Marketing Strategies for Success

This assignment delves into the fundamental principles of marketing strategy. It examines key concepts such as market segmentation, the creation of effective marketing strategies, and the importance of achieving customer delight. The analysis also considers the role of competitive advantage in a dynamic business environment. The provided text references various influential works on marketing, strategy, and economics, highlighting the complex interplay between these disciplines.

MARKETING PRINCIPLES
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1Various elements of marketing process..................................................................................1
1.2 Profits and cost involved in Bristol Cars market positioning................................................3
TASK 2............................................................................................................................................3
2.1 Influence over the marketing decisions by macro and micro environmental factors............3
2.2 Segmentation criteria for the cars in various marketplace.....................................................5
2.3 Targeting strategy for Bristol cars........................................................................................6
2.4 Buyers behaviour affecting the marketing activities.............................................................7
2.5 Positioning strategy for Bristol Cars......................................................................................7
TASK 3............................................................................................................................................8
3.1 Development of product to sustain the competitive advantage.............................................8
3.2 Distribution is arranged to provide quality services to the clients ......................................9
3.3 Prices are set to reflect the Standard Chartered objective and market condition ...............9
3.4 Promotional activity is integrated to achieve marketing objectives....................................10
3.5 Additive factors of the prolonged marketing mixture for Standardized Lease...................11
CONCLUSION..............................................................................................................................16
REFERENCES ...............................................................................................................................1
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List of Figures
Figure 1: Elements of Marketing Process........................................................................................2
Figure 2: Factors affecting marketing decisions..............................................................................4
Figure 3: General targeting strategy of organisations......................................................................6
Figure 4: Medium of Promotions..................................................................................................10
Figure 5: Additional Elements of Marketing Mix.........................................................................11
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INTRODUCTION
Management of tasks like allotment , broadcasting and accounting to transmission of
goods and services to the customers in order to satisfy their needs from the sellers are referred to
as the marketing principles. Such type of principles are often useful in optimization of the
opportunities provided by the market order for the organization to achieve its targets and
objectives. Macro and micro factors factors will also be considered in order to determine an
individual's behaviour of buying which has a impact in the growth of future. Light has been
thrown on distribution, focussing and orienting criteria that are utilized in Bristol Cars in this
report. Focussing on the agonistic assets that are helpful for the growth of feasible goods and
services of the bank with details on medium distribution for the convenience of customer has
been done at the end along-with new task.
TASK 1
1.1Various elements of marketing process
There are different elements present in the marketing process of the organisation.
Marketing plays a critical role for attracting the customer by considering their demand and
fulfilling their and organisation objectives by providing customer satisfaction. It provides
relevant information to the customer about the product and services the organisation is offering.
Marketing in simple term define as set of procedures and guidelines that emphasis on customer
need and demand by providing effective communication, information and delivery of the
product. Organisation in accordance with current scenario is utilizing the method of marketing
for the right product to be delivered to the appropriate customer at accurate place (Kotler.et.al.
2015). Various fundamentals of marketing methodologies can be utilized by Bristol Cars. Few
among them are :
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Figure 1: Marketing Process Fundamentals
Customer’s need:
Understanding of the needs along-with perception of the customer for the types of cars
they require is of utter importance for Bristol Cars . Only after analysing this process the
organisation can frame the marketing strategy and plan respectively.
Marketing strategy:
After developing the product, the organisation needs to market their product in the
market. Strategies in marketing of Bristol cars may depend upon the competitor’s price value
and product along-with conditions in marketing that are also taken in account during selection
of strategies in marketing for the brand-new good or existing existing good in order to boost up
their gross sales (A. Griffith et.al. 2014).
Customer delight:
Organisation needs to provide the customer benefits like discounts, free gifts, innovative
offerings, after sales services etc. to attract the customers towards their product to increase their
sale with customer satisfaction.
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Marketing Process
Fundamentals
Customer’s need Marketing strategy Customer delight

1.2 Profits and cost involved in Bristol Cars market positioning
Orientation or positioning in market is the method through which organisation
determines the trends currently in the marketplace and develops the scheme according to the
trends that satisfies the client demands along-with needs. Below is given the profits in the
positioning in Bristol cars:
Long term profitability- The Bristol cars would have a beneficial and competitive advantage of
using the positioning of market to achieve profits which are long term. In pursuance of retaining
the customer , considering long-standing and for maintaining relations which organisation uses
the networked platform for providing the instant services and queries of customer would be
resolved on time.
