Marketing Strategies for Virgin Group
Added on 2020-10-23
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MARKETING PRINCIPLESAND PRACTICE
Table of ContentsINTRODUCTION...........................................................................................................................2I. The explanation of marketing concepts and terminologies in context of Virgin Group.....2II. The marketing strategies and programmes help the virgin group to achieve itsorganisational goals and how these objectives are achieved ethically...................................5III. Marketing principles and concepts used in The Virgin Group's daily organisationaloperations...............................................................................................................................6IV. Explain the relationships of the marketing functions to other functional areas inorganisations...........................................................................................................................9CONCLUSION..............................................................................................................................11RECOMMENDATION.................................................................................................................12REFERENCES..............................................................................................................................131
INTRODUCTIONMarketing plays a very important role in the business sector in each industry. It highlycontributes in growth and success of an organisation by improving its brand image in market.. Inthis assignment, the organisation is Virgin Group. It's a completely British owned multinationalcompany. It was incorporated in the year, 1989. The owners of Virgin Group are:- RichardBranson and Nik Powell. The project report here will focus on the principles of the marketingthat are being exercised in almost every industry. The basic principles of marketing are:-product; price; place and promotion. The assignment will further focus on the key concepts ofthe marketing and different terminologies that will explain the importance of marketing withinan organisation. TASK I. The explanation of marketing concepts and terminologies in context of Virgin GroupMarketing – Marketing is essential for an organisation to achieve its organisational goals as wellas gaining popularity in the market. Virgin group chooses important marketing strategies tomarket its products such as Virgin Music, Student Magazine etc. Marketing concepts:Product strategy andPromotional StrategyProduct strategy: The product strategy is one of the chief component of a marketingstrategy. A product plays a vital role in an organisation's growth and it is important for aproduct to perform well in the market. The strategy is developed in order to achieve bothof these objectives. (Skarmeas, Zeriti and Baltas, 2016) To make the product performwell in the market and to achieve the organisations goals and objectives by making thesales better. In product strategies the information is designed for distribution, Short termand long term goals. The overall strategy is created by the marketing team and its finalapproval is done by the company's Chief Executive Officer. Virgin group promotesVirgin Music with the use of efficient apps and technologies on the internet. Also, it
tends to sell its music under its brand name which ensures the organisation reputationgoes along.To make a product strategy Virgin Group uses the below mentioned principles: a. Market Research: Virgin group tends to do the necessary market research while creating aproduct strategy. The market research allows the Airline company to identify its consumers andthe types of consumers it is serving. For example, the B2B market research allows Virgin Groupto identify the various special needs of business travellers and later helped the organisation inlaunching its unique business class. To create a product strategy to sell its music the group tendsto understand the current trends and customers experiences within the music industry.(Morschett, Schramm-Klein and Zentes, 2015)b. Product Development: Product development allows the virgin group to develop its productsin order to make the impact of its overall organisation within the consumers and between thecompetitors as well. The airline tends to keep developing its products and services such as betterseating availability, good provision of food to the travellers etc. to create the necessary impact. c.Product positioning: Positioning also refers to Unique Selling Point of a company. Inits product positioning the company develops a strategy to compete against otherproducts or services sold by its market competitors. The unique selling point ensures thatthe company's products are different from its competitors and Virgin Group ensures thatits services are better than them. Virgin group positions its music in the market with theuse of its brand name that provides the overall goodwill and listeners tend to buy themusic under the name of Virgin Group. (Gomes, Sousa and Vendrell, 2017)d. Pricing: There are times when strategy is based on the price alone. In this approach,Virgin Group tends to observe its place within its competitors and its reputation in the market.After observing its market place the group chooses to set a price that determines its brand valuewithin the market and prices its services accordingly. The company has recently chosen toincrease its airline tickets in which its Business class passengers tickets value has been increased
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