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Report on Elements of Marketing Process and Environmental Factors

   

Added on  2019-12-03

19 Pages5840 Words147 Views
MARKETINGPRINCIPLES

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2............................................................................................................................................52.1.................................................................................................................................................52.2.................................................................................................................................................62.3.................................................................................................................................................72.5.................................................................................................................................................7TASK 3............................................................................................................................................83.1.................................................................................................................................................83.2.................................................................................................................................................93.3...............................................................................................................................................103.4...............................................................................................................................................103.5...............................................................................................................................................11TASK 4..........................................................................................................................................114.1...............................................................................................................................................114.2...............................................................................................................................................124.3...............................................................................................................................................13CONCLUSION..............................................................................................................................13

INTRODUCTIONMarketing is considered as communicating the value of product, service and brand to theconsumers in order to promote product so that organization can get competitive advantage overother competitors. Further, marketing principles can be defined as an idea which helps in makingdecisions on basis of different product and also with the help of varied promotional strategies(Golding and Peattie, 2005). In this context, the organization undertaken for the present study isMarks and Spencer (M&S) which is a British multinational retailer company, havingspecialization in clothes, home products, and luxury items along with different varieties of foodproducts. This report is based on evaluating different elements of marketing process. Further, thisreport will also showcase macro and micro environmental factors which will influence themarketing decisions of the organization. Moreover, this study will focus on different productswhich will lead the organization to get the competitive advantage over other firms.TASK 11.1Marketing can be defined as a management process through which the goods and servicesmoves from a proper concept to the another and it basically revolves on four elements namelyidentification of the product, determining the price, selecting a distribution channel and finallyimplementing a promotional message for the products and services. There are various elementsof marketing that cited company comprises of and it has been stated below:1Market segmentation- Market of M&S is large and heterogeneous. Further, this marketsegment is very important in the marketing process as cited company have to target everycustomer in diverse group. Therefore, it is an activity which helps the corporate to dividetheir segment into smaller targets and focus on fulfilling their needs and objectives.2Marketing mix- An organization’s essential element for marketing strategy is the marketingmix as this factor focuses on influencing demand for M&S goods and services. 3Situational analysis-This method helps manager of the cited company to collect theinformation relating to the organization internal and external environment in order tounderstand the potential and capabilities of the customers and different others.Mentioned

Company has to adopt some of the strategic tool in order to give their competitors stiffcompetition (Jones and et.al., 2008). For meeting this, cited organization can implementSWOT analysis, PESTLE analysis and Porter Five force model for judging theireffectiveness.4Goals and objectives- Marketing objectives need to be set up by M&S so that they can getmaximum profit and revenue for their stated short term goals and objectives. Further, ifcustomers like the organization products and service then they will demand more andcomprehensively organization will be able to develop their brand image.1.2Marketing orientation is considered as a business model which focuses on deliveringproducts according to needs and desires of customers. M&S can develop their products andservices either on product oriented approach or by taking the help of market oriented approach.Market oriented approach means that company produces only those goods which are demandedby the customers. Moreover, almost all the organization in UK has adopted the concept ofmarket orientation approach as company knows that they will generate more revenue if they havegained trust of their customers (Jobber and Ellis-Chadwick, 2012). Further, cost and benefits fororganization have been stated below:Cost-For M&S, there are different types of cost and these costs have to be spent indeveloping products and services. M&S has gained immense trust of their customers inUK just because they spend more money in doing proper market research. Further, inorder to develop new product strongly in the market, advertisement expense for thecompany is very huge which is considered as a major expense for the cited company.Further, money is spent for developing product and also to get the customer loyalty alongwith healthy brand image in the market.Benefits-These costs so incurred leads company to get benefit as M&S can maximizetheir products by doing a proper market research and also by winning hearts of largenumber of customers. Once, loyal customer is developed then it will always remain withcited company and hence makes repeat purchases. It is required that company mustsatisfy the needs of the consumers with the best of the products at an affordable price.

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