Elements of Marketing Process | Halo Foods
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Added on 2019-12-28
Elements of Marketing Process | Halo Foods
Added on 2019-12-28
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MARKETINGPRINCIPLES 1
INTRODUCTION ..........................................................................................................................31.1 Various elements of marketing process.................................................................................31.2 Evaluating the benefits and cost of marketing orientation in Halo Foods ............................4TASK 2............................................................................................................................................52.1 Various macro and micro factors that impact the marketing decisions of Halo Foods.........52.2 Proposing the segmentation criteria for Halo Foods for new product ..................................62.3 Targeting strategy for new healthy range of products by Halo foods ..................................72.4 Impact of buyer behavior on the marketing activities of Halo Foods ..................................82.5 Positioning strategy used by Halo foods ...............................................................................8TASK 3............................................................................................................................................93.1 Developing products to sustain competitive advantages.......................................................93.2 Distribution system used by Halo Foods ..............................................................................93.3 Determining the prices for new products of company.........................................................103.4 Promotional policy for company.........................................................................................113.5 Additional elements of extended marketing mix of Halo Foods ........................................11CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................132
INTRODUCTION Marketing is termed as the procedure of planning and implementing concepts, pricing,merchandising and distribution of commodities, services and ideas to develop the dealings thatmeet individual’s and business objectives. It is also taken as a managerial approach throughwhich customers acquire what they need and desire by developing and exchanging offerings andvalue with others (Sheth and Sisodia, 2015). In this report, different aspects of marketingprinciples will be studied in context of Halo Foods. Halo food is a renowned company that is known for offering cereal bars that fulfill theneed of customers to consume high quality food. The firm also offers spanning energy bars,specialized diet bars, Low-Carb bars, chocolate enrobed snack bars and low glycaemic indexproducts. In this report, benefits and costs of marketing orientation will be studied. Differentmacro and micro factors that impact the marketing decisions of Halo Foods will be described. 1.1 Various elements of marketing processWith the help of marketing process, Halo Foods tries to identify the emerging needs ofcustomers and therefore, develops bars and other products accordingly. This further helpscompany in retaining the loyal customers and in attracting the new ones. The marketing managerof company also focuses on various elements of marketing procedure which are as follows:Recognizing the marketing opportunities: It is an important process that helps theorganization in identifying marketing possibilities that meet the requirements ofcustomers in accordance with the changing tastes, preferences, market trends and needsof consumers (Marketing Elements. 2015). It can be explained like; with the increasinghealth consciousness among millennial, Halo Foods launched special diet bars. Selecting the potential market: The marketing procedure of company is concerned withthe selection of prospective market with having superior marketing possibilities to offer awide range of offerings. With this aspect, firm decides to whom they want to sell itsproducts. For instance, chocolate snack bars are for kids, low glycaemic bars for elderly,etc.Strategy: It refers to a well defined plan of action that helps the organization inachieving long term goals (Jobber and Ellis-Chadwick, 2012). It plays an important role3
in guiding the marketing efforts of Halo Foods that further ensures the success ofbusiness in future. It is significant for the marketing manager to consider long termvision, mission, core competencies, etc. while devising the strategy . Planning: It means proper sequential steps that assist Halo Foods in attaining the framedobjectives of business by applying planned strategy. Further, it involves allocation ofresources, setting time frame to goals, preparing budget, etc. Tactics: They are short termed plans that help Halo Foods in achieving short term goalsof business. Main aim of tactics is to enhance the sales of establishment by stimulatingcustomers to buy the product (Sheth and Sisodia, 2015). It involves an effectual use ofpromotions, offers, discount, loyalty program, etc. 1.2 Evaluating the benefits and cost of marketing orientation in Halo Foods Marketing orientation is an important approach that assists company in designingproducts as per the desires, requirements and preference of consumers. It further ensures properfunctionality of product along with the skillfulness in production (Sheu, 2014). With this aspect,organization is able to build a distinct image of its brand in market and to create maximumcustomer loyalty. The marketing orientation of Halo Foods involves various costs and benefitswhich are as follows:Benefits: Superior level of branding: With the help of marketing orientation program,organization is able to make constant modifications in its offerings that further help inbuilding curiosity among customers with regard to products of Halo Foods. Further,company is able to build a unique image in the market (Marketing orientation. 2015). Marketing benefits: Being a marketing orientated entity, Halo Foods is able to interpretthe market requirements and the way in which they can market the same. Further,marketing manager can communicate the customers about the way in which their productmatches with the customer’s needs (Svatosová, 2013). Therefore, firm can developemotionally affecting request in their television commercials and ads to encourage morebusiness. Costs: 4
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