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Assignment Sample on Marketing Principles

   

Added on  2020-01-23

27 Pages7600 Words1419 Views
Business DevelopmentLeadership ManagementMarketing
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MARKETING PRINCIPLES
Assignment Sample on Marketing Principles_1

Table of ContentsIntroduction:....................................................................................................................................3Explain the various elements of the marketing process...................................................................3Evaluate the benefits and cost of marketing....................................................................................73.1. Explain how products are developed to sustain competitive advantage...................................93.2. Explain how distribution is arranged to provide customer convenience................................153.3 Explain how prices are set to reflect an organisation’s objectives and market conditions......163.4 Illustrate how promotional activities is integrated to achieve marketing objectives...............183.5 Analyse the additional elements of the extended marketing mix............................................184.1. Plan marketing mixes for two different segments in consumer markets................................214.2. Illustrate differences in marketing products and services to business rather than consumers224.3. Show how and why international marketing differ from domestic marketing:......................24Bibliography..................................................................................................................................262
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IntroductionMarketing is one of the departments in the business organization, and it’s the one, which presentsorganizational products and services to customers. The activity of market is all about profit andsales; but for assuring top sales and profitability, we need to work as a dynamic marketing team.In this assignment, I am going to talk about Holland and Barrett, compose of marketing strategyoptions and marketing environment.Explain the various elements of the marketing processCIM (Chartered Institute of Marketing) is the world’s leading professional marketing body,being specifically placed as an active participant in the market community, organising andforming the future of this agitated profession. The American Marketing Association definition: The marketing is proposed as a boarderactivity, being more an educational process than a function; marketing is a set of institutions,process for creating, delivering, communicating and trade offerings that have significance for theclients, customers, partners and casual population.The marketing process:There are a few steps in the marketing process:Analysing marketing opportunities - Holland & Barrett usually detect its marketingopportunities by examining the current resources and capabilities, current and futuremarket trends and of course internal and external environment.Selecting the target market - the succeeding part is selecting of aim customers fortheir services and products. Holland & Barrett is cutting the whole market in pieces,built on various aspects and choosing the matchless one for their products andservices.Marketing strategy – the market strategy that Holland & Barrett flourish afterchoosing the target market and marketing strategy exists of value proposal, targeting,segmenting and positioning of goods and services (Ankit , 2011).Marketing Mix Decisions – the following step is to control marketing mix for centralproducts and services. Few of the things that marketing mix need to cover are:3
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- Promotional marketing - Pricing decisions - Product growth- Campaign growthImplementation and control – strategies as the last step of marketing will be in the process ofimplementation and control; if the market mix and advertising is considerate by the managementas unsuitable, than adjust those.The marketing mix 7PsFigure: 7Ps of Marketing Mix(Source: Created by author)4
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Product: The product is either an unmistakable decent or an impalpable administration that isappear to meet a particular client need or request. All items take after an intelligent item lifecycle and it is crucial for advertisers to comprehend and get ready for the different stages andtheir extraordinary difficulties. It is critical to comprehend those issues that the item isendeavouring to understand. The advantages offered by the item and every one of its componentsshould be comprehended and the interesting offering suggestion of the item should beconcentrated on. What's more, the potential purchasers of the item should be distinguished andcaught on.Price: Price covers the real sum the end client is relied upon to pay for an item. How an item isevaluated will specifically influence how it offers. This is connected to what the apparentestimation of the item is to the client as opposed to a target costing of the item on offer. In theevent that an item is evaluated higher or lower than its apparent quality, then it won't offer. Thisis the reason it is basic to see how a client sees what you are offering. In the event that there is apositive client esteem, than an item might be effectively evaluated higher than its goal moneyrelated worth. Alternately, if an item has little esteem according to the purchaser, then it mightshould be underpriced to offer. Cost might likewise be influenced by appropriation arranges,esteem chain expenses and markups and how contenders value an opponent item.Place: Place is the component through which merchandise and/or administrations are movedfrom the maker/administration supplier to the client or customer. It is likewise alluded to asdispersion, channel or mediator. Effective dissemination of your item/administration is not justreliant on the conveyance instrument. You should likewise consider your clients – where is it thatthey would hope to go to discover items/administrations like yours? It is along these lines vitalthat you pick the right distribution channel(s).Promotions: Promotion is about successfully speaking with your clients so they are urged topurchase from you. You have to elevate to both existing clients and imminent ones, which mightinclude elevating to each in various ways.Physical evidence: For the proper quality of the products and to increase the sale of theorganisation there are the importance of physical evidence. The proper physical evidence5
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improves the service system and provides the best quality product services to the customersaround the world. People: People are effective for the business process of the organisations. People includingemployees, customers and shareholders provide impact. Based on the performances of theemployees the organisation can provide the proper service to the customers. The attraction of thecustomers to the product service of the organisation develops for popularity and commercialcondition of the organisation. Process: The process of work in then companies also provides influences on the business. Thedeveloped process of work improves the product quality and service system of the organisation.The old process of work provide to negative effect upon the while work system of theorganisation.To advance effectively, you have to consider the accompanying: You have to know however much as could be expected about your clients and their purchasingpropensities. You have to recognize which are the essential inquiries clients could have about youritem/benefit; i.e. is this a dependable item? Your limited time exercises ought to answer theseinquiries. You have to recognize your extraordinary offering point (USP) and convey it viably to yourclients. You have to recognize the style of your limited time exercises You have to choose when you are going to advance.Evaluate the benefits and cost of marketingMarketing audit – is a complete system, independent and is a regular inspection of a company’sbusiness, objectives, activities and strategies to discover problem areas and to suggest a schemeto surpass the company’s marketing.6
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