Activity 1
Introduction
Marketing is where you identify, anticipate and satisfy customers whilst selling goods
and services to help a business make a profit. This is useful to anticipate, recognise,
satisfy and stimulate demand through the use of qualitative and quantitative data.
Wax Perfection is a record shop in the local town which currently sells new vinyls. In
addition to this they also sell new albums in the form of CDs and USBs, second hand
albums and also goods such as t-shirts, posters, record players and cleaning
products. They organise regular signings by hand and also put on short acoustic
performances by artists. This helps to attract new customers to the store including
people who have never visited before. As well as this, they take part in an annual
Record Store Day selling exclusive records produced by a range of artists. Wax
Perfection are looking to attract more customers and increase brand awareness in
order to generate more sales for their vinyls so therefore want a rationale and
marketing campaign to help them with this and have hired me to do so.
MARKETING AIMS and OBJECTIVES
Aim: Increase Brand Awareness
Objectives:
● To create a website for Wax Perfection by hiring an expert to do this by
February 2020
I have chosen this objective because it increases the brand awareness as a website
and will enable the company to put its brand out to a large amount of people. They
will become aware of the company and attend Wax Perfections as the website will
state the address of the company as well as the option to order online and browse
the collection. This should be done by February 2020 as it may take a while to find
an expert that is suitable and to come up with a design.
1
,● Create and give out 1000 leaflets to university students within the local town
outside music venues after gigs/concerts by the end of February 2020
I have chosen this objective because it is a suitable way to promote the business. It
is targeting the new target market by giving them to university students which will
encourage them to attend the shop. This is to be done outside gigs and concerts as
a lot of these will be attended by university students within the new target market age
range. It will be done by the end of February 2020 as this won’t take a long time due
it just handing the leaflets out.
Aim: Attract More Customers
Objectives:
● To conduct a survey on 200 people within 4 weeks to find out their
preferences and interests in terms of vinyl records
I have chosen this objective because it allows me to find out about potentially
customer’s needs and wants. By understanding this, Wax Perfections will attract
more customers because they will be able to tailor their business to meet the needs
of customers. I have chosen to survey 200 people as I will need a substantial
amount of people to start identifying trends within the population. 4 weeks is the
chosen time because I have a large amount of people to survey which may take a
while.
● To create and hand out free pin badges to 500 people within 2 weeks
I have chosen this objective because people love free items and it will also help to
promote the business of Wax Perfections. They will see that there is a vinyl shop and
will be encouraged to attend which helps to meet the aim of attracting more
customers. I have chosen 500 people because it means a large amount of people
will have knowledge about the business; this will only take 2 weeks because people
are more likely to accept a free gift and the task isn’t very time consuming.
RESEARCH DATA AND ANALYSIS
2
, Competitors
Wax Perfections have competitors which include HMV, Amazon, Urban Outfitters,
Ebay and Sainsbury’s and Asda. HMV sells CDs, vinyls, films and other products
such as posters, sheet music and lyric books. They charge £20.99 for a brand new
vinyl record (LP) and sell it to their customers both online and in the shop. They use
TV adverts, social media adverts and posters to advertise their store and the
different products that they sell; this helps them reach a large amount of people that
could be potential customers. Another competitor is Amazon who sell a huge range
of products from make-up to electricals. They have a market share of 12.3% and
charge around £16 for a new vinyl record (LP), selling to their customers only online
as a result of not having any physical shops open for the public. They promote
through TV adverts and social media adverts to reach their target market. Southsea
Pie and Vinyl sell vinyls and also have a pie and mash shop inside. They sell an LP
for around £30 and sell to their customers in their shop. They use promotional
methods of posters and leaflets due to being a small company with little money.
Urban Outfitters are another large competitor for Wax Perfections; they have a
market share of 8.1% within the vinyl industry and also sell clothes and makeup.
They sell a LP for around £20 brand new and are available to customers both online
and instore. They promote their business through TV adverts and social media in
order to reach their younger target market. A final competitor are Sainsbury’s and
Asda who sell food, clothes, music and other appliances such as kettles and
toasters. They charge £19 for a brand new LP and sell both online and in stores.
They promote their store through TV adverts as well as social media adverts and
also leaflets. All of these competitors sell their vinyls for around the same price with
some having an market share of over 10%. In 2014, Amazon was the largest online
retailer of vinyl records whilst Urban Outfitters were the largest physical retailer of
vinyl records. This shows Wax Perfections how much they should be looking to
charge their customers, what other products they can look at selling and also how to
promote their business.
