Marketing Principles & Practice Report

This report examines the marketing concepts, strategies, and principles used by The Virgin Group. It analyzes key marketing terminology, including branding, promotion, and market development, and explores how these elements contribute to the company's success. The report also delves into the relationship between marketing functions and other departments within the organization, highlighting the importance of cross-functional collaboration.

Marketing
Principles &
Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
I. Key marketing concepts and terminology applicable to The Virgin Group.......................1
II. Marketing strategies and programs of The Virgin Group..................................................3
III. Marketing concepts and principles used in The Virgin Group.........................................4
IV. Relationship of marketing functions to other functional areas in organisation and identify
cross functional relationship of marketing and other departments in The Virgin Group.......8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
For every organisation whether profit or non- profit company marketing is considered to
be critical function of business. Marketing is the overall activities that are involved in goods
transferring from seller or producers to buyers or customers which also includes storing,
advertising, selling and shipping (Andreasen, 2018). Marketing principles and practices assists
companies to run the business smoothly to accomplish their organisational objectives. For this
report the chosen company is The Virgin Group which is established in 1970 and launched a
mail-order record business which is developed in the Virgin records. In this report, the key
marketing terminology and concepts of given company. Marketing strategies and programs
helped to achieve firm’s objectives in ethical manner are mentioned. Concepts and principles
used in regular company operations. Along with these relationships of marketing function with
other departments, cross-functional relationship of marketing with others are also mentioned in
this report.
MAIN BODY
I. Key marketing concepts and terminology applicable to The Virgin Group
Now a days, it is essential to know about the concept of marketing at workplace.
Marketing is the product and service promotion of business for attracting the customers. There
are some approaches that shows marketing is useful for the success of business. Concepts and
terminology of Marketing are driven through clear goals which considered social responsibilities,
efficiency of costs and effectualness within competitive markets (Black, 2013). Marketing
concepts are the strategy which are implemented so that they can maximise sales, beat the
competition, satisfy the needs of customers and increase profit. Some marketing concepts and
terminology that is adopted by The Virgin Group are mentioned below:
Production concept:
Production concept is considered to be the oldest business concepts. This keeps that
customers will choose those products which are largely available and not very expensive. The
thought behind this concept is “customers favour those products which is affordable and gettable.
The Virgin Group applied this concept so that they concentrate on attaining good efficiency of
production, mass distribution, low cost. With the assumptions that consumers generally
interested in low costs and availability of products.
1

Product concept:
Product concepts explain that customers usually prefer those products which serves the
quality, innovations and performance. The Virgin Group use this concepts as it focus on making
effective products and innovate or improve them time to time.
Selling concept:
This is the most common concepts in company. The thought behind this marketing
concepts is “customer do not purchase more organisation product though they initiate large scale
selling and efforts for promotion” (Burchell, Rettie and Patel, 2013). This is applied in The
Virgin Group to sell those products that are made by them instead of making items as per the
wants of market. This anticipate that customers typically shows inertia of buying and also coaxed
in buying.
Marketing concepts:
Marketing concepts holds which is the key to accomplished their objectives of
organisations, that includes firm should be more effectual than any other competitors for
delivering, communicating and creating value of consumers for their chosen target clients. In
The Virgin Group marketing concept is used to meet the customer’s needs, target market,
profitability and also integrated market.
Societal marketing concepts:
The idea behind Societal marketing concepts is that company task has to be ascertain
according to the wants, interests and needs of target markets and to serves desirable satisfaction
more effectually and efficaciously than competitors. All this can be performing in a manner to
increase and preserves the society's and customers wellbeing. In The Virgin Group this concept
is applicable as it places the welfare of human on top priority before considering profitability and
also satisfy the needs.
Terminologies in The Virgin Group
Marketing terminologies are considered to be the terms of marketing which is useful to
gain knowledge about some important terms that is related to marketing. Some marketing
terminologies applicable in The Virgin Group are mentioned below:
Branding:
The practices of marketing develop a design, name and symbol which find out and
distinguish products for another items. An effectual strategy of brands provides company an edge
2

