Element of Marketing Process

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Marketing PrinciplesAssignment Part 2: Report1
Table of ContentsINTRODUCTION...............................................................................................................................31 CONCEPT AND PROCESS OF MARKETING (LO 1.1)...............................................................32 EXPLANATION OF BENEFITS AND COSTS OF MARKETING ORIENTATION FORICELAND SUPERMARKET (LO 1.2)...............................................................................................3PART A : MARKETING AUDIT........................................................................................................53 CONCEPTS OF SEGMENTATION/TARGETING/POSITIONING..............................................52.2 One product that can be marketed to two different segments....................................................52.3 Market coverage strategy for selected product..........................................................................52.3 Defining target market for selected product..............................................................................52.4 Buyer behaviour affects marketing activities in different buying situations.............................52.5 Identification of positioning options for selected product........................................................6PART B: MARKETING PLAN..........................................................................................................64 EXPLANATION OF 4 PS.................................................................................................................63.1 Ansoff matrix............................................................................................................................63.1 Explanation of product development of the marketing mix......................................................63.2 Explanation of distribution element of the marketing mix........................................................73.3 Explanation of price element of the marketing mix..................................................................73.4 Explanation of promotional element of the marketing mix.......................................................84.1 Planning and recommendation separate marketing mixes for two different segment...............85 EXPLAIN AND ANALYSE EXTENDED MARKETING MIX (LO 3.5).....................................86 BUDGET..........................................................................................................................................8EVALUATION....................................................................................................................................9CONCLUSION...................................................................................................................................9REFERENCES...................................................................................................................................102
INTRODUCTIONThe present report describe element of marketing process which are benefits and cost ofmarketing orientation. Research describes environmental analysis through two models. It introducesthe current market mix strategies, segmentation criteria, targeting techniques and positioningmethod of method of the company (Beamish and Ashford, 2007). It also explains the competitivestrategies, firms network distribution system, pricing methods and promotional activities ofenterprise. Research also describes how they fulfil market objectives and market conditions throughvarious activities.1 CONCEPT AND PROCESS OF MARKETING (LO 1.1)Marketing can be defined as the process by which a company promotes, sells as well asdistributes a set of product and service offering. Marketing process is inclusive of the followingareas;Organization Objectives- Iceland Supermarket gives best quality products for the money.Organization is applying huge efforts to solve customers problems regarding productquality, queries, innovation and store facilities (Calkins, 2012).Market Audit -This Corporation has spread its business in 14 countries. This is the leadingcompany of Britain in retail sector. Organization uses social media like Facebook andTwitter to interact with the customers. Currently, firm is offering price promise, fuel saveclub card and coupons to attract consumersMarket analysis-According to Iceland Supermarket report, company revealed 72 billionpound sales globally in 2013. Company growth was 1.3 % higher than previous year. Firmissued 19 million equity share of 0.05 p each in 2013. Corporation accounts 43 millionloyalty customers worldwide (Luther, 2011).SWOT analysis:SWOT is process to find out internal and external factors. This analysisaffects elements of the marketing process. Firm can remove its threats and weakness throughusing this method.Strategies and Market objectives– This point can be linked with organization objectives.Company applies all efforts in term of achieving marketing goal and mission. Firm setsstrategies after setting of goal and mission (Baker and Holt, 2004).2 EXPLANATION OF BENEFITS AND COSTS OF MARKETINGORIENTATION FOR ICELAND SUPERMARKET (LO 1.2)Marketing orientation is a business model emphasizing on developing the goods and3
services as per the end users requirements. There are four types of marketing orientation:production, product, sales and marketing. Under production marketing orientation concept, themanufacturing of the products are taking place without considering the service users needs anddesires and focused on mass production (Kasi, 2016). On the other hand, in product marketingorientation concept, companies are emphasizing on improving the quality of the products ratherthen increase the volume of production. Behind adopting the following framework is consumer arebuying those goods which are in good quality, attractive features and durable. In sales concept,firms have focused on increase profits by putting more efforts on sales and distribution of thecommodities (Seun, 2013). Similarly, under marketing concept, companies are considering theneeds and wants of the customers at the time of developing the products and services rather thanemphasizing on making profit.Explain benefits and downsides of a marketing orientationfor Iceland SupermarketBenefits of marketing OrientationResponding to demand-Market orientation oblige the firm to think about the need ofcustomer and which type of product he wants. This research helps the organization toforecast on product trends and consumer needs regarding product (Stephenson,2005).Competitive advantages-If Iceland Supermarket has huge knowledge about their customersthen it can take good competitive advantages. So Organization purchases their productsaccording to customer’s requirement. So this thing greatly helps enterprise to increaseconsumer’s frequency. Customers will repurchase the product again and againIncreased sales growth– Market orientation helps the organisation to increase sales growth.Company sales growth is increasing globally like Asia, Europe and U.S.A. Sales of firm wasincreased by 0.3 percent in UK since February 2014 (Strauss, 2010).Downsides of marketing orientationMarketing orientation results in many costs for Iceland Supermarket. Enterprise uses manymarketing orientation programs. Company conducts extensive market research because firm needshigher intelligence data to respond customer’s queries but this type research is very costly for thefirm (Caemmerer, 2009). Corporation has to implement latest IT technology to interact with thecustomers. Company has to recruit more IT experts to take care of IT equipment. Enterprise has toconduct training for its employees which leads to higher cost.4
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