Marketing Principles and Practices Analysis

The assignment provided is a detailed analysis of marketing principles and practices, highlighting their essential role in every kind of business environment. It discusses the marketing mix and strategies, including social media and video tutorials, that have helped organizations achieve their objectives smoothly. The interrelationship between the marketing department and other functional units is also emphasized, demonstrating how they work together to meet customer needs quickly.

Marketing Principles &
Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Key marketing concepts and terminology applicable to Virgin Group..............................1
2. Marketing strategies and programs of Virgin group helped in achieving organisational
objectives................................................................................................................................3
3. Explaining two of the following marketing concepts and principles that has been used in
Virgin groups daily organisational operations.......................................................................4
4. Explaining relationships in marketing functions or other functional areas........................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The term marketing iis referred to as total of activities that has been involved in order to
transfer goods and services from producer to the consumers in appropriate manner (Dileep and
Mathew, 2017). Marketing principles in defined as an idea that forms strategies related to
product promotion. There are variety of marketing principles that has been used to optimise
performance of market and also in launching products in successful manner. In the following
report, Virgin group has been taken into consideration. It is a British multinational ventures
headquartered in Battleship building, Paddington district of City of Westminster.
Thus, in this report, marketing concepts applicable to Virgin group has been discussed
along with marketing strategies that may help in achieving targeted goals. Further, STP process
and marketing mix has been analysed of a cited company. In addition to this, relationship
between various departments has also been highlighted.
MAIN BODY
1. Key marketing concepts and terminology applicable to Virgin Group.
Marketing concept is termed as a belief which helps in assessing needs of customers at
priority (Grant, Trautrims and Wong, 2017). Thus, by taking those needs that has been analysed,
particular company can make decisions in adequate manner in order to satisfy customers to a
large extent as compared to that of competitors. Thus, key marketing concepts of Virgin Group
has been discussed as per below context-
 Product strategy- This becomes one of the key concept in marketing. It includes that idea
by which Virgin group creates product that may have unique benefit rather than only
having any kind of unique features. This brand is very successful as they try to deliver
those goods and services that customers actually desire and which competitors cannot do
rather than pushing new idea on them without their concern or willingness in accepting it.
While selling their services, company must try to create service that is affordable and is
quite attractive. Marketing manager of Virgin Group must consider image and also brand
of the product rather than considering only image. This will help them in determining the
potential customers for the products and services that is offered by them. For example-
Virgin group of airlines has superior quality of cabins having leg space and seats of wider
range. They also provide lounge access, Priority check in 180 degree seating that is
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considered as the most comfortable one and also luxury facilities. They also offer
different menu regarding foods for kids and also includes entertainment programs like
games, movie, music, etc. this help virgin group to attract huge volume of customers
towards particular brand.
 Optimal Pricing- Main aim of business is to identify the exact price that may help them in
order to provide the largest amount of gross profit. Virgin group manager must lower the
price of products and services that has been offered by them that would lead in increasing
sales and revenue of a particular organisation. If company raise price for increasing their
margin profit than it may result in fewer sales and consumers may get distracted from
that brand. Therefore, it becomes important and significant for Virgin group to determine
that point of price where they can easily attract customers to buy their products and
which also leads them in achieving long term profit and company may reach the boost.
For example- As particular brand has huge number of competitors and everyone has the
best service for customers. So they follow comparative pricing strategy that leads them in
staying and competing in particular market and people gets easily attracted towards them.
 Distribution- This is also one of the most important key concept in terms of efficient
marketing. This involves various methods that can be used in order to distribute products
or services to consumers easily and smoothly. Thus, wholesalers, retailers, online selling,
etc. are involved in methods of distribution. In addition to this, Virgin group has to
consider sales cost and also impact on brand image that may help them in examining
distribution method affecting sales volume. For example- products and services of this
cited brand is sold on various channels of distribution. But they mainly prefer online
selling as this includes that one can book tickets on internet through official website of
Virgin group or through customers service team on phone. This leads customers to make
bookings in easy and smooth way without visiting there.
