K1 - Knowledge and understanding of different areas of marketing

Assignment Brief

UGB161 Introduction to Marketing Assessment

Learning outcomes

• Knowledge and understanding of different areas of marketing, the relationships between them and their application to international business organisations
• Understanding of markets and their operation for goods and services across a global environment
• Understanding of the relationship between organisations and their customers
• Appreciation of the development of appropriate marketing tools and tactics within a changing environment
• Ability to identify, interpret and analyse approaches to communication in a marketing environment

Task

The board of directors have asked you to undertake a marketing audit of the business’s current performance and have tasked you to undertake an evaluation of the organisations current marketing strategy and position in themarket. The directors have asked that you include a proposal of two sets of market segmentation criteria which could be successfully targeted by the business. You must undertake suitable market research to explain how these chosen customer groups will grow the business within the retail marketplace.

The report must clearly demonstrate your understanding of buyer behaviour and show suitable research to justify your chosen marketing strategy to meet the requirements of the suggested segments and move the business forward. The report must be fully Harvard referenced and make use of appendices material where appropriate.

Sample Answer

Marketing Audit and Strategy Proposal

Introduction

This report presents a marketing audit, evaluating its current marketing strategy, market position, and performance. Based on this analysis, two new market segmentation criteria are proposed, supported by research to demonstrate their potential for business growth in the retail marketplace.

Current Marketing Strategy and Position

The Business currently operates within the competitive retail sector, offering a range of [product/service types]. Its strategy focuses on [price leadership/differentiation/niche marketing], targeting [existing customer base]. The brand has positioned itself as [e.g., affordable and accessible, premium and exclusive, eco-conscious].

SWOT Analysis:

• Strengths: Strong brand presence, loyal customer base, efficient supply chain.

• Weaknesses: Limited customer segmentation, overreliance on seasonal demand.

• Opportunities: Expansion into digital channels, targeting emerging demographics.

• Threats: Market saturation, changing consumer preferences, rising operational costs.

Understanding of Buyer Behaviour

Modern consumers are value-driven, convenience-seeking, and increasingly influenced by ethical, environmental, and digital factors. The shift toward online shopping and personalised experiences has changed the buyer journey. Factors such as social proof, peer recommendations, and mobile accessibility play critical roles in influencing decisions.

Proposed Market Segmentation Criteria

Segment 1: Eco-Conscious Millennials

• Demographic: Aged 25–40, urban professionals, moderate to high income.

• Psychographic: Environmentally aware, health-conscious, socially responsible.

• Behavioural: Favour sustainable products, follow ethical brands on social media, likely to engage with eco-campaigns.

Justification: Market research shows a growing number of millennials prioritise sustainability in purchasing decisions. According to Deloitte (2023), 64% of millennials consider environmental impact when choosing products. Targeting this segment allows the business to align with green values, increase brand loyalty, and improve public image.

Segment 2: Budget-Conscious Families

• Demographic: Parents aged 30–50, families with children, middle-income households.

• Geographic: Suburban and rural areas.

• Behavioural: Price-sensitive, value-for-money seekers, shop both in-store and online.

Justification: Post-COVID inflation and cost-of-living increases have made this segment more relevant. According to ONS (2024), family spending behaviour has shifted towards bulk buying and store-brand preferences. Tailoring product bundles, loyalty programmes, and discount campaigns can successfully attract and retain this segment.

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