MARKETING ASSIGNMENT

Marketing Plan

Marketing Plan

Task 1 - Core Concepts

A brief discussion on the key marketing concepts

The main objective of a marketing strategy is to allow the business to target customers more effectively and efficiently so that their loyalty can be gained in order to maximize profits. The process of marketing is defined by certain key concepts. For example, the fundamental idea behind marketing is the concept of needs and wants. Every person has certain needs and wants and it is the job of businesses to identify these needs and wants as accurately as possible and then devises the correct marketing strategies in order to satisfy them (Schlosser, 2012). The business then creates products and services that are aligned with the needs of the customers and formulates marketing strategies to deliver these goods to them and coerce them to purchase them. It is in the interest of businesses to make sure that they deliver value, satisfaction and quality to the customer (Ozdemir, 2012). This is essential for the purpose of establishing a good reputation among consumers helping the business to retain them in the long run. Competition is inevitable when establishing a new business. As a result, another major aspect of the marketing involves enabling a business to establish itself in the face of competition. In this regard, it is common for businesses to adopt a particular strategy for the purpose of establishing its uniqueness. For example, in order to establish itself in the market, Burger King invented the 'Whopper' burger which was bigger in size when compared with the burgers sold by its competitors (Markatos, n.d.). This way, the business was able to offer its customers more value for money and this strategy helped them to expand their customer base. The Whopper, therefore, became the unique selling point of Burger King and is a registered trademark of the business. Hence, when operating in a market that abounds with intense competition, it is imperative that a business establishes a unique selling point that it aims to capitalize on in order to maintain a strategic and competitive advantage in the market (Handlechner, 2008).

Identification and explanation of various marketing techniques

The following are the key marketing techniques that FreshExpress can use in order to boost its sales and profitability and expand its customer base:

Market segmentation

Market segmentation allows businesses to identify the major segments in the target market that have great potential of patronizing the business. For example, when taking a fast food business into consideration, it is important to note that the major segments for the business to target include students and teens who are particularly fond of eating fast food (Assadi & Hudson, 2010). Hence, identifying the major market segments will help the business in formulating an marketing effective strategy for its products and services.

Loyalty Programs

Loyalty programs can be used by businesses to great effect in order to expand the customer base. For example, the business can offer customers a free pitcher of drinks on their fourth visit (Bradley, ...