1. Identify three key characteristics of the marketing concept.
Three characteristics of the marketing concept applied by a successful organisation are customer satisfaction, where the company will aim to find out through research, what product their target customer needs and wants and supply this. Supplying the right product at the right price in the right place with the right promotional information is key to a company running a profitable business. The company will work together applying a systematic managerial function or philosophy to achieve this.
2. Explain Britvic’s micro and macro environment.
The Microenvironment - forces that make a direct impact on an organisation. These ...view middle of the document...
Britvic Macro environment:
The 1938 great depression when Britvic produced affordable vitamin drinks
The economic downturn in 2008 saw a decline in sales of soft drinks
Poor summer weather also impacted on sales
Young peoples trend for drinking fewer hot drinks than previous generations and purchasing soft drinks instead
Health awareness campaigns from Government and consumers from 2000
New legislation on TV advertisements of food and drinks concerning children 16 year olds
3. Explain why market research and the information gathered are important to an organisation like Britvic.
Market research and information gathered from it is very important to an organisation like Britvic as this is how they determine what is needed and wanted by the consumer and identified target markets. This information also points out where there may be a gap in the market and suggests any room for improvements to products to keep the customer satisfied.
Being a lead competitor, monitoring the competition can also be achieved through market research, and this is a major factor in staying successful as an organisation. Britvic developed ‘seed brands’ and have a constant flow of newly developed products – some of which are aimed at an older market. These new products need extensive market research conducted, aimed at the proper target market, with the relevant questions asked, to give Britvic an idea of how successful a product may be. When the organisation applies the 4 P’s the information gathered from market research will determine the correct mix to apply to the product in question. The wrong information gathered (irrelevant questions or incorrect groups) could be a huge expense and be fatal for the organisation.
4. Explain how Britvic might collect and use market research information. Include one quantitative and one qualitative research technique in your response.
Britvic could collect information for market research purposes through accessing a government data base i.e. Census form from the internet. Using the contact details from this, telephone or postal surveys can be conducted to obtain quantitative information. Quantitative information focuses on factual data, in the form of numbers and statistics. A large group could be asked a range of general questions to gather the information Britvic need to know.
Questions for this type of market research may be:
How often a certain product is used?
Where the product is usually bought?
What is the overall favourite Britvic brand in the household?
Questions can also be asked about lifestyle choices, location and age. These types of questions will give Britvic a measurable indication of the competition or an indication to a segment of the market they may be missing. Although this method is quite costly to the organisation, the data collected could be valuable and stored for later use.
Another way Britvic may conduct some market research could be through the qualitative method. This type of questioning focuses...