P1 in that market will be well known

P1

Ferrari
road cars are generally perceived as a symbol of speed, luxury and wealth. They
are very expensive and only bought by the rich. The Ferrari is a powerful brand
because of the rich colours expensive style, price and speed. They are
recognizable around the world as extravagance.

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Market Penetration:

The strategy of price Adjustment is one of the most
widely used market penetration tactics. By lowering a product or service price
can increase the sales. Furthermore, companies must look their competitors
price because it can affect the sales. Price Adjustment will affect Ferrari in
a huge scale because their products are very expensive. 

Market Development:

Market Development strategy is used to develop the
existing market rather than develop a new one. Ferrari don’t need to look for
new market they just have to build more powerful car with innovative technology
impeded in them.

Diversification:

This strategy for companies who wants to enter new
market where they could make more profits but it’s very risky because other
company in that market will be well known to the world and the company has no
experience in the new market. Companies like Ferrari won’t be affected by this
strategy much because of their reputation and the profits they make through other
market.

 Survival
Strategies:

Companies like Ferrari don’t really use this strategy
because they are well known to the world and big. But sometime successful
business struggle during financial crises.

Branding:

Branding is very important every business because
people will forget if companies don’t have good logo, slogan and a name.

The Ferrari logo colours represent the famous symbol
of the Ferrari race team. The colours red, white and green represent the
Italian national flag, because Ferrari Company headquarters are in Maranello
(Italy). The letters ‘S’ and ‘F’ stand for ‘Scuderia Ferrari.’ The word
‘Scuderia’ means ‘stable’ in Italian language. It has entered English usage
mainly through professional racing, in which many Italian teams incorporate the
term in their names. They use these colours because they are proud and want to
promote their country. They also use the horse symbol to represent how cars are
as fast as horses. Another reason why they use a horse is because cars are
measured in horse power. The stallion might be used to show that they are the
best.

Relationship marketing:

Companies should have good relationship with their
customers because it’s hard to gain new customers but it’s easy to lose.
Companies should satisfy customers, rather than focusing on making money.

 

 

 

Samsung is a company and a brand
which sells electrics devices such as TV, Mobile, Laptop, etc.

The customer
perceives the brand as reliable and good value for money. The product is high
quality it is made with the most expensive and durable plastic. Its processor
is really fast especially on the Samsung galaxy phones.

 

Market Penetration:

The strategy of price Adjustment is one of the most
widely used market penetration tactics. By lowering a product or service price
can increase the sales. Furthermore, Samsung must look their competitors price
because it can affect the sales. Price adjustment won’t affect Samsung in huge
level because they sell hundreds of different products, but it will help them.

 

Market Development:

Market Development strategy is used to develop the
existing market rather than develop a new one. Samsung is already covering all
of the technology and some of the household markets so they don’t need to look
for a new market instead they should build new products with more advanced
features. They can also enter into a new market but it will involve more
investment and risk.

Diversification:

This strategy for companies who wants to enter into a
new market where they could make more profits but it’s very risky because other
company in that market will be well known to the world. For company like
Samsung is very easy to enter into a new market because of the profit they
make. If Samsung wants to make huge profit in a new market they need a unique
idea which should dominate the competitors in the markets. Even if they lose
money in the new market they won’t be affected.

Survival Strategies:

Company like Samsung don’t really use this strategy
because they are well known to the world and they make huge profit.

Branding:

 

They use the
name as part of their brand in a blue background. This emphasizes flexibility
and simplicity. The name is set in a blue oval shape background. This is to
represent the universe and that it is a global organization, which has been
slightly tilted to symbolize innovation. The colour blue is also used to
connote stability and reliability within the company.

 

Samsung is a global
leader in screen technology, TV, batteries and chip design. Today Samsung has
grown to become one of the world’s leading electronic companies, specializing
in digital appliances and media. Samsung’s innovative and top-quality products
and processes are world recognized. Samsung add more valuable products to
create smartphones. They make the products with

expensive things.

 

Relationship marketing:

Relationship marketing is very important because they
are many competitors who sales the same products so companies like Samsung must
keep a good relationship with customers. Samsung should consider customers more
than the money.

 

 

 

P2:

Limitation and constraints of marketing

 

Sales of goods act 1979:

Require business to sell products as described and of a
satisfactory quality, for example a business can’t sell an iPhone as a Samsung
phones also the products have to be new and untouched if advertised as new
product. It is important to ensure that businesses are not cheating the
customers and consumers. the aim of this act is to stop people from using their
power to lie to the customers.

