Principles & Practices of Marketing Analysis Report Assignment Sample

INTRODUCTION

Marketing Principles refers to a techniques and methods used for promotion of brand, products and services. Marketing principle use to promote products with aim of enhancing revenue and brand image. The present study will be based on company namely, All Things Butter founded in November 2023 by Chef Thomas Straker and best friend Toy Hopkinson with the aim of disrupting the dairy industry. Its product range includes pantry pack, backer`s bundle, Salted and flavors multipack and so more. The report will outline STP strategies as well as perceptual map. It will also cover branding elements of company and marketing mix and furnish recommendation for improvements. In addition, it will outline tools and metrics that used for promotional activities.

Understanding complex marketing frameworks like STP analysis, perceptual mapping, and brand positioning requires extensive research and analytical skills. Students struggling with comprehensive marketing reports can benefit from a professional Assignment Writing Service that delivers expertly crafted analyses covering segmentation strategies, branding elements, promotional metrics, and strategic recommendations for academic success.

TASK 1

Analyze STP strategies and perceptual map

STP refers to segmentation, targeting and positioning aids the business to define to whom should company market the products and how. This aids the business to makes marketing communication more emphasized, relevant and personalized for customers (Thomas and George, 2021).

• Segmentation: It refers to segmenting the audience into smaller groups according to particular attributes to get clarity to whom product should market. According to the STP analysis of All Things Butter, the organization focus on the demographic and behavioral segment. Referring to the demographic aspect company focuses on variable such as age, income, gender, education level and so more (O’Hagan, 2023). Company`s target audience is people age between 12 to 70 as well as business of retail, foodservices like restaurants, hotels and so more. It targets both male, females with lower, middle and high income group. In addition, according to the behavioral aspect company emphasize on customers who consume butter in their daily meals and have a habitual buying behavior. On the other hand, it is analyzed that company should consider the geographical segmentation to categorize the audience according to the location, region and country (McDougal et al, 2023). The lack of focus on geographical segment makes the company unable to serve according to the needs, preference and interest of customers located at different geographical area.
• Targeting: It refers to the process of analyzing and selecting best target audience. According to the STP analysis the target audience for the All Things Butter is people who love including butter in their meals as well as businesses including retail and foodservices such as hotels and restaurants (Embling et al, 2024). However, the All Things Butter not focus on the health- conscious customers as their products are high in fat and calories as is consist saturated fat. Company should focus on this aspect as presently customers are becoming health conscious, therefore it is important for company to make focus on health- conscious target customer too.
• Positioning: Positioning refers to a practice of placing the products and services as a unique product in the mind of target customers as well as creating the image of the product superior as compares to the competitors. All things Butter`s flavored butter aids the company to position itself unique from the customer. This leads to provides unique and delicious taste to the customers as a result able to grab the attention of wide range of customers. In addition, All Things Butter`s social media marketing also aids the company to effectively position itself in the competitive environment. The company`s owner for effective positioning and marketing of its products use a use a user-generated and creator content and effectively posted it on All Things Butter owned channel as well as co-founder Straker`s personal account, leads to grab the attention of wide range of customer. The marketing Strategy enables the company to effectively position itself in the competitive market. However, the positioning strategy of company related to marketing is not much effective as this strategy cannot communicate about the product and services to people who are not use social media, this leads to exclude the people from target audience.

Perceptual Map

A perceptual map refers to a graphical representation that represents that where an organization’s product or brand and its competitors positioned in the market according to the perception of the customers (Li et al, 2023). The competitors of All Things Butter include Pip and Nut, Yumello, Sublime Butter.

The customer perception regarding the All Things Butter is a brand that offer high quality products at affordable price.

Analyzing branding elements of company

Branding elements refers to the signs that use by the customers to differentiate one brand from another. Brand elements of All Things Butter are as under:

• Logo: All Things Butter logo have a black background that includes word written with orange letters with purple dancing cow. The logo makes the company different from its competitors, it works as an identity symbol of company. According to the Keller`s brand equity model, logo represent brand identity, describe meaning of the brand so that customer response effectively. The logo aids in generate brand loyalty (Nguyen-Viet, 2023. Regardless of this, company need to focuses on improving its logo to make it more attractive and versatile and vibrant. All Things Butter should focus on making its logo more colorful by using blue, silver or gold color and pictures of butter, so that it effectively highlight what company offers. This improvement aids in making company logo memorable and distinguishable from other brands.
• Brand Purpose: Another bland element includes brand purpose that laid a effective foundation for company`s brand identity. All things Butter brand purpose includes offering organic and flavored butter to the customers at the same time placing butter at the forefront for the digi-food generation and celebrating time-honored tradition of British farming (Ekinci et al, 2023).
• Brand story: Brand story effectively communicates value, mission and value proposition of the company. All Things Butter was build to educate and represent how great butter can enhance everyday eating. The brand story of the company aids in setting emotional connection with the customers and aids in creating distinguish brand identity.
• Brand Name: The brand name “ All Things Butter” represents that company deals in variety of butters such as salted, unsalted, flavored like garlic and chili to represent that how butter can enhance everyday eating. The brand name directly indicates about the products deals by the company. According to the Aaker`s brand equity model, the mixture of brand elements leads to helpful in enhance brand awareness, loyalty as well as the quality perceived by the customers (Stukalina and Pavlyuk, 2021). However, the brand name of the company is good and memorable but it creates difficulty for the company in developing awareness among customer about its different product range such as chocolates. The brand name “All things Butter” at first glance represent that company only deals in butter products. Thus company should focus making some changes in brand name so that equal importance should provide to other available product as well.

