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Marketing Principles of Bristol Cars

   

Added on  2020-10-04

19 Pages4117 Words385 Views
MARKETING PRINCIPLES

CONTENTSINTRODUCTION.....................................................................................................................................1TASK – 1.................................................................................................................................................11.1Different elements of marketing process..............................................................................11.2Benefits and costs of a marketing orientation for Bristol Cars...............................................2TASK – 2.................................................................................................................................................22.1Environmental factors influencing marketing decisions........................................................32.2Segmentation criteria for the products.................................................................................32.3Targeting strategy for the product.........................................................................................32.4Explaining how buying behaviour effects the marketing activities........................................42.5New positioning strategy for product....................................................................................4TASK – 3.................................................................................................................................................53.1Development of product to sustain competitive advantage..................................................53.2Arrangement of distribution for offering customer convenience..........................................53.3Setting prices to reflect the objectives and market conditions of bank.................................63.4Integration of promotional activity to accomplish marketing objectives...............................63.5Elements of extended marketing mix....................................................................................7TASK 4....................................................................................................................................................8CONCLUSION.......................................................................................................................................13REFERENCES........................................................................................................................................14

INTRODUCTION Articulating about the marketing principles, it is being defined as an effectivemanagement of activities such as inventory, distribution and advertising with a view torelocate the products and services from the seller to the ultimate users so as to satisfy theirwants. These marketing essentials are being utilized for the purpose of optimizingopportunities in the market to attain the desired goals and objectives of the firm (Cova andSalle, 2008). In the current report study as well, various components of marketing processwill be discussed significantly considering varied case studies. Further, the cost and benefitsof market orientation will be analysed. Macro and micro environmental factors to determinetheir influence on marketing decisions as well as growth of the company in future will bediscussed. The report will further focus on segmentation, targeting and positioning criteria.Additionally, marketing mix will be developed in respect of a bank including elements ofextended marketing mix and will explain how buying behaviour influence the marketingactivities in varied buying situations. TASK – 1The current task is related with the case of marketers of cars who are engaged intohard sell that pressurizes the customers to make a purchase. Pertaining to this, the needs ofthe customer remains dissatisfied and they does not purchase again from the same marketer.In this regards, Bristol cars is being selected which has been into manufacturing and tradingof luxury cars from past 70 years. 1.1Different elements of marketing processNumerous elements are being present in the marketing process of Bristol cars.Marketing is quite crucial to attract consumers by taking into account their needs andaccomplishing the same by offering them satisfaction. It further offers appropriateinformation to the clients in regards with the product and services being provided by the firm(Obizhaeva and Wang, 2013). Thus, marketing in simple terms defined as a set of proceduresas well as guidelines that pays attention on needs of the patrons by offering information,effective communication as well as timely distribution of the goods. In the present scenario,Bristol car is making use of the marketing process for delivering right product to the rightcustomer at right place without using hard selling techniques (Álvarez, Casielles and Martín,2010). Various components of marketing process can be used by the company and these areas follows:1

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