 

Consumers protection from unfair trading regulations 2008:

This act is there to stop companies from pushing other people
to buy something that they don’t want to buy or sales products by lying to the
customers. This act is important, so businesses won’t push people into spending
their where they don’t want to spend or thinking they are helping by spending
their money.

 

Consumer Credit acts 1974 and 2006:

Business must have a licence if they want to sell products on
credits or loans. This act has certain for the businesses to follow such as,
they must update their customers about their account and update them on their
payments every month. This act protects customers from going into large bill
from the company. This act stops businesses from taking advantage of the
customers. The will prevent people from getting into huge debt.

 

Consumer Protection (Distance selling) Regulations 2000:

This act is about selling products online. The regulation
requires business to provide information that is clear and brief, so customers
can decide on whether they want to buy the product or not. This will protect
people from buying products from online business which is not reliable.

 

Data Protection Act 1998:

This act protects people’s personal information from being
used without their consent or from sold to other businesses. Business must
follow certain rules like they should tell the customers why this information’s
are being collected, and what will happen to the information after order
completed or after an account has been closed. Businesses must keep their
customer’s information in a highly encrypted place.

 

Advertising Standard Authority (ASA):

Companies can’t advertise what every they want every
advertising material must meet the British Code of Advertising.

 

        The Ferrari logo colours represent the
famous symbol of the Ferrari race team. The colours red, white and green
represent the Italian national flag, because Ferrari Company headquarters are
in Maranello (Italy). The letters ‘S’ and ‘F’ stand for ‘Scuderia Ferrari.’ The
word ‘Scuderia’ means ‘stable’ in Italian language. It has entered English
usage mainly through professional racing, in which many Italian teams incorporate
the term in their names. They use these colours because they are proud and want
to promote their country. They also use the horse symbol to represent how cars
are as fast as horses. Another reason why they use a horse is because cars are
measured in horse power. The stallion might be used to show that they are the
best.

Ferrari road cars are generally
perceived as a symbol of speed, luxury and wealth. They are seen as very
expensive and only bought by the rich.

The brand personality is one of
luxury and of being part of a small group who are mega rich. It is also seen as
a dream car that people wish they could have. It is seen as classic, strong and
sporty.

The Ferrari is seen as a powerful
brand because of the rich colours expensive style, price and speed. They are
recognizable around the world as extravagance.

 

 

 

 

 

 

 

 

 

P3 –
Describe how a selected organisation uses marketing research to contribute to
the development of its marketing plans.

 

 

What is market research?

Market research helps businesses to understand the market for
the products they want to sell. For examples, Samsung wanted to promote their
new phone would want to know their market, targeted audience, what features
people want in the new phone, can they afford the product and so on. This help
Samsung to make the right product that people are willing to buy, by doing
market research Samsung can make lot of profit than loss.

 

Primary research:

Primary research is freshly done which mean Samsung will go
to people directly and learn what they want. 
Primary research can be done in lot of ways such as interviews, surveys,
questionnaires, focus groups.

 

Secondary Research:

Secondary Research is different from primary because here
Samsung won’t be doing fresh research instead they will be using previously
collected data for example they will be seeing what went well on their previous
product or what went wrong, this will help Samsung to understand what people
want in a smart phone.

 

Both primary and secondary have their limitations and uses
like these researches will help them see if their doing better than the other
competitors. Using the collected data, they can make phone most will love but
not all of them because Samsung can’t go every single people on earth, even if
they somehow manage to ask everyone on earth, they can’t make a phone with all
of things everyone wants.

 

Qualitative
Information:

Qualitative Research is primarily exploratory research. It is
used to gain an understanding of underlying reasons, opinions, and motivations.
It provides insights into the problem or helps to develop ideas or hypotheses
for potential quantitative research. Qualitative Research is also used to
uncover trends in thought and opinions, and dive deeper into the problem.
Qualitative data collection methods vary using unstructured or semi-structured
techniques. Some common methods include focus groups (group discussions),
individual interviews, and participation/observations. The sample size is
typically small, and respondents are selected to fulfil a given quota.

 

Quantitative
Research

Quantitative Research is used to quantify the problem by way
of generating numerical data or data that can be transformed into usable
statistics. It is used to quantify attitudes, opinions, behaviours, and other
defined variables – and generalize results from a larger sample population.
Quantitative Research uses measurable data to formulate facts and uncover
patterns in research. Quantitative data collection methods are much more
structured than Qualitative data collection methods. Quantitative data
collection methods include various forms of surveys – online surveys, paper
surveys, mobile surveys and kiosk surveys, face-to-face interviews, telephone
interviews, longitudinal studies, website interceptors, online polls, and
systematic observations.

