Marketing Principles for Breakfast Cereal Product: Segmentation, Targeting and Positioning

PRINCIPLES
OF
MARKETING

Table of Contents
INTRODUCTION.........................................................................................................................3
Section 1- Marketing Environment And Planning Process.......................................................3
Define the components of marketing planning process and their link to marketing for new
breakfast cereal product...............................................................................................................3
PESTEL Analysis for breakfast cereal product...........................................................................6
Outline of marketing mix 7Ps and how development of marketing mix can contribute to
effective marketing planning for breakfast cereal product..........................................................7
Section 2- Segmentation, Targeting and Positioning..................................................................7
Section 3- Marketing Mix Analysis..............................................................................................9
CONCLUSION............................................................................................................................12
REFERENCES............................................................................................................................13

INTRODUCTION
Marketing is process of an organization which is undertaken to promote the products
offered by a business in order to target audience, to create strong relationship with customers to
create value in order to capture value in return. Marketing is also a primary component of
business management and commerce. Market environment is the composition of internal and
external factors which directly or indirectly create an impact on decisions formed by a business
which are related to marketing activities (Porral and Stanton, 2017). Planning is the process of
thinking about activities which are required to achieve desired goal. Marketing mix model is the
set of actions which are followed by an organization to promote their product and brand in the
marketplace. Therefore, the principles of marketing involve various elements which are used to
meet desired marketing objectives set by a business. This report is based on different sections
which will define various segments of marketing and how these sections can be helpful in
meeting desired marketing objectives for breakfast cereal product. In first sections, the study will
define marketing environment and planning process. In the second section, the report will outline
STP approach which will be followed in order to segment and target the market, sand the
positioning strategy which will be followed by the organization. Lastly, the project will highlight
the extended marketing mix analysis to target the market.
Section 1- Marketing Environment And Planning Process
Define the components of marketing planning process and their link to marketing for new
breakfast cereal product
Marketing planning process
Marketing planning process is a systematic approach followed by an organization to
achieve their marketing objectives. There are various steps which are involved in marketing
planning process, these steps are- situation analysis, defining objectives, formation of strategy,
development of action program, execution of strategy and evaluation (Ajagbe and et.al, 2015). In
terms of new breakfast cereal product, the marketing planning process will be created with the
objective of achieving the marketing objectives.
The components of marketing planning process and their link with new breakfast cereal
product are explained below:

 Situation analysis- This is the first type of marketing planning process which is a
collection of approaches that are used by an organization to understand business
capabilities, customers and business environment (Benzo, Mohsen and Fourali, 2017). In
terms of new breakfast cereal product, situation analysis will be used to develop an
understanding of internal and external environment in which a plan will be executed. This
will help in setting price of raw material understand customer buying habits gain
knowledge about competitors.
 Setting objectives- In the second stage of marketing planning process, an organization
focus on defining the objectives which needs to be accomplished by them. In terms of
new breakfast cereal and product, the company will define the objective by which they
can generate leads, create brand awareness, increase their sale and strengthen their
relationship with customers in order to increase customer loyalty and retention.
 Formation of strategy- Strategy formulation is the process of most appropriate course of
action for meeting the organization objectives and the achievement of organization
vision. In this stage, an organization create vision and mission of business and understand
the external environment. This involves selecting mediums through which the strategy
will be executed. In terms of new breakfast cereal product, the company will form their
strategies which will be helpful in meeting their desired objective.
 Development of action programs- In the stage of planning program, a detailed plan is
created which highlights marketing task that needs to be managed, implemented and
executed within the organization for achieving marketing objectives (Eyvrigh, 2016).
Therefore, the company will create a blueprint of planned series which are used to
achieve the organizational objectives. In terms of new breakfast cereal product, the
company will create an action plan which is a layout of activities that needs to be
followed for reaching the objectives.
 Implementation- In this stage, an organization will implement or execute the action plan
as per the desired plan and layout through which whole organization can work towards
the accomplishment of marketing objectives. In relation to the new breakfast cereal
product, the company will follow the planned procedure by defining their objectives and
following all strategies and actions as per the action plan.