0 If you need more report of HND, please come to Wonder(App.) to find me.1 Identify three key characteristics of the marketing concept.
The first is to fully understand customer's needs and market, and formulate customer-oriented marketing strategy. Firstly, companies should investigate customers and markets, and then process market and customer information. These will determine the customers they want to serve, which means the target market and how they can better serve, which means their value orientation. When a company decides who they serve, it will find the target market by segmenting the market and targeting the level, time and nature of customer demand. Then they differentiated and found their place in the market.
The second is to establish a complete market plan to provide customers with better value. We should pay attention to the following four aspects about how to provide better value for customers. First, the company designs products and services, such as product diversity, quality, brand name, packaging, etc., to bring strong brands to customers. In terms of price, companies need to create real value. In terms of promotion, the company can carry out advertising, personnel sales, price promotion and so on. There are many distribution channels and supply chains in the local area.
The third is to establish profitable relationships with customers and maintain customer satisfaction. The toy company should establish a good and solid relationship with the selected customers in order to achieve continuous benefits. In managing partnerships, companies should also build strong relationships with their partners.
2 Explain and give examples of key factors influencing the micro and macro environment of Day Dream Toys.
In the micro environment, the factors that affect the company's customer service usually include the company, competitors, suppliers, customer markets, the public and marketing intermediaries. There are more than 1000 senior managers, financial personnel, purchasing personnel, R&D personnel, accountants, operators and so on. These organic and related combinations together form the internal environment. The whole company should cooperate with the marketing department and take the market as the leading factor. Just as the company has formulated a series of limited wooden toys for preschool education, this is the demand of their target customers. The whole company should understand and create value. For companies, their competitors are the other toymakers. Over the years, they have been always looking for their place. And they finally find their customer market is mainly dominated by kids. And they slowly expands their product portfolio and have the five-to-eight-year-old market.
Suppliers play an important role in providing value to value customers. They will provide resources for the company's products and services.Distributors help companies sell their products to customers. This is a very important link. In this case, \"daydream\" can only be sold through small toy stores, so it has been trying to get large chains to store their goods. After buying their goods in a large department store, it turned out to be profitable and helped them go public.
In the macro environment, it may be influenced by the larger factors which include demographic, economic, natural, technological, political, and cultural forces.
Technological environment will bring companies both opportunities and challenges. If they fail to follow technological changes, they will let the chances of new products and marketing slip. Under the conditions of the continuous development of new digital technology, Daydream Company should also make corresponding adjustments. It can launch products that are more in line with the technical background to gain the attention of the public and obtain marketing opportunities. At the same time, Daydream can use more advanced digital media technology to promote their products and open the market.
Environmental sustainability issues in the past thirty years of steady growth. The natural environment presents three major trends: some shortage of raw materials, pollution levels rise and the government intervention to increase the intensity of natural resource management. For Daydream, it should select green and recyclable materials for the selection of products. It can also cooperate with environmental protection agencies to launch a series of toys which has the images of protecting the earth’s resources, and add the promotional content of environmental protection knowledge to the product promotion. And the price can be priced based on the degree of deficiencies in the resources that the product represents.
3 Explain why market research and the information gathered are important to an organisation like Day Dream Toys.
Marketing research can be defined as the systematic design, collection, analysis, and reporting of data relevant to a special marketing situation facing an organization. Secondary research is divided into internal method and external method. The internal sources includes average order cost, sale history, distribution outlet, etc. The external sources includes the journals, government websites, libraries, newspapers, etc.
Primary research, also known as research using primary sources, is the method which uses the direct data and resources. Primary research can also be further divided into qualitative and quantitative research.
Through the market research, the research information can help Day Dream Toys stay in touch with customers’ changing attitudes and purchase patterns and in a timely to adjust to satisfy customers demand. It can assists Day Dream Toys in better understanding market opportunities and determines the feasibility of a particular marketing strategy. It can also help the Day Dream Toys in the development of marketing mixes and match the needs of customers. And it improves Day Dream Toys marketer’s ability to make decision. Market information is the effective way to improve Day Dream Toys benefit, and can also lower the risks.
4 Explain how Day Dream Toys might collect and use market research information. Include one quantitative and one qualitative research technique in your response.
The Day Dream Toys through the primary research and secondary research to obtain information, the method of primary research have qualitative and quantitative.