TASK 2

Evaluation of marketing mix

Marketing mix refers to a set of marketing tactics and tools that is used to promote the product and service in the market. The marketing mix of All Things Butter is as under:

• Product: All Things Butter is a one of the new butter brand in UK, specializing in offering organic as well as flavored products. The All Things Butter product range consists classic butters salted as well as unsalted as well as flavoured Chilli butter, Garlic & Herb Butter and so more (Rothfeld, 2024). In addition, recently the organization increase its product range by launching category of first-chocolate butter. In the competitive environment, it is recommended to company to include dairy products too, to meet the requirement of healthy lifestyle due to social factor and to increase company revenue and declines dependence on single category.
• Price: The Company charge penetration pricing for its product and services to grab the attention of customers by charging lower price initially. This strategy aids the business to capture greater market share and create brand loyalty. It is identified that company should charge a cost plus pricing strategy. It includes setting a selling price of product that is determined by adding a particular fixed percentage to the unit cost of the product (Venigandla et al, 2023). This strategy aids the business to cover its cost of business at the same time aids the company to maintain its profit-margin.
• Place: Place refers to the location from where company offers products to the ultimate customers. All Things Butter offers products to the customers via its first in-store supermarket listings such as Sainsbury and Asda`s. The company offer its products to different customers located at the different places via the physical and online stores of the Sainsbury and Asda. In addition, the company offers online services via its official website where customer can place orders. However, for the effective marketing mix, it is essential for the company to open its own name physical store to serve the needs and requirements of the customers in proficient manner. In addition, currently company not delivers the products outside, it is recommended to the company to include online services for delivery of products outside UK.

• Promotion: Promotion is a marketing tool used to communicate the products and services to the ultimate customers. One of the main promotion tool used by the All Things Butter is social media marketing. Company use several social platforms such as Instagram, Facebook, Twitter, Tik Tok to communicate its organic butter products to the target audience. The company launched a campaign via short-form series on Tik-Tok namely “All Things Butter”. This creative initiative get million of views (“All Things Butter” Mastered Marketing, 2024). In addition, the company presence on the different social media platforms as well organic content aids in grabs attention of the wide range of customers. The innovative content strategy of the platform aids the brand to successfully sell 100,000 block of organic butter within 10 weeks. In addition, company use content marketing where it post images, videos and related content about the product on its own All Things Butter social media channel as well as co-founders personal account to engage large number of the customers.

It is identified that all people are not use social media as a result the company focus of using social media marketing for promotion is not a effective idea. It leads to exclude those people who are not aware of social media or not interested in using it. Therefore, it is recommended to All Things Butter to emphasize on its promotion mix. For improvement, the company should also use traditional methods of marketing (Othman et al, 2021). All Things Butter must communicate its products and services to the target audience with the help of advertising via TV, billboards, printing advertisement in newspaper and magazines. TV advertisement is the best way to aware greater number of customers about the product, repeat advertisements aids in making the products more memorable and aids in engage customers emotionally. In addition, company must use email marketing where direct mails send to the potential customers to inform about company products, services as well as related offers, discounts and so more. It is one of the great tool to grab the attention of customer in the significant manner.

Tools and metrics used for promotion activities

In current competitive environment, marketing plays a crucial role. It is important for the business to know about the succession of the marketing campaigns. There are several marketing campaign measurement tools that aids in choosing metrics to measure the success of the campaign. The application of the metrics aids the company to aware about the campaign outcome and to see the progress of the business towards attainment of the goals.

