Marketing Techniques and Concepts

This assignment delves into various marketing techniques and concepts. It analyzes the traditional '4 Ps' of marketing (Product, Price, Place, Promotion) and how they are applied in modern business contexts. The assignment likely includes examples of different marketing strategies and encourages students to evaluate their effectiveness.

INTRODUCTION
TO MARKETING
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
P1 Describe marketing techniques to market products ..............................................................1
P2 Limitations and constraints of marketing..............................................................................3
P3 How marketing research contributes in the development of marketing plan........................4
P4 Conduct a marketing plan by marketing research..................................................................5
P5 Groups of customers are targeted for selected products........................................................7
P6 Develop a marketing mix for new product............................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
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INTRODUCTION
The report is based upon the core concept of marketing. Marketing is the term that is
useful in buying or selling organisational products. Every small and large business organisation
follows effective marketing techniques in order to manage healthy relationship with their
customers. Along with this, it is the process of influencing users so as they can purchase their
products and services. This will also help managers to compete with competitors and other
external sources (Verhoef, Kannan and Inman, 2015). They also have to identify accurate
methods of marketing by which sales and profits can be increased whereas, marketing planning
assist in identifying those factors which have an effect on company's growth and success in
capital market. The report is based upon the marketing strategies of Mark & Spencer. It basically
deals in clothing and food products; the company also sells branded products such as- Kellogg's
corn flakes since 2008. Another phase of this report consists with PESTLE, SWOT and SMART
analysis that helps in to develop an effective marketing plan and with that employers can easily
achieve their goals and objectives by gaining competitive advantage (Molesworth, Scullion and
Nixon, 2010). There are some legal constraints of marketing, such as- Sales of Goods Act 1979,
the Consumer Protection Act 1974, Data Protection Act 2006 and Consumer Credits Act 2006.
Therefore, with the help of all these rules and regulations employers can easily manage their
advertising standards and values. Along with this, marketing mix- product, price, place and
promotion supports in to create a key group of customers by conducting a marketing research.
TASK
P1 Describe marketing techniques to market products
Marketing tactics are responsible to know the marketing strategies so as products and
services of organisation can be promoted in marketplace. In Starbucks and Mark & Spencer, it is
helpful in order to maximise sales and managing profits for a competitive product. The outcome
of using effective marketing tools is that it provides substantial customer satisfaction. It forces
managers to improve their financial resources to extends the methods of promotion of products
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and services in business organisation (Dief and Font, 2010). There are mentioned below tools
and techniques of marketing by which managers can easily target there potential market:
 Ansoff matrix- it is also known as growth marketing strategy for business organisation
because it helps in product market development. Ansoff matrix involve four stages that
are- market penetration, market development, diversification and product development.
Market penetration refers with expanding the sales of product in present marketplace. It
assists the managers of Starbucks and Mark & Spencer to know that how their products
are working and how it is enable to attract customers. Products development seeks with
the expansion of new product in existing market, whereas market development involves
adding new features in existing products. And in diversification, the firm is introducing
new products or services into new sector (Woodside, 2010).
 Branding and promotion:- For Mark & Spencer and Starbucks, it helps to enhance the
growth of the product in capital market. With the help of branding and promotion
techniques managers are able to promote their products and attract more customers. It
aids in build strong relations with market: increase sales and market share of
companies. Starbucks has to promote its brand and extend the area of selling its goods
and services, i.e., coffee. If the brand of the product is effective so as it is useful in
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improve stock prices and shareholder values of their business organisation (Engelen and
Brettel, 2011) Branding and promotion also refer as survival strategy of marketing
techniques because with that employers can gain their competitive advantage. With that,
brand values of products are also developed in order to expansion of growth and success
of business organisation.
