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Elements of Marketing Process of Halo Foods | Study

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Added on  2019-12-28

Elements of Marketing Process of Halo Foods | Study

   Added on 2019-12-28

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Elements of Marketing Process of Halo Foods | Study_1
TABLE OF CONTENTSIntroduction .....................................................................................................................................3Task 1...............................................................................................................................................41.1 Various elements of marketing process of Halo Foods.........................................................41.2 Benefits and cost of marketing orientation for Halo Foods ..................................................4Task 2 ..............................................................................................................................................52.1 Macro and micro environmental factors influencing marketing decision of Halo Foods ....52.2 Segmentation criteria of Halo Foods for its new products ...................................................62.3 Targeting strategy for energy drink of Halo Foods ..............................................................62.4 Buyer behaviour affecting marketing activities in different buying situations ....................72.5 Positioning strategy for Halo Foods......................................................................................7Task 3...............................................................................................................................................83.1 New product development to gain sustainable competitive advantage.................................83.2 Distribution process for new product ....................................................................................83.3 Price of new product according organization objectives and market conditions .................93.4 Promotional activity integrated to achieve marketing objectives of new product.................93.5 Extended elements of marketing mix .................................................................................10Conclusion ....................................................................................................................................10References......................................................................................................................................112
Elements of Marketing Process of Halo Foods | Study_2
INTRODUCTION In the present scenario, marketing has started to play very important role inn the successof businesses. Furthermore, various tools and techniques of marketing supports organization toincrease sales and profits by creating more and more awareness about their products and servicesin the market (Jobber and Ellis-Chadwick, 2012). The present report is based on Halo Foodswhich is UK organization established 25 years ago. This study depicts elements of marketingprocess of Halo Foods along with benefits and cost of its marketing orientation. Other than this,it also highlights the impact of micro and macro environmental factors on marketing decision ofthe organization. Furthermore, the present study also explain the process of new productdevelopment in Halo Foods in order to gain sustainable competitive advantage.TASK 11.1 Various elements of marketing process of Halo FoodsMarketing can be defined as the process in which a business enterprise make use ofvarious tools and techniques with an objective of increasing sales and profitability (Key elementsof a successful marketing strategy, 2015). The major element of marketing process of HaloFoods are mentioned below as: 3
Elements of Marketing Process of Halo Foods | Study_3
Defining aim and objective- The organization determines its aim and objectives ofmarketing before developing its plan (Lees-Marshment, 2009). Further, it can be statedthat this is one of the most important elements because it provides direction to theorganization in implementing its plan in the best possible manner. Research- Halo Foods deals with cereal bars which contains low carbohydrates and lowglycaemic index. Before making use of any kind of marketing activities, the brand carryout intense amount of market research. The benefit of this is that it supports theorganization in getting aware about the changing need and requirement of people inmarket (Sheth and Sisodia, 2015). Strategy- Strategy can be defined as an action plan to achieve certain aim and objectiveof business. Halo Foods starts developing its strategy on the basis of those identifiedneeds and demand of people in market. The main objective of behind developing strategyis to determine what tools and techniques of marketing will be used to attract customers. Defining target market- It is another important element of marketing process where HaloFoods defines its target market (Wang, 2007). This means that from overall population ofmarket, the organization determines a particular segment market which it is going totarget. For example the target customers for its products can be people from middleincome group which fall under age between the 25-50. On the basis of identified targetmarket, organization can develop effective strategies related to marketing and promotion.1.2 Benefits and cost of marketing orientation for Halo Foods Marketing orientation has emerged as a new and one of the most potential concept in the21st century. It can be defined as the process in which the need and demand of people in marketbecome the primary driver for all decision of businesses (Dann, 2008). Halo Foods has adoptedthe strategy of marketing orientation where all products and plans are developed on the basis ofcustomers need and demand. Furthermore, the organization makes frequent changes in itsproducts and marketing on the basis of changes in customer needs and preference. This results inincreasing overall cost of operations for Halo Foods. However, it can be argued that this cost canbe easily covered with the benefits associated with the process of marketing orientations. One ofthe major advantage is that the organization is able to carry out more focused production asconsumer needs has become its prime preference. Along with this, another benefit of this is that4
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