Qualitative research concerns the gathering of information which can be interpreted in a number of ways. This type of research does not need a strict design plan before it begins. However, Qualitative research of a study using qualitative research is heavily involved in the process, which gives the researcher a subjective view of the study and its participants. When the Day Dream Toys has just founded, it can using the method of group discussions to collect information about new product development, because this method can produce more information, and usually not statistical-more opinions and individuals’ thought.
Quantitative research allows the researcher to measure and analyze data. The relationship between an independent variable is studied in detail. Researcher is more objective about the findings of the research. But, the main disadvantage of quantitative research is the context of study or experiment is ignored. The main research techniques include experimental research and surveys. It can use the method of survey to collect information, preference on different kind of drinks.
Day Dream Toys can through the telephone survey to obtain information, because this method is fast, low cost, high response rates, and wide range. Because the information is high value, Day Dream Toys can quickly know customer’s demand for toys, and formulate the corresponding strategy. Besides, Day Dream Toys can also know details by conducting questionnaire online.
5 Explain the process of market segmentation and targeting, and the benefits of segmentation and targeting to Day Dream Toys.
There are many types of customers and products in the market and the composition of demand, so customers in the market should be grouped according to various standards and methods, such as geography and population preference psychology, in order to provide services. This process is called market segmentation.
The marketing department divides these into different groups, chooses the group that can bring them the greatest value, and then designs products and services for this group to meet their wishes and needs. This is the choice of the target market.
Firstly, organizations should understand the basis of market segmentation, the similarities and differences of customer needs, and how to make better use of the limited resources of enterprises. Understand that people living in similar geographical location, cultural value and social background inevitably have the same or similar tendencies in some products, but different ages and individuals will bring different needs to everyone. Therefore, if an enterprise wants to stand out, it must make full use of all resources, find the most valuable target market and increase its competitive advantage.
Market segmentation can be divided into the following steps. The first step of market segmentation is to select the market scope of products. On this basis, the corresponding market development strategy is formulated. The second step is to list the needs of potential customers. We can list the factors that affect customers' buying behavior and product market from the aspects of population, geography, psychology and so on. Thirdly, organizations should analyze the different needs of potential customers. The company can analyze and evaluate the demand variables of different potential customers by sampling survey method to understand the common needs of customers. The fourth step is to investigate the market and customers according to their own business conditions, and ultimately select valuable markets and formulate relevant effective marketing strategies.
For example, by market segmentation, Day Dream Toys found its own market and established it as a pre-school education toy market. Initially, the product range is simple wooden toys, extending to spicy baby and wooden train suits, and then continue to expand to determine their own 5-8 year-old children's market. Because its clear market positioning provides a clear direction for the company's development, and is committed to safe, high-quality toys, in order to maintain a certain turnover, establish a safe, green, high-quality product image, customer satisfaction has been improved, market opportunities have been opened up. It is precisely because of this
clear market positioning that the company concentrates human and material resources to develop the \"rural cousin series\" and has achieved great success. There are three ways to determine the market target, namely, subdividing attraction, business strength and selecting subdividing market. Whether there are differentiated marketing, differentiated marketing and centralized marketing. Through differentiated marketing and centralized marketing to provide customers with daydream toys. They focus on making bears and other animals for children, making more than 40 different styles and types.
Outcome 2
1 Explain marketing theory in relation to each of the 4Ps. Explain the factors
that would influence each element of the Marketing Mix(4Ps) for Day Dream Toy Company.
Marketing mix means the set of tactical marketing tools-product, price, place, and promotion-that the firm blends to produce the response to wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product. The main purpose of marketing is to meet the needs of consumers.
Products are anything that can be offered to the market to attract attention, acquire, use or consume, possibly meeting needs or needs. It includes objects, services, people, places, organizations and ideas. Product portfolio refers to all products that an organization provides to its customers. In this case the company originally produced a limited range of wooden toys for the market of preschool students. After the series of \"Country Relatives\" animated dramas aired, daydream toys company launched the series. Daydream toys, the only series of products, have good compatibility, consistency and continuity. Then, this series of products continued to expand to include wooden characters, lovely characters, wooden game houses and landscapes, a series of 30 \"country relatives\" storybooks and so on. In addition to the Country Cousins series, daydream toys also produce traditional wooden puzzles, wood brakes, wooden blocks and various other wooden toys for the pre-school market. However, the production of \"own brand\" products may lead to a reduction in demand for daytime dream brand products, so other alternatives to the company's product mix include the introduction of larger toys such as payment rooms, climbing frames and slides. To meet the changing needs of the market, the company launched a series of new pre-school books, such as Dolphin Dolly series, and developed a series of new self-study books.
