Market Research

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Market Research

Introduction

Milo has been around since 1933. It is a chocolate malt flavoured

beverage, which is fortified with several vitamins. Young and old love

Milo simply for being energy- packed and its rich chocolaty taste. As

a health food drink, it is full of vitamins and minerals. In fact, new

improved Milo boosts optimum performance. This is what makes it

different from its competitors who are; Ovaltine, Haulics, Lucozade,

Nesqiuck and other chocolate drinks.

Milo is available in 18g single serve sachets, 80g, 200g, 300g, 600g,

1kg refill packs and in ready-to-drink plastic bottles. You can also

enjoy the goodness of Milo through the healthy and delicious Milo

Balls, Milo Ice Cream, Milo Scoop Shake and Milo Balls.

I am going to identify and explain the principles of marketing because

it is the foundation at, which I’m going to use to create my marketing

strategy. Marketing involves the anticipation, identification,

satisfaction and creation of consumer wants for the purpose of

generating income or profit. It also involves a variety of activities

designed to raise consumer awareness, develop new products, increase

market share and profit and to manage the effects of change and

competition.

In order for a business’s marketing to be successful, it must be based

on the principles of marketing, which are:

* Understand customer needs

* Understand and keep ahead of competition

* Communicate effectively with its customers to satisfy customer

expectations

* Co-ordinate its functions to achieve marketing aims

* Be aware of constraints on marketing activities

Understanding customer needs

This principle is based mainly on marketing research. Market research

can be used to gather information about consumers buying habits and

spending patterns. Organisations use it to scan the industry for any

changes or trends, rather than asking 100 people if they like a

product or other questions relating to consumers needs. This is much

easier but has a drawback, which are expenses. It is very expensive

carrying out market research because market research is a big

business, which involves a lot of equipment and the correct

professionals. This principle is significant to my marketing strategy

because in order for my product to sell I will need to identify the

right customers and the best way to achieve this is by understanding

customer needs. Being unable to understanding customer needs could

lead to no sales, thus no profit. For example, having a good product

will benefit your marketing ploys, however, if the price does not meet

the customer’s needs it may not sale or even if the place of

distribution is not satisfactory the product may not sell; therefore

understanding customer needs is essential to my marketing strategy.

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