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Marketing Principles & Practice Assignment - The Virgin Group

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Added on  2020-10-22

Marketing Principles & Practice Assignment - The Virgin Group

   Added on 2020-10-22

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Marketing Principles & Practice Assignment - The Virgin Group_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1I. Key marketing concepts and terminology of The Virgin Group........................................1II. Marketing strategies and programs of The Virgin Group..................................................3III. Marketing concepts and principle used in The Virgin Group:-........................................4IV. Relationship of marketing functions to other functional areas in organisation and identifycross functional relationship of marketing and other departments in The Virgin Group.......7RECOMMENDATIONS.................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9..........................................................................................................................................................9
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INTRODUCTIONFor every company whether non- profitable and profitable firm marketing refers to aimportant functions of business. Marketing is considered as an activity, set of initiation andmethods for developing, delivering, communicating and exchanging which are valuable forpartners, customers, society and clients (Andreasen, 2018). Marketing principles and practicesare essential as it help firms to operate their business effectively for achieving organisationalgoals and targets. The chosen company for this report is Virgin Group Ltd. which is a leadingBritish multinational venture introduced in 1970. Its headquarters is in London, UK. The purposeof this report is to highlight the key marketing terminology and concepts of given company.Marketing strategies and programs assists to accomplish organisational objectives in ethicalmanner. Concepts and principles which company used in day to day operations. Relations ofmarketing functions with other departments and also identify cross-functional marketingrelations with another departments.MAIN BODYI. Key marketing concepts and terminology of The Virgin Group.Now a day it is crucial for all company to know about the marketing concepts andterminology. Marketing concepts is considered to be a philosophy through which organisationexamines the consumers’ needs and make effective decisions to satisfy them. Marketingterminologies refers to the terms that are helpful to acquire knowledge about few essential wordswhich is related to marketing. Some marketing concepts and terminologies applicable in TheVirgin Group are mentioned below:Concepts:There are few marketing concepts that help company to enhance their sales and maximiseprofitability. Some are as follows:Product concepts:This concept describe that consumers generally favours those products which are superiorin quality with innovative features and good performance. So, effective marketing needs ongoingproduct planning, improvements and developments for standard quality (Black,2013) . TheVirgin Group applied this concept so that it focus on creating effectual products and improvethem timely.1
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Selling concepts:It is the ordinary concepts that are used in most of the organisations. The idea behind thisconcept is that “consumers do not buy many firms product though they start selling products inlarge scale and give efforts for promotions. The Virgin Group use this concept for selling thatproducts which are formed by them rather than creating items according to the market needs. Production concepts:This is the oldest concepts which explains that customers generally prefer those productswhich are easily available at lower price. The thought process about the concept is consumerschoose those items that are inexpensive and easily obtainable (Burchell, Rettie and Patel, 2013) .This concept is used by The Virgin group so that they focus on accomplishing betterefficaciously of production, lower cost and mass distribution. With the anticipation that clientsusually attracted towards the product which are lower in costs and their availability.Marketing concepts:This concept keeps the key to attain their organisational goals which consider thatcompany should be better than others rivals in order to communicate, deliver and develop thecustomers value for their targeted consumers. The Virgin Group applied this concept in order tosatisfy the clients requirements, profit and target market.Societal concepts:The thoughts process behind this concepts are that organisation work have to bedetermined as per the interests, requirements and demands of markets in order to provide bettersatisfaction than competitors. All this should be performed in a way to enhance and conservesocieties and also the well beings of clients. This concept is applicable by The Virgin Group toput the human welfare as prior before concentrating on profits.Terminologies:There are some terminologies that help company to understand the terms of marketing.That are as follows:Branding :Branding is an art that can make identity to a product and can create cohesive image ofcompany, that will help to make strategies to build new product and services (Chandrappa andDas,2012). So, the strategy have been implemented to make products of virgin relevant and cangive meaningful picture for people. Virgin group makes a company in enhance services or2
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