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TABLE OF CONTENTS INTRODUCTION 3 1.1 Marketing Principles

   

Added on  2020-01-16

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Marketing Principles

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................31.1 Various elements of the marketing process......................................................................31.2 benefit and cost associated with the marketing orientation..............................................42.1 Macro and Micro factors..................................................................................................52.2 Proposing segmentation criteria for product....................................................................52.3 Targeting strategy.............................................................................................................62.4 How buyer behaviour affects the marketing activities.....................................................62.5 Positioning of the product................................................................................................73.1 How product are develop to sustain competitive advantage............................................83.2 Distribution is arranged to provide customer convenience..............................................83.3 How prices are set to accomplish the objectives..............................................................93.4 Promotional activities integrated to accomplishing marketing objectives.......................93.5 Additional elements of marketing mix.............................................................................9TASK 2 .........................................................................................................................................104.1 Plan marketing for two segment.....................................................................................104.2 Differences in marketing................................................................................................114.3 International marketing differ from domestic marketing...............................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONMarketing is a social process by which individuals and organisations obtain what theyneed and want through creating and exchanging value with others. For customers, it is theprocess by which companies create value for them and build a strong relationship in order tocapture value customers in return (Abdullah, 2006). Marketing involves activities of a companyassociated with buying and selling of a product or service. It includes advertising, selling anddelivering products to the final customers. People who work in marketing department ofcompanies try to get the attention of target audience by using slogans, packaging design,celebrities and general media exposure. For the present study the chosen organization is Marksand Spencer (M&S) leading organization in the retail industry. From the following report,marketing principal and its various aspects will be described that would support the company inmarketing their products and services in the ultimate market. Along with this, the report will alsoprovide insight knowledge regarding the international marketing the support them in enteringinto the new marketplace.TASK 11.1 Various elements of the marketing processMarketing is defined as the total of activities involved in transfer of goods from theproducer or seller to consumer or buyer including, advertising, shipping, storing and selling. Thecited firm with the help of marketing discover unfulfilled needs and requirement of customersthrough selling the required products in order to satisfy the needs of consumer. Marketingprocess define the loopholes in the proper marketing and the process of marketing mainlyinclude different elements such as-Situation analysis: The first component of Marketing Process is to analyse the market inorder to find opportunities that should be availed. These opportunities are related to the needsand wants of the customers that are not properly satisfied by the competitors in the market(Pavlou, Liang and Xue, 2006). The marketing manager of M&S must engage in analysing theexternal and internal environment so that they may easily engage in the effective marketingactivities. Marketing strategy: Another element of the marketing process include engaging inframing or devising the marketing strategy for the retail company so that they may easily engagein the marketing activities. The manager of retail firm also focuses on measuring the STP that is

engaging in segmentation, targeting and positioning of the range of products so that it may createvalue in the targeted market. Another element in the marketing process include engaging indevising the marketing strategy (Huang, Sarigöllü, 2014).Marketing mix decision: Another element in the marketing process include engaging indeciding the components of marketing mix for the M&S. It mainly focuses on Product development that define the specifying, designing the market and the producingthe first units of the product.Decide the price of the product Distribution contractPromotional purpose there must develop campaign development.Implementation and control: The last element in the marketing process include implementingthe devised strategy. Implementation and control of marketing plans is a process which shouldensure the achievement of the strategic objectives adopted by the company1.2 benefit and cost associated with the marketing orientationMarket orientation consider as reviewing the reaction to what customer want. That is allabout discover about the customer's needs and wants and the decision taken are based around theinformation about customer 'need and wants, rather than what the business thinks that what isrights for the costumer. The benefit associated with the marketing orientation include that itcreate superior value for buyer continuously requires that a seller understand buyer's entire valuechain, not only as it is today but also as it evolves over time (Goi, 2009). There are differentdifferent orientation in the market production orientation , product orientation, sale orientationand market orientation each orientation is equally important for the market purpose. Marketorientation can be divided into five type: production , product, selling, marketing and the socialresponsible. Mark and Spencer is belonging to the product type. This company need to focus onthe product in the market and take new product in the market as per the consumer's need. Markand Spencer need to focused on product high quality and such as charging higher price thancompetitor like Tesco and Sainsbury (Nath, Nachiappan and Ramanathan, 2010). Thus, mark andSpenser need to set the high standard in their product range from there competitors and identifythe need of the new product according to needs of the market. Along with this, there are alsosome cost associated with the market orientation that is it may act as the loss for retail firm iftheir engage in wrong assessment of the market.

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