Analyzing Marketing Strategies for The Body Shop
Added on 2019-12-03
15 Pages4577 Words301 Views
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MARKETING PRINCIPLE
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................2TASK 1 ...........................................................................................................................................21.1 Elements of marketing process ............................................................................................21.2 Cost and benefit of marketing orientation for The Body Shop............................................32.1 Macro and micro environmental factor influence on marketing decision ...........................32.2 Segmentation criteria for the selected The Body Shop product ...........................................52.3 Targeting strategy for The Body Shop product.....................................................................62.4 Buyer behavior impact on The Body Shop marketing activity ............................................62.5 Positioning tactic for The Body Shop product......................................................................73.1 Producing product to sustain competitive advantage ...........................................................73.2 Arranging distribution ..........................................................................................................73.3 Setting the prices as per the market condition .....................................................................73.4 Promotional activity..............................................................................................................83.5 Extended marketing mix ......................................................................................................8TASK 2 ...........................................................................................................................................8CONCLUSION ...............................................................................................................................8REFERENCES ...............................................................................................................................9
Illustration IndexIllustration 1: PESTEL analysis.......................................................................................................41
INTRODUCTION Marketing principle consists of different elements which is being used by the manager oforganization for the purpose to raise the sales of the product in an effective way. With an aim tocompete in the business environment which is highly competitive in nature, manager of firm hasto take help from the number of marketing tactics (Ruckman, Saraf and Sambamurthy, 2015).Here, with the help of an effective marketing means only, significant improvement can be carriedout by firm in the sales and profits. With an aim to carry out this report, The Body Shop isselected which is the famous cosmetic manufacturer company in UK. This report will depict theimportance of marketing for the firm. Furthermore, the study will also showcase the impact ofdifferent macro and micro environmental factors on the operation of firm. TASK 1 1.1 Elements of marketing process The process of marketing consists of number of elements which the manager of TheBody Shop can use with an aim to formulate an appropriate marketing strategy for the firm. Theexplanation regarding the assessed process is depicted in below:Analyzing the situation in market environment: It is the first step of marketing processin which manager of an organization analyzes the situation which is prevailing in market.In order to perform this, cited firm manager can take help from the famous externalenvironmental analysis tool such as PESTEL and Porters five forces model. With the helpof given tool, decision regarding the type of product which it must introduce in themarket can be taken by the firm (The elements of marketing process, 2015). Marketing strategy: After making the selection of the product which firm will produce inthe specified time limit, in this section firm will formulate the varied marketing tactic.Here, they basically take decision about the segmentation and targeting criteria whichwill be formulated as per the newly produced product. Marketing mix: Finally, in this section marketing mix will be framed as per selectedproduct. It consists of product, price, place and promotion etc. Implementation of the assessed tactics: Thus, in the last phase all the tactics which isbeing formulated by the manager will be implemented. The success of these strategieswill be assessed on the basis of significant improvement in sales and profitability relatedcondition of the company (Rippin, 2007). 2
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