Assignment on Marketing Principles pdf
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Added on 2020-01-16
Assignment on Marketing Principles pdf
Added on 2020-01-16
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MarketingPrinciples
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1various elements of the marketing process............................................................................11.2 Evaluation of the benefits and costs of a marketing orientation for MacDonald's..............22.1 Macro and micro environmental factors which influence marketing decisions....................32.2 Proposed segmentation process to be used for products in different markets byMacDonald's................................................................................................................................42.3 Choose a targeting strategy for a selected product................................................................42.4 How buyer behaviour affects marketing activities in different buying situations................52.5 New positioning for a selected product.................................................................................53.1 How products are developed to sustain competitive advantage...........................................63.2 Distribution arrangement to provide customer convenience................................................63.3 Explanation about how prices are set to reflect an organisation’s objectives and marketconditions....................................................................................................................................63.4 Integration of promotional activity to achieve marketing objectives....................................73.5 Analysis of the additional elements of the extended marketing mix....................................7TASK 2............................................................................................................................................84.1 Marketing mixes for two different segments in consumer markets......................................84.2 Differences in marketing products and services to businesses rather than consumers.........84.3 Difference between domestic and international marketing ..................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing involves a huge number of processes which are concerned with analysis ofdesires of customers and other elements of market which may affect the organisational process,productivity and profitability(Abdullah and Ismail Ahmad,2010). Marketing principles are basedon four elements which are known as four Ps of marketing. In this report, various elements ofmarketing has been discussed which are used by business entities and managerial personnels toget a detailed understanding of market so that they can achieve their targeted share in thetargeted market(Four Core Marketing Principles, 2016). With the informationprovided in this report, users can get acknowledged of various micro and macro environmentalfactors that may affect marketing decisions. How managers use segmentation criteria fordifferent products in different markets. Other than this a targeting strategy has been discussed inthis report through which cited firm can achieve sustainable development in the adverse businessenvironment. This report is based on the case study of MacDonald's which deals in fast food andbeverages. It is an American hamburger and fast food retail chain.TASK 11.1various elements of the marketing processThere are various elements which are involved in marketing process these are mentionedbelow :Research : managerial personnels of cited entity needs to make research over the marketso that they can gather information about various trends of market which are existingtheir in market(Brennan and Binney, 2010). As these data helps an entity to providebetter products to their customers.Strategy : McDonald's need to make certain effective strategies as per the data whichhave been collected from research and analysis of market and its trend so that they canwork towards the way to fulfil requirements of their customers(Burchell, Rettie and Patel,2013). As McDonald's is dealing in providing food to its customers and hamburger is thefamous product of McDonald's hence they need to provide hamburgers with more varietyto their customer for this they should make certain strategy.Marketing Planning : Planning is necessary to get sufficient and satisfactory results fromany process. Marketing planning involves awareness of consumers about products which1
are provided by the consumers. Planning involves deciding ways to achieve the desiredobjectives of cited entity. Control : MacDonald's and its management should make control over the procedure andplans so that errors can be removed and controlled so that the efficiency of cited firm canbe maintained as well as it can grow in a positive way.Situational Analysis : MacDonald's and its management need to make a detailed survey on market and itscomponents so that they can get information which can assist them to make innovation in theirproducts and services. Survey helps an entity to get detailed information about the marketingelements this will helps cited entity to get information about the requirements ofcustomers(Challagalla, Murtha and Jaworski,2014). They can get knowledge about thepreferences of their buyers and sellers who provide them raw material for the production offinished goods. Hence situational analysis is necessary to understand the market situation and itsimpact over the entity.1.2 Evaluation of the benefits and costs of a marketing orientation for MacDonald'sMarketing orientation can be defined as a process which is used by cited entity for gettinginformation about the requirements and desires their customers through marketing mix(Cornerand Randall, 2011). The benefits and cost of marketing orientation process for MacDonald's ismentioned below : Cited entity is concentrated towards the needs of its consumers. As concept of marketingorientation revolves around understating of consumer needs hence it is helpful forMacDonald's in understanding of consumer needs and requirements.Marketing orientation increases the efficiency of company to perform better in thecompetitive market. As there are so many companies in market which deals in providingfast food and beverages(Frederiksen, Solomon and Brehony, 2013). So in suchenvironment which have cut throat competition the only way to attract consumers is toprovide them better quality in the products so that their desires can be fulfilled.Cost of marketing orientation :Promotional Cost : Marketing orientation requires promotion so that they can provideknowledge to the consumers about their products(Principles of Marketing andStrategy, 2016). Managers needs to promote their products through various means of2
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