TASK 11 INTRODUCTION 1 1.1 Marketing Principles
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Marketing Principles |Table of CONTENTS INTRODUCTION 1 TASK 11 1.1 Marketing Process 1 1.2 Cost and Benefit of marketing 3 TASK 24 2.1 Micro and Macro Analysis 4 2.2 Segmentation strategy 6 2.3 Targeting Strategy 7 2.4 Buyer Behaviour 8 2.5 Positioning strategy 9 TASK 310 3.1 Competitor Analysis10 3.2 Distribution Channel 11 3.3 Pricing Decisions 12 3.4 Promotional Activities13 3.5 Extended Marketing Mix14 TASK 414 4.1 Enclosed in PPT 14 CONCLUSION 25 REFERENCES 26 INTRODUCTION Marketing is a comprehensive process wherein
TASK 11 INTRODUCTION 1 1.1 Marketing Principles
Added on 2020-01-07
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Marketing Process............................................................................................................11.2 Cost and Benefit of marketing..........................................................................................3TASK 2............................................................................................................................................42.1 Micro and Macro Analysis...............................................................................................42.2 Segmentation strategy......................................................................................................62.3 Targeting Strategy............................................................................................................72.4 Buyer Behaviour...............................................................................................................82.5 Positioning strategy..........................................................................................................9TASK 3..........................................................................................................................................103.1 Competitor Analysis.......................................................................................................103.2 Distribution Channel......................................................................................................113.3 Pricing Decisions............................................................................................................123.4 Promotional Activities....................................................................................................133.5 Extended Marketing Mix................................................................................................14TASK 4..........................................................................................................................................144.1 Enclosed in PPT.............................................................................................................14CONCLUSION..............................................................................................................................25REFERENCES..............................................................................................................................26
INTRODUCTIONMarketing is a comprehensive process wherein the marketers involve themselves invarying activities. It is a vast subject wherein the consumers needs and requirements are giventhe prior emphasises and all the activities revolve around this concept. The study presentsvarious components of marketing mix and aspects of marketing as well in context with Bentley,Vodafone and Barclay company. All three are providing distinct services. Main purpose of thecurrent study is to create better understanding of essential elements of marketing mix (Hussainand et.al., 2013).TASK 11.1 Marketing ProcessMarketing is an extensive process wherein the respective firms develop and design variedtools, strategies and plans so as to facilitate the sale of goods and services. It is a procedurewhereby the company has its set goals and targets to be achieved in the particular period of timethereby conducting certain activities so as to promote and sell its product in the market (Jobberand Ellis-Chadwick 2012). The four crucial element of the marketing have been discussedunderneath:Market Research: This is the first and foremost step of marketing process wherein themarketers conducted and in-depth research of the market in which the firm is operatingits business activities. They analysis the entire situation via using models and techniquessuch as SWOT, PESTLE as well as Porter's five force model (British Car Brand Names-List And Logos Of Top UK Cars, 2014). This is a method through which the Bentley, amanufacturer identifies its own strengths and weaknesses. Along with that thecompetitors strategies and tactics are also analysed reviewing the external environment inwhich the business is operating its operations.1
Illustration 1: Marketing Process(Source: Lilleker, 2013)§Formulating Strategies: After catering the needed information, it is being used to formstrategies and plans which best supplement the selling process. The concernedorganization uses the above data in varied form. These assist in conducting segmentation,targeting and positioning plans wherein the target customers are identified and selected tomeet the requirements of the Bentley.Developing Plans: This is the next step wherein decisions regarding pricing, distributionand communication mix is undertaken. Bentley is aware of its products strengths andweaknesses along with its rivalry firms (Mason and Staude, 2009). In order to display theproduct the most attractive and beneficial to the customer's, the said company developstactics and plans so as to attain its above inlaid strategies.Controlling: This is the last essential element of marketing process wherein themarketing manager of the Bentley keeps a track and record of all the activities so as toacknowledge that the plans and strategies are laid in appropriate manner as well as aids inachieving its targets (Solaimani and Bouwman, 2012).2
1.2 Cost and Benefit of marketingThere are several process through which the goods can be manufactured and sold to thefinal consumers. The modern concept of marketing orientation emphasises on the needs anddemands of the customers so as to provide them with those goods and services that best meettheir requirements. It is an comprehensive process used by the Bentley in order to distribute itsgoods and services to the final consumer (Terpstra, Foley and Sarathy, 2012). The company shallidentify the relative benefits and cost of carrying out those activities which serves greateradvantage to the organization.Illustration 2: Marketing Orientation(Source: Thijsen, Tong and van Leer, 2014)The relative cost that is incurred in the conducting a marketing process includes researchand development pursued by the engineers of the Bentley so as to identify new and innovativetechnologies and machines that will make the product differentiate it that from its rivalry firms.Likewise, the marketing orientation includes promotional and other activities which requireshigh amount of budgets. Along with that cost of producing the cars is much higher as the inputsinvolved in manufacturing the product has high rates (Yin, 2016). In addition to the above, thereare several other cost that also needs to be incurred such as indirect and direct expenses of thecompany. These can be electricity, telephone bills, salary to the workers, etc. In determining the benefit derived to the Bentley in conducting the marketing orientationprocess involves the high image that shall be formed in the minds of the consumers which willfurther facilitate it sales. Although the benefits are quite lower than the cost that is incurred bythe said organization. Therefore, it emphasises on using the hard concept of selling wherein theymake extensive efforts to sell the products rather then wasting money in promotional activities.3
TASK 22.1 Micro and Macro AnalysisIn order to conduct a thorough research and marketing plan of the luxury car industry, itbecomes essential to identify the micro and macro factors and its impact on the operations ofBentley company. The same has been highlighted underneath:Table 1: Micro AnalysisSuppliers PowerThere is a low power of the supplier on the Bentley, as they onlymanufactures specialized products. Therefore, it becomes devastating forthem to loose the contract from the auto-makers (Zalengera and et.al., 2014).Buyers PowerThere is a high amount of other substitutes product availability in the market.However, the number of buyers are less in purchasing luxurious cars. It canbe analysed that government has a high power as they purchase such cars inbulk quantity.Entry of newSubstitutesThe entrants of new substitute products is medium as the government of theUK is taking more initiative in reducing the fuel and environmental pollutionproducts thereby creating awareness of the gas efficient cars (De Ruyter andet.al., 2016). Rivalry powerIt can be assessed that there is high amount of rivalry power in the UnitedKingdom. Different firms are upcoming with high amount of new productsand services so as to give a tough fight to its competitors.New entrantsWith the high amount of profit associated with the automotive industry, newfirms are upcoming in the market which creates high amount of competitionto the Bentley Company (French and Gordon, 2015).4
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