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Introduction To Marketing
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Table of Contents INTRODUCTION...........................................................................................................................3 P1 Describe how marketing techniques are used to market products in two organisations.......3 P2 Describe the constraints and limitations under which marketers operate, making use of examples to explain your points.................................................................................................5 P3 Describe how a selected organisation uses marketing research to contribute to the development of its marketing plans............................................................................................6 P4 Use marketing research for marketing planning....................................................................7 P5 Explain how and why groups of customers are targeted for selected products.....................8 P6 Develop a Coherent marketing mix for a new product or service.........................................9 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10
INTRODUCTION Marketing is a management process in which company promotes and delivers its goods and services to the customers in a specific area of market. In addition to this, it is a process of meeting the necessities and wants of customers. In other words, it is a study or management in which organisation makes healthy relations with customers along with satisfying their needs through providing them products as per their needs. Chosen organisation for this assignment is Marks and Spencer forprivate and Oxfam for not for profit. This report will be discuss about marketing techniques that are used to market products in two organisations along with limitation and constraints of marketing. At last, a coherent marketing mix for new product will be formed in this report. P1Describe how marketing techniques are used to market products in two organisations Marketing is a process which is used by organisations for meeting with the needs and wants of customers. In today's competitive world each organisation faces rivalry in generating profit because large number of competitors exist in the business world (Shaw, 2016). Due to which several Marketing techniques are used by organisations for attracting customers and increasing the sales. Marks and Spencer and Oxfam both are performing their duties in different sectors i.e. profit and Not-for-profit. They both wants to take growth in marketplace because of which several growth and survival strategies are used by them for market their products and services. These strategies are given as below: Growth strategy– Each organisation wants to take growth and success in market due to whichseveralgrowthstrategiessuchasmarketpenetration,marketexpansion,product expansion and acquisition adopted by them. These all strategies are comes under the Ansoff Matrix which are mentioned beneath along with how these strategies are used by M&S and Oxfam for market their products and services. Market PenetrationIn it, both companies have to market present offerings in the present market. Market DevelopmentUnder this, existing products are marketed by organisations in new market. Product DevelopmentNew products are marketed by companies for present market.
DiversificationIn this strategy, companies have to marketing new products in new market areas. Application of Ansoff Matrix in both organisations ParticularsMarks and SpencerOxfam Market penetrationCompany is manufacturing quality productsanddeliverstheminto present market due to which they havemadeitsgoodstrengthin throughouttheworld.For example-M&Sisproviding products and services in market at affordable prices so that customers getattractedtowardstheir services. Oxfam is also doing several functionsliketheyorganise campaigns and poster ads for increasing their sales figures in marketplace. Market DevelopmentM&Sperformsitsoperationsat globallevelduetowhichthey regularly makes innovation in their offerings for sustaining in market. For ex. Company have introduces Modernclothingproductsin France which are selling by them inUKmarket.Throughit, companyhavemadestrong customer base in French market. Organisation also perform its duties at international level but theydoesnotfocuseson developingmarketshare whereas,theyprovides services whether the market is new or old. Product developmentMarks and Spencer always makes innovations in their offerings such astheyhaveintroducesIndian traditional dresses in UK market due to which growth of firm is Whereas,Oxfamisa charitableorganisationin whichtheirvolunteers performs their duties according
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increased in market as compare to itsrivals(Sargeantand MACQUILLIN, 2016). to the needs of situations. DiversificationM&Scaneasilyexpandtheir market share in new market along withanewproductorservices such as financial services, telecom sectors can provide profitability to them in future time. While,Oxfamisa multinational organisation and havinggoodpresence throughouttheworld. Companycandiversifytheir services in medical sector such as free medical treatment will makesstrengthenoffirmin market. Survival strategies-These are those strategies or methods which are adopted by organisations for surviving in marketplace. These are exploring alternative markets, cutting cost, focus on retaining customers, provide outstanding customer services, concentrate on demand of customers etc. these strategies can prove beneficial as through it, Multinational organisations like M&S can easily achieve a strong sustainability in marketplace. Branding– Brand is referred to a name, logo, slogan or service which is used by organisations for attracting customers. For example- M&S is highly depends on branding as it uses its long time experience in logo such as their logo defines company's name and establish year under the name. Company have also made slogan which is Spend it Well that defines they not only wants to sell the products but also serving the actual requirements of customers. Apart from that, Oxfam does not focuses on earning profitability whereas, they focuses on fulfilling the needs of needy people. They not attracts any individual towards their services but also they went towards them and fulfils their actual requirements. Relationship Marketing –It is a process of bringing buyers and sellers together along with forming a strong bond called as relationship marketing. Oxfam use this strategy in which they take all details and informations of their investors and maintain them effectively so that if any kind of investment is required then these personal information can be used. Whereas, in M&S loyalty cards and discounts are given to potential and existing customers so as to making strong relationship with them.
