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Marketing Principles of a Business Assignment

   

Added on  2020-02-12

11 Pages3303 Words54 Views
MARKETINGPRINCIPLES

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Describe the various elements of the marketing process..................................................31.2 Benefits and costs of a marketing orientation for a selected organisation ......................4TASK 2 ...........................................................................................................................................42.1 Impact of macro and micro environmental factors on business organisation .................42.2 Segmentation criteria to be used for products in different markets .................................52.3 Targeting strategy for a selected product.........................................................................52.4 How buyer behaviour can affect marketing activities.....................................................62.5 New positioning for a selected product/service...............................................................6TASK 3............................................................................................................................................73.1 How products are developed to achieve competitive advantage .....................................73.2 Distribution is arranged to provide customer convenience .............................................73.3 Prices are set to reflect an organisation’s objectives and market conditions ..................83.4 How promotional activity is sustainable to marketing objectives ...................................83.5 Evaluate the additional elements of the extended marketing mix ...................................9TASK 4............................................................................................................................................9Covered in PPT.......................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10

INTRODUCTIONMarketing principles are plays an important role in success of a business. Theseprinciples provide basis to an organisation towards taking decisions and developingpolicies. It also provides an understanding towards the roles and functions of marketing.Marketing principles helps in explore the factors by which customers can easilyinfluences (Jobber and Ellis-Chadwick, 2012). It effect on the overall marketingenvironment of the organization therefore managers can make strategy and policies ofmarketing mix. Marketing principles are consider with marketing mix in order togenerate ideas and thoughts about product, price, place and promotion. It also helps into launch a product in market successfully and improves the performance of existingproducts. TASK 11.1 Describe the various elements of the marketing processMarketing is a by process by which managers can increases their sales andrevenue. An effective marketing marketing strategy helps develop the market shareand market growth of the company. In Noble, mangers have to improves theirmarketing strategics by which they can achieve their target market. There are someelements involve in marketing process of an organisation, such as follows: - Analyse marketing opportunities – Evaluation of marketing opportunities ismost essential element of marketing process because it provides effective ideasand thoughts so as managers can identifies future market trends and challengestherefore develop their strategics accordingly (Sheth and Sisodia, 2015). Selection of target market – Managers of Nobel, also have to identifies theirtarget market which they wants to achieve. It helps in understanding their goalsand objectives, and also helps in selecting a better place to extend their productand services. Implementation and control – In that managers implement their strategy inoverall organisation and influence employees to work accordingly.

1.2 Benefits and costs of a marketing orientation for a selected organisation An organisation follows either product oriented approach or marketing orientedapproach In order to germinate their products based. Along with this, Noble can followsmarketing orientation approach therefore it can marketing trends and customersrequirements. Marketing orientation is a process in which managers and employees areget together in order to develop products basis and knows what a customer wants. InNoble, can develop their producer strategics and policies by which they can easilyattracts customers and stakeholders. Orientation approach also helps in generatingeffective marketing strategics and policies so as by applying them managers canimproves the quality of their products and services (Henley, Raffin and Caemmerer,2011). Customers only wants to purchase that kind of product which gives them moresatisfaction. Noble market oriented approach needs funds and investments so as customerscan gain right quality of products as they want. Benefits of marketing orientationapproach are as – it is customer's centric, reasonably competitive advantage, deficiencyof predictability and comprehensive and costly research so as it needs investment inorder to fulfil the demands and wants of customers. TASK 2 2.1 Impact of macro and micro environmental factors on business organisation Every business organisation is consider with business environment and businessenvironment is divide into parts, such as – macro environment and micro environment.They are also known as internal and external factors. Impact of macro and microenvironmental factors on McDonald's growth, is as follow: -Micro environmental factors- Macro environmental factors involves all thoseexternal factors that impact on company's growth and success, and it involves -customers, public, employees, suppliers, competitors and shareholders. All thesefactors are helpful towards McDonald's capabilities and its resources. Along withthis, macro environmental factors are very close to organisation and having vitalimpact on operations and success of business (Deshpande and Rundle-Thiele,2011).

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