Foundation of Marketing: Characteristics, Pestle Analysis, Technology and Social Media Influence, Segmentation and Targeting, Marketing Mix

This document explores the foundation of marketing, including the characteristics of various business orientations, a Pestle analysis of Mark and Spencer, the influence of technology and social media on buying decisions, and the difference between segmentation and targeting. It also discusses the marketing mix and its importance in promoting goods and services.

Foundation of marketing

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Characteristics of four various business orientation...................................................................1
Pestle analysis of mark and Spencer...........................................................................................3
How technology and social media have influenced buying decision process............................5
Difference between segmentation and targeting.........................................................................5
What is marketing Mix...............................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Foundation is an important to making marketing strategies, to give the appropriate
method for select the right agency partners and allocating resources. It includes significant brief
of market segmentation, target market focus and the market forecast. It has been included
product, price, promotion and place that assist to get success and increase value of business. It
also involves strategy that develop appropriate marketing plan such as: in the prospective of
organization, they have to do research and have to analyse what is the requirement of market to
accomplish consumer needs and wants. Define target audience, outline marketing strategy, list he
tactics and implementation all these elements are useful to enhance business value (Christofi,
and et. al., 2018). It includes overall aspects of commercial enterprise in terms of brand
awareness, brand positioning, competitive advantage, consumer data base, opportunities for
growth, sales and marketing integration procedure of sales and website. All these factor are
backbone of marketing components is critical to the success of the organization, in the context of
sales and marketing. They assist to set the foundation that directs new leads, helps in consumer
conversions and boost brand loyalty.
MAIN BODY
Characteristics of four various business orientation
It refers the decision, marketing intelligence, culturally based behavioural, strategic and
consumer orientation prospective. It describes something that relate towards the business or its
suitable for the needs of an enterprise.
Types of business orientation
Product: In this business provide highest quality of product and services that gives higher
sale along with the profit. Those commercial enterprises include product orientation where it
consider to implement quality of raw material which emphasis worth in market. Usually,
marketing team used to conduct research and development to scrutinise information which helps
to manufacture effective manner. It works very well at the time of business have special offer,
when it has track record of attracting a passionate clientele who respond more to the product
itself than to sophisticated marketing campaigns. It gives advantage of being reasonably
forwarded as long as demand of organization product remain consistent and strong. In this
process organization focus only on product that put maximum efforts to producing good quality
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product andf customised them as per market and customer demand. It is very essential because it
keeping emphasis on quality, safety and investment in new technology (Lunde, 2018).
It has been included needs and wants of the consumer. For instance, if organization focus on best
quality product they are able to generate revenue and profitability as well.
Sales: it develops best relationship with customers, it involves account to develop an
understanding of particular drives that consumers to buy or syncing product schedules with
consumer needs to maximize opportunity and build consumer loyalty. It can be especially
valuable to a business that operates in a respective field where consumer have lot of choices. In
this process the extra effort that the business select toward sales and relationship can tip a
consumer purchasing decision (Laczniak and Murphy, 2019).
Production: It focuses on quality, production orientation stresses procedure or business
model. It gives advantage of being product remain consistent and strong (Berkowitz, 2021).
Raw material and supplier are both play an important role in business, Marks and Spencer
company they have their own supplier in which to collect optimum raw material to manufacture
in quality manner. As Marks and Spencer company product are well known about their services
and product are expensive and quality derived which fulfil customer expectation.
The characteristics of business orientation that make the consumer their focal point. It
carried out market research very often to understand the current and the future requirements of
the consumers it focuses on new product development. It is responsible for spend considerable
amount of money in staff training and development so that better consumer service provided.
Business orientation involves series of function in terms of selling, product development,
advertising and market research. It attains the valuable consumer that gives higher preference to
the organization. It gives the advantage of marketing orientation for example: Competitive
advantage, customer satisfaction, long term profitability, consumer loyalty and reduce switching
to competitors some of them are:
For example: Nike, coca cola are these type of company known for their product orientation,
these organizations are focuses on consumer needs and wants to provide respond about the
feedback that monitor in their right time to creates strategy to pitch product on correct form of
time.
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Pestle analysis of mark and Spencer
This analysis of mark and Spencer analyse the brand on its tactics, and it examine the
various external factors like political, economic, social, technological that impact its commercial
enterprises along with legal and environmental factor. It provides the different scenario which
affect the business of the brand. It is a frame work where the concern organization have
opportunity to understand the market dynamics and improves its business continuously. Let’s
start the mark and Spencer pestle analysis
Political: In this factor is emphasis about rules and regulation which is regulates by
individual corporate governance. As per United Kingdom, their political condition is quite stable
in terms of foreign exchange policies that might impact on organisation or having specific
industry. The company are constantly mapped government regulation which creates business
update to helps for growth in competitive business platform. The increasing of taxes can affect
the political factor that determines more concern for organisation which will reduce the
uncertainty (Gursoy, 2018).
Economic factor: this element includes the tax rate, interest rate, foreign exchange and
economic growth patterns etc. In the prospective of United Kingdom are properly managed as
the government has strong finances policy that maintain low rate of inflation. Due to inflation of
rate there is financial crisis in the country, in the context of Mark and Spencer, is having less
disposal; income customer and reduces their quality to spend on luxury or clothing that have
been affected by the crisis that reduces the job and sixty-five thousand staff is unemployed.
