Understanding Markets and Customers Semester2 Assignment Solution

Published: 21 Jan, 2025
Category Assignment Subject Marketing
University Module Title Understanding Markets and Customers Solution
  1. The report highlights the importance of understanding markets and customers for Iceland Foods, a leading UK supermarket chain specializing in frozen food. Established in 1970, Iceland has grown to over 900 stores, focusing on value and convenience for price-sensitive consumers, particularly families and older adults. The current marketing environment is influenced by high inflation, shifting consumer behaviors towards savings, and increasing competition from discount retailers like Aldi and Lidl.
  2. Iceland's marketing mix emphasizes low pricing, a diverse product range, and effective promotional strategies, primarily through mass media. However, to enhance its digital presence, the company should invest in e-commerce capabilities, streamline online ordering, and improve delivery services. Additionally, leveraging social media platforms and collaborating with influencers can help Iceland engage younger audiences and build brand loyalty.
  3. The Triple Bottom Line approach suggests that Iceland should prioritize social responsibility, environmental sustainability, and economic viability. By adopting eco-friendly practices and promoting nutritious options, Iceland can strengthen its market position while appealing to socially conscious consumers. Overall, a customer-centered, data-driven marketing strategy is essential for Iceland to thrive in a competitive landscape and meet evolving consumer needs.
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