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Principles of Marketing - Case Study Example

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Principles of Marketing

With these features of hypercompetitive business arena, the role of marketing in the operation of the businesses becomes more pronounced. Marketing information can be efficiently utilized to cope with competition as well as win the patron age of buyers.
In the case of Bottle Brothers, the use of marketing information to adapt to the current business environment is imperative. The pressure from competitors as well as buyers necessitates them to seek for relevant information about their market. Looking at the company scenario, the marketing information which will bring benefit to Bottle Brothers include: customer information like buyer behaviour, consumer preference, perceived customer value, customer profile, and buyer receptiveness to marketing campaigns; competitor information like pricing, brand image, value chain and other strategies; trend in the external environment like technological advancement, cultural preferences, social trends, economic developments, political factors, and others.
This paper recommends that Bottle Brothers concentrate on two marketing information namely, consumer preference and marketing technology. ...
In satisfying customers, businesses should gain an in-depth knowledge of their specific markets. Companies need to be acquainted with the buyer's preferences. Customer preference tells a company the needs that they want to be satisfied as well as how they want these needs to be provided.
It is essential that Bottle Brothers conduct a thorough research on the preference of the customers. This is highlighted by the changing business sphere that the company is operating in. The company needs to know if clients really derive value from purchasing a well-known brand. In its current situation, Bottle Brothers is required to decide how to create a brand image for its products. At the same time, the manufacturer also needs to know the appropriate products that it should sell in the market. The proliferation of other competitors with their own products necessitates an investigation to generate the products which really creates value for its customers. It is extremely important the company focus on designing and producing clothing that suits the requirements of its market.
Bottle Brothers can thoroughly outline the preference of its buyers by conducting an intensive market research. However, it is important that the company starts by defining its target market. Doing this as a starting point helps the company in generating the appropriate information. The company can then draft a survey which aims to answers the question discussed above. Bottle Brothers should be able to prepare questions which looks at the major motivation of buyers in their purchases. This can include price, place, quality, comfort, convenience and other relevant factors which are often incorporated in buying decisions. However, the company should focus on ...Show more

Summary

One of your first tasks is to persuade senior managers at Bottle Brothers of the need for marketing information to improve the running of the business; make a list of the types of information that you believe would be useful for marketing purposes. Outline for two types of information how you would collect this information and explain how it would assist in marketing decision making.
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