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CIM Professional Certificate in Marketing Coursework

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Updated: Sep 20th, 2022

One method of research that can be implemented is surveys, which is a quantitative type of research, in which primary data are gathered from participants. An example of such methods can be seen through the awareness survey, the results of which were demonstrated in the case. Being a descriptive research, such methods imply gathering quantitative data, e.g. recognition of FairTrade products, willingness to purchase such products, and the socio-demographic descriptions of the participants.

Another research method can be seen through conducting an exploratory qualitative research. An example of such research is personal interviews. Such interviews might be used to identify themes and variables that can be further measured in quantitative studies. The themes explored might include the perceptions of the public about FairTrade, Reasons for purchase, personal significance for purchase, etc. Such data would be gathered, which transcripts will be analyzed in terms of common themes and patterns. The results of such research can be utilized to shift the public opinion about FairTrade and make the trademark more recognizable.

The identified socio-demographic trends can be seen in slight favourability of females over males in the tendency to buy FairTrade products, in which the age group is between 35 and 44, and belong to skilled working class and the lower middle class. Such trends suggest that middle age and middle to lower class workers are more likely to appreciate the initiative of FairTrade and are more willing to purchase the FairTrade products. Accordingly, the opportunity for FairTrade can be seen through targeting new consumers, which include the other social classes and age groups. The utilization of such opportunity can be seen through increasing the marketing efforts targeted to these specific groups as well as the inclusion of other categories of goods. Accordingly, a threat might exist for the majority of consumers from lower classes to switch to cheaper products, where it can be assumed that for such group the price difference is of significance. Thus, aggressive pricing from competitors might allure such group into buying their cheaper products.

The goals of FairTrade focus on three types of stake holders, which are the producers of goods in the developing countries, UK consumers, and UK companies. The producers include farmers, workers, their communities and association in their respective countries. The companies, on the other hand, include retailers, selling FairTrade products as well as the towns and cities hosting them. The importance of these stakeholders can be prioritized in such order: consumers, companies, and producers. The absence of a demand for such products, and accordingly eliminate any economic rationale for companies to participate in such initiative. Both of the aforementioned have bargaining power, unlike producers, for whom FairTrade initiative has no alternatives.

The relationship between the stakeholders can be developed through thorough management. In this case, the management can be seen through such initiatives as internal and external marketing to balance the conflicts between these groups. The utilization of media and environmentalist groups can be seen as effective method to influence connected stakeholders, to which FairTrade stakeholders belong. The management also includes keeping stakeholders informed, and in that regard, the transparency, as a key aspect of FairTrade, will allow each stakeholder to recognize the influence it has on the other.

The marketing information available to FairTrade includes the field saleforce and the marketing surveys. The benefits of such data can be seen in providing a picture of the growth trends, the market share of FairTrade, and accordingly guiding the marketing strategies for the company. As such information as the field sale force, provide the volumes sold in numbers, the changes in demand will allow the company to predict future sales and market potential. The limitations, on the other hand, can be seen in that such information is provided through resources gathered for other purposes, KeyNote, NEMS Market Research. In that regard, the interpretation of this data might be forced to fit the specific purposes set by the3 one who use it, in this case FairTrade. Accordingly, forecasting product consumption might hindered by the fact that such information might be out of date, and accordingly, might not correspond to rapid changes in demand.

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