 Relationship marketing – It is a kind of marketing technique, which helps in focusing on
improving relationship with their customers. So as it also known as customer relationship
management (CRM) and it is the type of traditional marketing. Along with this, the old
theory of marketing focuses on developing consumer relationships by providing them
quality products and services. This can easily influence clients so as they can be willing
to purchase organisational products and services. The approach of personal marketing
shifts towards increased the need of buyers in economic market. The above mentioned
are the three techniques of marketing. So as managers of Starbucks and Mark & Spencer
have to adopt branding and promotion because until customers are not aware towards the
uses of products still they don't prefer to buy this. Therefore, it assists in order to
promote the values of products and services in marketplace.
P2 Limitations and constraints of marketing
The scope of marketing is so wide but it also has some limitations and constraints.
Customers have to take care while purchasing any products and services from market.
Government of UK has framed many laws and rules by which it can protect the customers’
rights. Along with this, these laws and legislations also force to organisations in order to provide
high quality of products and services (Fernie and Sparks, 2014). The following are basic
limitations of marketing which are as described below:- Sales of goods act 1979: - The act refers to provide quality products and services to
customers and satisfying their needs. In this act the contract has been made between two
parties regarding sells and purchase of goods. There are several functions that are
performing in sales of goods act. Along with this, customer buys something from seller
and vendor sells something to buyers. Prices is important factor for buyer and seller at the
time of transfer of goods and services. The Sale of Goods Act states compulsory legal
rules that are concerned with an arrangement of implied terms, the purpose of this act is
to indicate the commercial expectations at the time of sales contract.
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 Consumer protection regulations form Unfair trading regulations 2008 – The act was
made in order to take care customers rights. Consumer protection regulations form unfair
trading helps in to save customers from misleading trading practices and ban these
omissions and assertive sales tactics. In this regulation there are three sections that are as
follows:- a usual ban on unfair commercial activities, the blacklist of activities are always
unfair and the restriction on unfair and aggressive practices are made because it has
impact over average buyers (Grönroos and Ravald, 2011). Consumer credit Act 1974 and 2006- Consumer credit act is responsible in order to
provide protection to customers at the time of loans and credit. Managers have to focus
on that so that they can easily attract more clients and their trust as well.
 Data protection act 1998: - data protection act helps business organisations in order to
save the personal data and information of customers. It refers with control and follows
strict regulations that is known as data protection principles. For Mark & Spencer and
Starbucks, the act can be used as to protect the records or keep them safe and secure
P3 How marketing research contributes in the development of marketing plan
Marketing research- It consists with collecting information about customers’ needs,
effectiveness of marketing programme and competitors. In Mark & Spencer, it is useful in order
to increases business profits and their sales as well. With the help of effective market research
manager can easily get information about their target market so as they can develop their
strategies accordingly.
Importance of market research -
 Marketing research is an important tool that helps in develop a marketing plan for every
business enterprise. If it is not able to indicate market demand of the products, then the
research is viable and not beneficial for managers.
 It helps in testing the interest of the people towards new products and services of the
company. By that managers can easily know that what their customers wants and tries to
produce their products as same. If buyers get the products that is enable to fulfil their
desires then it increases the market growth and success of the organisation (Gummesson
and Mele, 2010).
 In Mark & Spencer, to improve their aspects, marketing research involves to providing
quality services to customers. With that the competitive strategies of company are also
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developed and products enable to stand in competitive market: it determining the
organisational growth and success.
 Market research also monitoring the economic trends by developing marketing strategies
and policies.
 It also helps in decision-making process of the company so as risk factors are
automatically reduced from marketing plan of the company.
Types of marketing research- Quantitative research methods- these methods deals in numbers and logics. This kind of
research methods consist on numerical or unchanging data that is helpful in framing
research tools and techniques. In qualitative research, results are based upon sample size
or population. Surveys, correlation, casual comparative and experimental research are the
main types of qualitative research. By using this, employers can easily develop their
marketing plan because they have customers’ feedback in numerical form. Qualitative research method- case studies, grounded theories, ethnography, historical
and phenomenology are the main components of this research. Along with this, managers
can conduct their marketing plan with the help of past history and records of business
organisations. With that, employers can easily identify the factors that will impact on
organisational growth in forth coming period (Kotler, 2011). It is the most common
methods that is used in data collection and data analysis for managers or researchers as
well. Primary research – primary research is carried out for particular issues and cases. It can
relate with new and fresh research that gives trendy data to a researcher. Along with this,
it t involves questionnaire,face to face to face interviews of small groups and individuals.
