase need authority from the groups at the time of making decisions related to purchasing whereas customer market is a simple process. The major factors that impact the buying decision of the consumer are taste and preference and reference groups.
There is a difference in the payment structure of the two markets. In business, to business market, the huge amount is involved and in the consumer market, less amount is involved. This is just because of the large volume of purchase made in the business to business market as compared to customer market. Business to business has a complex process as compared to the consumer market (Solomon et al., 2014).
References:
Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.
McQuarrie, E.F., 2015. The market research toolbox: a concise guide for beginners. Sage Publications.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Solomon, M.R., Dahl, D.W., White, K., Zaichkowsky, J.L. and Polegato, R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Pearson.
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