Pricing strategy mainly refers to the combination and application of controllable factors such as basic price, discount price, allowance, payment term, commercial credit, pricing methods and pricing techniques related to pricing. Reasonable pricing helps customers distinguish between products and competitive brands, and guides marketers to evaluate the importance of price to consumers. It is also a combination of product price and quality attributes. Common pricing methods include penetration pricing, competitive pricing, restrictive pricing, cost plus pricing, skimming pricing, etc. For example, the company used price skimming. They gained exclusive rights to produce \"country cousins\" dolls, so they set higher prices when the products just entered the market. But since then, there has been competition for similar products. In order to maintain sales, the company had to lower its price.
Place mainly refers to the combination and application of controllable factors such as channel coverage, commodity circulation links, middlemen, network settings, storage and transportation. At first, the company no longer fantasized that it would not be accepted by any large chain store, but began to play with the idea of mail-order sales. But it didn't succeed. As business continues to expand, daydream acquired a plush doll manufacturer. Distribution channel is one of the four elements of marketing mix. Distribution is a process in which consumers or business users use or consume products or services, using direct or indirect means through intermediaries. There are three types of distribution agencies - wholesalers, retailers and sales agents. Daydream Toys Co., Ltd. works with retailers and toy companies to show products to potential buyers, negotiate prices, and complete sales and after-sales services.
Promotion refers to the activity of conveying the advantages of the product and persuading the target customers to buy the product. The main marketing methods
include advertising, promotion, public relations, personal sales, direct and digital marketing. For example, daydream company put forward the idea of mail-order sales, through newspaper mail-order sales to a certain extent to promote its safe, green, high-quality brand, which belongs to direct and digital marketing. But it has not achieved good results. So they began to adopt the method of advertising and publicity. The cooperation with rural cousins was based on the popularity of rural cousins animation. They began to cooperate with rural cousins. Animation plays are equivalent to advertising their toys. Salesmen also maintain good relations with their retailers. They will be promoted in time to ensure continued sponsorship.
2 Explain the importance of the following in the marketing of services:(a) Process(b) People
(c) Physical evidence
Process means focusing on quality and quality control needed to ensure service consistency. This is a key factor in the marketing mix. Service is different from physical products, and takes place \"on the spot\". Customers like to know what will happen. Examples include the process of reducing waiting for system and service delivery. So there must be a leader in health and Beauty Spa. Therefore, process is very important in marketing strategy.
People play an important role in providing services. Customer satisfaction is intrinsically linked to service providers. Everyone is directly or indirectly involved in the consumption process. For example, health and beauty SPA has stimulated the enthusiasm of employees to meet the needs of customers. If the customer is satisfied
with your service, it may have a positive impact on the development of your company. For health and beauty SPA, the assistant's attitude may affect the customer. Therefore, people are very important in marketing strategy.
Physical evidence is a tangible part of marketing service and can be seen and touched objectively. It resembles the luxurious and comfortable interior decoration of a health salon, including tables, chairs, beds, lamps, containers, tableware, wall materials, uniforms worn by the staff and so on. These gorgeous decorations will bring excellent experience and enjoyment to customers, making them feel that the store has brought them more brand and product value, and they are more willing to establish a good and solid relationship with it.
3 Explain how Day Dream Toys might adapt their marketing max in response to three changing market conditions.
When conducting market research, it is more convenient to obtain all kinds of information from all over the world and establish customer database. They can use more accurate and effective analysis tools to analyze the data they get. Then, managers will make more accurate decisions, so as to make their own precise target market. At the same time, the company uses the Internet media, which spreads very fast, to promote its products and to put its advertisements on the website through a lot of clicks. We should also use the convenient network for online sales, so as to realize the direct transfer from manufacturers to consumers. Cultural changes also have an impact on the company. So, Day Dream Toys can launch products with local cultural characteristics according to different regional cultures. In terms of promotion, it can add the introduction of the inspirational cultural source and local cultural characteristics of the product, which will be attractive.
A country's economic decline means that every citizen will have less disposable capital. At the times of economic recession, daydream toys must reduce their production and change their pricing strategy to lower prices. When the economy is booming, daydream toys should increase production and change their pricing strategy to higher prices.
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