Mkt10007 Fundamentals Of Marketing For Assessment Answers
Questions:
1. Demonstrate a broad understanding of the major conceptual and theoretical principles upon which the practice of marketing is based.2. Demonstrate a general understanding of marketing management tasks and of how marketing fits into the organisational environment and interacts with diverse environments.
3. Identify and evaluate secondary research from a variety of sources. As a reflective and critical thinker, use this research information to apply marketing concepts and principles to propose ethical, creative solutions to a range of marketing related problems that arise in business contexts.
Answers:
Profile Elements Define
Coffee machine at home is the way to lead a luxurious life without going to the coffee shop. A person consumes coffee as per their characteristics and nature. For research study, people are segmented into their age group. Like the people of age group 18 – 24 with low income and part time job the3y normally consume not much coffee like the people within the age group of 25 to 35 and 36 to 50. They consume a lot of coffee and they prefer to make their coffee at home. The person who consumes more coffee is likely to buy the coffee machine.
Justification of Segment base
The segmented customers can be justified by
- The age group of the consumers and their consumption rate of coffee provide a measurable value to the company
- This segmented group of people who consume coffee more than other is easily accessible by the way of advertisement or any other reality show
- People of almost all age group prefer coffee and for that, the market for coffee and coffee machine is really active
Recommendations for additional research
Consumers are the one for whom the entire marketing process is carried out (Baker, 2014). To understand the customer's choice about the coffee machine some more readings need to find out. The most important question to understand the consumer’s choice is:
1) How many people love coffee and cannot stay without coffee?
2) What type of coffee do the consumers prefer the most?
3) What do consumers prefer more in a coffee machine?
All these questions need to be answered to understand deeply the need of the consumer for the coffee machine. By this, the researcher will be able to decide that what type of marketing strategy need to be used to get their target consumers (Babin, and Zikmund, 2015). By the help of this information the organization can upgrade their machine and also the marketing can be done by keeping the need of the consumers in mind. To gather this question or to investigate this question the most important research methodology is to take direct interview of the people so that it becomes easier for the researcher to analyze the consumers and make a perfect decision regarding the marketing of the coffee machine (McDonald, and Wilson, 2016). The advantage of this method is that the researcher will be able to know the direct reaction and the answers of the consumers. The disadvantage of this method is that it is very time consuming (Armstrong, 2015). The research needs to be done with the help of the questionnaire and it needs to do in a place where the researcher is able to get in touch with more customers like some coffee shop or shopping mall.
Conclusion
The organization introducing their product which is a coffee machine and for that, they are doing some research by which they will be able to get their targeted consumers. As the product is the coffee machine so it is very much important for the researcher to understand the need of the consumers. The marketers need to make their marketing strategy more attractive so that more and more consumers get attracted towards their coffee machine. To briefly understand the need, a researcher needs to do the findings which mean to analyze the information gathered from the research study. The purpose of the report is to make a decision for marketing of the product coffee machine. The researcher has perfectly used the source and also adequately tackled the states to improve the marketing strategy for the coffee machine in the market.
Recommendations
The recommendation for the research study is that the researcher needs to find out more detail about the wants of the consumers and for that, they need to take direct interview of the consumers. This is highly recommended that the researcher needs to visit the coffee shop and the shopping malls to get the people and learn from them the need and the craze of peoples about coffee and also the coffee habit of the targeted consumers. The researcher needs to segment the consumers properly as per their consumption rate of coffee and age group.
References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Babin, B.J., and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
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