 Promotion strategy- In order to deliver goods and services to potential customer, Virgin
group will first have to promotion strategy that may attract large number of customers
towards the brand. Marketing manager has to create advertising and also public relation
strategies that may directly support the production, pricing and also distribution
strategies. They must adopt creative and innovation promotional strategies that may help
them in order to achieve high profitability. For example- Virgin group has launched
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social media campaigns in order to gain interest of customers and also to connect with
them easily. In this campaigns they try to explore the discounts and services that has been
offered by them in innovative and creative way.
2. Marketing strategies and programs of Virgin group helped in achieving organisational
objectives.
Marketing strategies is termed as an overall business game plan in order to reach people
and also in turning them into potential customers easily by making them to get attract to products
and services that has been offered by cited company (Grant, 2016). Virgin group therefore has
strong connections with their customers. So the marketing team of particular brand knows that it
is absolutely fine for experimenting in order to being out as an ordinary. This company launched
advertising campaign as Fly in the Face of ordinary in 2012 that draws particular attention of
customers.
Thus, focus of virgin today is on digital world television advertisements and also on
billboards. Further there are some marketing tactics they adopt as per below-
 Use of social media- Social media is one the most powerful strategy that they use in order
to attract large number of customers towards a particular brand. They posted their
thoughts, products and many relevant and useful things that helped audience of market in
learning maximum things about Virgin but also buying their products and services. They
also use Instagram and Facebook and many more social networking sites and post
messages directly. This helped them in reaching out potential customers and also in
determining their needs and wants in easy and quick manner. This in turn assist them in
achieving targeted goals or objectives and long term success.
 Create video tutorials-Virgin group also adopted this strategy of creating video tutorials.
This helped customers in knowing virgin group easily and closely. Video tutorials
includes all information regarding brand, offerings of products and services and also
discounts that has been offered by them. This lead them in attracting huge volume of
customers that later leads in increasing profitability and productivity.
3. Explaining two of the following marketing concepts and principles that has been used in
Virgin groups daily organisational operations.
Virgin group is a British multinational venture capital which has been founded by Sir
Richard Branson (Hannington, 2016). It is one of the most irresistible brands which has been
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expanded into number of diverse sectors as travel tourism, telecommunication, health care
service, banking, music and also leisure. Thus, this group has been extended to more than 60
companies of Virgin in the whole world in which 71000 people are employed from 35 countries.
Thus, marketing concepts and principles that has been used by Virgin group has been discussed
as per below context-
Marketing Mix
Marketing mix is termed as set of marketing tools that is used by a particular company in
order to pursue marketing objectives in target (Lessem, 2016). Thus, marketing mix of virgin
group ha been discussed as per below context-
 Product- All their areas which has been separated must try to follow same ethos so that it
help audience in order to recognise their group. If a particular product has been
considered as Virgin Atlantic, then it has been analysed that they satisfy demands of
customers with help of providing them methods of travelling and also go beyond needs
and desires of customers in terms of offering them with such style and value In which
people feel worth spending in. Thus, it has been determined that Virgin group uses
Monolithic branding in terms of their approach related to marketing. This type of
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Illustration 1: Marketing Mix
(Source: MARKETING THEORIES – THE MARKETING
MIX – FROM 4 PS TO 7 PS, 2018)

branding refers to as having family name followed by actual range of product. This
includes Virgin Atlantic, Virgin mobile, Virgin trains, etc. this helps them in creating
awareness between people or customers related to brand and they might believe it as the
trustworthy. They also follow similar logo style.
 Price- The pricing strategy is very clear in Virgin group. Further, they use competitive
pricing strategy where they are offering challenging cost that is basically compared to
various companies in market. They also have shared message in terms of price as price is
no object as long as if customer service is of high standard. This termed as one of the
most important and intelligent tool that would market in well manner with businessman
and also with women. In addition to this, Virgin group has been set a foundation in terms
of luxurious product where there are many other companies that cost similar price. So the
cited brand had to lower the prices in order to attract customers and it termed as most
benefited strategy for Virgin Group.
 Place- The distribution channel of Virgin group is quite expensive. Customers cannot
visit any kind of store to flights. So in this part, travel comparison websites is made
available that leads in making customers aware about products and services of Virgin
group. The cited company don't have any kind of travel agents so customer has to visit
first choice or Thomas cook like sites that may help in booking flights through this
service. Virgin group must therefore use this third party in order to hit competition that is
available in bigger market. In addition to this, this brand is very much well known so they
have become easily accessible for everyone that actually needs them.
 Promotion- Promotion strategy of Virgin group has impacted on all types of customers
that are available in market in positive manner. They had made creative videos on
YouTube in which various parts of company has been explored by Richard Branson.
Advertising has been termed as a very significant and vital part in terms of promotion.
They must provide true and complete information regarding their products and services
offered by them and also about discounts. It must be in creative and innovative way.
Thus, this will lead in attracting large number of customers towards the brand and
company may reach the boost.
 People- People plays very important role in a particular organisation. Employees are the
first and foremost person to whom customers first gets interacted with. This organisation
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has more than 9000 employees overall. This company gives complete respect to
customers and also to employees that are involved with this brand.
 Process- The products of Virgin Atlantic are tried and tested for quality that later helps
them in making sure that they are providing maximum amount of customer satisfaction.
Customers of this brand are offered with flight tickets that includes itinerary and also
requirements in terms of luggage. This helps particular brand in order to attract large
number of customers towards them which in turn assist them in earning high profitability
and long term success.
 Physical evidence- Virgin Group are present in every continent and serves to around 29
destinations. They have sales operations, call centres, baggage claims and various
departments related to customer service and support.
STP Process
In market STP stands for market segmentation, targeting and product positioning. It is
also termed as one of the most commonly applied models of marketing that is taken into practice
(Muegge and Reid, 2018).
Segmentation
Market segmentation is termed as process in which market is splitted into smaller groups
of segments that includes groups having common characteristics this helps Virgin group in order
to select appropriate target market. The segments that are created are involved with those
customers who respond to market strategies in similar manner. All members in group share
similar traits, interest, needs and also locations. There are four types of market segmentation as
follows-
 Demographic- in demographic type of segmentation, groups are made according to age,
race, religion, gender, family, size, income or education that has been acquired by people.
This segmentation may help Virgin group in order to target customers that are potential in
accurate manner and also in attracting large number of customers towards the brand.
 Behavioural- In this, buying patterns of customers has been taken into consideration. This
buying patterns includes frequency, loyalty towards brand, benefits that are needed or
behaviour during any kind of occasion. The groups are therefore divided into smaller
homogeneous groups.
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 Psycho graphic- In this segmentation process, market is divided segments that is based
upon different personality, traits, attitudes, values, beliefs and interest and also lifestyles
of customers. If virgin group is able to understand aspects of rthese customers in easy
manner, then it will help them in easily offer products and services that may provide with
maximum value to targeted customers.
 Geographic- This segmentation is basically based on location of their audiences where
they are situated. Here city, country, state, region, country or international region has
been taken into consideration. This will help Virgin group to a large extent as there are
different consumers in various countries those who has variety of needs, wants and also
cultural characteristics that can be further targeted in specific manner.
Targeting
In this strategy large market or group is break down into smaller segments so that Virgin
group can easily concentrate on customers that are based on their unique characteristics and also
on focuses solely on serving that particular group (Nowak, Gellin, MacDonald and Butler, 2015).
This helps Virgin group in saving their energy and time and also resources in terms of money as
they put their energy only in connecting with specific or defined group within a particular market
they are operating in. This helps particular brand to connect directly with target customers and
also in determining their needs and wants in easy and smooth manner. They can later easily
satisfy needs and desires of customers easily which in turn increase loyalty customer base and
high profitability.
Positioning
Market positioning is termed as an effort in order to influence perception of potential
customers in terms of particular brand or product. It considers strengths and weakness of
organisations and also needs and requirements of customers. The main aim of creating this
strategy is to create unique impression in mind of potential customers. Virgin group has to know
competitors and accordingly promote their product in market. This will help them in attracting
large number of customers towards the brand.
4. Explaining relationships in marketing functions or other functional areas.
Marketing function is termed as that role which leads particular enterprise in order to
determine and source products in successful way for marketplace and later leads in promoting
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goods and services accordingly (Payne-Palacio, 2016). Thus, relationships in marketing
functions and other functional areas of Virgin group has been discussed below-
Operations management or production
The marketing department of Virgin group has to work closely with production
department. Thus, they have to ensure that the adequate research and development is planned in
such way that they may satisfy and fulfil present and future needs of customers. This also helps
them in ensuring that volume of orders that is generated by marketing department is met to
customers within specific time period (Serrat, 2017). In addition to this, marketing department of
Virgin group mainly sets deadlines that may assist them in stretching abilities of production
department. They also wish that products and services may met easily to customers so that they
can ensure competitive advantage.
Finance department
The marketing department of Virgin group will have to work with finance department in
close manner. Thus, working together becomes important as it helps in ensuring adequate budget
of a cited company in order to meet needs in terms of research, promotion and distribution
strategies (Tricker and Tricker, 2015). Finance department has to work in such way that the
whole virgin group mainly operates within particular capabilities in terms of finance. In addition
to this, marketing department of cited company concentrates on sales volume and finance
department focus on flow of cash that covers all cost.
Human resource management
Human resource department and marketing department of cited organisation Virgin group
has to work in close manner so that they can ensure skills and levels of staffing have been placed
in appropriate manner. This helps them in researching and developing new product ideas,
creating ambitious and competent sales team and also in meeting production targets. In addition
to this, human resource department has demands in huge numbers in terms of recruitment and
training demands from across various organisations. So they have to maintain balance with
marketing department (Wasson, 2015).
Thus, from the above analysis it has been analysed that marketing functions of Virgin group has
to work closely with all departments that are involved in order to increase growth and
profitability of a particular business.
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CONCLUSION
From the above report, it has been analysed that marketing principles and practices plays
essential role in every kind of business environment. This helps in promoting goods and services
in innovative and creative manner that helps in attracting large number of customers towards the
particular brand. Further, this report also helps in analysing marketing strategies in terms of
social media and video tutorials that have helped cited organisation to achieve organisational
objectives in easy and smooth manner. In addition to this, inter relationship between marketing
department and other functional units has also been highlighted that leads in determining that it
plays essential role in working with each other to meet needs and requirements of customers in
easy and quick manner.
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REFERENCES
Books and Journal
Dileep, M.R. and Mathew, V., 2017. Marketing of Tourism Industry: Enhancing Services
through Marketing Mix Elements. In Strategic Marketing Management and Tactics in the
Service Industry (pp. 304-329). IGI Global.
Grant, D.B., Trautrims, A. and Wong, C.Y., 2017. Sustainable logistics and supply chain
management: principles and practices for sustainable operations and management. Kogan
Page Publishers.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Hannington, T., 2016. How to measure and manage your corporate reputation. Routledge.
Lessem, R., 2016. Worldwide Integrators: Eco to Civic Integrator: Branson and Virgin
Group/Johar and Impact Hubs. In The Integrators (pp. 117-126). Routledge.
Muegge, S.M. and Reid, E., 2018, August. Richard Branson and Virgin Galactic: A Case Study
of Entrepreneuring as Emancipation. In 2018 Portland International Conference on
Management of Engineering and Technology (PICMET) (pp. 1-10). IEEE.
Nowak, G.J., Gellin, B.G., MacDonald, N.E. and Butler, R., 2015. Addressing vaccine hesitancy:
the potential value of commercial and social marketing principles and practices. Vaccine.
33(34). pp.4204-4211.
Payne-Palacio, J., 2016. Foodservice Management: principles and practices. Pearson Education.
Serrat, O., 2017. The future of social marketing. In Knowledge solutions (pp. 119-128). Springer,
Singapore.
Tricker, R.B. and Tricker, R.I., 2015. Corporate governance: Principles, policies, and practices.
Oxford University Press, USA.
Wasson, C.S., 2015. System engineering analysis, design, and development: Concepts,
principles, and practices. John Wiley & Sons.
Online
MARKETING THEORIES – THE MARKETING MIX – FROM 4 PS TO 7 PS. 2018. [Online]
Available through: <https://www.professionalacademy.com/blogs-and-advice/marketing-
theories---the-marketing-mix---from-4-p-s-to-7-p-s>
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