Table of Contents

Introduction to Market Research———————————————————————————-3

• Market Research———————————————————————————-3
• Why is market research carried out? ——————————————————–3

Market Research Process——————————————————————————————–3

• Application of Market Research Process—————————————————-3

Questionnaire Design————————————————————————————————-4

• Definition of Questionnaire———————————————————————4
• Designing to Questionnaire———————————————————————-4

Introduction to Product———————————————————————————————-8          

• Definition of Product——————————————————————————8
• Why Companies Should Know About Marketing of Products—————————8
• Benefits to the Company from Developing Product Marketing Mix——————-8

Application to the Selected Company—————————————————————————-8

• Total Product Offering—————————————————————————-8
• Product Development—————————————————————————-9
• Managing the Product Life Cycle————————————————————-10
• Managing the Boston Matrix——————————————————————11

Introduction to Promotion–Definition————————————————————————-12

• Why Companies Should Know About Promotion of Products/Services————-12
• Benefits to the Company from Developing Promotion Marketing Mix————-13

Application to the Selected Company————————————————————————–13

• Promotion Strategy——————————————————————————13
• Marketing Communications——————————————————————-13

Introduction to Place————————————————————————————————14

• Definition of Place——————————————————————————–14
• Why Companies Should Know About the Concept of Place when Developing Marketing Mix————————————————————————————-14
• Benefits to the Company from Developing the Place Marketing Mix—————14

Application to the Selected Company————————————————————————–14

• Place Management——————————————————————————14
• Marketing Functions in the Supply Chain————————————————–15

Introduction to Price————————————————————————————————15

• Definition of Price——————————————————————————–15
• Reasons to Know About Marketing The Product at the Right Price——————15
• Benefits of Price Marketing Mix————————————————————–16

Application to the Selected Company

• Pricing Objectives——————————————————————————–16
• Pricing Methods———————————————————————————-17
• Pricing Strategies———————————————————————————17
• Pricing Tactics————————————————————————————-18

Brief Introduction of Marketing Mix—————————————————————————-19

Application to the Selected Company-Product—————————————————————19

• Promotion——————————————————————————————19
• Process———————————————————————————————-20
• Place————————————————————————————————-20
• Physical Environment—————————————————————————20
• People———————————————————————————————–20
• Price————————————————————————————————-20

Critical Self-Reflection———————————————————————————————-20

Conclusion————————————————————————————————————-21

References————————————————————————————————————-22

MARKET RESEARCH

1. INTRODUCTION TO MARKET RESEARCH

MARKET RESEARCH:

A marketing research in its simplest form is the systematic collection of data, analyzing the data and interpreting the same in accordance with the market conditions. It is one of the most important component of strategic business decision-making. Market research help out a company to sustain its competitive position against rivals within the same industry. The research is conducted with the help of surveys or questionnaires in order to understand behavior of potential customers (TWIN, 2019).

WHY IS MARKET RESEARCH CARRIED OUT?

It is generally carried out to understand the change in the behavior of consumers mainly because of fluctuation in different elements of marketing mix (Anon., 2020).

• MARKET RESEARCH PROCESS

Marketing research process consist of 6 steps involving the following steps (Anon., 2020).

• Understanding and defining the problem.
• Development of Research plan.
• Research design formulation.
• Collection of data.
• Preparation and analysis of data.
• Preparation and presentation of report.

• APPLICATION OF MARKET RESEARCH PROCESS TO THE SELECTED COMPANY:

Define Objective and Problem:

Objective of The Body Shop (Company’s name) is to be the most exciting brand with the help of sustainable and ethical business processes.

Being sustainable is a challenging aspect of its business strategy with the aim of maintaining the protection of planet, defending human rights, production of environmental-friendly products, attaining corporate social responsibilities etc.

Development of Research Plan:

Development of research plan involves understanding the consumers’ behavior and their intention in using different products’ range of The Body Shop. While developing such research plan specifically from customers point of view, it is necessary to understand the demand and requirements of that particular market segment(s).

Formulation of Research Design:

This involves questionnaires, customer surveys, qualitative research, quantitative data collection, sampling.

Collection of Data:

This can include questioning by staff through different means such as telephone interviewing, e-mails to customers about their experience of using products. Here selection and supervision of manpower is made properly.

Preparation and Analysis of Data:

This step involves arranging data in proper through editing and verification. Similarly, questionnaire forms are inspected properly in order to arrange the data in proper form.

Preparation and Presentation of Report:

The final step involves preparation of report such as annual report in which major findings should be highlighted. An oral presentation is also necessary to the concerned users of the financial statements or different stakeholders.

