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Marketing Principles of Next Plc

   

Added on  2020-01-07

15 Pages4076 Words162 Views
MARKETINGPRINCIPLES 1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Various elements of marketing process.................................................................................41.2 Advantages and cost of marketing orientation to Next Plc. ..................................................52.1 Macro and micro factors that impact the marketing decisions..............................................62.2 Propose segmentation criteria................................................................................................82.3 Targeting strategy for a selected product...............................................................................92.4 Impact of buyer behaviour on the marketing activities of Next Plc....................................102.5 Positioning strategy used by Next Plc.................................................................................113.1Developing products to sustain competitive advantages......................................................113.2 Distribution system used by Next Plc..................................................................................123.3 Setting prices for offered product........................................................................................123.4 Promotional policy for Next Plc..........................................................................................123.5 Additional elements of marketing mix................................................................................13Conclusion ....................................................................................................................................13REFERENCES..............................................................................................................................142

Index of TablesTable 1: Segmentation criteria.........................................................................................................9Table 2: Targeting strategies.........................................................................................................103

INTRODUCTIONMarketing is the combination of four key elements, product, price, place and promotion(Dibb and et.al., 2012). Marketing is also regarded as sum total of various activities involved intransferring products and services from manufacturer to final customers. The main objective ofmarketing is to boost sales by communicating the value of offerings to wide range of audienceusing different promotional techniques. In this report, implication of marketing principles withinNext Plc will be explained. Next is a UK based multinational which offers retail products,apparels, footwear etc. In this report, impact of macro and micro elements on the functioning ofselected organization will be detailed out. TASK 11.1 Various elements of marketing processThe marketing procedure of Next Plc involves determining range of marketingopportunities that are available in the market and thus designing effective plan to avail thosepossibilities (Bowie and Buttle, 2013). In addition to this, it also involves choice of feasiblemarket option, preparing marketing mix and thereafter, management and implementation of allthese mercantilism efforts. It is a continuous process that helps in developing strong and longlasting relationship with customers by identifying their unsatisfied needs and fulfilling them inthe best manner. Therefore, various elements of marketing process are explained as follows: Identification of marketing opportunities: This step helps in identifying marketingpossibilities in the retail sector. According to the market opportunities Next Plcdetermines those markets where wide range of products can be offered by the company(Bolotaeva and Cata, 2010). Thereafter, intense market survey is done to identify needsand preferences of customers. Therefore, company designs its products as per thespecifications of customers which further provide competitive advantage to Next Plc. Selection of target market: By considering the market opportunities the customers aretargeted by marketing department of the company. For instance, target customers involveLadies who do household shopping, than Next Plc can offer attractive retail and foodproducts with fascinating offers (De Mooij, 2013). 4

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