in growing competitive markets. This term helps The Virgin Group to maximise their value,
facilitates motivation and direction to their employees and new customers can be attracted easily.
Promotion:
Promotion is a form of marketing communication that are utilized to persuade target
customers of related benefits of services, brands, issues and products (Chandrappa and Das,
2012). This terminology is mostly applicable in The Virgin Group as it helps them to promote
their products and attract customers.
Market development:
Market development is a strategy of growth which develops and identifies new segments
of marketing for new products. This is the other strategy for sales expansion by new uses of
products. The Virgin Group regularly apply this terminology for their business growth and new
identification of market segments.
Product Strategy:
Product strategy is generally considered for identifying the product life cycle and
implement the plan for future developments (Child, 2015). This strategy allows The Virgin
Group to nil on particular customer’s target, concentrates on the product and also the attributes of
customers. This is essential for them as it enables to mainly focus on target market and features
of product rather than doing anything for anyone.
II. Marketing strategies and programs of The Virgin Group
Marketing strategies is considered to be the sum total of combination of segmentation,
targeting, differentiation and positioning strategies which are planned to make, deliver and
communicate offers in targeting markets. Program of marketing is well designed and coordinated
activities so that firms can accomplished their objectives effectively and efficiently.
Objective - The organisation having a business to promoting and selling their products and
services with unique ideas by implementing proper strategies.
For this, Marketing strategies and programs of The Virgin Group that help them to
achieve their objectives are mentioned below:
Branding:
Branding is an essential marketing strategy that a company can implement. The brand
message generally shows the promise made by firm to customers. So, this strategy help the
virgin group to determine what makes their services and products better in compare to other
3

competitors. Some firms can attain advantage from location, quality and price. Company can use
colours, logos, tag lines and layouts so that their businesses are to be known by customers.
Through this they can achieve their objectives effectively and efficiently.
Electronic Barcode technology:
Electronic barcode technology is becoming popular day by day as a marketing strategy
for company. The virgin group use this strategy as in this graphic logo type is placed on poster
and business card. So, their customer’s can utilise application of phone to “read” the tag. Then
company online information and website are available for customers. Through this their products
and services are to be known by more and more consumers that will be profitability for them and
attain their objectives.
With the help of branding strategy, Virgin group can easily promote their products and
services on topmost level. The objectives of implementing branding strategy is that through this,
organisation can create their own goodwill among target competitors that assist them in
maximising business sale and profitably. On the other hand, Electronic barcode technology
implemented by Virgin group aware customer's about organisation's realistic services. These
kind of aspects assist in building a positive brand image of organisation in front of target users in
order to maximising business sale.
Both the aspects as Branding and Electronic Barcode technology works on the grounds of
ethics. As the government of any country doesn't restrict such strategies that helps in attaining
business objectives in positive manner. The both strategy having a positive strategic framework
for selling business services.
III. Marketing concepts and principles used in The Virgin Group.
Concepts and principles of marketing is the essential for all organisations as concepts
assist them to know about various concepts of marketing. Principles of marketing are depending
upon thoughts and ideas of organisation so that they use for effectual strategy of marketing. The
Virgin Group use concepts and principles to build promotion strategy of products. This is also
utilising by them to for effectual promotion whether of products and services. They follow 7P's
which are mentioned below:
Product:
Product is an item which is produced and make to satisfy demands and needs of
customers. This may be tangible and intangible form and assure the actual kinds of product
4

which is in market demand (Jobber and Ellis-Chadwick, 2012). At the time of product
development marketers has to perform a research on product life cycle. Here, a product has
particular life cycle which considered growth, maturity and sales decline phase. The Virgin
Group, marketers form correct mix of products which help for expanding their present product
mix through maximising and diversifying the part of their product line. They can develop
effective products by:
 Knowing the needs and wants of customer products and services.
 Providing use of products to their customers.
 Facilitating some innovative features that are required by customers and so on.
Price:
Price of items and product is the amount which clients pays. This is very crucial
components of marketing mix. The Virgin Group use this as it ascertains their survival and
profitability. By adjusting product price that impact their strategy of marketing and also effects
product demands and sales (Lagarde, 2012). Pricing always assist to form the perceptions about
their products in the eyes of customers. They have to analyse pricing of competitors and price
consequently. At the time of pricing new products marketers of The Virgin Group have to view
some perceived value which product offers so they use operations three strategies of pricing are
market penetration, skimming neutral pricing.
Place:
Distribution and placement is very essential elements. The Virgin Group has to distribute
and position their product in a place which is approachable for buyers. So, for that they have to
gain knowledge about their target market. Some distribution strategies like selective distribution,
intensive distribution, franchising and exclusive distribution. For all these they generally have to
know about some answer of question that help them to improve their distribution strategy are:
 where customers are more convenient to avail their product and services?
 How they handle various channels of distribution?
 Do they required some better sales force?
After getting all these answer it is beneficial for them as well as help them in daily operations.
Promotion:
Promotion is crucial marketing principles as this can encourage recognition of brands and
sales. This is open up of different components such as public relation, sales promotion,
5