1. QUESTIONNAIRE DESIGN

DEFINITION OF QUESTIONAIRE:

A questionnaire basically consists of series of questions in order to get response from target audience. Questionnaire basically focus on how customers think about company and its products. These questions can be open-ended and close-ended questions.

DESIGNING THE QUESTIONNAIRE:

I basically focused on close-ended questions where multiple-choices are given. Here the target audience has to select from a list of few options available. The target audience is from the city of Southampton. There is no doubt that UK customers living in other cities where no outlet for the relevant company is established, mainly focus on purchasing the products online. They must be knowledgeable about the company’s products, such that closed-questions seems more suitable to ask from target audience in that particular region. Following are the questions I have focused on

This question is focused on understanding how regular customers who purchase online are mainly thinking about the company’s products being offered from price and quality perspective. Similarly, how shall they recommend the company to their friends or colleagues. This is a close-question.

This question evaluates likings and disliking of their loyal customers from the specified target segment.

How would they rate products from the options given? Major aspects to consider are the quality and cost-competitive benefits.

PRDUCT

1. INTRODUCTION TO PRODUCT

PRODUCT DEFINITION:

It is basically an item which is offered for sale to a customer. It can be an item or service. Cost is incurred to made a product while it is sold at a price (Anon., n.d.).

WHY COMPANIES SHOULD KNOW ABOUT MARKETING OF PRODUCT:

Importance of marketing a product for any company cannot be ignored in the sense that it allows customers to know about the value of their products resulting in proper brand awareness (Mansoor, 2019). By creating brand awareness of the product, its demand can be assessed accordingly. Similarly, there is always a tough competitive rivalry remains in between companies from strategies perspective such that customers always prefer to buy latest products. Marketing in this sense can enhance brand image of the product if conducted effectively through different channels. Marketing can help customers to choose between new products or stick with older products (having new updates). By attracting more customers through proper marketing, diversity in different segments can be seen.

BENEFITS TO THE COMPANY FROM DEVELOPING PRODUCT MARKETING MIX:

Efficient product marketing mix strategy helps out The Body Shop to attract more new customers. Proper advertising helps The Body Shop to stand out in relation to understanding that why a certain product represents best decision for a customer. Similarly, innovative product marketing can help the company to get competitive advantage. Better use of resource can be made for new products can be made such as production capacity.

• APPLICATION TO THE SELECTED COMPANY

TOTAL PRODUCT OFFERING:

It consists of everything that consumer evaluates among different products before making a buying decision (Anon., Chegg Study). It ranges from packaging, price, value etc.

The products offered by The Body Shop are mostly created and tested by its own team of experts. The company is aimed at producing sustainable and ethically sourced products. The ingredients are naturally sourced i.e. no ingredient is tested on animals. This results in protection of habitats and forests by large number of hectares in upcoming future.

PRODUCT DEVELOPMENT PROCESS:Product development means creation of a product with the help of making a certain change(s) or by upgrading the existing product (M, 2018).

Product development process has generally five main processes.

Concept: It involves taking ideas from different range of survey, then using the same as tools to support new product plans or new projects.

Research: This process ensures that different factors and key deliverables are properly ensures in order to obtain maximum feasibility. This also ensures that project has potential to develop and implemented.

Business Analysis: This involves considering factors such as Cost/Benefit analysis, resource allocation, capital expenses, capital expenses.

Develop: Here production trials, technical specifications, testing factors are considered.

Launch: In last phase of product development, marketing tactics and distribution plan is further taken into account.

At The Body Shop, products development process takes place inside its innovative laboratory where different range of cosmetics are being created. The state-of-the-art lab is committed to make the production process more efficient and collaborative. Here research is mainly considered from maximum feasibility perspective. Product development is focused on utilizing sustainable business processes in order to develop environment friendly products.

PRODUCT LIFECYCLE:

It involves handling of a product mainly because it moves from different stages of its production or development. This involves designing, manufacturing and as well as marketing. A product life can help management to make efficient decision-making in terms of promotion or pricing (SEGAL, 2019). There are four steps involved; Introduction, growth, maturity & decline.

The Body Shop tries to make it sure that product packaging does not harm environment throughout the product life-cycle. Similarly, with the help of improved environmental footprint, we re-designed/re-furbished our stores. Here introduction of different cosmetics and other body related products involves introducing the product into the market. Consumers purchasing sense is assessed in this stage of production. At growth stage, sustainably developed body shop products are increasingly being sold and generating good portion of revenue by applying proper busines strategies. At maturity stage, products’ sales slow-down, or even stop. Pricing gets competitive that can lead to fall in share price mainly because of tough competitive rivalry. In decline stage, sales drop by significant portion mainly because of less demand. 