 

What’s the difference between qualitative and quantitative research?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P4:

Samsung

PESTLE Analysis, which is sometimes referred as PEST
analysis, is a concept in marketing principles. This concept is used by
companies to track the environment they are operating in or planning to launch
a new project/product/service etc.

PESTLE stands for:

P-Political

E-Economic

S-Social

T-Technological

E-Environmental

L-Legal

POLITICAL:

This is all about how much government intervenes in the
economy. This include – government policy, political stability or instability
in overseas markets, foreign trade policy, tax policy, labour law,
environmental law, trade restrictions and so on.

 

These factors are determinants of an economy’s performance
that directly impacts a company and have resonating long term effects. For
example a rise in the inflation rate of any economy would affect the way
companies’ price their products and services. Adding to that, it would affect
the purchasing power of a consumer and change demand/supply models for that
economy. Economic factors include inflation rate, interest rates, foreign
exchange rates, economic growth patterns etc. It also accounts for the FDI
(foreign direct investment) depending on certain specific industries who’re
undergoing this analysis.

 

Economic:

Economic factors impact in a vast level on how an
organisation does business and also how profitable they are. Factors include –
economic growth, interest rate, exchange rates, inflation and so on. For
example, a rise I the inflation rate of any economy would affect the way
company’s products price and service.

 

Social:

Social also known as socio-cultural factor, social factors
related to the cultural aspect and belief of people.  These factors include – population growth,
age, health, career and so on.

 

 

 

 

Technological:

Technologies are evolving after than ever before so it
affects business in a same rate. With new technologies business can make new
products faster and in a cheaper labour cost. Also it will help business to
distribute products in a new way and new way to communicate with the targeted
market.

 

Environmental:

This factors have only come to the front in the last fifteen
years or so. Because of pollution, materials. they are lot of issues businesses
are facing within this factor. Business will be affect if fuel price went down
or up. Samsung will be affect when are couldn’t find materials to make their
products.

Legal factors include – health and safety, equal
opportunities, advertising standards, consumer rights and laws, product
labelling and product safety. It is clear that companies need to know what is
and what is not legal in order to trade successfully. If an organisation trades
globally this becomes a very tricky area to get right as each country has its
own set of rules and regulations.

Legal:

Legal factors include health and safety, equal
opportunities, advertising, consumer rights and laws so on. It is important for
Samsung to know what is legal and illegal in order to trade successfully. It
becomes trickier for Samsung they trade globally so they would have to know
about every country 

 

SWOT Analysis:

Strengths:

It is very important for Samsung to understand its strength,
if they don’t know their strength they can’t improve their weakness.

Weaknesses:

Samsung should know their weaknesses because weaknesses have
to be fixed very quickly or competitors will take Samsung weakness as a
strength and advantage. If Samsung couldn’t fix their weaknesses in time they
will lose lot of profit, of not the company.

Opportunities:

Samsung should know every opportunity as soon as possible so
they can use the opportunities if they couldn’t use it in time, competitors
will take it. Opportunity is not something you can find very often so it is
best for Samsung to use every opportunity quickly.

Threats:

It is important for every business to understand their
threats but it’s very important for Samsung because they have lot of
competitors. Samsung must learn their threats and they should everything they
can to stop or outsmart the threats. Threats can come from anywhere and any
form so it important to understand competitors and other business which might
be interested in Samsung, threats don’t just come from competitors it can come
from anyone.

 

SMART Analysis:

Specific:

It is important to set a specific target because without any
target company won’t move forward and targets should very clear. Samsung must
know what they want, like they want to increase their sales of revenue.

Measurable:

Measurable is very important because it help Samsung to know
what have been achieved and what they have to do next. E.g. increase sales of
revenue by 10% by 2020.

Achievable:

Using Achievable Samsung can identify if they can sell a new
product they made. People won’t like every single product Samsung make so to
avoid lose Samsung has to know if the product has any value in the market
before they do massive production.

Realistic:

Using realistic Samsung can identify if they can make a new
product with the current resource. Also they will know if is it possible for
them to make a new product or not.

Time:

Time is a very important thing for any business, it is very
important for Samsung because people only want new products with new feature
Samsung have lot competitors so it is important for Samsung to make new phone
that is not in the market currently and they must do it before other do it.
E.g. they must make a new phone is 12 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P5

 

Segmentation:

Market
segmentation is the process of separating a whole market into different
customer’s segments. Marketing segmentation always come before targeting, which
help the company be more selective about who they are marketing their product
to. Marketing segmentation and targeting equally important for ensuring overall
success of the company.