P2 Describe the constraints and limitations under which marketers operate, making use of examples to explain your points. All business organisations performs their marketing duties to make good brand image of firm in market but they have to face lots of limitation and constraints in marketing activity. Main purpose of marketing activity is to fulfil the wants and desires of customers but several limitation are framed by UK government so as to protecting the customers from unfair trading and illegal practices. These legislations of marketing are given as below: Sale of Goods Act, 1979– This act can affect the marketing activities because it states that organisation should sell the products as per the advertisements. For example M&S were fined £10,000 due to misleading claims about a collection of Men's clothing (Mayer, Borges and Simske, 2018). Consumer protection from unfair trading regulations, 2008– According to this act, each customer have right to get fair treatment from the sellers. It defines that company can't make lie with customers in terms of quality or pricing which are advertised by them in market if they done it then they have to pay penalties or fine which is not beneficial for them and their firm'sbrandimage.Thisactismostlyprohibitstheorganisationsandprovidethem responsibilities tomake effective pricing as per the market, information of the product on backside etc. So that customers can chose or select the products as per their needs. There are also some acts which are formed for protecting the consumer and seller from unfair trade practices such as consumer credit act, 1974&2006, Distance Selling act, 2000 etc. Data protection Act, 1998– This act states that information of customers which is held by business organisations should not be used in illegal practices if any organisation is used these information in illegal practices then customers have right to file case on company.If company is following this act then their managerial personnels have duty to make effective data base systems at workplace so that important informations of company like shareholder details, employee's information etc. can be protected in safe manner. Whereas, if they not make effective database systems or necessary informations of company's employees are misusing then company have duty to pay claim to their employees for using their personal informations in wrong manner.
P3Describehowaselectedorganisationusesmarketingresearchtocontributetothe development of its marketing plans Marks and Spencer performs its functions globally but now management of company wants to build its strong presence in India. For this, they have to conduct research through different methods so that actual needs and wants of Indian customers can be identified effectively.Main reason behind conducting this research is to identifying specific needs and wants of customers so that through fulfilling them competitive edge can be gained in new marketplace. Qualitative– This is a market-based research which is used for collecting informations that what people feel after using the offerings of M&S. This research mainly focuses on feeling of customers regarding the offering rather than obtaining data in numerical form. This research includes Open-End Questionnaire, Interviews, observations etc. Quantitative– This is also a research method but in it, data is collected in numerical form instead of feeling or experience. In this method, researcher used surveys, questionnaire for collecting data of statistical form. Primary– In this kind, Data is collected through consumers directly. For collecting this kind of Data externally, M&S can use personal interview, test marketing, Surveys etc. whereas, for internal, they can use company report, stock analysis etc. Secondary– In it, data is gathered which has been used by anyone already. Further, Data can also gathered in two parts such as internal or external. In internal, M&S can use company reports, retail data whereas for collecting data externally they can use commercial data, Government statistics etc. Contribution of Primary in developing marketing plan– Primary data is those data which is collected by M&S through personal interview, focus groups, questionnaires etc. With the help of it, they will be able in knowing about actual requirements of customers. For e.g. UK's weather is quite different from India due to which customer's needs are also different (ZHANG, PITTS and KIM2017). In India, Demand of summer clothes are high so that they should deliver summer clothes in UK market. Hence, it can be said that primary research is important for M&S in developing their market plan.
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Contribution of secondary in developing marketing plan –Secondary data is already exists in the organisation. For e.g. statistical data of Indian clothing, stock analysis, Industry size etc. all these will help the M&S in developing their plan effectively. P4Use marketing research for marketing planning Marketing Planning is a statement which defines marketing strategy of company for future time-frame. It includes overview of company, internal and external analysis which are made by organisations for taking support in achievement of organisational goals. SWOT analysis Of M&S StrengthWeaknesses Wide presence in Global market. Strong portfolio of offerings. Large distribution network Poormanagementofsupply distribution network Pricingstrategiesarenotgoodas compare to rivals. OpportunityThreat Expansion in new segments Reshaping of Clothing segment. New policies of government Presence of competitors Pest analysis –it is a tool which is used by organisations for analysing the macro- environmental factors that are impacting the performance of organisation in positive or negative manner. Analysis is given as below: Political– This factor includes political stability, tax duties etc. which are related with political aspect and can impact the overall performance of company.Free trade policy in Indian market is beneficial for company's growth and sustainability. Whereas, government in India is not stable that can impact the overall performance of firm negatively. Economical– Conflict among the several players can provide beneficial outcomes in expansion whereas, dependency on UK economy can restrict the M&S in expending their feet in Indian market because company is highly focusing for satisfying the needs of UK customers rather than customers of other market areas due to which company should consider these factors so that any kind of difficulty not be faced by them during expansion.
