Report on Principles of Marketing
19 Pages6066 Words137 Views
Added on 2019-12-03
Report on Principles of Marketing
Added on 2019-12-03
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MARKETINGPRINCIPLES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Various elements of marketing process................................................................................11.2 Benefits and costs of a marketing orientation of Tesco .......................................................22.1 Macro and micro environmental factors influencing marketing decisions...........................32.2 Segmentation criteria used for products in different marketing segments............................52.3 Targeting strategy for............................................................................................................62.4 Buyers behavior affecting marketing activities.....................................................................62.5 Positioning strategy for selected product .............................................................................73.1 Developing products to sustain competitive advantage........................................................83.2 Developing distribution measures for consumer convenience..............................................93.3 Price strategies to attain organizational objective and market conditions..........................103.4 Promotional activities to integrate and attain marketing objectives...................................103.5 Additional elements of extended marketing mix................................................................10TASK 2..........................................................................................................................................114.1 Marketing mixes for two different segments......................................................................114.2 Illustrating difference between marketing products to business rather that consumers .....124.3 Demonstrating why international marketing varies from domestic marketing...................13CONCLUSION..............................................................................................................................13ILLUSTRATION INDEXIllustration 1: PESTEL Analysis......................................................................................................3Illustration 2: Porter generic strategies ...........................................................................................7Illustration 3: Product Concept........................................................................................................8
INTRODUCTIONThe global business expansion has developed a trend within the market which has createsa revolution within the economy. Business growth and development has adopted unique andexclusive measures of promotion and marketing products and services within the economy.These measures have helped businesses in developing the brand recognition and salesmaximization within the economy (Burgemeister, 2003). To evaluate the impact of marketingprinciples the business operations of Tesco will be examined closely. This will help indeveloping a clear and effective idea about marketing process measures and its impact on thebusiness growth and development. The overall analysis of marketing strategies will help indeveloping efficient understanding of marketing principles and its contribution towards growthand development of business. TASK 11.1 Various elements of marketing processAccording to Glowik and Smyczek, 2011 marketing is an activity which develops aneffective structure for the organizations to develop communication with the ultimate buyers forenhancing product value, brand image and product demand. The marketing process helpsorganizations in maximizing sale by breaking down the process in various strategies forsegmentation, positioning, distribution, development etc. (Madsen and Pedersen, 2013). Tesco isone of the leading global retail business unit. The wide competition within the market demandsthe organization to develop effective measures of marketing products and services. Elements ofmarketing process adopted by Tesco include:1.Understanding Market, needs and wants of customers: The situation of businesschanges with changing marketing conditions and organizational conditions as well.Marketing process analyses the situation that the organization is facing currently toenhance the growth and development measures for the business unit (Mathur, 2006). Thiselement deals with carrying out the internal and external business analysis in order toanalyze the position of the company in the market. Tesco has faced the rough phase byrecording huge loss for the business. Thus, marketing activities of the company currentwill develop activities to compensate the same. In addition to it, company need to assess1
the needs and wants of customers as well so that they develop appropriate products andservices. 2.Creating Customer Centric Strategy: The next element of process deals withdevelopment of strategy to create a winning edge within the market (Andersson andServais, 2010). Tesco is planning its marketing process so as to create a valuable marketposition and enhance growth and development measures within the economy. Here,Tesco conducts segmentation and targeting so that actual customers can be identified. 3.Construction of Integrated Marketing Programs: After developing customer centricstrategy, marketing program is developed in which marketing mix is focused majorly. Inthis, decision with regards to product, price, place and promotion are taken so thatultimate needs and wants of customers can be attained. 4.Developing Relationship with Customers: At this moment, Tesco develops strategy formaking sound relations with customers. Through this, company gains loyalty from it andthis also helps in attaining benefits in terms of repeat purchase. 5.Deriving Value from Customers: At this stage, company gains value from customers bygaining support from them. At this position, company is able to increase its sales bymeeting with varied requirement of consumers. Tesco seeks the effective system andmeasures to implement the marketing plan for the organization and develop strategies toenhance growth for the same. 1.2 Benefits and costs of a marketing orientation of Tesco Marketing orientation is a refined and most effective version of marketing development.Chandrasekar, 2010 defined marketing orientation as a culture where companies focuses onanalyzing and meeting consumer needs so as to create a valuable market position for theproducts and services offered. These measures helps organization in developing high marketdemand and sales within this highly competitive market. This strategy helps the business inenhancing consumer satisfaction for the business. Tesco has adopted this measure to develophigh impact on sales and profitability of the business. The benefits and costs associated withmarketing orientation are discussed hence forth.Tesco is a leading retail business unit which operates efficiently around the world. Theprocess of marketing orientation helped the company in creating wide sales through adoptingconsumer focused approach and strategy (Dibb, Simkin and Ferrell, 2012). The retail consumers2
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