Customer value formation- For achieving the customer satisfaction the only criteria is to
consider the customer’s necessities and demands in order for the reception of best product to
them for their worth (Hollensen, 2015). The Bristol cars can use positioning market techniques
to do the aforementioned.
Expenditure of positioning- Positioning prices are generally at peak due to which the
organisation is capable of identifying the necessity and request of the product for developing the
strategy. The main cost that is concerned with positioning of market is exploration costs of the
market , which also consumes human resources along-with period of time of the Bristol cars
although it is facilitatory for trends and international markets research.
TASK 2
2.1 Influence over the marketing decisions by macro and micro environmental factors
Every organisation has some internal and external factor affecting it. The macro and
micro environment in the organization too affects a Bristol Car.
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Figure 2: Elements influencing decisions in marketing
(Origin: Macro and micro factors, 2016)
Below are given few macro factors affecting decisions in marketing:
Technology based factor-
In global environment it is a really critical factor and affects the most over decisions and
functioning of institution. Changes in technology taking place very vastly even on marketing the
organisation need to use advance technology for providing their services like services in
networking over the official websites of them that lead the marketing decisions to be positively
affected (Zeriti et.al. 2014).
Political factor-
Bristol Cars need to consider the political factor that includes regulation and rules by
government thus influencing the commercialism strategy along-with decisions. And in current
scenario this factor is of utter importance for maintaining the productivity of the organisation.
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For example: UK government mandates the organisation to follow the political factor while
taking marketing decisions.
Micro environmental factors
Employees-
Employees are the key drivers of the organisations who take the organisation in the
directions where they want. It affects the marketing decisions if employees are not treated
equally or discrimination is present at workplace or any other reason than that organisation will
not prosper (Turnbull et.al. 2013).
Customers-
The long run objective of organisation is to maintain their market share and brand image
in the market. This could only achieve through customer satisfaction by providing quality
services of Bristol Cars.
2.2 Segmentation criteria for the cars in various marketplace
The method of dividing the marketplace and reaching out the customer to fulfil their
demand in mainly known as segmentation. The market on the basis of demographic, action and
physical position of the product that are essential parts for segmenting are segmented by the
Bristol cars. Income of the customer for segmenting is also taken into consideration by the
organization as it is involved in cars, luxurious enough, which the middle class people cannot
afford so here also segmenting play a important role. Bristol cars even have to conduct the
market research and survey for segmenting the product. It is the method dividing the market
according to the range of the product and allots the affordable cars according to the respective
income of the individuals. On the basis of the location of the clients the market is divided by the
geographical factors and try to reach at their place to meet their need although now it simple to
reach the location of the customer through online services that enable the point of sale and cars
industry to be known by marketing manager and most of the cites and states have their branches
or distributors (Cross et.al. 2015).
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2.3 Targeting strategy for Bristol cars
Figure 3: General-purpose strategy of organisations for targeting
(Origin: Strategy of Targeting, 2016)
Targeting strategy is referred as the process of a particular group or individual being
specifically targetted who , for the product , show their preferences. For introducing and
promoting the cars of Bristol, organisation can use targeting strategy. The strategy focuses on
framing the design and developing the marketing activities on the basis of preference of the
clients. Preference of the customer is based on age, values and beliefs that have a significant
impact on sale of the product. While forming the strategy the Bristol car had to consider this
point because sporty and luxury cars are preferred by young age and other points like
competitors move etc. Emphasis on the channel distribution which is being outsourced or having
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their in house method of distribution of the product due to its less cost in strategy of segmenting
as their no fund needed for the building the construction and sales human resources,needs to be
done by Bristol cars (Bostrom et.al. 2013). From the point of customers, the customers are even
benefited by the segmentation as they don’t need to look for their expectations in the physical
market and demand as the organisation in order to reach them puts effort through online
platform by offering vast variety of cars with the comparison in prices for the range of cars that
are available.
