Exam (elaborations)
Exam (elaborations) Unit 2 - Developing a Marketing Campaign
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Name: Jack CollinsBTEC UNIT 2
UNIT 2: DEVELOPING A MARKETING CAMPAIGN – CONTROLLED ASSESSMENT
Activity 1: A Rationale
What the business does is that it is a record shop that is located in Brentford. The
main thing that the business/shop does is that is that it sells new vinyl records, but
the shop also sells new albums on other formats so for example CD’S, cassette
players and USB. The store also sells second hand albums on a range of formats,
which is good as it can target low income owners. Also, the store also sells
accessories such as T shirts, posters, record players, vinyl record cleaning products
and toys. What the business is attempting to do in this case study is to increase
market share by attracting more customers to their business. The business wants to
do this because they want to increase their revenue, which will hopefully increase
their profit and will hopefully increase demand for their brand.
Marketing Objectives
An objective is what you are going to do to achieve your aim, so for example your aim might
be to get rid of your remaining stock within a week so you would need objectives to get rid of
your stock. For example, you could put on a promotion with your stock so like buy one get
one free.
The first marketing aims and objective for my business is to increase market share by 10 per
cent, within a year. This is quite realistic because the store is already doing many factors to
increase sales, so for example the store has experienced staff who are experts in all
different types of music, so they will be able to advise customers what records to buy etc.,
This gives their store a unique selling point compared to other stores which will be able to
attract more customers and what they can do to achieve this goal is for the store to promote
themselves by using their budget of £8,000 so that the store will be able to attract a variety
of customers. This shouldn’t be too hard to increase market share as the sales for market
share is booming ,so for example in 2017 the vinyl market sold 4.1million vinyl records
compared to 2016 where the vinyl market sold 3.2 million records, which shows that the
sales are increasing year by year, this shows that demand is increasing.
My second marketing objective is to increase my target market to the younger generation.
This is because from my case study it shows that the main purchasers for vinyl albums tend
to be men aged 35 and from my primary research it shows that some of the younger
generation has not even heard of vinyl records. This is because in today’s generation the
younger generation stream their music, so in order to increase the target market to the
younger generation I would need to promote my campaign by advertising through social
media as it’s for free and also young people don’t use magazines / newspapers. This is good
as anyone will be able to view the social media pages and I will be able to shows the
benefits of buying vinyl records so for example the trends are getting popular because they
are becoming rare, so they will go up in price in the future.
My third marketing objective is to increase customer loyalty for my vinyl shop by 200
customers within four months. This is achievable as the sales for vinyl records are going up
each year so more and more people are collecting vinyl records and the benefits of
increasing customer loyalty is that you will be able to have a regular income from customer
loyalty. Also from my primary research it shows that around 90 per cent of people that was
questioned would buy vinyl records, which shows a factor of customer loyalty. In order to
achieve this aim I would need to have objectives so for example I could promote my record
of the month club through social media as it’s free and it will increase that chance of
customer loyalty and also if I promote my store through social media, so like the expertise
, Name: Jack Collins
BTEC UNIT 2
staff that works for the store I will be advertising my unique selling point, which will attract a
lot of customers and increase brand loyalty.
Market Research of the Vinyl Record Market
It is very important to research any market before making any business decisions so
that you what be able to know what competition there is in the market, also you will
be able to find out potential customers in the market and what needs they have so
that you can meet their demand. Also, your business will be able to set themselves
targets so for example increase sales from the market research.
From my quantitative research it tells me that there are 14,727 physical
stores within the market of the UK, this shows that there is a lot of
competition within the UK and this could impact on my business
because I could get less sales due to competition. Also, from my
market research it shows the sales volume of 4.1 million, which
suggests a market size of over 80 million pounds. This will impact on
the business because it shows the market size is increasing due to
sales which shows potential to the business as it could mean that there
is potential for sales to increase in the business. From my quantitative
research it tells me that the value of vinyl sales over the past 5 years is
estimated to be around 240 million pounds which shows that the
market for vinyl sales are increasing and that they will get brand value
in the future. Also, in my quantitative research it shows that that the
highest percentage of age group that buys vinyl records is 25-34 year
olds and the percentage shows that 32 % of them buy vinyl records.
This can suggest that the younger generation are getting in to the vinyl
records in today’s music market as there is potential in value in the
music market. Also, there is a strong secondary market within the vinyl
industry so like eBay for example, in my research it shows me that
there was a current trend of sales where a record was sold every 30
seconds. This can show that a lot of low income earners want to buy
vinyl records but they can’t afford it as they don’t have much
disposable income in today’s market. Also from my questionnaire it
shows that my main target market is 30-40 year olds, which suggest
that people are collect vinyl within the music market because they want
to collect them as it’s becoming rare.
From my qualitative research it shows me the different types of brands
within the vinyl industry which are called the vinyl factory, sound
performance USA ,A-z media, prime disc international, which are
different brands of vinyl records that offers a wide selection of vinyl’s
and accessories for the vinyl’s. From my qualitative research I found
out that the different type of retailers that sells vinyl records are major
retailers, so like HMV for example ,Sainsbury’s, which will have a big
percentage of the market share and then other small stores, which will
have a price range of around 20 to 50 plus pounds. Also people from
35-45 years old with high income tends to buy vinyl records often as
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