Market Research :: Business and Management Studies

Market Research Introduction Milo has been around since 1933. It is a chocolate malt flavoured beverage, which is fortified with several vitamins. Young and old love Milo simply for being energy- packed and its rich chocolaty taste. As a health food drink, it is full of vitamins and minerals. In fact, new improved Milo boosts optimum performance. This is what makes it different from its competitors who are; Ovaltine, Haulics, Lucozade, Nesqiuck and other chocolate drinks. Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g, 1kg refill packs and in ready-to-drink plastic bottles. You can also enjoy the goodness of Milo through the healthy and delicious Milo Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls. I am going to identify and explain the principles of marketing because it is the foundation at, which I’m going to use to create my marketing strategy. Marketing involves the anticipation, identification, satisfaction and creation of consumer wants for the purpose of generating income or profit. It also involves a variety of activities designed to raise consumer awareness, develop new products, increase market share and profit and to manage the effects of change and competition. In order for a business’s marketing to be successful, it must be based on the principles of marketing, which are: * Understand customer needs * Understand and keep ahead of competition * Communicate effectively with its customers to satisfy customer expectations * Co-ordinate its functions to achieve marketing aims * Be aware of constraints on marketing activities Understanding customer needs This principle is based mainly on marketing research. Market research can be used to gather information about consumers buying habits and spending patterns. Organisations use it to scan the industry for any changes or trends, rather than asking 100 people if they like a product or other questions relating to consumers needs. This is much easier but has a drawback, which are expenses. It is very expensive carrying out market research because market research is a big business, which involves a lot of equipment and the correct professionals. This principle is significant to my marketing strategy because in order for my product to sell I will need to identify the right customers and the best way to achieve this is by understanding customer needs. Being unable to understanding customer needs could lead to no sales, thus no profit. For example, having a good product will benefit your marketing ploys, however, if the price does not meet the customer’s needs it may not sale or even if the place of distribution is not satisfactory the product may not sell; therefore understanding customer needs is essential to my marketing strategy.