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Principles and Practice of Marketing - Assignment (Doc)

   

Added on  2021-01-01

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MARKETING PRINCIPLESAND PRACTICES

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Key Marketing concepts and terminologies applicable to Virgin group............................12. Organizational objectives achieved by Marketing strategies.............................................33. Marketing concepts and principles used in the Virgin Group............................................44. Relation of marketing function to other functional areas of Virgin Group and cross-functional relationship of marketing and other departments..................................................8CONCLUSION................................................................................................................................9RECOMMENDATION...................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONMarketing is a mix of all the activities and a broad process that include product designand development, research, promotion, selling and distribution and customer service. Marketingis surrounded with core principles, tactics and strategies. The Virgin group is a highly diversifiedorganisation founded by Richard Branson in 1970. Branson is known for his risk taking, fun,charismatic and daring persona and is individual most important ingredient to all the success thathas been reaped. Branson started by selling mail- order records and expand the business intorecord labelling as Virgin Records. Company's growth starts from Virgin Records in 1987 then itexpands in Virgin Trains, Media and Mobile, Lifestyle Virgin Money. All the business of VirginGroup targeted towards five pillars created by Richard that are: travel, mobile phones, leisure,entertainment, retailing and personal finance. Virgin Groups has ruled in British market and hasexpanded and operates globally across 29 countries. With all the success, Virgin Group also face failure in virgin beverages such as Virgincoco cola, virgin railways and virgin financial services, cosmetics, etc. the main reason behindthese failures are large diversification of product range and increasing market size.This case study will analyse marketing practices use in The Virgin Group. It will identifymarketing concepts and terminologies which are applicable to Virgin Group and how thesemarketing strategies will help the organisation to achieve its objectives. The study will also lookat marketing concepts and principles such as Segmentation, Targeting and Positioning and 7Ps ofmarketing mix use in the company. It will also discuss how marketing function relate with otherfunctional areas and how various departments of an organisation work as a team to achieveorganisational goal. Lastly report will end up with some recommendation for organisation.MAIN BODY1. Key Marketing concepts and terminologies applicable to Virgin groupMarketing concepts are the strategic elements that must be implemented by anyfirm/company/brand to raise sustainability and likeability of product or services in the market(Armstrong and et. al., 2015). These concepts can be well defined through the marketing conceptand techniques of an established brand named “the Virgin group” providing wide range ofservices and products in the market since past 50 years. The key marketing concepts that anybrand/company adopts to enhance the sales, profit and value to the products/services are-1

Marketing concept: Marketing concept deals with segmenting, targeting, positioning theof products/services in the market through market research and analysis. Virgin group adoptsdirect marketing strategy to avoid the interferences of related partners in the marketing policy ofthe organization. Direct marketing also helps the group to evaluate its growth and requirementsdirectly by customers' review. Product concept: This concept focus on the product quality, performance and innovationwithout the diagnosis of needs, demands and requirement of the customers. Virgin groupemphasize on innovations and providing new services/products to the customerscontinuously and thus widening its range of products/services by proper management ofproduct's concept of marketing.Selling concept: It focuses upon the strategic selling of the product/services rather thanits requirements, need, demands (Bahadir, Bharadwaj and Srivastava, 2015). Virgingroup provides abundant services in the market and few of its services are not up to themark in terms of its needs and demands. Hence, the brand must deviate its focus towardsthe specific sectors only to maintain customers' satisfaction.Social Marketing concept: This concept refers to display the company services andgrowth through social media and build strong and ethical connections. Based onappealing brand name, Virgin group has strong connections with people because of itsworkforce. It makes social connections through social media and campaign like “fly inthe face of ordinary” and many more. It strongly relies on digital marketing platform tobuild stronger connections worldwide. Along with it, the key marketing techniques that comply the mentioned marketing concepts are- Branding- Branding deliver an innovative/creative/attractive punch lines, logo, brandname to make the brand distinguished, memorable, likeable, and competitive in the market. Likethe Virgin group, has maintained an attractive brand name and a red inked handwritten logo thatis easy to memorise. With continuous alteration in the logo, it defines its flexibility with thechanging time. The branding strategy of Virgin showcase its easy approach and strong customerrelationship (Baker, 2014). Brand is identified with playful, cheerful and fun service provider. Ithas a distinguished image in the market because of continuous innovative properties. Product strategies- It deals with product innovations and development by differentapproaches of marketing. Virgin team emphasis on various service sectors such as Travel,2

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