2.4 Buyers behaviour affecting the marketing activities
Customer has the power to rule the market in the current scenario; this is because the
buying behaviour of customers varies according to the needs and expectations of them with
respect to products and services. For meeting the expectations the organisation need to frame the
strategy that is preferable for the customers. The organisation will not able to launch the new
product without the determination of the buying behaviour and for this purpose marketing
activities play important role. Personal incomes of buyers which are non-essential also help in
knowing the criteria for marketing activities. The buyer of Bristol cars usually prefers to have
information search for the product they are prefers to purchase of the automobile industry as it
involve huge amount of spending. Hence, information search is also important factor to
determine the buying decision. Bristol cars can use social and emotional appeal in the marketing
activities so that they can influence the buyer and can change their preferences to purchase of the
product. The buying behaviour of the individual affecting the marketing activities of the
organisation also gets influenced by the competitive price and costs(Oliver, 2014). Growth in
marketing of cars will cause more number of people being attracted . The Bristol car can use the
online platform or direct marketing by offering attractive concession and advanced properties for
variety of their range of cars.
2.5 Positioning strategy for Bristol Cars
Bristol Cars uses strategy to compete in market according to the current view of
customers towards the organization. In present scheme, the organization is focusing on sporty as
well as luxury cars, as they already sets standard in United Kingdom. The support of efficient
advertisement tool and brand image, cited organization will take advantages of competitors. The
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organization is known for it's good quality of services and satisfaction of customers. They are
also using cost control techniques in production department which helps them to achieve good
reputation in market. With the help of scarce resources and this strategy, they can achieve
excellent promotional activities, it also helps organization in directing, controlling functions and
planning. The main focus of every organization is to achieve customers loyalty, Bristol cars can
achieve this with the help of positioning strategy. By improving the relation with employee,
brand image in market will also increase as the trust of the employee on the organization
increases.
Bristol cars can achieve customers trust by providing the extra services with respect to
the cars as offered by car industry. The organization can maintain long term sustainability and
market growth with the help of strong positioning strategy. According to customers and
management, cited organization would acquire a positive reputation in market.
TASK 3
3.1 Development of product to sustain the competitive advantage
The most important factor for success and the long term viability is sustainable
competitive advantage. Over 150 years, Standard chartered bank has stood out among the biggest
bank of UK in terms of quality services in banking sector. According to market capitalisation, it
comes under top five banks which is regulated by financial conduct authority and prudential
conduct authority. To withstand with the competitors in the market, an organisation should have
the strengths named competitive advantages. World leadership and building of a branding can be
done by sustaining the customers. The maintenance and improvement of an organization is
permitted by sustaining competitive advantages. Standard chartered is enable to withstand with
it's competitors with the help of this advantage. It is an organization's duty to modify the services
as per the demand of the client. Through feedback system, some idea and information is
collected in the organization for customers and employees which improves the services
periodically. In the present scheme of banking sector, many of the banks are focusing new and
innovative ideas to attract customer while focal point of standard chartered bank is always
quality of the services provided to the customers.
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The advantages over competitors is known as competitive advantage; it can be achieve by
decreasing the interest on loans and increasing interest on investments by customers in the bank.
3.2 Distribution is arranged to provide quality services to the clients
For an organization distribution is one of the important factor; it can be achieve by
progressively increase in number of banks and ATMs at every possible location. Distribution
process plays an important role in building a brand image and to provide the quality services to
customers. Banking services can be access easily and timely with the help of internet. As online
transaction is a simple process, therefore customers does not face any difficulty in online money
transaction. Organization also offers physical transactions of money for the customers who are
unable to use internet, but for that customers have to visit to the bank. To sustain good relation
with customers, employee guide them for completion of their transaction. If there is any kind of
failure in the distribution management, then it is organization's responsibility to provide banking
facilities to the customers and do the needful. Distribution channel of Standard chartered has to
improve to reduce the problem faced by the customers(Christensen, 2013). One of the most
important person on which a business grows is customer, their need and want can be told by a
good market. The organization need to behave friendly with customers, tries to attract them and
want to know what a customer's like. Customer value would tell the difference between what a
customer gets from a bank and what he/she has to give to the bank.