advertising and sales organisation (Muñiz Martinez, 2012). Advertisements are usually includes
communication process which are paid for internet advertisements, radio channels, televisions
and so on. For forming some effectual promotion strategy for products that are used by The
Virgin Group in day to day operations are as follows:
 Process to deliver message to marketing to their target buyers.
 The appropriate timings for product promotion.
 For promoting their products they use social media and online sites.
 They have to know competitors promotional strategies.
All these strategies of their promotions depends upon on company's budget. Some
promotional strategies of the selected company assist them to promote their products and
services regularly.
People:
People and target market are generally related to the company. It is necessary to know
about that there are enough people in target which is in demand for hat kind of services and
products. Employees if The Virgin Group is crucial for them especially in marketing as they
deliver their services in market. So, it is essential for them to train and recruit appropriate
candidates so that they can deliver good services to their target customers. For this they identify
employees who are have trust and faith on their products and services so that worker of
company's can perform effectively. And also their employees have to be more comfortable for
taking feedbacks and work accordingly it used regularly that allow them to grow businesses.
Process:
Process and system of company effects the service executions. So, The Virgin Group of
has to be sure that they applying a well plained process to decrease costs. This is the whole sales
funnel, distribution system, pay system and another regular steps and procedures for the
assurance of business operating effectually (Palmer, 2012). Enhancement and squeezing assist
them to tighten up their businesses to increase profitability and also in decreasing costs.
Physical Evidence:
In industries, physical evidence should be there as they deliver their services to
customers. It also concern about business operations of The Virgin Group and their products that
are perceived into markets. This shows the evidence related to their establishments and presence
that is branding. This help them to gain knowledge about their presences in markets because they
6

are considered to be leaders of markets who constituted their physical presence into their
marketing. It assists them to change the perceptions of customers to know about where there
brands exist in market.
Marketing research:
Marketing research is the method which are related with customers, producers and
marketers end users with data that is utilise to find out and determine opportunities and problems
of marketing and also monitor and develop the understanding of marketing process (Sargeant.
and MACQUILLIN, 2016). This is a process of systematic design, collection, analysis, and
reporting of relevant data to a specific marketing situation facing an organization. According to
the situation and objectives of this company mentioned above, few research done in the context
of Virgin airlines is discussed below:
Product research- In this research, personal and simple research are included like taste
tests that are conducted in many places. Some beta testing is explained for long term high tech
products by the experienced and chosen customers. The objectives of The Virgin Group behind
this research are simple. Company may tweak the tastes of present items, and then evaluate
reactions of customers so that they can see any variations are required in their products. So, they
have to be more extensive in order to improve the new products prototype.
Brand research- Brands are the products name which are boosts by advertisements and
due to which producers charge customers (Saunders, Barrington and Sridharan, 2015). Generally
advertisers want to acknowledge that company has strong brand loyalty. This help The Virgin
Group to maximise their brand loyalty and after research any findings are there that need to be
improved then implement it
Segmentation:
Market segmentation coordinate customers and firms base with geographic, behavioural,
psycho graphic and demographic lines or integration of them. This is utilise to break down
customers of target market in smaller and manageable groups. This marketing strategy is used
by The Virgin Group to attain their objectives:
 By dividing market according to variables of demographic (age, income, social class and
life cycle stage).
 By categorising the groups depends on lifestyle, values and personality.
 By distinguishing the geographic (country, state and so on).
7

 By dividing behavioural groups in brand loyalty, benefits sought use of pattern and price
sensitivity.
Targeting:
Targeting strategy considered the segmentations of market, selecting the effective market
segments and ascertain products which will be offered in every segments (Dinnie, 2015). This
strategy of marketing helps The Virgin Group to chose and evaluate effectual target market so
that objectives can achieved effectively as:
 By measuring the differences that exist among segments.
 By expecting the profits that should exceeds additional cost of marketing plans and
another modification.
 By making each team accessible to groups and segments so that they can receive
messages related to marketing.
 By focusing on various benefits.
Positioning:
Positioning strategy shows the strength an weakness of company. It permits firms to
target particular area where they can grow and beat their competitors (Wood, 2012). This
strategy is used by The Virgin Group to ascertain their attributes to target customers that depends
on the needs of consumer, communication channels availability and needs of customers all these
help them to accomplished there objectives.
IV. Relationship of marketing functions to other functional areas in organisation and identify
cross functional relationship of marketing and other departments in The Virgin Group.
Relationship are always good within company as it help them to perform effectively and
efficiently. This shows the coordination among marketing functions and some other departments
of The Virgin Group are mentioned below:
Relationship of marketing functions to other functional areas
Marketing is a much broader term and comprehend the entire business. Marketing
connects and permits other functions within the organisation. It helps The Virgin Group to
identify and source potentially successful products for the business market. It further includes
market research, product and market development, distribution, sales, pricing,etc.
Human resource management:
8