MANAGING THE BOSTON MATRIX:

A famous tool used in business strategy and marketing, that helps a company to analyze its portfolio of brands and businesses and to decide that in which product(s), it should invest or discontinue developing the same (Hanlon, 2020). One of the relative dimensions in order to analyze business portfolio is understanding the market share. Higher market shares result in higher returns. Similarly, higher market growth rate indicates higher profits and earnings potential. Increase in market share depends on higher economies of scale while market growth rate requires lot of cash consumption from investment perspective, such that it stimulates further growth.

The Body Shop falls in the category of Star which means that The Body Shop has created a market competitive-edge while growth perspective is extremely high as well. It is expected that with the help of sustainable innovations while maintaining focus on sustainable and natural ingredients, it will grow with the same phase in future as well. This indicates that The Body Shop is both cash user and cash generator. This is an indication that The Body Shop always possess potential to become cash cow and will continuously generate positive cash flows. This is a competitive industry where substitute products are always been produced by market rivals with the help of latest technologically advanced business processes, which means that it is not always true to become a cash cow. Instead, there is a threat to become a dog if competition remains extremely tough. With the help of its sustainable business processes, The Body Shop always give tough competition to market rivals in order to sustain its competitive position.

PROMOTION

1. INTRODUCTION TO PROMOTION

 DEFINITION OF PROMOTION:

An important aspect of marketing mix, that is known as an act of transforming or communicating information to potential buyers in order to influence their behaviors and attitudes (ROUTRAY, 2019).

WHY COMPANIES NEED TO KNOW ABOUT PROMOTION OF PRODUCTS/SERVICES?

This will allow a company to understand the purchasing behavior of its customers. It helps in understanding the products that are most popular as against those that customers don’t give any preference. With the help of proper software, it is possible to analytically understand the trends of customers. This data will then help out in filtering the best products from customers’ perspective.

BENEFITS TO THE COMPANY FROM DEVELOPING THE PROMOTION MARKETING MIX:

There is no doubt that effective promotional strategies ensure long-term success for a company. This mainly focuses on ensuring maximum profits and sales generation with the help of effective promotional strategies and proper brand awareness. Similarly, with the help of creating effective value relationships with each and every customer, it is getting more customers for e.g. search and display strategy where The Body Shop is currently experiencing increased traffic in terms of organic search. It has effective digital presence and getting more customers through highly efficient advertisings. Efficient e-marketing tactics such as discounts, free gifts, perks and privileges also relate with its promotional strategies,

• APPLICATION TO YOUR SELECTED COMPANY

PROMOTION STRATEGY:

Promotional strategies mainly include promoting awareness, providing information, allowing people to try products, retaining customers, identification of potential customers etc (Anon., n.d.).

The Body Shop offers consumers those products that its brand offers to them.Its latest sustainably innovative products are marketed through different channels and with the help of its popular promotional campaign i.e. “Enrich and Not Exploit” (Bhasin, 2019). With the help of its catchy slogan in order to attract more customers, growth can be seen in sales. The aim is to enrich all the products, people and the planet. This also involves no harm to animals such that sustainable business processes are one of its key performance indicators.

MARKETING COMMUNICATIONS:

It is a strategy mainly used for reaching target market through various communication channels. Marketing communication strategy entails entail different range of activities that are performed in order to market the products. These marking communication strategies consider brand alignment, customer alignment and budget alignment (DRAGILEV, 2020).

Different consultants and distributors recruit number of people to sell and market different products. Different marketing channels ranges from direct mail, direct sales and as well as online website. For e.g. social media such as TV advertisings, emails, Facebook, Twitter were used to start a campaign against animal testing globally. Since its inception, it is the only cosmetic company that is fighting animal testing.

PLACE

1. INTRODUCTION TO PLACE

DEFINITION OF PLACE:

In the marketing mix, a place is known as the process of moving a product from the producer of the product to the final user. It shows that how and where the product is bought. Product’s movement can be done using different intermediaries such as wholesalers, retailers and distributors.

WHY COMPANIES SHOULD KNOW ABOUT THE CONCEPT OF PLACE WHEN DEVELOPING THE MARKETING MIX?

With the help of using the right place, a company can increase its revenues and profits with the help of increase in sales. Selection of correct place is vital in attaining the right target base. It focuses solely on where the niche market is located and what is the business location

A company can directly distribute its products with the help of channel such as internet, but from large-scale storage point of view, number of stores are required to stock different items that are necessarily needed.