3.3 Prices are set to reflect the Standard Chartered objective and market condition
Pricing is important and the most important part in the element of the marketing mix. For
a good return, pricing should be set out correctly for giving profit to the organization. Pricing
affects the perception of the buyer, if the price is low then demand will be more and if the price
is high then the demand will be low automatically. The organization's main focus is to meet the
requirement of the customers at lower prices and satisfy them. To bring the services of the
standard chartered, they keep the prices of all its services and products economic. To capture
whole market and set prices according to the market is main aim of the organization. The prices
are changes according to the price of competitors, to attracts new clients standard chartered
keeps its margin low and then set the prices. To set the price of a product, there are strategies
which are used by organization (Obizhaeva, 2013). To defeat the competitors, this process is
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used to keep the prices of product and services very low. Organization tends to have differential
strategy where they set different price of products or service in the market, also demand oriented
policy where trend is evaluated effectively.
3.4 Promotional activity is integrated to achieve marketing objectives
Figure 4: Medium of Promotions
(Source: Promotional Activities, 2016)
Promotional activities and various type of strategies are required to achieve market
objective. To inform their customers, organization focuses promotion on the strategies which is
used by them. In promotion of their activities, they includes advertisement, public relation,
personal selling and sales promotion. Their are various means of promotions like online
promotion, marketing and sponsorship. In an organization, to increase sales and achieve goals
promotion plays an important role. In Standard chartered, Marketing representatives are hired
who gives business to the firm and advertise their product (Gilchrist, 2015). To promote their
services globally, bank also provides sponsorship to programs and events. Through marketing
the organization reflects its presence in the market. Public relation is one of the important
component along with the brand promotion. To make reputation in customer's mind, brand value
of an organization should be maintained properly.
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3.5 Additive factors of the prolonged marketing mixture for Standardized Lease
Figure 5: Additive factors of Mixture of Marketing
(Origin: Elements of Marketing Mix, 2016)
People, process and physical evidence are the three basic elements included in marketing
mix. People are also one of the elements of service marketing mix according to service as
defined by people. By analysing the service provided by the staff most of the customers buy a
product which leads to the organization requiring efficient staffs. For retaining those lots of
offers as per designed by the organization, the customer is the basis of the organization . In order
for giving best services to the employees training is provided to them by the organization. A very
clean and clear , without anything hidden , process of Standard Chartered is there . The making
of decision by the customers based on the service which is indescribable makes the physical
evidence an important element of marketing mix (Christopher.et.al, 2013). It is the duty of the
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bank to provide the customer the necessary services since the bank is being paid the amount of
money by the customer.
In order to increase the strength of their marketing services Standard Charted bank
adopts these marketing mixes . In order to provide services and product sales in the market it
would help the business . In order to provide quality services to the organization the policy of
marketing mix would be helpful.
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CONCLUSION
From the above study, marketing principles and the planning of promotional activities
plays a significant role on the productivity of the Bristol Cars. The report had focussed on the
elements of marketing process along with market orientation benefits and cost. Further in the
next activity, it had described about the marketing decision which are influenced by micro and
macro factors with that targeting, segmenting and positioning and buyer behaviour criteria had
been summarised very well in the report. At the end, with the new role, it had depicted the
elements of marketing mix with its usage to achieve competitive advantage in Standard
Chartered.
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REFERENCES
Books and Journals
A. Griffith, D., S. Lee, H., Seob Yeo, C. and Calantone, R., 2014. Marketing process adaptation:
Antecedent factors and new product performance implications in export
markets. International Marketing Review, 31(3), pp.308-334.
Bostrom, A., Böhm, G. and O'Connor, R.E., 2013. Targeting and tailoring climate change
communications. Wiley Interdisciplinary Reviews: Climate Change, 4(5), pp.447-455.
Christensen, C., 2013. The innovator's dilemma: when new technologies cause great firms to fail.
Harvard Business Review Press.
Christopher, M., Payne, A. and Ballantyne, D., 2013. Relationship marketing. Taylor & Francis.
Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market
segmentation: an exploratory study. In Proceedings of the 1990 Academy of Marketing
Science (AMS) Annual Conference (pp. 531-536). Springer International Publishing.
Gilchrist, S., Schoenle, R., Sim, J. and Zakrajsek, E., 2015. Inflation dynamics during the
financial crisis.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson
Higher Education AU.
Obizhaeva, A.A. and Wang, J., 2013. Optimal trading strategy and supply/demand
dynamics. Journal of Financial Markets, 16(1), pp.1-32.
Oliver, R.L., 2014. Satisfaction: A behavioral perspective on the consumer. Routledge.
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