 

B2C and B2B:

 

B2C, stand for
Business-To-Consumer, this is where business sell products or service directly
to the consumers. B2B, stands for Business-to-Business, this is where business
sell products or services to other business.

 

Samsung is an electronic company and a brand which sells electronic devices
such as televisions, phones, laptops etc.

 

They use the name as part of their brand in a blue background. This
emphasizes flexibility and simplicity. The name is set in a blue oval shape
background. This is to represent the universe and that it is a global
organization, which has been slightly tilted to symbolize innovation. The
colour blue is also used to connote stability and reliability within the
company.

 

The customer perceives the brand as reliable and good value for money. The product is high quality it is
made with the most expensive and durable plastic. Its processor is really fast
especially on the Samsung galaxy phones. The Samsung Company aim is to make the
phone for over 18 years old because the features are more advanced.

 

 

 

 

 

 

 

 

B2C:

 

Students:

Students are on of
Samsung primary B2C group because most of Samsung products are intended for
young people so it is bets for Samsung to target younger generation. Samsung
specially market their smart phones to Students because every student need a
phone to communicate, Samsung knows that almost of their smart phones are being
bought by younger people.

 

Newly Wed:

Newly Wed people
will be buying lot of staff at the same time, so Samsung market product for
this group in a different way because Samsung make almost all of the home
equipment such as, fridge, washing machine, TV etc. Samsung provide this group
multiple financial option to pay.

 

Children:

Samsung make few
products for children specifically technology based product such as tablet.
Children market is different from others because most of the time children get
what they want. Samsung market their products directly at children then the
parents because parents most of the time will ignore the product.

 

Office workers:

Workers are one of
the biggest market for Samsung because most their products are intended for
workers such as Smart watch, Laptop, Phone etc. So Samsung market their product
directly at office workers. It is easy for Samsung to advertise their products to
office workers. 

 

 

 

B2B:

Samsung:

Samsung make
mobile component for other companies such as apple. In 2017 apple released
their IPhone X expensive phone apple ever made or sold. IPhone X was priced at
£999 because of the OLED Display which was made by Samsung, this is the
expensive component in any phone. Apple buys this component in bulk so Samsung
sell this for a cheaper price. This way Samsung can make lot of money because
apple one of the top tech company like Samsung so Samsung reach more people by
providing their products to other companies.

 

 

Mobile Network:

Samsung sell their phone to mobile
network providers because they access to multiple countries and most of the
people buy their phones from mobile network providers them Samsung because of
the service they provide so it is best for Samsung to sell their products for
them. Also Samsung don’t have store in every countries and cities in the world
so this is the best way to sell their products all over the world.

 

 

 

 

 

 

 

 

http://smallbusiness.chron.com/define-market-segmentation-targeting-3253.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P6:

Introduce the marketing mix.

The marketing mix is a strategy
which companies use to effectively promote and sell their products. The
marketing mix consists of the four PS:

Product, Price, Place, Promotion

 The product Samsung Galaxy S5 has different features such as the camera
has evolved to give clearer, faster snaps. The fitness-tracking capabilities on
the phone have a powerful S Health app with a dedicated heart rate monitor on
the rear. A fingerprint scanner adds to its being the most secure Galaxy phone
ever made.

The benefits of this phone are many apps and
very secure.

 

Introduce and
define the second p. price

The price affects the brand
personality and customer perception of the product. The main things which a
company must consider are competitors and customer perception. For example,
when a company wants to sell their product they want to compare the product
with other companies prices. This because the customer perception of the
product affect the amount they will pay for it.

Introduce and
define the third p- place

Place is important when trying to
sell your product, for example you need to show your product at its best. Samsung
don’t have their own store they sell their products in online or within another
store. The company is responsible for the product from the factory until it
reaches the customer this is called the chain of distribution.

Introduce and
define the fourth p-promotion

Companies need to promote their
product because they need to plan their strategies in order to inform potential
buyers about the good features of their products. A good promotional campaign
will

Attract Attention – getting the customers to know about
their products.

Relay Information – let
the buyers know about the unique features of the product.  

Create Desire – to create a marketing campaign which awakens
their interest in the product, to persuade them to buy it.

Lead to an Action – to make
the buyers to actually go online or to the store and pay for the product.

When I see the poster the first thing I see is the colour
this draws me in to the name of the product.

The watch is a benefit as it is new technology which has
health benefits which will give the impression of a sporty person. The poster
builds up a desire to purchase the watch as part of the package.

The watch has the added bonus to make it more desirable is it
voice control and has been seen used by professional footballers to give it the
expensive and unique desire needed to sell it.

The action is the customers to buy the phone and the watch
for Samsung not from another company.

 

 

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