BENEFITS TO THE COMPANY FROM DEVELOPING THE PLACE MARKETING MIX:

• It ensures that the product is distributed conveniently (D., n.d.).
• It ensures that the product is readily available without any problem
• Products sold directly ensures a more personal feel because in this case, direct interaction can be made with the customer.
• Products sold through wholesaler or retailer ensures less pressure on running a distribution system. Hence less storage space will be required to stock products.

• APPLICATION TO YOUR SELECTED COMPANY

PLACE MANAGEMENT:

Place or channel management is the core activity for manufactures. In order to ensure efficient and timely delivery of products, it is essential to motivate intermediaries with the help of offering them incentives (Luenendonk, 2019).

The Body Shop has more than 3,049 outlets around the globe. It has one of the strong distribution networks that is being managed properly with an aim of acquiring raw materials and selling final products to its end customers. With the help of peaceful ambience across well-designed outlets, a huge competitive force has been obtained from customers perspective.

MARKETING FUNCTIONS IN THE SUPPLY CHAIN:

Marketing is an important aspect in the process of supply chain such that it balances procurement with the help of giving essential demand information and improves the effectiveness of supply chain operations (Linton, 2019). Different marketing aspects for SCM includes integration, contribution, growth, brand and balance.

The Body Shop basically relies with thousands of farmers, most of them are living in poor areas. An increase trend has been seen in people who are working under the SCM of The Body Shop. Similarly, with the help of range of outlets, it sells products into the market effectively. Retailers, whole-sellers and distributors have their important role in this supply chain management. They remain connected with each other while making it possible that every product is provided with effective marketing techniques.  

PRICE

1. INTRODUCTION TO PRICE

DEFINITION OF PRICE:

 It is the amount of money that consumers are willing to pay for existing product or service.

WHY COMPANIES NEED TO KNOW ABOUT MARKETING THEIR PRODUCTS/SERVICES AT THE RIGHT PRICE:

From price optimization perspective, a single percent decline in price, can result in huge net sales figure. This all depends on how companies are creating tailored marketing solutions while adjusting prices to fit people’s preferences and budgets. There are different factors to consider from price optimization perspective, such as price elasticity variation and margin variation (Ham, 2013). Problem occurs if a company fails to ascertain the right price such that this can impact other elements of marketing mix and as well as business objectives. A company should adopt proper pricing strategy such that it can help getting better understanding of a customer’s perception regarding a product.

BENEFITS OF PRICE MARKETING MIX:

A right price gives companies competitive edge against market rivals i.e. a little decline in percentage of price can overall result in huge profit margins. Competitor prices possess greater prominence than any other factor in the price decision factor. It shapes overall business success if optimized rightly. With effective pricing strategies, financial ratios give a positive result as compare to least efficient price optimization tactics. A proper price elasticity assessment can result in optimal price level for products.

• APPLICATION TO THE SELECTED COMPANY

PRICING OBJECTIVES:

They help out in setting and understanding the cost of a particular product. It should entail consumers perceptions regarding price along with company’s financial, marketing, product and strategic goals (McCormick, 2017). With poor market conditions, objective such as price stability is considered mainly because of shortage in funding. With financial and business goals in mind, a price-setting strategy is made in order to successfully attain the business objectives. Pricing objectives mainly deal with four major aspects i.e. meeting competition, market share stabilization and maximization, long-term stability of prices and target return on investment.

The Body Shop ensures that it is charging competitive prices to its customers in order to sustain market competitive position. This involves understanding the present economic climate along with prices that competitors are offering. With changing market and business objectives, it adjusts its pricing objective as a necessary step.

PRICING METHODS:

Different types of pricing methods can include; cost-based pricing, Demand-based pricing, competition-based pricing and other pricing methods (Nitisha, n.d.). Cost-based pricing involves certain percentage addition to the cost. Competition pricing involves setting the price in order to give tough competition to the rival. In demand-based pricing, period of high demand is taken into account. Accordingly, the prices are established in order to maximize sales over a given period.

At The Body Shop, the main focus is to offer market competitive price by identifying the pricing methods of competitors. Additionally, it is also focused on retaining customers by charging value pricing with the help of low prices for high-quality products.

PRICING STRATEGIES:

Pricing strategies or a pricing strategy helps out in determining the best price for a product. It caters medium to long-term business objectives. Pricing strategies encompasses penetration pricing, economy pricing, premium pricing, skimming strategy (Strategies’, n.d.).

The Body Shop is aimed at pursuing the fair price approach for almost all of its products. For those products which consist of ‘natural’ feature aspect are sold at “premium” price because of the competitive edge and superiority from societal welfare point of view.

