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Basic Principles of Marketing and Management- Report

   

Added on  2019-12-28

15 Pages4013 Words132 Views
MARKETINGPRINCIPLES

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1AC 1.1 Elements of Marketing Process......................................................................................1AC 1.2 Benefits and costs of marketing orientation...................................................................2AC 2.1 Macro and micro environmental factors with appropriate tools and techniques............3AC 2.2 Criteria for market segmentation....................................................................................4AC 2.3 Target strategy for selected product/service ..................................................................5AC 2.4 Effects of buying behaviour on marketing activities......................................................6AC 2.5 Propose new positioning strategy...................................................................................6AC 3.1 Products/services developed to sustain competitive advantage.....................................7AC 3.2 Arrangement of distribution for better convenience.......................................................7AC 3.3 Reflection of pricing on company's objectives and market condition............................7AC 3.4 Integration of promotional activity to achieve marketing objectives.............................8AC 3.5 Analyse the additional elements of extended marketing mix.........................................8TASK 2............................................................................................................................................9AC 4.1 Marketing mix for two different market segment..........................................................9AC 4.2 Difference between B2B and B2C.................................................................................9AC 4.3 Difference between International marketing and Domestic marketing andimplementation of marketing strategy in abroad.....................................................................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12

INTRODUCTIONMarketing is the process of identifying needs and wants of customer and fulfil themby giving best solution in form of products and services. And also aware them about thesesolution through which they can satisfy their needs and wants. For doing marketing anorganization has to follow its principles for achieving objectives. The report is going toanswer the principles of marketing and it is based on “Aldi” company. It is retail companyin private sector. The report is throwing light on the marketing process, benefits and costof marketing, micro & macro factors of marketing, competitive advantage, distributionchannel, effect of marketing condition on the company and promotional strategies. Themarketing mix with different segments of market and its impact has disclosed under. Thedifference between products and services for the businesses have covered. Differentiationof international marketing and domestic marketing and how a business can develop itsmarketing strategy to approach in abroad. TASK 1AC 1.1 Elements of Marketing ProcessEvery company has to follow the process of marketing to getting the correctinformation. There are four elements of marketing process which has given below:1

Situation analysis – Initially marketing manager has to analyse the entire situation.And this is done with the help of SWOT analysis. This identifies the organization'sstrengths, weaknesses, opportunities and threats(Acharya, Mahat andMithulananthan, 2006). The evaluation of situation helps the manager to understandthe resources they can build on and the challenges which they have to face. Aldidoes the same, analyse the situation and then react accordingly. This helps in takingdecisions related to marketing planning.Marketing strategy – After analysing the situation internally and externally, thenthe management builds required marketing strategy which fulfils the demand ofcustomers. The preparation of developing strategies must be according to themarket condition then only company can earn profits otherwise it will prove failure.Marketing mix decision – When required marketing strategy has build thencompany has to decide what will be the marketing mix. This includes 4 P's whichare: Product, Place, Price and Promotion. These are the elements which helps intaking appropriate decisions regarding the company's products and services. Implementation and control – After taking all the required decisions then time forexecution has come. This is the most important step of marketing process. All hasdepended on the implementation part(Ailawadi, Lehmann and Neslin, 2001). If itgoes wrong then the whole planning will be the waste of time and company has tobear the loss. AC 1.2 Benefits and costs of marketing orientationSeveral benefits and costs have associated with the orientation of marketing. Andthese help Aldi to take decisions regarding future plans. Though marketing orientation ishaving costs but it is also beneficial. Some of them are as follows:Benefits of marketing orientationThrough marketing organizationcan gather information about the needs, wants anddesires of customers. This provides information about the current market share of 'Aldi'. Because it givesimpact on the perception of stakeholders and investors.2

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