Marketing Research And Marketing Mix
Continuing to increase sales and profits for the GlaxoSmithKline company will be the one of the main aims for the company. Marketing efforts will include improving public relations, promotion and a new advertising campaign. This campaign is set to begin during spring this year. GlaxoSmithKline can also increase sales and profits with a new form of promotion; which can lead more global for fronts with consumers and with more impact on the brand awareness it can help to increase sales which can lead to more profitability for the company.
Delivering customer satisfaction is always going to be one of the biggest objective no matter what company I work for. Customer feedback is one of the most important things for the company so we can re-launch the product to bigger and better than is previously was, if the costumer is happy then they will recommend our new flavour to family, friends, colleagues etc/ this is important as it can lead to more sales.
It also helps to have understanding of what the costumer wants in the product and enables us to put out a more effective marketing campaign. Establishing gaps in the market is vital for GlaxoSmithKline‘s Ribena as it helps the market area in the United Kingdom. By having this product it accommodates for both adults and children which can increase or lead to more sales in the UK or more sales globally. Endorsement within the UK would lead to recognition worldwide. Upholding company heritage and continuing brand awareness is important.
Identifying GlaxoSmithKline‘s target market, a segmentation strategy is needed to help separate the market. The makes GlaxoSmithKline more confident in being able to promote the product the right market. But in order GlaxoSmithKline to segment their market and achieve their goals such as increasing sales, and delivering consumer satisfaction, it’s important to implement a segmentation strategy. This process will lead the company to devise marketing strategies which will help in the development of the new Ribena product.
The product is targeting a niche market so the segmentation takes place and breaks down the market. This pie chart show the leading soft drink market is taken is the Coca-Cola Enterprises which will be the rival market that GlaxoSmithKline must insure that they beat. With 7. 5% is jus behind Britvic in the market shares with this in mind, GlaxoSmithKline must first take the Britvic market before trying to compete against the Coca-Cola market itself.
In this diagram as you can see that Coca-cola is the leading brand that consumers seem buy a lot of but not a lot of consumers are buying the Ribena product. 2. 8% of the market is made up of the Ribena product but the product can still be improved so it can overtake Pepsi, Pepsi and Robinsons in the shares of the current market. Unit 3 Marketing Research Market research is a systematic collection, analysis and reporting of data about the market and its preferences, plans are used for corporate decision-marking.