R/508/0471 - Application Of Marketing Techniques For Whole Food Market

TASK 1

1.1 Concept of marketing

Marketing is critical to build up a successful business which takes it to next level. Marketing plays a vital role in growth and success of every business association; it helps customers' to get know about products and services. Marketing department of the company perform different activities so as to attract numerous customers in a certain time period. Following is defined marketing activities, such as -

• Product selection – A retailing business like – Whole food market ideally listens to its target audiences and their needs before creating any product or service. Companies analyse buying trends, assess competitors' product, conduct market research etc. to learn what are the desires of customers (Dooley, Jones and Iverson, 2014.). For instance – the food company is increasing its frozen offerings because time squeezed people prefers more quick and fixed options.
• Promotional activities – There are several promotional methods are acquired by firms to distribute their products at marketplace. In this modern era, different promotional channels, like – social media tools, internet banking, mobile apps so as to reach large group of customers in a less time period.
• Pricing activities – Implementation of pricing policy of the firm is essential to recognise competitors' prices, market of each commodity and then decide what price the market will accept. This calculation supports to decide prices of the product on which they will be sold in market.

1.2 Market segmentation

Market segmentation is an imperative tool which is used by marketers in order to acquire its target group for which it will serve. The process makes easier to personalize marketing campaigns, focus on what is necessary and produce similar with target audiences in a cost effective manner. As a retailing shop, Whole food market has targeted middle and upper middle class people to serve its products and services at marketplace (Cahn and Abigail, 2014). Following is defined variety of market segmentations, such as -

• Geographical segmentation – In this, target market is classified on geographical basis; this kind of market is important for marketers cause individuals' belong from various regions thus they have several requirements. Although, geographical segmentation supports a firm develop a personalise market campaign for every region.
• Demographical segmentation – It classifies the market on the basis of age, family size, marital status, occupation, income, religion, nationality etc. Demographical segmentation is set on the basis of premise that buying behaviour of people will heavily affect their demographics.
• Behavioural segmentation – Whole food market can also choose this kind of segmentation as in this firms will provide products on the basis of usage, behaviour of audiences, choices, decision making and preferences. Behavioural segmentation is based upon product knowledge and its consumption.

1.3 Marketing mix

Marketing mix of Whole food market is stated as beneath: -

• Product – It involves the goods or services which are offered by the firm to its target audiences. In this, it essential for business organisations to provide new and innovative products which attains customers for long term period. Thus, firms are required to provide those goods which are able to satisfy customers' desires in the best possible manner (Thackeray, Fulkerson and Neiger, 2012). Main products of Whole food market are - oven-baked pizza, dim sum, sushi, a trattoria and a juice bar etc.
• Price – Prices of the products should be affordable among customers' and also deliver high profit margins to firm. This element of marketing mix is liable for generating revenues whereas other represents costs. As a small business unit, Whole food market is following low pricing policy so as to attract more and more from target market.
• Place – In this, decisions are involved by considering distribution channels which are used for making products available to their end users. While deciding place, management also have to determine that whether or not it is accessible for customers or not. Distribution channel means using effective transportation through which goods will reach to its target audiences.
• Promotion – Small businesses use several ways to communicate with customers in order to recognise their needs and wants. Promotion can be done through advertising, digital and direct marketing, sponsorship, personal selling etc. Many firms also tend to fulfil their social responsibilities so as to manage strong public relations.

TASK 2

2.1 Aims of market research and analysis

Market research and analysis - Market analysis provides the initial foundation to build credibility and design an intervention. Following is describes the main objectives of market research, such as -

• To develop new products and services by assessing what customers' are missing. '
• To boost up brand equity and repurchasing of brand within firms because firms are required to recognise the position of their brand among customers (Salvo, 2015).
• To increase sales the objective of market research will be to look into various territories,their buying patterns,packaging and other such attributes to bring better results.

2.2 Methods of market research

In order to conduct a marketing research, various forms are acquired by business owners so as to get relevant information and recognise market trends as well: -