Marketing Principles
Added on 2019-12-03
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Marketing principles
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3(a) Evaluating the benefits and costs of marketing orientation ...................................................3b) .................................................................................................................................................5Various elements of marketing process required ........................................................................5Proposing segmentation criteria for jams and preserves ............................................................6Targeting strategy to be used by Planet Preserve ......................................................................7(c) Development of Planet Preserve products to sustain competitive advantage .......................7(d) arranging distribution for food products to provide convenience .........................................8(e) How prices are set to reflect objectives and prevailing market conditions ...........................8(f) Macro and micro environmental factors influencing marketing decisions ............................9(g) Analysing additional elements of extended marketing mix ...............................................11Task 2...............................................................................................................................................1(a) Marketing Mix for business expansion..................................................................................1Marketing mix strategies for customers and small retailers.......................................................1(b) Buyer behavior of B2B & B2C..............................................................................................2Marketing activities for B2B & B2C...........................................................................................3(c) Promotional activity to achieve marketing objectives............................................................3(d) International marketing differs from domestic marketing.....................................................4CONCLUSION ...............................................................................................................................5REFERENCES ...............................................................................................................................62
INTRODUCTION Principles of marketing are concerned with a range of processes that are adopted by firmsfor finding out what customers want and the providing for their needs. Four key elements, knownas the four Ps of marketing are also involved in marketing principles (Henley, Raffin andCaemmerer, 2011). These also comprise of a range of marketing decisions that are taken by anorganization for selling its products. Marketing principles are also considered to be the ideaswhich form the basis of most of product promotion strategies (Simon and Gentry, 2014). Thepresent report is about Here’s Talking To You (HTTY Associates) and its new client companyPlanet Preserve. HTTY Associates works to provide advertising and marketing services tobusinesses. In the present report, marketing principles will be discussed in the context of PlanetPreserve, which is a new client of HTTY Associates. The concepts and processes of marketinghave been analysed in the report. Further, an attempt has been made to use the concepts ofsegmentation, targeting and positioning. Individual elements of extended marketing mix havealso been explored. Lastly, in the report, marketing mix has been used in different contexts. TASK 1 (a) Evaluating the benefits and costs of marketing orientation The benefits and costs of marketing orientation can be evaluated for Planet Preserve. Thiswill enable the fruit and preserve manufacturing company to exploit its commitment to ethicaland sustainable practices in marketing its products. It will also help in improving commitment toresponsible business behavior (Eagle and et.al., 2013). Marketing orientation focuses ondelivering products by designing them as per the needs, requirements and desires of consumersalong with incorporating the elements of product functionality and product efficiency. Thefollowing are the benefits of marketing orientation for Planet Preserve:Customer centric alignment- Marketing orientation provides the advantage of customercentric alignment to organizations. As per the case study, if Planet Reserve adoptsmarketing orientation, then employees at various levels of the firm will work towards acommon strategic mission of obtaining customer satisfaction. Needs and satisfaction ofcustomers will be the top priority for Planet Preserve. This will benefit the company in3
the form of better quality, well earned profits and well received products (Nicholson andOliphant, 2014).Adaptability- This is another advantage of marketing orientation. Adaptability isconcerned with adopting strategies and undertaking actions to adapt to the feedbackreceived from the customers (Kokemuller, 2015). With this, Planet Preserve will be ableto make adjustments in the products and services as desired by the customers. Generally,the companies whose focus is on the product, become to busy on research anddevelopment. In this processes, the lose the information about the customers need andwants. However, by adopting marketing orientation, Planet Preserve will be able to focuson product research and development after considering the needs and wants ofconsumers. Competitive advantage- Marketing orientation will provide Planet Preserve with thebenefit of competitive advantage. The competitors of the firm will put too much effortsand time into product development and engineering. Therefore, they will be less equippedin developing solutions that appease customers (Armstrong and et.al., 2014). In contrastto this, at the same time, Planet Preserve will develop products to suit the customer needsas it would be possessing knowledge about what customers want. Therefore, the fruit andpreserve manufacturing firm will be able to better market its products in a morepersuasive manner. Along with the benefits, marketing orientation also brings certain drawbacks for firms. Thefollowing will be costs of marketing orientation for Planet Preserve:Less product differentiation- Planet Preserve will have to bear the costs of marketingorientation in the form of less product differentiation. As the firm will spend more timeon consumer interaction and research, it will not be able to focus on fine- tuning thefeatures of its products (DeWan and et.al., 2013). This will give its competitors a chanceof developing their products with more distinct features. Lack of predictability- Another cost of marketing orientation is that it will make itdifficult to carry out advanced planning on product development. This is because, ifPlanet Preserve will adopt marketing orientation, it will respond to the perpetual changesin the desires of customers through its solutions (Rudd and Mills, 2011). Therefore, in4
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