The Production Concept - Companies focusing on this concept will primarily focus on achieving high production efficiency at low costs and mass distribution as they live the consumers are primarily interested in widely available products at low prices.
This concept makes sense when the consumers are more interested in obtaining the product than features.The Product Concept - Companies will study a product concept before they market the product to their customers are a lot of time and money is spent on research to ensure they reach their target market, in order to do this they must fully understand and know the product to ensure they can present the products best qualities and features. 2. Britain's micro and macro environment.
The micro environment of Britain consists of factors that affect their business which they have some control over.Some of these factors are suppliers, customers and stakeholders. The micro environment can mostly be considered the local environment where the business operates so therefore the business owner is likely to be somewhat aware of the impacts that they are faced with. For example the case study tells us that in 1971 after recognizing the company's leading brand appeal, the British Vitamin Product Company then officially changed its name to Britain to make it more appealing to consumers.The company then went on to buy over their competitors making them the number two branded soft drinks company in the UK today, supplying a huge range of products to a wide range of customers.
The macro environment of Britain consists of factors that affect their business which they have no control over. Some of these factors are government legislation, market trends and the media. These factors can be reviewed to identify and change by using a PEST analysis. This analysis consists of political factors I.
E. Government legislation, economical factors I. E. Income, sociological factors I. . Health trends and genealogical factors I.
E. Growing use of the web. For example when the new legislation of the ban on television advertising of food and drink to children was introduced Britain had to change their marketing strategy to non televised campaigns and using methods such as sponsorship and celebrity endorsement, Robinsons a product of Britain has been associated with Windblown for many years. Britain are also well associated with the Healthy Sporting Activity programmer. All of the factors above play an important role in Britain's marketing strategy. 3.
Market research and the information gathered from it is vital to a company like Britain because without knowing this information their business could not grow and it would be very difficult to create new products that would satisfy their customers. By conducting several methods of market research Britain will be able to have a firm understanding of their customer base so then in turn they will be able to supply a product that will sell well and satisfy the customers. Market research will also let Britain know who their competitors are; this could either be a product or another company.Market research can be carried out in several ways from producing questionnaires to give to the public with a selection of questions about Britain's own brand and the brands of other similar companies.
It is vital that market research is carried out correctly as if the information that they collate is wrong it could likely mean they will produce a product that will not sell very well which would seriously harm their profits and possibly reputation, it could also boost the sales of competitors products which Britain would suffer from doing. . There are many ways that Britain could collect and use Market Research information, there are two types of market research these are primary and secondary, I think Britain are more likely to use primary research which is also known as field research because the information is first hand, up-to-date and accurate to their purpose. They might collect information through the use of questionnaires, telephone surveys and focus groups.They are likely to use the information they find to either improve a product they are already selling to more satisfy the consumer's wants or to create a new product based on what their consumers are demanding, they may also remove product(s) if the customer reviews are poor towards it and the ales of the product(s) are low.
There are two research techniques quantitative and qualitative.Quantitative research is based on statistics, for example Britain could be looking into competitor's sales figures and conduct research on the consumer's preference of certain brands or products, this would give them a large amount of statistics that they would then analyses to realize their current position in the market and assist with decision making.Qualitative research is based on opinions, for example Britain could conduct surveys directly to the consumer these are often used o enable a company to have an insight into the consumer's thoughts and opinions of products, as the feedback is personal to the individuals participating it is likely to vary greatly throughout the surveys so it is then more difficult to attain fully accurate information of what they could change or develop to suit all of their consumers as a whole. I feel that carrying out quantitative research would be more beneficial to Britain as it is based on facts not on opinions. . Market segmentation and targeting.
Marketing segmentation and targeting are equally important for ensuring the overall success of a company. Market segmentation is the process of splitting an entire market into different consumer groups using factors such as common needs or interests or those whom will respond similarly to a marketing technique such as marketing a new toy to young children. Each market segment will respond differently to different marketing strategies which in turn offer the company different profit and growth opportunities. There are different ways companies segment their market.These methods include splitting by Demographics, this focuses on the consumer's characteristics such as gender, income, age or Job. Chirography's, this focuses on the consumer's lifestyle such as social class, personality and attitudes.
Geographical location, such as the continent or state the consumer lives in. The behavior of the consumer, such as prior purchases, whether they are online shoppers or shopping centre shoppers and also their brand preference. Targeting always comes after segmentation as it is allows the company to select the best market segmentation to target their product at.It is important to develop a specific strategy for the target market as one strategy will not be suitable for all consumer segments. Strategies for identifying your target market include; Concentrated Targeting which is when a particular market segment is selected and targeted with specific marketing strategies, this method allows the company to concentrate on understanding the needs and wants of that particular market in order for their product to be as successful in that market as is possible.Undifferentiated Targeting which is when the market is viewed as one with no segmentation, this strategy is only useful when the company or product have little to no competition.
Mutual-Segment targeting which is the method used if a company has o focus on two or more market segments and wants to develop different marketing strategies for them, this method offers several benefits but is more costly as there is a need for more market research and promotional strategies than if only one segment was being targeted.The benefits of segmentation and targeting to Britain. Britain are targeting many market segments as they recognized that their poorest customers needed to have an affordable source of Vitamin C so they found a way of bottling fruit Juices that would stay fresh without added preservatives and sold them n small glass bottles to ensure easy transportation this was successful from both a geographic and demographic segmentation.