Marketing manager of The Virgin Group is responsible in the recruitment of marketing
assistant. They will help in a job description, advertising the job, etc. and it will closely work
together to research and develop new ideas, meet production targets and create an ambitious and
competent sales team.
IT department:
This department is responsible for websites, intranet and extranet. This further includes
various software, programmes, hardware, etc (Stuart, 2014). These days every company has IT
system which helps in various aspects to the company. It will help marketing department of The
Virgin Group in designing various advertisements, graphics, logos, etc.
Research and development department:
This generates new ideas, innovation and creative new product and services. It is linked
with marketing as the needs of customers will be the central to any research and development
department of The Virgin Group to deliver products that will satisfy customer needs.
Production department :
This department is responsible in converting inputs into outputs that is raw materials into
finished goods and services (Thackeray, Neiger and Keller, 2012). This will work with
marketing department of The Virgin Group to ensure that adequate research and development is
planned to satisfy current and future needs.
Finance department :
This department is responsible for analysing the financial position of organisation.
Marketing department will closely work with this department of The Virgin Group to ensure that
there is an adequate budget to meet needs of research, promotion and distribution.
CONCLUSION
From the above statements it is concluded that principles and practices are useful in
business operations. It helps organisation to know about some areas that is related to marketing
which includes various information of markets that is situational analysis, marketing mix,
product development, target marketing and segments and so on. Marketing strategies and
programs are helpful to attain objectives of businesses. 7 P's and market research are useful in
regular operations of company. And relationship of marketing functions to another functional
areas of company and also cross functional relationship are identified.
9

REFERENCES
Books and Journals
Andreasen, A. R., 2018. Challenges for the science and practice of social marketing. In Social
Marketing (pp. 3-19). Psychology Press.
Black, S., 2013. Practice of public relations. Routledge.
Burchell, K., Rettie, R. and Patel, K., 2013. Marketing social norms: social marketing and the
‘social norm approach’. Journal of Consumer Behaviour. 12(1). pp.1-9.
Chandrappa, R. and Das, D. B., 2012. Solid waste management: Principles and practice.
Springer Science & Business Media.
Child, J., 2015. Organization: contemporary principles and practice. John Wiley & Sons.
Dinnie, K., 2015. Nation branding: Concepts, issues, practice. Routledge.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th).
McGraw-Hill Higher Education.
Lagarde, F., 2012. Insightful social marketing leadership. Social Marketing Quarterly. 18(1).
pp.77-81.
Muñiz Martinez, N., 2012. City marketing and place branding: A critical review of practice and
academic research. Journal of Town & City Management. 2(4).
Palmer, A., 2012. Introduction to marketing: theory and practice. Oxford University Press.
Sargeant, A. and MACQUILLIN, I., 2016. Marketing for nonprofit organisations. In The
Marketing Book (pp. 555-576). Routledge.
Saunders, S. G., Barrington, D. J. and Sridharan, S., 2015. Redefining social marketing: beyond
behavioural change. Journal of Social Marketing. 5(2). pp.160-168.
Stuart, G. W., 2014. Principles and Practice of Psychiatric Nursing-E-Book. Elsevier Health
Sciences.
Thackeray, R., Neiger, B. L. and Keller, H., 2012. Integrating social media and social marketing:
a four-step process. Health promotion practice. 13(2). pp.165-168.
Wood, M., 2012. Marketing social marketing. Journal of Social Marketing. 2(2). pp.94-102.
ONLINE:
Marketing concepts. 2018. [Online]. Available through <https://study.com/academy/lesson/what-
is-a-marketing-concept-definition-examples.html>
Marketing research. 2018. [Online]. Available through
<https://www.referenceforbusiness.com/small/Mail-Op/Market-Research.html>
10