logo

Virgin Group Marketing Principles & Practice

   

Added on  2020-10-22

12 Pages3755 Words81 Views
Marketing Principles &Practice

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Key marketing concepts and terminology applicable to Virgin Group..............................12. Marketing strategies and programs of Virgin group helped in achieving organisationalobjectives................................................................................................................................33. Explaining two of the following marketing concepts and principles that has been used inVirgin groups daily organisational operations.......................................................................44. Explaining relationships in marketing functions or other functional areas........................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONThe term marketing iis referred to as total of activities that has been involved in order totransfer goods and services from producer to the consumers in appropriate manner (Dileep andMathew, 2017). Marketing principles in defined as an idea that forms strategies related toproduct promotion. There are variety of marketing principles that has been used to optimiseperformance of market and also in launching products in successful manner. In the followingreport, Virgin group has been taken into consideration. It is a British multinational venturesheadquartered in Battleship building, Paddington district of City of Westminster.Thus, in this report, marketing concepts applicable to Virgin group has been discussedalong with marketing strategies that may help in achieving targeted goals. Further, STP processand marketing mix has been analysed of a cited company. In addition to this, relationshipbetween various departments has also been highlighted.MAIN BODY1. Key marketing concepts and terminology applicable to Virgin Group.Marketing concept is termed as a belief which helps in assessing needs of customers atpriority (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 alarge extent as compared to that of competitors. Thus, key marketing concepts of Virgin Grouphas been discussed as per below context-Product strategy- This becomes one of the key concept in marketing. It includes that ideaby which Virgin group creates product that may have unique benefit rather than onlyhaving any kind of unique features. This brand is very successful as they try to deliverthose goods and services that customers actually desire and which competitors cannot dorather 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 isquite attractive. Marketing manager of Virgin Group must consider image and also brandof the product rather than considering only image. This will help them in determining thepotential 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 widerrange. They also provide lounge access, Priority check in 180 degree seating that is1

considered as the most comfortable one and also luxury facilities. They also offerdifferent menu regarding foods for kids and also includes entertainment programs likegames, movie, music, etc. this help virgin group to attract huge volume of customerstowards particular brand.Optimal Pricing- Main aim of business is to identify the exact price that may help them inorder to provide the largest amount of gross profit. Virgin group manager must lower theprice of products and services that has been offered by them that would lead in increasingsales and revenue of a particular organisation. If company raise price for increasing theirmargin profit than it may result in fewer sales and consumers may get distracted fromthat brand. Therefore, it becomes important and significant for Virgin group to determinethat point of price where they can easily attract customers to buy their products andwhich 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 thebest service for customers. So they follow comparative pricing strategy that leads them instaying 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 efficientmarketing. This involves various methods that can be used in order to distribute productsor 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 toconsider sales cost and also impact on brand image that may help them in examiningdistribution method affecting sales volume.For example-products and services of thiscited brand is sold on various channels of distribution. But they mainly prefer onlineselling as this includes that one can book tickets on internet through official website ofVirgin group or through customers service team on phone. This leads customers to makebookings in easy and smooth way without visiting there.Promotion strategy- In order to deliver goods and services to potential customer, Virgingroup will first have to promotion strategy that may attract large number of customerstowards the brand. Marketing manager has to create advertising and also public relationstrategies that may directly support the production, pricing and also distributionstrategies. They must adopt creative and innovation promotional strategies that may helpthem in order to achieve high profitability.For example- Virgin group has launched2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Marketing Principles & Practice PDF
|12
|3747
|462

Marketing Principles & Practice Assignment - The Virgin Group
|13
|3631
|78

Marketing Principles & Practice - The Virgin Group
|12
|3970
|381

Principles and Practice of Marketing - Assignment (Doc)
|13
|4114
|95

Marketing Principles & Practice Assignment - Virgin Groups limited
|11
|3809
|115

The Virgin Group Assignment
|14
|4059
|289