Essentials Of Marketing Assignment Sample

Introduction To Essentials Of Marketing

Marketing is defined as the set of activities which are used by the company to promote the business and its activities. This is helpful for the business as it assists in promoting the company in the external environment. Along with this effective marketing strategies help the company to fight the competition well and secure a good position within the market. The current study is based on Sports Direct which is UK's sports retailer. The company operates online and also has its physical stores. The present study will outline the various consumer behaviour factors which affect the company and its performance. Along with this different segmentation will be used for developing a detailed consumer persona. At the end, the competition for the company will be identified and a perceptual map will be created.

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Main Body

The two most significant consumer behaviour factors

Consumer behaviour is defined as the study of people and how they make their Purchase Decisions for satisfying their need. Consumer behaviour can be stated as the actions and the decisions that a person takes in order to choose some product. There are many different products which a person can buy and the buying decision is affected by many different factors. These factor influence the study of consumer behaviour which outlines the various facts through which the buying behaviour of customer is defined. Hence, the analysis of the consumer behaviour factor is very necessary for Sports Direct as it will be assisting the company in identifying the ways in which the consumer can be motivated to buy the product (Sports Direct, 2023). There are many different types of the factors with help of which the consumer gets attracted towards purchasing the goods and services. Hence, it is very necessary for the company that they must try to analyse these factors and influences the consumers to buy the product. The two crucial factors which Sports Direct needs to analyse for influencing consumer behaviour are product quality and the lifestyle of the person. These two different factors will help Sports Direct encourage the consumer to buy products of the company.

Lifestyle of the person

This is a major factor which affects and directs the buying behaviour of consumers towards the company (Qin, Zhang and Su, 2020). The lifestyle is the way a person lives in society and deals with other social persons and events. In the current working environment, the lifestyle of the person is becoming more modern and they like to live a free life. This includes using good quality products, a high standard of living and also works in improving their life. Currently, consumers are much more focused towards using premium products and are much more focused towards their personality. They work more on improving their health and for this, they use the facility of the gym and another fitness centre. Thus, this factor is very helpful for Sports Direct to attract the consumer. When Sports Direct will be including and focusing on the lifestyle within the advertisement and promotional activities then this will motivate them to work in a better and more effective way.

Quality of the product

Product quality can be stated as the fact of how well any product is satisfying the need of consumer and assists them in meeting their need. The consumer buys any kind of product for a reason and in case the purpose of the consumer is not satisfied then they will not like the product. Hence, it is a major reason for Sports Direct to attract the consumer well and to increase the sales of the company. When company will include and focuses on good quality of products and services then this will automatically attract the consumer and as a result of this, the sales of the company will increase. Also, having good quality product and services will provide a competitive advantage to the company and will assist in facing the competition well.

Consumer segmentation and detailed consumer persona

Segmentation is being defined as segregating the customers on some common bases. There are large numbers of customer which the company deals with full stop and it is very necessary for the company to segment or distribute the customers according some common basis. Proper segmentation assist sports direct in evaluating and focusing on the company's customer and try to increase the sales. When the company focuses on a particular group then there are possibilities that other groups are left. Hence, for this is the company has made some segregation of the groups of customers and focuses on those particular groups only. For instance, all the customers belonging to the same age group are grouped together and advertisement made for this group will attract the entire customer belonging to this group only (Blythe and Martin, 2019). Thus, Sports Direct is undertaking the use of segmentation in order to segregate the customer and try to attract them. There are different basis on which the customers can be grouped together like demographic, geographic, psychographic and behavioural market segmentation. The segmentation of Sports Direct is as follows-

• Demographic- This is a type of segmentation where in the consumer belonging to some common basis like a gender, income, education, religion, etc are grouped together. This is a type of segmentation which is used by the companies generally in order to attract large number of customers (Stokes, 2021). This segment is preferred by Sports Direct in order to attract large number of customer as it is easy in collecting information and simple to measure. Also it includes a variety of customers in a single group so it improves marketing as well.
• Geographic- Another type of segmentation is geographic wherein the company groups together all the customers belonging to the same geographical location. This is a type of segment in which people belonging to the same geographical environment which includes factors like climate, culture, languages, etc are grouped together. When person with same culture and language preferences are grouped together then advertisement for them will be easier and particularly attract large consumer. Thus, as a result of this sales and profits of the company will increase.
• Behavioural- Along with this behavioural segmentation is the one within which the customers having same spending and purchasing habits and loyalty towards the product are grouped together. This includes grouping the customer based on any common behaviour towards the company. When two people are having same behaviour towards the product of the company then it is easier to attract them towards the company. Hence this segmentation is also helpful for Sports Direct in order to attract the customers who are spending more on healthy product and fitness product.
• Psychographic- At last comes psychographic segmentation which includes grouping the person together on the basis of some common values. This includes grouping the customers together on basis of some common personalities or hobbies. It also includes people belonging to the same social class and having the same lifestyle and set of opinion (Pride and Ferrell, 2019). This segmentation group is helpful for Sports Direct in order to attract large number of customers.

