Marketing information to run business Essay Example | Topics and Well Written Essays - 750 words

Marketing information to run business - Essay Example Rufedge also needs marketing research.   â€Å"Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Its uses include to help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets† (Wikipedia 2008). Task 2Livlong needs to be advised how an understanding of market segmentation might help him improve his business prospects.   The purpose of this task is to write a report advising Livlong of this concept through discussing the appropriate segmentation criteria and provide an example of how they might be used in the health food market.â€Å"A market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. Because each segment is fairly homogeneous in their needs and attitudes, they are likely to respond similarly to a given marketing strategy. That is, they are likely to have similar feelings and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way and promoted in a certain way† (Wikipedia 2008).Health food stores tend to cater to a vastly different segment than do traditional stores.   For example, look at Whole Foods Market compared to Albertson’s.  ... Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. Because each segment is fairly homogeneous in their needs and attitudes, they are likely to respond similarly to a given marketing strategy. That is, they are likely to have similar feelings and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way and promoted in a certain way" (Wikipedia 2008). Health food stores tend to cater to a vastly different segment than do traditional stores. For example, look at Whole Foods Market compared to Albertson's. Albertson's sells popular items of various content, while Whole Foods looks to sell only organic and healthy foods. Therefore, the type of person who would seek out Whole Foods would more likely be health-conscious and could even be a vegetarian or dieter. Task 3 Livlong claims that many of the managers in the company are ignorant of issues concerning consumer behavior. He believes this problem could be solved it managers could become more customer-oriented, which would result in increased sales. The purpose of this task is to consider a potential seminar for the management team entitled 'Understanding consumer behavior-how it can increase our sales' and discuss how it can increase sales, provide details of the issues to be presented, and provide practical examples that could illustrate the talk. "Consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It