MARKETING PRINCIPLE INTROCUTION 3
Added on 2020-07-23
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MARKETING PRINCIPLE
Table of ContentsINTRODCUTION...........................................................................................................................3TASK 1...........................................................................................................................................31.1 Different elements of marketing process..........................................................................31.2 Analyse the benefits and costs of marketing orientation..................................................4TASK 2 ...........................................................................................................................................42.1 External environment influence on various marketing decisions.....................................42.2 Assess the segmentation criteria used for different products...........................................52.3 Propose the targeting strategy..........................................................................................62.4 Explain how buyer behaviour affects marketing activities..............................................72.5 Suggest new positioning for selected product .................................................................8TASK 3............................................................................................................................................83.1 Development of products to sustain competitive advantage............................................83.2 Arrangement of distribution to administer customer convenience...................................93.3 Price setting that reflect the market conditions and objectives of organisation...............93.4 Integration of promotional activity to accomplish marketing objectives.......................103.5 Identification of additional components of extended marketing mix.............................10TASK 4 .........................................................................................................................................114.1 Marketing mix for two different segments in customer markets...................................114.2 Differences in products and services marketing to businesses instead of customers.....114.3 Difference between international and domestic marketing............................................11CONCLUSION ..........................................................................................................................12REFERENCES .............................................................................................................................13
INTRODCUTIONMarketing can be defined as the process used by various business enterprises to introduceor promote their goods or services to potential buyers. The profit and sales of a company islargely influenced by various marketing activities (Allyson and et. al., 2012). It constructsrelationship between firm and target consumer and also entitles higher profitability and salesratio. It configures the image of an organisation in the eyes of customer. Further, it also fostershealthy competition in marketplace which serves as an advantage for the firm as compared to itsrivals. Companies consider marketing as an ongoing channel of communication which engagesthem with target client for longer period. This report covers various principles of marketing usedin order to advertise BOOTS. This assignment also includes the impact of external factor andmarketing mix on buying behaviour of consumer. TASK 11.1 Different elements of marketing processAccording to Philip Kotler, marketing can be defined as an art and science of creating,exploring and providing value to target customer that satisfies their need and wants by generatinghigher profits for the respective company.The Marketing Process:It comprises of different steps which are described below as follows:Analysing market opportunities:Companies are required to evaluate the latest trend ofcustomer before altering any change in their product. Demands and choices of consumerchanges frequently with a span of time. Boots can discover their marketing opportunitiesby evaluating the latest and future trend of market, resources, capabilities and businessenvironment.Selecting the Target Market: The next step is to choose the potential customer who aregoing to avail the services and product of a company. Boots select their target market bysegmenting the entire market into different parts based on various aspects related tocustomer choice and wants (Armstrong and Kotler., 2014).Marketing Strategy: The next step is to create effective marketing strategy that results ingenerating higher sales and profitability ratio and also attain feasible competitiveenvironment.
Marketing Mix Decisions: Boots company is required to make constructive decisionsrelated to its marketing mix. In this, the cited company determine the price, place andpromotion factor for their considered product (Harker and Brennan., 2011). Elements ofmarketing mix can be defined as a set of tactics used by Boots in order to promote oradvertise its product.Implementation and Control: At this last stage, the cited firm is required to monitorvarious strategies that they have opted to introduce its product among the potentialbuyers. 1.2 Analyse the benefits and costs of marketing orientationOrganisation enlarge their product on the basis of two approaches: one is Product and theother is Market oriented. The marketing orientation approach means companies develop productor services that satisfies the demand and want of the customer. Here, organisation focuses moreon providing higher satisfaction level to its consumer rather than generating profits. Followingare the benefits of this buyer oriented approach:Customer Centric: Boots develop or modify their product according to the needs andwants of their potential buyers. AddressingDemand: Boots reacts or changes according to the demand of customer. Making Customer Benefit: Boots company is required to make products that generatesvalue for money spent by the consumer. Price can be considered as an important factorthat influence the buying behaviour of client. Satisfied user brings loyalty towards theparticular product, thus yield frequent shopping.Reasonably Competitive Advantage: As mentioned firm is making product according tothe needs and wants of potential customer, it gives them the advantage of highercompetitiveness against their rivals (Dann., 2010).TASK 2 2.1 External environment influence on various marketing decisionsBusiness environment consists of all internal and external component that affects variousfunctions and operations of a company.
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