Social factor: The concern brand looking forward to expand the business in big scale, there were
so many competitors such as Asda or many others. Customer purchases are influenced through
cultural, social and personal and psychological changes in the market. So, organization decided
to make children clothes in affordable price this thing will give advantage to the organization as
well as consumer also in terms of consumer are willing to buy clothes in nominal price, this thing
assist to enhance the organization sale that are able to generate revenue along with the
profitability. In the addition of mark and spencer take advantage of this opportunity and allowed
its consumer to pay by credit cards which further enhance it sales (Jaworski, 2018).
Technological factor: Organization announced to start technology transformation programme
that would enable the industry to become first digital commercial enterprise to diversified
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consume aspects. It is designed for give better goods and service through online to the consumers
that would result in growth for the business. It is focused around development of new innovation
operation model that would significantly assist this brand in exploiting new technology involving
the adoption of industry agile method. Organization focused on simplification and enhance the
brand value. The overall purpose is to give best outcome to the consumers that create customer
value (Grönroos, 2020).
Legal factor: This element is focus on the government rules and regulation that shows things
will have done in ethical manner. If organization wants to grow, they have follow government
guidelines that gives positive outcome. there are so many rules that company have to follow
proper ceilings, safety and security measurements for the organization as well as staff also which
is very essential because it is not about only earn money, it simply means safety and precautions
are first priority (Quach and et. al., 2019).
Environmental factor: This component is depending on climate condition, that being promoted
on constantly basis on televisions, magazines in newspaper ass well, organization establish their
own green policy that give preference to the communities, planets that positive impact of well-
being. They also worked on different areas such reducing trans fat food and beverages along with
eliminates the utilization of energy for advertise better value of trade. To analyse the above
discussion. It also reflects about different stage of highlight that having existence for having
impact on business performance to evaluate better external business factor in accomplish by
government (Müller and Christandl, 2019).
How technology and social media have influenced buying decision process.
In the prospective of both terms, there is a rise of online shopping and the amount of time people
spend on social media that impacts consumer buying decision. Those consumers that are
influenced through social media. People are used to about Instagram, Facebook or you tube.
These platforms also give the opportunity to enhance business and it is very beneficial because it
is less time consuming and attain higher consumer with in minimum time. this process help
consumer buying decision process (Marasco and et. al., 2018).
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The market has seen a tremendous shift in consumer behaviour the advent of information
technology, consumer behaviour seems to be more influenced through internet enabled
smartphones and tablets. Therefore technology placed the power in consumer hands, social
media influences to consumer to buying decision making because there is option of review,
rating, feedback so according to comments consumer are willing to buy goods and service. That
is why social media is very essential for every industry, it give appropriate result so, consumer
feel happy at the time buying the product and this thing increase brand loyalty and its value.
Difference between segmentation and targeting
It is the process of categorising the market into various groups as per the demographic,
geographic and psychographic traits behaviour as well, it focusing on the particular product
or marketing campaign. For example, organization has decided a target market, it is the
process of unravelling a market into sub groups in which members share similar objective
that include overall aspect that is mentioned above.
Target market include group of consumer with in a commercial enterprise that available
in market at which an enterprise aims its marketing efforts and resources. It is a subset of total
market for a product or service. For example, a women clothing retailer directs its promotional
efforts at women, it usually has some idea that people want to attract as they develop their
product (Houghton and et. al., 2020).
What is marketing Mix
This term includes overall aspects of marketing such as product, price, place and promotion, it is
the set of marketing tool that the firm uses to pursue its marketing objectives in the target market.
It involves various areas of focus as part of comprehensive marketing plan. It touches wide range
of area such as opposed to fixation on particular message (Pansari and Kumar, 2018).
It allows a business to make profitable marketing decisions at every level and also develop
strength and reduce its weakness.
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CONCLUSION
It is inferred from the above report about marketing, it can be concluded overall concept of
marketing that helps to grow business and able to generate revenue as well as profit. There is
pestle analysis of M&S organization that assist to critically evaluate the business factor that
is done by the government, on the other side social media is very essential for business
because it attain customer with in a particular time. in last marketing mix is responsible for
promoting goods and services.
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REFERENCES
Books and Journals
Berkowitz, E.N., 2021. Essentials of health care marketing. Jones & Bartlett Learning.
Christofi, M and et. al., 2018. Customer engagement through choice in cause-related marketing: A potential for
global competitiveness. International Marketing Review.
Grönroos, C., 2020. service marketing research priorities. Journal of Services Marketing. 34(3). pp.291-298.
Gursoy, D., 2018. Future of hospitality marketing and management research. Tourism Management
Perspectives. 25. pp.185-188.
Houghton, S.,and et. al., 2020. Affiliate marketing of sports betting–a cause for concern?. International
Gambling Studies. 20(2). pp.240-245.
Jaworski, B.J., 2018. Commentary: advancing marketing strategy in the marketing discipline and
beyond. Journal of Marketing Management. 34(1-2). pp.63-70.
Laczniak, G.R. and Murphy, P.E., 2019. The role of normative marketing ethics. Journal of Business
Research. 95. pp.401-407.
Lunde, M.B., 2018. Sustainability in marketing: a systematic review unifying 20 years of theoretical and
substantive contributions (1997–2016). AMS Review. 8(3). pp.85-110.
Marasco, A., and et. al., 2018. Exploring the role of next-generation virtual technologies in destination
marketing. Journal of Destination Marketing & Management, 9, pp.138-148.
Müller, J. and Christandl, F., 2019. Content is king–But who is the king of kings? The effect of content
marketing, sponsored content & user-generated content on brand responses. Computers
in Human Behavior. 96. pp.46-55.
Pansari, A. and Kumar, V., 2018. Customer engagement marketing. In Customer engagement marketing (pp. 1-
27). Palgrave Macmillan, Cham.
Quach, S and et. al., 2019. Toward a theory of outside-in marketing: Past, present, and future. Industrial
Marketing Management.
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