1.1 Elements of Marketing Process
Marketing report based on industrial analysis
11 Pages3032 Words184 Views
Added on 2020-01-07
1.1 Elements of Marketing Process
Marketing report based on industrial analysis
Added on 2020-01-07
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MarketingPrinciples
TABLE OF CONTENTINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Elements of marketing process.............................................................................................31.2 Benefits and costs of marketing orientation..........................................................................42.1 Influence of micro and macro factors...................................................................................42.2 Segmentation criteria............................................................................................................52.3 Targeting strategy..................................................................................................................52.4 Effects of buyer behaviour on marketing activities..............................................................52.5 Proposing new positioning for a selected product/service....................................................63.1 The way in which products are developed to sustain competitive advantage.......................63.2 Arranging distribution to provide customer convenience.....................................................73.3 Setting prices to reflect an organisation’s objectives and market conditions.......................73.4 Illustration of promotional activity integrated to achieve marketing objectives...................83.5 Analysing the additional elements of extended marketing mix............................................8TASK 2............................................................................................................................................9Covered in PPT...........................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONMarketing is a medium through which business organisations can communicate theirproducts and services to customers and market audience. Before implementing any marketingstrategy, it is important to consider the basic principles of marketing. In this report, the elementsof marketing process have been discussed. Moreover, basic concepts which are involved indeveloping a marketing strategy have also been described in this assessment for gaining broaderinsight into the subject (Steinberg and Greene, 2015). All these aspects shall help Iceland Foodsto devise a marketing plan which attracts more customers and profits from target markets. TASK 11.1 Elements of marketing processThe marketing process has seven basic elements which are described as follows:Conducting market researchDeveloping marketing strategyPlanning marketing activitiesManaging promotional strategiesOptimising sales activitiesManaging customer feedbacksReviewing marketing effectivenessIceland Foods has to conduct a market research initially for understanding theconditioning of target markets. The results obtained from this research shall help in developing amarketing strategy which will promote products to consumers. Once a strategy is proposed andplanned strategically, organisation now holds a responsibility of conducting and managingadvertisements regarding to choices and current market trends (Appiah-Adu, 2015).Furthermore, Iceland Foods ha to assess the effectiveness and impact of implemented plans onsales and customers in the form of feedbacks. If there are more positive returns acquired bycompany, then it can be stated that marketing strategy became successful. Else, Iceland Foodshas to develop some other strategy.
1.2 Benefits and costs of marketing orientationMarketing orientation of Iceland Foods is considered as technique through whichcustomer demands and needs are more focused and achieved. Following are the benefits andcosts of this type of orientation for the organisation respectively:Benefits:Increase in the accuracy of firm for meeting demands of customers (Advantages andDisadvantages of Having a Marketing Orientation in an Organization, 2017). Moreover,better response is provided to consumers when company adapts marketing orientation.Marketing orientation brings in more customer value. This implies that amount of brandloyal consumers shall increase simultaneously.Costs:Iceland Foods has to invest more in conducting extensive researches. In order to acquiremore knowledge regarding customer needs and demands, company has to invest somemoney.The overall marketing costs are increased incidently when marketing orientation isadopted by company. In critical situations, this strategy often turns out to be non-beneficiary for organisation.2.1 Influence of micro and macro factorsThe business environment is made up of various kinds of micro and macro factors thatcan influence marketing decisions in the long run. Majorly employees, economical conditions ofthe country, demographics of current markets and the suppliers are some factors. The attitudesand attributes of employees towards Iceland Foods helps in estimating the productivity levels ofcompany. Marketing decisions are quite crucial. If any sort of negligence is portrayed byemployees then direct impact on company's functioning can be felt. On the other hand, changesin economic factors like inflation, recession, interest rates, foreign exchange rates, etc. have deepimpact over the external environment of company (Rivera, 2017).If suppliers' relations are not healthy or Iceland Foods faces some difficulty in developingstrong bonds with suppliers then there will be a delay in both production and distribution ofgoods to the audience which implies significant decline in market share. Demographics includespopulation structure, diversity, age, sex, etc. of the targeted customers. Company has to evaluateall such factors before implementing a marketing decision for particular products.
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