Sample Assignment on Marketing Principles (Doc)
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Added on 2021-01-03
Sample Assignment on Marketing Principles (Doc)
Added on 2021-01-03
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Marketing Principles
ContentsINTRODUCTION.....................................................................................................................................3TASK 1.......................................................................................................................................................31.1 Explain the various elements of the marketing process.....................................................................31.2 Evaluate the benefits and costs of a marketing orientation for a selected organisation......................4TASK 2.......................................................................................................................................................52.1 Explaining the concept of micro and macro factors which influence marketing decisions................52.2 Propose of segmentation criteria to be used for products in different markets...................................62.3 Choose targeting strategy for a product and services.........................................................................62.4 How buyer’s behavior affects marketing activities in different buying situations..............................72.5 Propose new positioning for a selected product and service..............................................................7TASK 3.......................................................................................................................................................73.1 Explanation about how products are developed to sustain competitive advantage.........................73.2 How distribution is arranged to provide customer convenience.......................................................83.3 Explanation about how prices set to reflect an organisation objective.............................................83.4 How promotional activities is integrated to achieve marketing objective.........................................93.5 Analysis about the additional element of the extended marketing mix............................................9TASK 4.....................................................................................................................................................114.1 Produce a marketing plan mixes for two different segments in consumer markets..........................114.2 Illustrate differences in marketing products and services to business rather than consumers..........114.3 How international marketing differs from domestic marketing.......................................................11CONCLUSION........................................................................................................................................11REFERENCES........................................................................................................................................12
INTRODUCTION Marketing principles is the set of structure and guide which helps to motivate organization to undertake the best productive nature of company growth. It is made up of many business majors, marketing is defined as the total of activities involved in the transfer of goods from the product and sellersto the consumer. Present study will be based on marketing principles of Falmouth college. This will be explaining the different aspects of the business which encourage business into more effective manner. It will explain various elements of the marketing process. Further, benefits and costs of a marketing orientation for Falmouth College or a university. Moreover, this study will cover all necessary or important aspects of the business organizations. This will also this will also cover the macro and micro factors through marketing decisions are get influenced. TASK 11.1 Explain the various elements of the marketing processMarketing is referred to be a procedure that involves both administrative as well as social activities needed to be undertaken by all type of companies, despite of their nature and type. This is basically to fulfil the identified needs of the users that also have a vital requirement of interacting with others (Abril and Rodriguez-Cánovas, 2016). Marketing in today’s modernised businesses not only depicts a mere exchange of goods and services but also specifies a vital role of communication among the service users and the providers. It thus involves the practice of creating procedures to communicate with one another, deliver and exchange assistances that are valuable for the customers as well as other concerned bodies, known as stakeholders.This includes the clients, business partners as well as the society. The current marketing era has begun with the acceptance of marketing concept by the society. Marketing function was commenced witha motive of satisfying the determined needs and demands of the consumers as a way of gratifying them. In accordance to this concept, it is important for Falmouth University to understand the exact requirementof their patrons to accordingly design their work practices and policies, etc. It will assist them to effectively deliver their wants in a desired manner by together combating the state of competition in the market. This will in turn enhance the welfare of both the society as well as the patrons of the cited firm.However, the marketing concept together consists of certain limited aspects with a foremost difficulty in determining the exact needs and requirements of the customers in the market. This is though due to a complex behaviour of humans (Boonpradub, 2015). Moreover, satisfied customers are not evident to show a considerable growth of the quoted entity where a strategic approach is often known to stress upon the ascertained demands of a specifically targeted segment of customers. This in turn impacts upon the other divisions of the market in a negative manner. This section is to identify some vital elements of marketing with a detailed explanation below-Situational analysis- This is referred to be a fundamental aspect of creating a successfulmarketing plan. This involves evaluating the current state of the organisation with assistance ofSWOT analysis to assess its internal state. Also, assessing the external factors will be required toascertain the upcoming risks or prospects. Lastly, there exists a competitor’s analysis to assess thecompetitive position of both Falmouth University and its other well-known contenders in themarket.
Developing a marketing strategy- This involves crafting strategies in accordance to the abovecarried exploration (Byrd-Bredbenner, 2017). It is usually being done by adopting the practices ofSMART objectives to clearly determine the agenda and communicate other concerned bodiesabout the same where it should be attained within a specified period of time. Designing marketing tactics- This involves the application of marketing mix to frame clearstrategies as a way of focussing upon the exact requirements to accomplish the set organisationalgoals and objectives. Implementation and control- This being the last step involves the application of the aboveintended tactics and evaluate its efficiency in terms of controlling, if not perceived to meet out theintended aims of Falmouth University (Balasescu, 2015). 1.2 Evaluate the benefits and costs of a marketing orientation for a selected organisationMarketing orientation is meant for the reaction of a business in agreement to the identified needs and demands of the customers and the way in which, those are being satisfied by Falmouth University. Due to a high level of competition in the market, it gets important for the enterprise to strongly maintain its position in the market. This in turn necessitates the establishment to offer the products and services in the best possible quality. The concept of marketing orientation is stated to be one of the most common alignment that is utilised to combat the rising marketing related issues (Dagevos, 2016). It is with another prime focus on inclining and ascertaining the factual wants of the consumers to further design accordant strategies. This is for instance on demonstrating the existence of market orientation in context to Falmouth University, it is important for them to clearly identify the current undertaken courses that are designed for the students and their significance. Further, it must be with a specific concern of determiningthe need of any other relevant courses that are required to be involved in the syllabus to meet out the changing aspirations of the students. The process of marketing orientation consists of total 5 vital components, as discussed below-Production- This states about the integration of the resources to design a quality andaffordable product or service for the users. Product- It can be either tangible or intangible with a prime moto of meeting the demands ofthe consumers. Selling- This will involve the efforts made by the marketing or selling team of FalmouthUniversity to promote their services and sell them to earn profits (Brar, Kumar, Patil andGade, 2018). Marketing- It indicates the procedure of selling via advertising and promotion, etc. Social responsibility- This refers to an ethical framework defining the obligations of thesociety to act towards their benefits. There together exists some set of benefits and limitations of marketing orientation, as elaborated below-Benefits-
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