PRICING TACTICS:  

It is a short-term attempt to change price of a product in order to maximize profits and attract more customers (Anon., n.d.). There are numerous pricing tactics such as seasonal discounts, cash discounts, senior discounts, educational discounts, quantity discounts etc. These discounts are reductions to base price of goods and services. For e.g. seasoned discounts mainly relate with discount in out-of-season merchandise (Anon., n.d.)

At The Body Shop, those products that are produced from 100% natural extracts are sold with the help of price skimming strategy. Majority of its products are highly charged while introducing them into the market. Later on, the prices are declined in an aim of attracting more-price sensitive segment from the population.

MARKETING MIX (7Ps)

1. BRIEF INTRODUCTION:

Marketing mix generally refers to the set of different tactics or actions with the help of which a company can promote its product or brand in a market. It includes four Ps i.e. price, product, promotion and placement (KENTON, 2019).

• APPLICATION TO THE SELECTED COMPANY (RECOMMENDATIONS):

PRODUCT:

It should revamp its marketing strategy by producing more and more innovative products that should highlight the element of natural essence i.e. the products should be organically produced without allowing any harm to animals or environment. New products can be as follows; pure-clay mask, radiant smooth cream cleanser etc.

PROMOTION:

The Body Shop can entail its promotional strategy by generating more sales through online along with reaching other global segments, in order to obtain global market leading position. Similarly, more audience can be obtained with the help of effective tv commercials while consistently promoting its brand and image.

PROCESS:

Ineffective business activities must be eliminated such that customers must feel a good sense of shopping. This means that mostly customers focus on purchasing online, hence it should be ensured that effective online presence is possible. In order to resolve its limited online brand awareness, it is necessary to input further efforts and investments for effective online presence.

PLACE:

In order to grow its revenues, more outlets should be created for those customers who purchase physically by visiting their outlets.

PHYSICAL ENVIRONMENT:

Online shopping should be made more convenient and exciting for consumers. This should be implemented from effective customer relationship point of view.

PEOPLE:

Online learning about different products should be made possible from education point of view. This can be possible with the help of posting relevant materials in relation to their products.

PRICE:

Prices should be competitively fixed in case of tough competition by market rivals. Not only financially stable target audient should be selected but also those who cannot afford high prices products, in the sense that such high costs can be reduced to meet their purchasing power.

CRITICAL SELF-REFLECTION

I mainly focused on giving relevant and to the point answers to every portfolio requirement(s). In portfolio-1, I defined market research and what is the market research process along with proper diagram. The diagram is then applied to my selected company. Then I gave screenshots of 9 questionnaires taken from SurveyMonkey regarding customers’ perceptions as to what are their perceptions about the opening of new outlet. Then I answered relevant questions in relation to 4Ps of Marketing Mix. In portfolio-6, relevant suggestions were given in relation to 7Ps of Marketing Mix.

From constructive perspective, there is a lot more information in relation to the selected company that can be written here for e.g. what are the detailed innovative sustainable business solutions of the selected company and how it is targeting new niche market etc.

While selecting survey questions and their answers in SurveyMonkey, I was asked to purchase target audience responses mainly because of not being premium member of that website. This should be understood in the sense, that there are certain limitations while getting info or data from SurveyMonkey. Similarly, in order to export the survey data, it asks for upgrading to premium membership. While copying a survey question, it asks for upgradation of account.

Most rewarding aspect is the knowledge gained in relation to the role and importance that marketing plays within a business strategic decision-making. Similarly, understanding gained in relation to different marketing issues that impact upon an organization.

One of the most challenging aspect is the proper application of knowledge-base in relation to different marketing mix strategies.

Skills in relation to research aspect of marketing has been developed in addition to how to discuss particular scenario from variety of sources and how to apply knowledge to the organization from wider business perspective.

Communicating the whole marketing scenario to audience shall be considered as still challenging until and unless there is a strong grasp over verbal communication. Communication skills can be developed by continuous efficiency and practice.

CONCLUSION:

This core purpose of this assignment is to work on different portfolios relevant to marketing strategies and tactics applied by the selected company from decision-making perspective. This is followed by critical self-reflective overview of how the tasks were performed including the knowledge that is gained along with challenges and difficulties that were faced while performing the assignment.

Proper marketing tactics can lead to success for any organization. This can include understanding their customers perceptions through proper market research. With proper application of marketing research processes, it can be identified that how those processes are benefiting the company from research analysis point of view. Similarly, different marketing mix strategies allows a company to brand its product through different channels with the help of cost-effective strategies.

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