Market Size
3
Introduction
Marketing is where you identify, anticipate and satisfy customers whilst selling goods
and services to help a business make a profit. This is useful to anticipate, recognise,
satisfy and stimulate demand through the use of qualitative and quantitative data.
Wax Perfection is a record shop in the local town which currently sells new vinyls. In
addition to this they also sell new albums in the form of CDs and USBs, second hand
albums and also goods such as t-shirts, posters, record players and cleaning
products. They organise regular signings by hand and also put on short acoustic
performances by artists. This helps to attract new customers to the store including
people who have never visited before. As well as this, they take part in an annual
Record Store Day selling exclusive records produced by a range of artists. Wax
Perfection are looking to attract more customers and increase brand awareness in
order to generate more sales for their vinyls so therefore want a rationale and
marketing campaign to help them with this and have hired me to do so.
MARKETING AIMS and OBJECTIVES
Aim: Increase Brand Awareness
Objectives:
● To create a website for Wax Perfection by hiring an expert to do this by
February 2020
I have chosen this objective because it increases the brand awareness as a website
and will enable the company to put its brand out to a large amount of people. They
will become aware of the company and attend Wax Perfections as the website will
state the address of the company as well as the option to order online and browse
the collection. This should be done by February 2020 as it may take a while to find
an expert that is suitable and to come up with a design.
1
,● Create and give out 1000 leaflets to university students within the local town
outside music venues after gigs/concerts by the end of February 2020
I have chosen this objective because it is a suitable way to promote the business. It
is targeting the new target market by giving them to university students which will
encourage them to attend the shop. This is to be done outside gigs and concerts as
a lot of these will be attended by university students within the new target market age
range. It will be done by the end of February 2020 as this won’t take a long time due
it just handing the leaflets out.
Aim: Attract More Customers
Objectives:
● To conduct a survey on 200 people within 4 weeks to find out their
preferences and interests in terms of vinyl records
I have chosen this objective because it allows me to find out about potentially
customer’s needs and wants. By understanding this, Wax Perfections will attract
more customers because they will be able to tailor their business to meet the needs
of customers. I have chosen to survey 200 people as I will need a substantial
amount of people to start identifying trends within the population. 4 weeks is the
chosen time because I have a large amount of people to survey which may take a
while.
● To create and hand out free pin badges to 500 people within 2 weeks
I have chosen this objective because people love free items and it will also help to
promote the business of Wax Perfections. They will see that there is a vinyl shop and
will be encouraged to attend which helps to meet the aim of attracting more
customers. I have chosen 500 people because it means a large amount of people
will have knowledge about the business; this will only take 2 weeks because people
are more likely to accept a free gift and the task isn’t very time consuming.
RESEARCH DATA AND ANALYSIS
2
, Competitors
Wax Perfections have competitors which include HMV, Amazon, Urban Outfitters,
Ebay and Sainsbury’s and Asda. HMV sells CDs, vinyls, films and other products
such as posters, sheet music and lyric books. They charge £20.99 for a brand new
vinyl record (LP) and sell it to their customers both online and in the shop. They use
TV adverts, social media adverts and posters to advertise their store and the
different products that they sell; this helps them reach a large amount of people that
could be potential customers. Another competitor is Amazon who sell a huge range
of products from make-up to electricals. They have a market share of 12.3% and
charge around £16 for a new vinyl record (LP), selling to their customers only online
as a result of not having any physical shops open for the public. They promote
through TV adverts and social media adverts to reach their target market. Southsea
Pie and Vinyl sell vinyls and also have a pie and mash shop inside. They sell an LP
for around £30 and sell to their customers in their shop. They use promotional
methods of posters and leaflets due to being a small company with little money.
Urban Outfitters are another large competitor for Wax Perfections; they have a
market share of 8.1% within the vinyl industry and also sell clothes and makeup.
They sell a LP for around £20 brand new and are available to customers both online
and instore. They promote their business through TV adverts and social media in
order to reach their younger target market. A final competitor are Sainsbury’s and
Asda who sell food, clothes, music and other appliances such as kettles and
toasters. They charge £19 for a brand new LP and sell both online and in stores.
They promote their store through TV adverts as well as social media adverts and
also leaflets. All of these competitors sell their vinyls for around the same price with
some having an market share of over 10%. In 2014, Amazon was the largest online
retailer of vinyl records whilst Urban Outfitters were the largest physical retailer of
vinyl records. This shows Wax Perfections how much they should be looking to
charge their customers, what other products they can look at selling and also how to
promote their business.
Market Size
3
