Impact of Marketing on Cash Flow
Added on 2020-06-06
27 Pages9818 Words47 Views
|
|
|
MARKETINGCOMMUNICATIONS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Measure the background to consumer behaviour for Morrisons and explanation of the impactof psychological and environmental variables on customers......................................................1Role of advertising and promotion in marketing........................................................................3Communication Process and regulation......................................................................................3The role of advertising and branding in promotional strategies.................................................4Current trends in marketing........................................................................................................4Evaluate the benefits of relationship marketing..........................................................................5TASK 2............................................................................................................................................1Marketing and integrated promotional plan.....................................................................................1Goals and strategies.....................................................................................................................1Barriers that may affect the implementation of plan...................................................................2Pricing, distribution and communication policies.......................................................................3Market segmentation...................................................................................................................4Effective monitoring and control................................................................................................6Steps to measure campaign effectiveness and requirement in performing these steps. .............7Intellectual of ethical and legal marketing issues.......................................................................8Task 3.............................................................................................................................................103.1 Comparison of Below the line and above the line techniques............................................10Task 4.............................................................................................................................................114.1 Evaluating the organisation capability for planning marketing activities...........................114.2 Evaluating the impact of ethical issues on market planning...............................................13CONCLUSIONS............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONMarketing communication briefly cited as MC, marcom and marcomm is the process inwhich a business communicates with the market. It is basically relevant to the promotion elementof the marketing mix (Patti and et.al., 2017). The steps included in the marketingcommunication process are analysation and evaluation of database information, allocation ofbudgets, creation of marketing communication programme, capturing responses and record &maintain data. In this learning, the impact of variation in organisation's psychological andenvironmental on customer is evaluated. Also, market promotion and advertisement areconsidered as most important tool for marketing and this learning states their role throughcommunication process and regulation. This assignment contains a marketing and integratedpromotional plan that meet the expectations of the target market. This plan shows the realisticand achievable goal and the hurdles in achieving them. Moreover, this report helps inunderstanding different marketing techniques such as BTL and ATL. This assignment furtherhelps in evaluating best pricing, distribution and communication policies for the organisation.Furthermore, this study involves the advantages of relationship marketing for the businesspremises. The present report is done for the organisation, Morrisons. This study is undertaken as theMarketing Manager of the entity. All the marketing research is performed in context to thelaunching of a new product by the organisation. The main aim of the entity is to withstand in thiscompetitive era and it is only possible when they attract the customer figure towards them.Again, customer enhancement depends upon the effectiveness of the marketing. They furtheraims to develop popular and useful services which is a plus point for them in the campaigningprocess. Organisation also wants to implement the current trends in their advertising andpromotion to boost up the advertising and promotion of their product. TASK 1Measure the background to consumer behaviour for Morrisons and explanation of the impact ofpsychological and environmental variables on customers.Consumer behaviour is the learning of different characteristics possessed by variousindividuals, groups and organisations. This study also involves their product select, usage andexperience. Behaviour of consumers can be well explained with the help of different theorieswhich are explained below- 1
Marshallian Economics: According to this their, customers buy that services whichprovides them most with the personal satisfaction. This theory helped the organisation inestimating several factors such as- lower priced services are most liked by the customers,sales of product depends upon the income of consumer, etc. Thus, this model helpedmarketers in setting the target market depending upon the class of the people, doingpricing of the services, etc. Psychoanalytic Theory- In this theory, it is stated that customers do not understand theirown motivations because of the unconsciousness of the psychological factors that formthem (Hajli, 2015) This unconscious part is full of desires which influence them inbuying the luxurious services that helps them in meeting their desires. Thus, this modelsuggest to contain an emotional appeal in the the marketing process of the business.Pavlovian Theory- This theory states that most of the customer decisions results fromconditioned responses. This theory will help marketers of Morrisons in acquiring theknowledge which can made or alter the habits of user.Vebelenian Social-Psychological Model- According to this model humans are thatcreatures that set their standard and culture depending upon the social conditions they areresiding in. This theory further explained by monitoring the culture, the desires of an2Illustration 1: Marshallian Graph(Source: Patti and et.al., 2017)
individual can be controlled. This model can help Morrisons by providing them anadvantage to understand the social influences that can assist them in altering culture.Thus, these are some theories that assist in understanding the consumer behaviour so thatthe organisation can design the innovative marketing strategies accordingly. There are some factors that influence the behaviour of consumer towards the servicesoffered to them by the organisation. Some major variables that highly impacts upon theconsumer behaviour are as follows:Psychological Factors- This are those factors that states the mental thoughts of anindividual that forces him/her to find satisfaction in a service. Some major psychologicalfactors involves: Motivation, perception, learning and attitudes & belief. These are theelements that influence the buying behaviour of a consumer of the cited Morrisonthrough motivating them towards the product, their perception that decides the buying ofproduct, their learning of the services and products they are about to buy and their belieftowards the service and the associated firm from where they are buying it (Royle andLaing, 2014). Environmental Factors- Environmental factor involves the social, cultural, personal,family and social group influences that dominates them in buying a service or product.The buying behaviour of an individual highly depends upon his social class, the productsthat are accepted in their culture. Cultural trends are also an important factor thatinfluence consumer in purchasing goods and services of Morrison. The sum of factorsinvolves belief, traditions, customs, art, cultural knowledge, etc.Consumer of the Morrison company are both high and middle class people. Further bothman and women buy product and services of Morrison company.Both psychological and environmental factor impact the consumer behaviour as because if theproduct is not environmental friendly. Along with this if product do not fulfil the basic need ofcustomer then they may switch to other company products. Role of advertising and promotion in marketingCommunication Process and regulationMarketing is an integral procedure of Morrisons that directly results in enhancing their sales bytogether rising their profitability agenda to a great extent. It is however associated with numerousother activities that largely assists the cited firm to carry out an effective procedure of marketing.3
It is with a specific concern of engaging more number of consumers and attracting them towardsthe offered goods and services (Jerath, Ma and Park, 2014) For which, there exists a hugecontribution of advertisement and promotion that in turn results in an effective marketingprocedure. This is for instance to ascertain the role of advertisement in marketing, one can easilyrelate to its essentialist where it is often referred to be one of the most important constituent ofmarketing. However, it is together specified to interlink with the tactics of marketing where itdirectly supports in acknowledging people about any newly proposed products and services. Onconsidering the type of interaction done through advertising, it indicates the passive form ofcommunication. This reflects the one-way nature of advertisement where the businesses likeMorrisons hereby insists the consumers to buy a promoted product without affecting the choicesmade by them. It together shows the persuading nature of advertisement that in turn leads toencourage brand recall. The role of advertising and branding in promotional strategies.Link between role of advertising and promotional strategiesPromotional strategies and advertising role is to create awareness among customersrelated to the products and services. Company can promote its product with the help of socialmedia marketing while advertisement need TV or newspaper of product which company wantto sale. Further both role is to provide information of the new products. Advertising and branding are those key elements that enhance the marketing process.Advertising is a marketing communication tool either in form of audio or video that promotes theservice with specific message (Kanchanapibul and et.al., 2014). It is considered as the mostimportant tool of promotion. Some major factors governed through this instrument involves-Control- Advertisement involves some investments to be made on the promoting tool andthis investment enables better monitoring of the function of the Morrisons.Brand Management- The main purpose of advertisement is on development of the brandimage of the organisation. In case of Morrisons, they aim on proving their services asdistinct from many of other entity and this image helps them in receiving the set prices. Helps in creating value proposition- Through advertising entity can promote their pricingstatements in front of the audience. The value thus created ion concentrated onpersuading the customers . 4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents