Marketing Principles Report: Macro, Micro Factors, and Mix

This report provides a comprehensive overview of marketing principles, encompassing various elements of the marketing process, including analyzing marketing opportunities, selecting target markets, and implementing strategies. It explores the benefits and costs of a marketing orientation for organizations and examines the impact of macro and micro environmental factors on business operations. The report delves into marketing segmentation, targeting strategies, and the influence of buyer behaviour on marketing activities. Furthermore, it investigates product positioning, development strategies for achieving competitive advantage, and distribution methods to enhance customer convenience. Pricing strategies are also analyzed in relation to organizational objectives and market conditions, along with the integration of promotional activities to achieve marketing goals. The report covers extended marketing mix elements and concludes with a discussion on competitive advantage and pricing strategies. This assignment showcases an understanding of marketing principles through detailed analysis and examples.

MARKETING
PRINCIPLES

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Describe the various elements of the marketing process..................................................3
1.2 Benefits and costs of a marketing orientation for a selected organisation ......................4
TASK 2 ...........................................................................................................................................4
2.1 Impact of macro and micro environmental factors on business organisation .................4
2.2 Segmentation criteria to be used for products in different markets .................................5
2.3 Targeting strategy for a selected product.........................................................................5
2.4 How buyer behaviour can affect marketing activities.....................................................6
2.5 New positioning for a selected product/service...............................................................6
TASK 3............................................................................................................................................7
3.1 How products are developed to achieve competitive advantage .....................................7
3.2 Distribution is arranged to provide customer convenience .............................................7
3.3 Prices are set to reflect an organisation’s objectives and market conditions ..................8
3.4 How promotional activity is sustainable to marketing objectives ...................................8
3.5 Evaluate the additional elements of the extended marketing mix ...................................9
TASK 4............................................................................................................................................9
Covered in PPT.......................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Marketing principles are plays an important role in success of a business. These
principles provide basis to an organisation towards taking decisions and developing
policies. It also provides an understanding towards the roles and functions of marketing.
Marketing principles helps in explore the factors by which customers can easily
influences (Jobber and Ellis-Chadwick, 2012). It effect on the overall marketing
environment of the organization therefore managers can make strategy and policies of
marketing mix. Marketing principles are consider with marketing mix in order to
generate ideas and thoughts about product, price, place and promotion. It also helps in
to launch a product in market successfully and improves the performance of existing
products.
TASK 1
1.1 Describe the various elements of the marketing process
Marketing is a by process by which managers can increases their sales and
revenue. An effective marketing marketing strategy helps develop the market share
and market growth of the company. In Noble, mangers have to improves their
marketing strategics by which they can achieve their target market. There are some
elements involve in marketing process of an organisation, such as follows: - Analyse marketing opportunities – Evaluation of marketing opportunities is
most essential element of marketing process because it provides effective ideas
and thoughts so as managers can identifies future market trends and challenges
therefore develop their strategics accordingly (Sheth and Sisodia, 2015). Selection of target market – Managers of Nobel, also have to identifies their
target market which they wants to achieve. It helps in understanding their goals
and objectives, and also helps in selecting a better place to extend their product
and services.
 Implementation and control – In that managers implement their strategy in
overall 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 oriented
approach In order to germinate their products based. Along with this, Noble can follows
marketing orientation approach therefore it can marketing trends and customers
requirements. Marketing orientation is a process in which managers and employees are
get together in order to develop products basis and knows what a customer wants. In
Noble, can develop their producer strategics and policies by which they can easily
attracts customers and stakeholders. Orientation approach also helps in generating
effective marketing strategics and policies so as by applying them managers can
improves the quality of their products and services (Henley, Raffin and Caemmerer,
2011). Customers only wants to purchase that kind of product which gives them more
satisfaction.
Noble market oriented approach needs funds and investments so as customers
can gain right quality of products as they want. Benefits of marketing orientation
approach are as – it is customer's centric, reasonably competitive advantage, deficiency
of predictability and comprehensive and costly research so as it needs investment in
order 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 business
environment is divide into parts, such as – macro environment and micro environment.
They are also known as internal and external factors. Impact of macro and micro
environmental factors on McDonald's growth, is as follow: - Micro environmental factors- Macro environmental factors involves all those
external factors that impact on company's growth and success, and it involves -
customers, public, employees, suppliers, competitors and shareholders. All these
factors are helpful towards McDonald's capabilities and its resources. Along with
this, macro environmental factors are very close to organisation and having vital
impact on operations and success of business (Deshpande and Rundle-Thiele,
2011).

 Micro environmental factors – these kind of factors are having a long lasting
impact on McDonald's performance. Micro factors are also known as internal
environmental factors, and helpful in order to determine the challenges, threats
and opportunities of the organisation. Types of micro environment factors are as
– demographical, culture, technological, political, and economical environmental
factors.
2.2 Segmentation criteria to be used for products in different markets
Marketing segmentation is the criteria that is helpful in achieving target market. It
provides different methods and ways of new product development. It also refers to the
process of dividing market into smaller groups so as managers can define the key
characteristics of consumers. It is assistive in know the customers demands and
desires. Marketing segmentation also helps in developing a wide range of products so
as they can provide it to the customers easily. It also segment the overall market in
different parts that is based upon different aspect (Wang and Pizam, 2011). There are
different types of variables that are include in marketing segmentation, such as -
behavioural variables, psycho graphic variable, demographic variables and geographic
variables. McDonald's also have to improves their marketing strategics and policies so
as they can easily understand that what their customers wants.
2.3 Targeting strategy for a selected product
Targeting strategy refers with a target or desire market that organisation wants to
achieve. It is an appropriate planning of methods and techniques by using them
McDonald's can easily accomplishes their objectives and goals. It also involves rules
and regulations that an organisation must have to follow. This strategic includes all the
policies by which managers can improves the growth of their product, the main aim of
targeting strategic is to fulfil the requirements of their customers. Along with this, if
managers are able to fulfil the needs and demands of their customer's so as they can
easily achieve their target market (Armstrong and et. al., 2014).
Targeting strategies are depends upon appropriate steps and paths of planning
and organising the overall management of marketing department of the organisation. It
also involves controlling, directing, cooperation and coordinating, so as strategics

become more result oriented. These strategics and policies are based upon customer's
needs and their requirements in order to achieve decided target market.
2.4 How buyer behaviour can affect marketing activities
Customer's behaviour and their needs affects on marketing activities of the
organisation, it involves their choice and requirements. It is the process of mental and
emotional behaviour of the customers that observes their needs at time of searching
and purchasing specific product or service. The marketing activities of the organisation
are largely depends upon customers behaviour, it depends on customers that they are
involved highly or lowly with the products of McDonald's. If customer's getting too much
involve with the organisation's products therefore it improves market share of the
company (Izvercianu, Seran and Buciuman, 2012). There are the following types of
consumer behaviour, are as: -
Complex buying behaviour – In that kind of buying behaviour, customer spend their a lot
of time before purchase any product or service of the company. Usually customers
show their complex behaviour only for precious and demand-able products.
Variety seeking behaviour - Here customers are not getting g too much involve in the
products before purchasing. It happens when customers have a lot of option of that kind
of specific product.
2.5 New positioning for a selected product/service
Positioning seeks strategics that creates to make a product effective, excellent
and different from another products, Positioning is helpful in to make a capable
organisation that can compete with external market forces. In McDonald's, managers
have to developing their strategics and marketing policies so as they can make their
product result oriented. Customers only prefer to those products and services which
values their demands and needs. If organisation develop their positioning strategics so
as, it is able to accomplishes its goals and objectives. A new and effective positioning
helps to generate information about customers demands therefore a impressive product
development plan can be create (Lefebvre, 2012). A new product development plan
helps to develop market growth and market share of the company, by which the overall
image of the organisation can be changed. Along with this, McDonald's also has to
improve its advertisement and promotions by add developing, so many customers can

easily attracts with its products. Adds and promotions have signifiant role in developing
a new positioning strategic because it extends market growth of the company among
many customers and make products reachable;e in every area.
TASK 3
3.1 How products are developed to achieve competitive advantage
In today's scenario, organisations are developing their strategics and techniques
for achieving competitive market. Because there are so many same kind of products
and services are available in market and it is too difficult to develop a specific product
among customer. Customers have many choices and preferences so as they only
choose effective and affordable product. In contrast of HSBC bank, there are various
kind of financial institutes are stand in market and they are ready to provide credit to
peoples on low interest rate. So as it is very challenging and difficult situation for every
business organisation to make their produce and services more effective. An effective
and impressive product involves quality and reasonability, so as every section of the
society can be easily afford it (Hershey and Wood, 2011). Competitive advantage take
place when a another organisation also produce same kind of products and services at
the same times so as HSBC has to focus on a key group that helps at the time of
increasing sales revenue of the company. Along with this, competitive advantage of
market also involves the quality of the products so as customers are willing to purchase
it.
3.2 Distribution is arranged to provide customer convenience
Distribution is helpful in enhancing the convenience of the customers and it is a
major competency for every business organisation. The four elements of marketing mix
– price, place, promotion and product helps in distribution of services of the
organisation. Along with this, distribution come under price category, in that managers
of HSBC has to maintain their pricing strategy of the company so as every section of the
society can be easily afford it. For example – HSBC has to reduces their interest rates
on loans and credit so as customer's prefer to it for their any financial issues. Along with
this, distribution come under place category refer to distributing product among every
area of the society so that every customers can easily use it. Therefore distribution

helps in improving market growth and success of the organisation and make product
convenient for every customer (Sferle and et. al., 2012).
3.3 Prices are set to reflect an organisation’s objectives and market conditions
Pricing strategy of the organisation also changes in customers needs and
demands. Because customer's only prefer to choose affordable and reasonable
products and services, therefore HSBC also has to improves it pricing strategics and
policies. There are four types of pricing strategics such as penetration pricing, prices
skimming, premium pricing and economy pricing. Penetration pricing helps to keep
prices lower than their customer's in order to penetrate the market (Challagalla, Murtha
and Jaworski, 2014). It also helps in generating awareness among customer for
products and services.
Price skimming prefer to keep high price of the product. Whereas premium
pricing seeks to provide quality products and services with high prices. At last the
economy prices kept their pricing too low so that every can afford products. Therefore,
HSBC has to prefer penetration and premium pricing strategy, because both helps in to
selling products easily.
3.4 How promotional activity is sustainable to marketing objectives
Promotion of every product and service is very essential, because without
promotions a product cannot be famous among customers. It also helps in generation
the publicity of the products so as customers can easily aware about its uses and
benefit. Promotion is one of the most important element of marketing mix and increases
public relations, personal selling. If the marketing department of the organisation wants
to achieves its goals and objective so as it has to focuses on promotional activities.
Many business organisation organise events, workshops and seminar in order to
promote their product and services (Huang and Sarigöllü, 2014). Social media, internet,
telemarketing and televisions are also a good method of improving sales. HSBC also
has to improves its promotional activities so as it can easily achieve its target market.

3.5 Evaluate the additional elements of the extended marketing mix
The main four elements of marketing mix price, place, promotion and product.
Now there are the three remaining marketing elements are as- people, process and
physical evidence. The description of these elements are as follow: - People – Management and employees of an organisation are responsible for
marketing activities, because they disclose the culture of the business among
customer's and outsiders by their marketing rapport and services (Kim and Hyun,
2011). Process – process or procedure of manufacturing any item also improving the
quality of the product. It involves to providing better qualitative products among
customers in order to developing sales revenue.
 Physical evidence- For growth of HSBC, services should be delivered in gently
and friendly manner to the customers. Physical evidence concerns with
infrastructure, service deliver and facilities provides by the organisation.
TASK 4
Covered in PPT
CONCLUSION
From the above mentioned report it has been concluded that marketing principles
are helpful in order to developing marketing strategics and policies. Marketing principles
of a company are consider with marketing mix. There are fopur types of marketing mix,
such as product, price, place and promotion. All those elements have their own
significant in order to achieve organisational goals and services. Organisational
environment also effects form macro and micro environmental factors, as along it also
affect buyer's behaviour for a specific product or service. Domestic and international
marketing also plays and important role towards achieving target market.

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Online
Marketing theory. 2017. [Online]. Available through:
<http://businesscasestudies.co.uk/business-theory/marketing/the-principles-of-
marketing.html>. [Accesses on 13th May 2017].
The Four Basic Principles of Marketing and Their Role in an Effective Marketing
Strategy. 2014. [Online]. Available through:
<http://www.brandyoubrilliant.com/the-four-basic-principles-of-marketing-and-
their-role-in-an-effective-marketing-strategy/>. [Accessed on 13th May 2017].