Social– Traditional clothes are demanded widely which defines positive influence of social aspect. Whereas, demand of Indian customer can change rapidly which may bring difficulties in increasing sales and revenue (Johansen, 2016). Technological– Indian customers are more advanced and preferred to purchase products through digital platforms such as website or social media which can prove beneficial for M&S in expansion. Whereas, China government have banned digital platforms for purchasing or selling products that can impact negatively on overall growth and profitability of firm. P5 Explain how and why groups of customers are targeted for selected products OXFAM is providing various products to the customers but this section will focus on three major products which areGold Recycled Sari Earrings, Recycled Sari Orange Scarf and Vibrant clutch bag. The company is targeting the groups of women for these products as these are mostly used by the womens. Clutch bag is useful for carrying the things and Gold Recycled Sari Earrings,Recycled Sari Orange Scarf are also developed specifically for the women as they wears these for beauty purpose. The company is targeting the household women for the clutch bag as they have to carry household things for the home. The company is focusing on women who prefers to party for the product which is Gold Recycled Sari Earrings. Oxfam is focusing on women based on their geographic for providing the Sari Orange Scarf . M&S is a big firm who is providing a wide range of clothes to the customers. In this section, the focus will be on three products which are formal Suits, Trousers and sports wear. These products are specifically developed for the men and the company is targeting the men as they have to wear formal suits in special occasions and events. The trousers are developed for men as they prefer casual clothes in their daily life and sports wear are for the men who prefer to play sports for their entertainment activities. The company is segmenting and targeting the men based on their demographics such as Age, lifestyle, income level etc. Company is providing the formal suits for different occasions which will be provided to the men having high class lifestyle and income. Sports wear will be provided to men who prefer to take part in sports activities. And the casual trousers will be provided to customers who prefers to enjoy with friends and family for vacation purposes (Luiz and Kun-huang, 2015). P6 Develop a Coherent marketing mix for a new product or service Marketing Mix is a technique which is used by business organisations for presenting their products and customers so that it can be meet with customer's requirements. Marks and Spencer
wants to introduce traditional clothes in Indian market due to which they have decided to conduct marketing mix so that they will be able in supplying right product with right price at right place. 4 Ps of this model are given as below: Product –It referred to the offering which is offered by organisations to their customers in order to satisfying their needs and wants. For example- Traditional clothes are the chosen products which is decided by M&S for offering in Indian market.The product will be launched in the theme of Indian culture because Indian culture become more popular nowadays across the world so that this method will be prove beneficial in appealing the customers for purchasing product. Price –It is an amount which is paid by customers for fulfilling their needs. In order to selling traditional clothes, management of M&S have decided to economic pricing method because middle income class individuals are higher in Indian market than rich class individuals. Place– In it, company have to chose a place in which product will be sold and convenient for customer to access. India is developing nation due to which management have decided to selling their products via offline and online (Leung, Xue and Bai, 2015). Promotion –It can be defined as the method of communication by which marketer provide information to the customers about the product. It comprises several channels such as personal selling, word of mouth, advertisements in newspaper or magazines etc. For promoting traditional clothing products, Marks and Spencer have decided to use advertisement methods such as social media marketing, news paper advertisements etc. so that large area of market can be covered through a single advertisement. CONCLUSION It has been concluded from the above report that company have to implement effective marketing strategy so that customer get satisfied and sales will be increased. Market research is also important for organisations because it enables them in satisfying the requirements of customersthroughprovidingproductsaccordingly.Inaddition,itisalsoconcludedthat marketing mix is also beneficial because it guides the managers of organisation in choosing pricing strategies or promotional tools for attracting customers.
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REFERENCES Books and journals Leung, X.Y., Xue, L. and Bai, B., 2015. Internet marketing research in hospitality and tourism: a review and journal preferences.International Journal of Contemporary Hospitality Management.27(7). pp.1556-1572. Luiz, M. and Kun-huang, H. eds., 2015.Quantitative modelling in marketing and management. World Scientific. Johansen, H.P., 2016.Relational political marketing in party-centred democracies: Because we deserve it. Routledge. ZHANG, J. J., PITTS, B. G. and KIM, E., 2017. Introduction: sport marketing in a globalized marketplace. InContemporary Sport Marketing(pp. 15-34). Routledge. Mayer, J., Borges, P.V. and Simske, S.J., 2018. Introduction. InFundamentals and Applications of Hardcopy Communication(pp. 1-5). Springer, Cham. Sargeant, A. and MACQUILLIN, I., 2016. Marketing for nonprofit organisations. InThe Marketing Book(pp. 555-576). Routledge. Shaw, S., 2016.Airline marketing and management. Routledge. Van Den Berg, L. and Braun, E., 2017.Sports and city marketing in European cities. Routledge. Online M&Sfinedformisleadingclaims,2005.[Online].Available Through<http://news.bbc.co.uk/2/hi/uk_news/england/west_midlands/4216740.stm > 4PsofMarketing.2018.[Online].AvailableThrough<https://www.mbaskool.com/business- concepts/marketing-and-strategy-terms/6778-4-ps-of-marketing.html >