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Assignment on Principle of Marketing

   

Added on  2020-01-23

19 Pages6444 Words59 Views
MARKETING PRINCIPLES
Assignment on Principle of Marketing_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Task 2...............................................................................................................................................12.1 Macro and Micro Environmental Factors.............................................................................12.2 Segmentation criteria to be used for products.......................................................................42.3 Targeting Strategy.................................................................................................................52.4 Effect of buyer behaviour on different marketing strategies................................................62.5 New Positioning for a selected Product ...............................................................................6Task 3...............................................................................................................................................73.1 Development of products to sustain competitive advantage.................................................73.2 Distribution Strategy.............................................................................................................93.3 Price strategy.......................................................................................................................103.4 Promotion strategy..............................................................................................................113.5 Additional Elements of marketing mix...............................................................................12Task 4.............................................................................................................................................134.1 Marketing Mix for two different segments.........................................................................134.2 Difference in marketing products to business ....................................................................144.3 Difference in international and domestic marketing...........................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONMarketing is known as the process of transferring goods and services prepared byproducers or sellers to the consumers or buyers, for satisfying their needs. It minimizes the gapbetween service provider and service receiver. Marketing is an important part of any businessbeing a retail sector, airlines sector or any other segment of market. The main elements ofmarketing are price, product, place and promotion. It is the way of understanding the customermindset and preferences and what amount he is ready to pay for the services offered to him. Inthis report study has been made regarding marketing and how it is affected by macro and microenvironmental factors which influence marketing decisions, segmentation criteria that is used fordifferent products in different market, targeting strategy for the selected product or service, effectof buyer behaviour on marketing activities in different buying situations etc., in context ofAsos.com, an online retail store of UK. It is introducing a new product line of handbagstargeting different market segments. Task 22.1 Macro and Micro Environmental FactorsThere are several micro and macro environmental factors that influence the marketingdecision of this online retail store. It is currently dealing in fashion and beauty products targetingyoungsters and adults. The marketing department has planned to expand the business by enteringinto new product line (Bearden, 2006). Since it is an online retailer for both menswear andwomen wear, footwear, accessories, jewellery and other beauty products. It has decided tointroduce handbags of different brands for women and wallets for men. Presenting here the briefdescription about micro and macro environment factors.Micro Environment FactorsSuppliers : Many suppliers are willing to offer their bags to Asos. As it is known thatsuppliers help in controlling the success of the business and organization. Suppliers cancontrol the success when they have power and they get power by being the mostimportant suppliers of the goods. In this product line also different suppliers will offertheir products for selling them online (Dalgic, 2006).Resellers : As the company is expanding its business in reselling the handbags made bydifferent producers, they are known as third party resellers. Third party resellers are1
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those who sells the product manufactured by others. Asos.com is an online retailer, it is athird party reseller, selling different products of different brands to customers online. Ittakes help of other resellers also to make their new products get more famous amongdifferent customers at different places (Jobber and Ellis-Chadwick, 2012).Customers : Customers are of various kinds for example business to business customers,local customers and international customers. They are the most important part of anorganisation to get success. The products that the company is selling should be as per therequirements of customers. Marketing helps in approaching target customers for thetarget products. Thus, the customers play vital role in success of the company. Competition : The retail online business is not having any monopoly in the market, theyhave lot of competitors selling similar products and giving cut throat competition tothem. Asos.com also has competitors like Bahoo.com and N Brown, dealing in similarproducts of fashion and beauty products. If an organisation wants to beat its competitor,it has to choose a marketing strategy different from those taken by their competitors(Kotler and Armstrong, 2010).Public : Public satisfaction is the prime responsibility of any organisation carrying onthe business. Any marketing strategy prepared by the company should be as per thepreference of public. To take care of their needs is necessary for achieving organisationalgoals because any wrong action will lead the company far away from reaching its goals(Sheth and Sisodia, 2015).Macro Environment Factors Demographic factors : Demographic factors includes country, region, age, ethnicity,education level, household lifestyle, income level, cultural factors etc. These influencethe marketing decision making in every aspect. Many people believe in buying from livemarkets than online retail stores (Wang, 2007). It also varies with different age groupslike the choices of young and old generation people are different. The income level alsodefines a different market strategy. The company is introducing an online shopping forhand bags and wallets, which will be segregated as per demographic condition ofcustomers.2
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