• Conversion rate: Presently, All Things Butter use conversion rate as a marketing metrics. Conversion rate means the percentage of individual who engage with the marketing material in a particular way. This leads to illustrate the ability of the campaign to appeal to the prospective consumers. Utilizing the conversion rate aids the All Things Butter to enhance revenue and growth and ultimately capitalize the potential of the business.
• Social Media engagement: Another metrics used by the All Things Butter is social media engagement. It refers to the measurable result that generate via the social media marketing campaign. Currently 99% of the marketing of All Things Butter done on the social media. Via its social media marketing company engage millions of the customers. This metrics aids the business to measure the interest of the consumer in the particular company product. Social media engagement compute by the evaluating actions of the user such as likes, shares and clicks. The likes represents that particular audience is interested in company products. For example, if user link the click of business`s website 200 times, it concluded that social media content encourage potential buyer to learn more about the brand that is promoted. In addition, the company can also use more metrics or tools for the promotional activities. This are as under:
• Web Traffic: ALL Things Butter can use web traffic as a matrices for the promotional activities. Evaluating the amount as well as source of traffic on company`s site aids in understand the composition of company`s site visitors. This aids All Things Butter to aware that it able to efficiently attract more numbers of new customers or visitors to site or able to retain repeat visitors or not. Accordingly company can take impactful action to grab attention of more customer towards the business in a competitive environment.
• Brand awareness: Company can also use brand awareness as a metric to compute success of the company on social media and web advertising efforts. To measure the brand awareness company will use number of potential buyer searching for the brand on the internet, it effectively indicates brand awareness.
• Return on Investment: It is one of the versatile KPI that aids in compute how much amount of money business earns as compared to how much it invests. If the company finds that allotted funds on the campaign benefits the company then company can effectively decides how much money should allocate towards the future projects. For example, a greater return on investment represent that a brand spend large amount of money on marketing nut also receive lot of money in return in the form of more customer as well as more sales.

Thus, All Things Butter must use this KPI to effectively measure their promotional activities.

CONCLUSION

To sum up all, it is articulated that marketing principles plays a crucial role in building brand awareness, enhancing profit and growth as well as getting competitive advantage in the market. The present study based on the All Things Butter, a new company offers flavored butter. The report outlined that company use demographic and behavioral aspect to segment its target audience and focus on people with age group 12 to 70 including all income people. In addition, it targets people who love butter and foodservices and retailers and position itself in market via unique flavored butter. Company should focus on geographical aspect, more health conscious people to get competitive advantage. Further, it outlined that company use penetration pricing, offers its products via retail channel and use social media marketing. For improvement of promotion mix, recommended that company should use cost-plus pricing and must use traditional marketing method.

REFERENCES

Books and Journals

Ekinci, Y., Japutra, A., Molinillo, S. and Uysal, M., 2023. Extension and validation of a novel destination brand equity model. Journal of Travel Research, 62(6), pp.1257-1276.

Embling, R., Neilson, L., Mellor, C., Durodola, M., Rouse, N., Haselgrove, A., Shipley, K., Tales, A. and Wilkinson, L., 2024. Exploring consumer beliefs about novel fortified foods: A focus group study with UK-based older and younger adult consumers. Appetite, 193, p.107139.

Li, P., Castelo, N., Katona, Z. and Sarvary, M., 2023. Language models for automated market research: A new way to generate perceptual maps. Available at SSRN 4241291.

McDougal, E.R., Syrdal, H.A., Gravois, R. and Kemp, A., 2023. Telling the tale: Applying a strategic brand storytelling process for STP planning. Journal of Strategic Marketing, 31(7), pp.1296-1316.

Nguyen-Viet, B., 2023. The impact of green marketing mix elements on green customer based brand equity in an emerging market. Asia-Pacific Journal of Business Administration, 15(1), pp.96-116.

O’Hagan, L.A., 2023. “Classifying” Margarine: The Early Class-Based Marketing of a Butter Substitute in Sweden (1923-1933). Global Food History, 9(1), pp.20-46.

Othman, B.A., Harun, A., De Almeida, N.M. and Sadq, Z.M., 2021. The effects on customer satisfaction and customer loyalty by integrating marketing communication and after sale service into the traditional marketing mix model of Umrah travel services in Malaysia. Journal of islamic marketing, 12(2), pp.363-388.

Rothfeld, B., 2024. All Things Are Too Small: Essays in Praise of Excess. Hachette UK.

Stukalina, Y. and Pavlyuk, D., 2021. Using customer-based brand equity model in the higher education context: simulating the current university’s brand. Business, Management and Economics Engineering, 19(2), pp.272-288.

Thomas, M.R. and George, G., 2021. Segmenting, targeting, and positioning (stp) ofgenerational cohorts Y, Z and Alpha. IIMS Journal of Management Science, 12(2), pp.115-129.

Venigandla, K., Vemuri, N., Thaneeru, N. and Tatikonda, V.M., 2023. Leveraging AI-Enhanced Robotic Process Automation for Retail Pricing Optimization: A Comprehensive Analysis. Journal of Knowledge Learning and Science Technology ISSN: 2959-6386 (online), 2(2), pp.361-370.

Online

“All Things Butter” Mastered Marketing. 2024. Online. Available through: <https://www.topview.ai/blog/detail/all-things-butter-mastered-marketing >