Exam (elaborations)
Exam (elaborations) Unit 2 - Developing a Marketing Campaign
- Institution
- PEARSON (PEARSON)
Exam of 8 pages for the course Unit 2 - Developing a Marketing Campaign at PEARSON (Unit 2)
[Show more]
Seller
Follow
Content preview
Name: Nikodem NiewolikBTEC UNIT 2
UNIT 2: DEVELOPING A MARKETING CAMPAIGN – CONTROLLED ASSESSMENT
Activity 1: A Rationale
Wax perfection is a small record shop business in a local town. It sells mainly new vinyl
albums as well as new albums on formats such as CD, USB and cassete, second hand
albums and related goods such as t-shirts, posters, record players, vinyl record
cleaning products and toys. They are currently trying to attract more customers to
their shop and are focusing their campaign on promoting the business. The business
wants to attract more customers in order to boost sales.
Marketing Objectives
An objective is a goal that is set by the business that should lead to improvement of
business performance which should ultimately lead to a business reaching its aims. It is
important or businesses to constantly set themselves objectives so they can keep on
improving. It is also a way to spot where improvements can be made, as if a specific
objective cannot be met then the business will know what they need to improve on. It is
crucial that businesses set objectives that are specific so the business can step by step
improve each aspect of the business rather than focusing on the whole business at once
which is less effective. Secondly, it is important that the aim is measurable so the business
can decide on a figure or percentage that they wish to increase. Otherwise there would not
be a way to tell if the business reached its objective. The objectives most also be achievable
yet challenging so the business is motivated to reach the objective. Furthermore the
objective should be realistic once again so the business is motivated to reach the objective
as they know it can be reached. Finally, one of the most important aspects of the objectives
is that they must be time constrained otherwise businesses are likely to put off the objective
for a while as there is no deadline. This would result in businesses reaching their objectives
slower or not reaching them at all.
The first marketing objective for the business would be to increase market share by 10%
within 5 months. This is a reasonable objective as Forbes report shows that a recent eBay
survey found that 52% of consumers prefer to buy music in physical form such as CD or vinyl
record to a digital one.(the
Demographic responsible for the comeback is 18-24 year olds) This is good news to Wax
perfection as they sell a variety of physical forms of music. In addition to this they would
also have a big potential target audience (52%) of people. This objective is also reasonable
as recently vinyl sales have been rapidly increasing as more than 3.2 million records were
sold in 2016 a rise of 53% on the previous year. This number is still rising. Therefore with a
large potential target audience and with sales of vinyl’s increasing Wax perfection should be
able to increase their market share by 10%. I have made this an objective for the business as
it would result in a surge in revenue and will allow the business to further expand which will
help them to continue increasing market share.
, Name: Nikodem Niewolik
BTEC UNIT 2
The second marketing objective of the store will be to get 25 new members to subscribe to
the record of the month club within 2 months. This could be done by handing out leaflets
outside music venues after gigs/concerts. I think this would be highly effective as most
people attending concerts are young and roughly between the age of 16-26 and an eBay
survey found that 18-24 year olds are mostly responsible for the comeback of vinyl’s. hence
it is likely that the leaflets will get the attention of many people as most people would be
between 26 and 26 and have an interest in music which due to recent events such as
international record day and the increase of vinyl sales is likely to be physical music such as
vinyl and CD and that is why I set this to be the objective for the business. If this is met the
business will have a higher steady cash flow coming into the business which can help the
business as it results in increased revenue and an improved cash flow.
The third and final marketing objective for the business would be for the business to sell 500
vinyls within a month. This can be done successfully if the store makes a limited time sale
for items under £ 70 during the record signings on vinyl’s which they have a lot of or what to
get rid of. If they do this they are likely to sell many vinyl’s as my field research shows that
80% of people are only willing to pay up to £80 for a vinyl I believe that when people go the
sign their records their attention will be grasped by the sales and many customers are likely
to go into the shop after getting their records signed and buying more records, hence why I
think this is a suitable objective. If the objective is met the store would have got rid of vinyl’s
less valuable to them and increased their revenue.
Market Research of the Vinyl Record Market
It is important to research any market before making business decisions as it is important to
see who are your competitors, what methods the use within their business and what the
trends are so you know what decisions you can make.
There are over 14,000 firms within the market of vinyl records and that number is soon to
increase due to the rising demand for vinyl records. Now even firms such as Tesco are
starting to sell vinyl records. With more and more competitors and huge companies such as
Tesco starting to get into the vinyl record market vinyl record sales will carry on to increase
and it will be harder for companies to gain higher market share as there is so much
competition.
Currently HMV has the highest market share in the vinyl record market. Close competitors
to this are soon likely to be Tesco and/or Sainsbury’s and the rest of the market share is
mainly from small local retailers.
There has been a 53% in vinyl sales in 2016 compared to the previous year and sales are
continuing to go up showing us that value from sales are continuing to increase. This shows
us that the vinyl record market is becoming a more and more profitable market and more
firms are taking on vinyl records recently such as Tesco and Sainsbury’s, this shows us that
the vinyl record market may have come back for good or for at least a few years as sales are
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller prettyrobyn1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now