Marketing Strategy and Marketing Mix
Some businesses do primary research. This is research that you gather up yourself. Primary research is useful for finding out new information and getting views from customers’ about your products. It involves things such as questionnaires, telephones surveys, product testing and working with consumer groups. The Advantages of primary research are that it provides data that is up-to-date, relevant, and specific to your products. However there are a few disadvantages. These are that primary research is expensive to collect, it takes up a lot of time, and it needs a large sample size to be accurate.
Primary research is also known as field research and original research. The other type of research is secondary research. This is when you look at other people’s research. This is useful for looking at the whole market, and analysing past trends to predict the future. It involves looking at things like market research reports, government publications, and newspaper and magazine articles. The advantages of secondary research are that it is cheaper than primary research, the data is easily found and the data is instantly available.
However, the disadvantages are that the information is not always relevant to your needs, it is not specifically about your products,
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It is best to use both types of information because it will give a wide range of data every week.
There are four P’s. These place, product, promotion and place. They are the key to understanding what marketing is all about. If a firm gets it right then it will be easy to sell their products. If one of them is wrong then the firm will be in trouble.
Product: The product is something that the people would want to buy. It must fulfil the needs of the customers. My products will be sports equipment, sports clothing and sports accessories.
Price: The price ahs to be something special that is good value for money. However this does not mean the product has to be cheap, just something that will be a good price for the product.
Promotion: The product has to be promoted so that potential customers are aware that it exists. I will promote my company by distributing flyers. I will also advertise my business in local newspapers and sponsor some local events.
Place: The place has to be a decent place so the customer will find it convenient. I will locate my shop in Stratford shopping centre.
The problem for me will be that there will be a lot of competition from bigger firms, so I may have to provide something special to sell my products.
My marketing strategy is as follows:
5 Weeks before the opening day I will begin to distribute flyers and leaflets to people. I will send out most of the flyers by post around Stratford, Forest Gate, East Ham, Canning Town, Beckton, and Plaistow. I will also give out flyers while standing outside Stratford Shopping centre.
4 Weeks before the Opening day.
I will again distribute flyers by post around Stratford, Forest Gate, East Ham, Canning Town, Plaistow, and Beckton. I will add a special offer onto the flyer so I could attract more customers. Also I will ask a few local shops in forest gate if I can put a large poster on the shop window so when people go past they can see the poster and hopefully they will take some of the information.
3 Weeks before the opening day I will put posters on my shop about its special offers and I will leave it there until the shop opens. Also, on the poster I will put all the special offers that I will have on the first day.