Marketing Principles and Techniques of The Button Queen

TASK 1

1.1 Marketing and activities conducted by organisation

Marketing is concept which comprises information about activities executed by organisation to inform people about items and services; thereby influence them to purchase things in according to their needs and wants. It is essential that appropriate promotional and pricing strategies are used by The Button Queen to attract customers by informing them about variety of products and packages. Every industry have number of companies that require to function in according to position firm higher than competitors. This specifies that management need to use promotional techniques that is e-marketing to attract people from other countries without setting outlet in various nations.

1.2 Market segmentation

STP tactic defines that organisation require to have accurate and complete information about needs and wants of people. It is essential that products and services are provided in according to market conditions. The Button Queen is company which provide different variety of buttons in respect to customers demands. This technique is defined below:

Segmentation: This is first step which defines that people are grouped in according to ascertain information about their similarities which help in designing things in respect to customers. Psych graphic, behavioural, demographic and geographic are various segmentation tactics that are used by firms to provide products according to segments. The Button Queen is small firm which has outlet in single nation which impacts on sales and profitability.

Targeting: After segmentation, next process executed by management is to select appropriate segment which has good market size, number of customers. The Button Queen has outlet in London and as it is traditional business which has limited people base.

Positioning: This component specifies that organisation require to attract people by informing them about products and services. Promotional techniques such as advertising, sales promotion, personal selling, online marketing are used by The Button Queen to transform traditional business to modern by expanding and acknowledging people about items.    

1.3 Marketing mix

Product, price, place, promotion, people, process and physical evidence are 7P's which are defined by management to design components in according to needs and wants of people. Along this, marketing team even need to frame marketing mix in respect to competitors. This is description of The Button Queen marketing mix which is as follows:

 Product: The Button Queen provides different forms of buttons to have adequate customer base which help businessperson to attract people and  make them purchase things in according to their fabric colour.

Price: The Button Queen has different ranges buttons which are provided by company to grab attention of people by giving them things in according to their income level and requirements.

Place: The Button Queen is small family business which has single outlet established in London which defines that company has less market share. Entrepreneur has limited market reach and customer base. For this, e-marketing is best technique which helps company to give online facility to people and to have global reach.

Promotion: Online marketing is appropriate tactic for The Button Queen, as it is small family firm which has limited market reach and customer base. Sales promotion, personal selling, publicity and social media are various other promotional techniques used by firms to attract people and make them purchase things in according to their needs and wants.

People: Customers which are main and important asset of  The Button Queen which purchase things in respect to their taste and preferences. Entrepreneur responsibility is to have skills and abilities to organise business activities and utilise resources effectively. This help them to deliver appropriate products to people in respect to fabric and income.

Process: The Button Queen is small family business which require to use adequate tools and techniques to deliver things in according to needs and wants of people. For online marketing, advanced technologies are used by management.

Physical evidence: The Button Queen has traditional outlet structure which influence on sales of company and market image.

TASK 2

2.1 Aims of research and market analysis

Researcher formulate purpose and objectives which are used by management to direct activities and collect appropriate data from market about its conditions and situations. Conducting market evaluation, frame competitive strategies and use cost effective tactics are various prime goal of  The Button Queen.

Market analysis is technique used to acknowledge needs and wants of people. Along this, rival firms offerings are anticipated by businessperson to design system and  implement tools and techniques in according to deliver quality things to customers.            

2.2 Market research methods

Market research is conducted by management to have complete knowledge about market conditions and system abilities. Primary methods such as interview, observation, focus groups are used by The Button Queen to get information about needs and wants of people by interacting with them and taking their feedback. Along this, secondary methods that is journals are used by management to asses published data to conduct business activities in respect to past records.    

2.3 Market analysis tools and techniques

These are various tools and techniques that are used by The Button Queen to enhance market position and image by using online marketing tools. On the other hand, investigator