Out of all these different types of segmentation sports direct undertake the use of combination of all these four segmentation. This combination of four segmentation is being used by the company in order to attract large number of customers as all these type of segment includes majority of the customers. Hence as a result of this sales of the company are increased and company grows and get a competitive advantage. Out of the four the most commonly used by Sports Direct is the combination of demographic and behavioural segmentation (Falahat and et.al., 2020). The demographic is focused by Sports Direct as it assist them in covering large number of consumer altogether. On the other hand, the behavioural segment is much focused because currently consumer are attracted towards healthy and fit lifestyle and for this products of Sports Direct will be very helpful.

This consumer persona includes the major customer segment that is young people and the families. These are the major segment which the company focuses in order to increase the sales of business. This consumer person helps Sports Direct in order to focus in better way that they can attract large number of consumer. In addition to this the persona will also provide knowledge to the company that how they can retain and sustain the consumer towards the company and its working.

Key competition for company and positioning among competitors

In the current marketing competition is very high and intense. Hence it is very necessary for Sports Direct to evaluate the competitors and work accordingly. In case the competition will be ignored by the complete them existence will in the market will be affected. Thus, it is very necessary for the company to effectively evaluate the competition within the market and then accordingly make the strategies (Martínez-López and et.al., 2020). Hence for this it is advisable to sports direct the first evaluate the strategies of the competitors and then try to make the old strategies. This will help the company identifying the trains taken place within the external environmental how the strategies can be populated in order to make these latest trends.

Perceptual map is defined as the concept which is used to analyse the fact that where the company evaluate the performance for some specific aspect in comparison to competitors. The competition is very high and for this it is very necessary for company to face the competition well so that the work can be managed well. The current perceptual map is being based on price and service. Within this map, Sports Direct lies in a section in which they focus on low prices and less service (Desai and Vidyapeeth, 2019). This is majorly focused by the company as the majority of the consumer being focused by the company is young people. Hence, they do not tend to pay much higher for the products and services being provided by the company. Thus, the company is focusing more on low prices so that they can penetrate the market. Hence, as a result of this the working efficiency of the business will increase and ultimately this will increase the profitability of the company.

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Conclusion

At last, it is concluded that marketing is very essential for the company to improve its working and efficiency in the competitive market. The use of effective marketing strategies is very important for the company to gain a competitive advantage over the others. The above study highlighted that focusing on customer behaviour factors is very important for Sports Direct and their focus is on the quality of the product and the lifestyle. In addition to this, it was also highlighted that the use of demographic and behaviour segments is majorly used by Sports Direct and order to attract a vast number of customers. At last, it was highlighted that the competition is very high and Sports Direct is taking measures to attract customers and increase the effectiveness of the competition.

References

Books and Journals

• Blythe, J. and Martin, J., 2019.Essentials of marketing. Pearson UK.
• Desai, V. and Vidyapeeth, B., 2019. Digital marketing: A review.International Journal of Trend in Scientific Research and Development.5(5). pp.196-200.
• Falahat, M. and et.al., 2020. SMEs internationalization: The role of product innovation, market intelligence, pricing and marketing communication capabilities as drivers of SMEs' international performance.Technological forecasting and social change.152. p.119908.
• Hoekstra, J.C. and Leeflang, P.S., 2020. Marketing in the era of COVID-19.Italian Journal of Marketing.2020(4). pp.249-260.
• Martínez-López and et.al., 2020. Behind influencer marketing: key marketing decisions and their effects on followers' responses.Journal of Marketing Management.36(7-8). pp.579-607.
• Pride, W.M. and Ferrell, O.C., 2019.Marketing. Cengage Learning.
• Qin, M., Zhang, Y.C. and Su, C.W., 2020. The essential role of pandemics: a fresh insight into the oil market.Energy Research Letters.1(1).
• Stokes, R., 2021.eMarketing: The essential guide to marketing in a digital world. Quirk eMarketing (Pty) Ltd..

Online

• Sports Direct. 2023. [Online]. Available through: < https://www.sportsdirect.com/>