 Secondary research – In Mark & Spencer, the research help managers so as they can use
the information that is previously collected by another researcher. Secondary research
also known as deck research and it can be published in library, internet or surveys.
P4 Conduct a marketing plan by marketing research
The above mention marketing research is helpful in developing an effective marketing
plan. There are mention below the stages that are involve in marketing planning process of the
company:-
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 Determine organisational objectives- it is the first priority of managers to determine the
goals and objectives of their organisation. They are helpful in improving the performance
level of employees and motivates them to work hard. In Mark & Spencer, mission
statements helps in to identifies its capabilities so as managers can develop their
strategies accordingly (Lefebvre, 2011). Assessing organisational resources- After managers have to evaluate the resources by
which they can analyse the capabilities of production. These organisational resources
involve- technology, finance and human resources so as managers can pinpoint the
strength and weakness of the company. Along with this, strength assists in to set
organisational goals, aims and creating policies towards meeting objectives. Assessment
of resources also helps in order to take competitive advantage form marketing
opportunities. On the other hand, resources weaknesses might inhibit the execution of the
company from taking benefits form capital market. Evaluating risk and opportunities:- There are so many organisational factors that impact
on its emergence and success. With the help of PESTAL analysis managers can easily
assess forthcoming risk and uncertainties in business organisation. PESTAL analysis
involves political, environmental, social, technological and legal factors that effect on
productivity of Mark & Spencer. The growth of new innovations or technologies can
open new possibilities for under-marketed products. Marketing strategy- After this, managers have to formulate their marketing strategies and
polices by which they can easily achieve target market. It is whole programme that is
responsible for selecting best target market and this segment also has the solutions by
which managers can easily fulfil the needs and demands of customers (Lefebvre, 2011).
SWOT analysis is also helpful in developing effective marketing strategies because it is
the evaluation of all internal factors.
 Implementation of plan- in end, employers have to implement their plan in overall
organisation after discussing it with all employees and necessary initiate corrective
actions also can be done through changing in marketing plan.
Tools of marketing planning:- PESTLE analysis :- It is the evaluation of all external factors that effecst employees
performance towards goal achievement. External environment involved are- political,
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environmental, social, technological and legal factors. Before implementation of any
marketing plan managers should have to evaluate all external factors so as they can
develop strategies accordingly. It also helps in identifies the upcoming challenges and
threats that impact on business performance and growth. SWOT analysis :- It involves- strength, weakness, opportunities and threats of both cited
companies. If managers are unable to find out all internal factors that affects employees
productivity and execution then they easily improves the process of marketing planning
(Liang and Turban, 2011).
 SMART analysis:- At the time of goal accomplishment leaders have to follow specific,
measurable, attainable, realistic and time-bound goals. Because they are very easy to
achieve for business managers.
Form the above mention all these tools of marketing planning, the best one is SMART
technique of goal accomplishment. Along with this, it is very essential to both companies that
they focus on setting objectives and targets. If Mark & Spencer has SMART objective so that it
is enable to achieve success and emergence form target market.
