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Marketing Principles Assignment : Iceland Supermarket

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Added on  2019-12-28

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Evaluation of the benefits and costs of a marketing orientation for Iceland Supermarket. How macro and micro environmental factors influence marketing decisions. Propose segmentation criteria to be used for products in different markets. Selection of targeting strategy for a selected product or service. Buyer behavior affects marketing activities in different buying situations. Propose new positioning for a selected product or service. Product sustainability in the competitive advantage. Plan marketing mix for two different segments. Differences in marketing products and services to businesses rather than consumers. Difference between international and domestic marketing

Marketing Principles Assignment : Iceland Supermarket

   Added on 2019-12-28

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Marketing Principles
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Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Various elements of the marketing process..........................................................................31.2 Evaluation of the benefits and costs of a marketing orientation for Iceland Supermarket . .4TASK 2 ...........................................................................................................................................52.1 How macro and micro environmental factors that influence marketing decisions...............52.2 Propose segmentation criteria to be used for products in different markets.........................62.3 Selection of targeting strategy for a selected product or service .........................................72.4 Buyer behaviour affects marketing activities in different buying situations........................72.5 Propose new positioning for a selected product of services.................................................8TASK 3............................................................................................................................................93.1 Product sustainability in the competitive advantage.............................................................93.2 Distribution arrangement to provide customer convenience:-............................................103.3 How prices reflect an organisation's objectives and market conditions..............................113.4 Integration of promotional activities to achieve marketing objectives...............................113.5 Additional elements of extended marketing mix................................................................12TASK 4..........................................................................................................................................134.1 Plan marketing mix for two different segments .................................................................134.2 Differences in marketing products and services to businesses rather than consumers.......144.3 Difference between international and domestic marketing ................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
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INTRODUCTION In the present era, different sheds of marketing is adopting by the organizations with theaim of promoting goods and services within the market. The intention of behind using thisconcept is to deliver the right information to the target customers so that they can able to knowmore about the commodities (Barrett and Weinstein, 2015). Most of the businesses use a varietyof marketing principles in order to optimize the market performance of existing products andservices. It also assists in successful launch of new goods into a new and existing market. Thepresent study is relating to marketing principles and to understand its importance within thecompanies, Iceland Supermarket is taking into the consideration. It is UK firm that deal in retailmarket and specialized in frozen foods such as prepared meals and vegetables, non frozengrocery items like dry goods, milk, dairy products, meat etc. Objectives that will undertakeduring the study are concept and process of marketing, use of concepts of segmentation,targeting and positioning, elements of the extended marketing mix and their application indifferent contexts. TASK 11.1 Various elements of the marketing processAccording to the Chartered Institute of Marketing defines marketing as a a managementprocess that responsible for determine, anticipate and satisfy customers requirements profitably(Hartley and Claycomb, 2013). Marketing definition state by American Marketing Association isit is a set of activities and processes for creating, communicating, delivering and exchangeoffering that create value for end uses in different aspects. For Iceland Supermarket, elements ofmarketing process is as follows:Analysis of market and environment: Here, different strategic tools use for market andenvironment analysis such as PESTEL, Porter's Five Forces, SWOT, Value Chain Analysis etc(Lehmann, 2014). Determining the target market: Under this, Iceland Supermarket targets specific segmentof population in the UK and other overseas nations where organization is currently operating itsbusiness. Development of marketing objectives: Marketing objectives of Iceland Supermarket ismaximization of profit in both short and long term (Iceland Supermarkets UK, 2016). It alsowants to raise its brand value in the marketplace. Marketing objectives of Iceland Supermarket
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closely link with its current business strategy. Along with this, the formulated objectives alsoalign with mission and vision of the firm in more appropriate manner. Dealing with marketing mix elements: At the time of marketing of products andservices, it is important for Iceland Supermarket to consider marketing mix elements (Kerrigan,Fraser and Ozbilgin, 2007). With the help of this, it can be easy to analyse the demand andneeds of target customers.Reflection, control and revision: With the help of this element in marketingmanagement, Iceland Supermarket access the level of effectiveness of marketing strategy (Kurand Hvenegaard, 2012). Along with this, it helps the organization to improve those areas ofexisting marketing tactics which are directly or indirectly affect by internal or externalenvironment. 1.2 Evaluation of the benefits and costs of a marketing orientation for Iceland Supermarket Marketing orientation is a business model and support the concept of development ofproducts and services according to consumers requirement. It can be divided into four types:production, product, sales and marketing orientation (Larreche, 2005). When company produce aproduct in large volume without giving importance of needs and wants of service users then it iscalled production marketing orientation. When organization focus on improve quality of goodsrather then their volume then it comes under product marketing orientation. If firm emphasize onincrease profits for effective distribution and sales of the commodities then it is known as salesmarketing orientation. Further, when enterprise produce the goods and services as per therequirement and expectations by ignoring profit maximization concept then it is called marketingorientation. Benefits of marketing orientationThere are various benefits of marketing orientation for Iceland Supermarket which are asfollows:Increase customer satisfaction level: With the help of marketing orientation concept,Iceland Supermarket easily meet and increase satisfaction level of end users. The reason of this isthe products and services customized in nature (Rudd and Mills, 2011.). At the time ofdevelopment of commodities, requirements and needs of end users take into the consideration allthe time.
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