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Report on Concepts and Process of Marketing

   

Added on  2019-12-03

13 Pages3925 Words205 Views
Marketing Principles

Table of ContentsMarketing Principles........................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Elements of Marketing Process.............................................................................................11.2 Marketing Orientation...........................................................................................................2TASK 2............................................................................................................................................22.1 Environmental factors...........................................................................................................22.2 Segmentation criteria............................................................................................................32.3 Target strategy.......................................................................................................................32.4 Buyer Behavior.....................................................................................................................42.5 Positioning Strategy..............................................................................................................4TASK 3............................................................................................................................................53.1 Product development to sustain competitive advantage ......................................................53.2 Distribution methods.............................................................................................................53.3 Pricing methods used by businesses and recommend pricing strategy that H&M can usefor patch work denim bags..........................................................................................................63.4 Integrated marketing communication ..................................................................................63.5 Elements of promotional mix................................................................................................6TASK 4............................................................................................................................................74.1 Marketing mix variables for two segments of the consumer market....................................74.2 Difference in marketing for consumer and business markets...............................................84.3 Differences between domestic marketing and international marketing................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONMarketing is a way of communication between company and consumers with a goal ofselling the products and services to the maximum users. This involves various activities andprocesses which are concerned to find out the demand and requirements of the customers andthen also fulfilling it for them (French, Dip and Blair-Stevens, 2006). Marketing principle is amethod to optimize the performance of existing & new products of company in market. Tounderstand the marketing principles, Hennes and Mauritz is considered which is Swedish retailerand sells fashionable clothes in affordable prices.This report describes concepts and process of marketing and includes concepts ofsegmentation, targeting and positioning. Further it involves tools to evaluate the micro andmacro environment of H&M (Armstrong, 2008).TASK 11.1 Elements of Marketing ProcessMarketing- 'Marketing is set of activities and actions of promoting and selling the products and services inmarket'.'Marketing process is based on thinking about the business in relation to customers needs andrequirements'.Marketing process is a set of activities which includes situation analysis, strategies formulationand marketing mix elements of company (Wang and Pizam, 2011). The elements of marketingprocess of H&M are described below:Environment analysis- With the help of strategic tools the analysis of market andcompany's environment are evaluated. To understand the market and customer's demandH&M can implement few tools.Target identification- H&M identifies its target market and also targets specific segmentof consumers (Kotler, Bowen and Makens, 2006). To identify the target, customersbuying behavior and their needs differences are considered.Objective- The marketing objectives of H&M are considered which includes short &long term objectives to maximize profits and brand image.1

Marketing Mix- To evaluate the characteristics of target customers, elements ofmarketing mix are considered (Tharakan, 2015).1.2 Marketing OrientationMarketing orientation mainly based on four concepts:Production- This concept assumed that company should do mass production of productbecause product should be available for all customers (Adeleye, 2005).Product- This concept focus on the quality of the products and it assumes that quali8ktyof product will increase the sales.Sales- The product is not considered in this concept but selling of product to customers isconsidered.Market- This concept evaluate the target market and identifies their needs.The market orientation suits the H&M because they are mainly customer centric. This concepthelps cited company to identify the target market and undiscovered needs of customers. Citedfirm always put customers o the their first priority because they are the end user of their product(Dibb, 2012).TASK 22.1 Environmental factorsTo develop and expand the business, both micro and macro environment are evaluated fromPEST and SWOT analysis which are discussed below:To analyze the macro environment, PEST analysis is implemented:Political- In this, inflation is a main factor which leads to decrease the level of company'ssales revenue.Economic- Government policies like fiscal and monetary puts major impact on rates oftax, inflation and interest which increases and decreases the company's cost (Brassingtonand Pettitt, 2006).Social- The lifestyle, class, religion and income of customers are major factors whichinfluence company to provide better service and product.Technological- Adoption of new updated technology gives impact on profitability andrevenue of company.To analyze the micro environment few factors are involved:2

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