P5 Groups of customers are targeted for selected products
In every business organisation, managers have to divide their customers into groups for
selling products and services. For Mark & Spencer, employers also segment their customers
according to their needs and demands. This is very essential for marketing-managers that they
are creating various key group of customers according to their needs and desires. It helps in to
achieving competitive advantage form target market and improving company's growth. There
are mention below the methods of market segmentation such as-
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 Geographic segmentation- It impacts on marketing mix of place, promotion, price,
products and also distinguish market into antithetic geographical boundaries. Along with
this, Mark & Spencer focus on different cities of UK to sell its clothing brands and
products. For achieving higher growth the organisation has to move towards metro cities
and urban area where customers are able to pay high rates for quality products and
services (Palmer, 2012). Demographic segmentation- In that groups are divided in age, gender, occupation,
family size, religion and nationality. For example- the cited organisation targets children,
men and women to sell its products with different ads and media. It is best option to
know customers’ needs and desires or demographic variable are very easy to assess in
comparison with others. Psycho graphic segmentations- It pertains with life style and personality traits of
customers. It involves the standard of buyers and produce products accordingly. Along
with this, psycho graphic factors involves interests, activities and opinion of consumers
towards the goods of Mark & Spencer. In Urban area people prefer to purchase western
clothes and dresses whereas in rural area buyers choose traditional products and goods.
So managers should have to separate their market into values and beliefs of consumers.
 Behavioural segmentation- It divides market into buying shopping behaviour of
customers. It means peoples who prefer online purchasing form Mark & Spencer so as it
has make available products on online website. Along with this, it also divided buyers
upon their knowledge, attitudes and responding of any product or goods (Piekkari, R.,
Plakoyiannaki and Welch, 2010).
With the help of all these market segmentations, managers of Mark & Spencer can easily
evaluate their target market. Targeting groups of customers also assist managers to understand
that what their customers are expecting form them.
P6 Develop a marketing mix for new product
Mark & Spencer needs to prepare an effective marketing mix for their new product
development. Along with this, marketing helps in to set own actions by which organisation will
promote its products and services. There are four elements that are included in this planned mix,
such as- product, place, promotion and price (Rand and Rust, 2011). It helps in to expand the
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product where customers are willing to purchase it. There are mention below the elements of
marketing mix, such as-
 Product- It seeks with the item that would be sold in target market. Product refers with
the task that helps in fulfilling consumers’ needs and demands. This should involve better
quality and effective features so as many buyers can easily attracts towards the company.
An effective product not only involves good quality but also includes product range,
lines, branding, packaging, labelling, guarantees and warranties. Therefore, managers
have to managing their goods through life cycle of products. Price- price seeks with the amount which a customer will pay at the time of purchasing
nay products. It is the only variable that has regulated for increas8ing sales revenue of
the company and it considers with perceived value of customers. There are some factors
that are involve in pricing mix- price setting and tactics, payment terms, discounts or
allowances (Shankar and et. al., 2010). Along with this, managers have to improves their
pricing strategies so as low section buyers also purchase it. This will also increase the
organisation growth and success form target market. Place- place refers with the channel of distribution of goods and products of the
company. Managers have to decide their target market and enhance their services at here.
This will also help to reach the customers among more buyers and achieving market
coverage for the specific product.
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 Promotion – promotions helps in increasing marketing communications. It involves-
advertising, personal selling, sales promotions of the products of Mark & Spencer. These
tools of promotions are helpful to put across the audience needs with organisation.
CONCLUSION
Form the above mentioned report it has been concluded that marketing process is very
essential for growth and success of every product and service. Ansoff matrix, relationship
marketing and branding & promotion are the techniques by which managers of Mark & Spencer
can easily know the customers’ needs and demands. Sales of goods act 1978, consumer
protection act and data protection act 2008 are being considered as limitations and constraints of
marketing by which consumer rights can be easily protected. Marketing research is helpful in
order to prepare an effective marketing plan. Qualitative and quantitative rematches methods
help to find out the needs and desires of customers. Along with this, marketing planning is the
process by which manager can easily accomplish goals and objectives of their business
organisation. SMART tool is the techniques by which the process of achieving objectives is
become so facilitates. Whereas marketing mix also involves these four elements- product, price,
place and promotion.
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techniques.html>. [Accessed on 7th June 2017].
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The Marketing Mix and the 4Ps of Marketing. 2017. [Online]. Available through:
<https://www.mindtools.com/pages/article/newSTR_94.htm>. [Accessed on 7th June
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