Assignment on Marketing Principles - Sainsbury
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Added on 2020-01-06
Assignment on Marketing Principles - Sainsbury
Added on 2020-01-06
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Marketing Principles
TABLE OF CONTENTSintroduction......................................................................................................................................3LO1..................................................................................................................................................41.1 Explaining various elements of marketing process ..............................................................41.2 Evaluation of cost and benefits of market orientation...........................................................7LO 2.................................................................................................................................................82.1 Depicting various micro and macro environmental factors...................................................82.2 Proposing a segmenting criteria for products in different markets......................................102.3 Selecting a targeting strategy for selected product-services................................................112.4 Demonstrating how buyer behavior affects the marketing activities in different buyingsituations....................................................................................................................................122.5 proposing new positioning for a selected product/service...................................................14LO3................................................................................................................................................153.1 Explaining how products are developed to sustain competitive advantage.........................153.2 Explaining how distribution is arranged to provide customer convenience........................163.3 Prices are set to reflect an Sainsbury's objectives and market conditions...........................163.4 How promotional activity is integrated to achieve marketing objectives............................183.5 Analyse the additional elements of the extended marketing mix........................................19LO4................................................................................................................................................204.1 Plan marketing mixes for two different segments in consumer markets.............................204.2 Illustrate differences in marketing products and services to businesses rather thanconsumers..................................................................................................................................214.3 How and why international marketing differs from domestic marketing............................22CONCLUSION..............................................................................................................................23REFERENCES..............................................................................................................................24
INTRODUCTIONMarketing principles include various strategies to penetrate a product of an organizationinto the market. It includes various pricing and promotional strategies that a company is requiredto execute at the time of launching new product. It is not necessary that the firm should usemarketing principles to promote its new product in the new market. But also these principles canbe used to promote existing products into the same or new markets (Home, 2015). It alsoinvolves of market segmentation in which the firm selects a particular market on the basis of age,race, caste etc. Sainsbury's is a UK based public retailing organization. That deals inhypermarket, forecourt stores, and superstores. Convenience/ forecourt stores and supermarketsare also some of the important products with which Sainsbury's deals in. It is Public LimitedOrganization founded in 1869 in Holborn, London, UK which is also its headquarter in presenttime. Revenue generation of the chosen retail firm is around £23.775 billion. Also somewherearound 161,100 number of employees are being employed and working in the Sainsbury's retailorganization. Also Sainsbury's Bank Plc, Sainsbury's Supermarkets Ltd., Sainsbury’sConvenience Stores Ltd, Netto UK (50%) etc are subsidiaries of Sainsbury's Public LimitedCompany. It also has two home retail groups names as Argos and Habitat retailer. Sainsbury's isthe second largest supermarket chain in UK and is also listed on London Stock Exchanges(Sainsbury's, 2016). Here with the help of the report the Sainsbury's is looking forward toprepare a marketing plan for its new product. New product with which the Sainsbury's will becoming in the market is Naked Coconut Water. It has been categorized as a chilled fruit juicesand smoothies by the Retail Company. Report will include various elements of marketing process. Along with that report willalso include various cost and benefits of marketing orientation process of the chosen retailCompany. Afterwards, various micro and macro environmental factors will be discussed in thereport that influence the marketing decisions (Ennew, Watkins and Wright, 2014). Explanationof how the products are developed in order to sustain the competitive advantage will be given inthe report. Furthermore, various additional elements of marketing mixes will analyzed andmention in report. At last the report will also include a plan of marketing mixes for two differentsegments in the consumer markets. Also, it will illustrate difference between various marketing
products and services in business to business as well as business to consumer markets. Moreover,difference between domestic and international marketing will also be depicted in the report. LO11.1 Explaining various elements of marketing process Marketing process can be defined as the sequence of steps in which situation has beenanalyzed so that opportunities can be identified. Strategies are to be formulated for valueproposition, tactical decisions are created and the plan is implemented and the desired results areto be monitored. As per the American Marketing Association (AMA), marketing process is allabout the creating, communicating, delivering, and exchanging offerings which are made forthew customers and society (Urde, and Koch, 2014). Furthermore, marketing process are to bemade to satisfying the Sainsbury's customer needs and wants as well as to emphasis more onmarketing and customer satisfaction. There are various types of marketing concept which shouldbe considered in the organization and they are marketing evolution, societal issues and emergentphilosophies, customer and competitor orientation, marketing orientation, efficiency andeffectiveness.In these all concepts, Sainsbury's has targeted the market orientation in which thecompany will know about the customers' expectations and accordingly able to meet thecustomers' needs and requirements to satisfied them. On the other hand, there are somelimitations of the marketing concept (Singhapakdi and et.al., 2013). Some disadvantages are itplaces too much emphasizes on the satisfaction of consumer needs and wants. Second is not getsdesired cooperation from the other departments. It is difficult for Sainsbury's to determine theneeds and preferences of the target market. There are various elements of marketing processwhich are required to be considered while applying this process in the Sainsbury's organization.This process is implemented to prepare marketing plan for the launch of new product ofcompany. Various elements are as follows:Marketing Audit: The marketing audit helps the firm in analyzing and evaluating theB2B marketing strategies, activities, goals and results. This can be carried out throughassembling the overview of Sainsbury's, then describing the marketing goals andobjectives, explaining of the present customers, then strategies are made who to target forwhich products and services of Sainsbury's (Shabelnyk, 2014). Next step will be about
the past experiences which should be described, afterwards some competitors will beidentified then communication plan will be made. Its significance is focusing on thecommunication of a consistent message to the right customers. It helps Sainsbury's inre4vealing the new, unknown or neglected markets and assists in making effectivestrategies to increase the market share. Integrated Marketing: It can be defined as the marketing strategy which stresses theimportance of a consistent, seamless, multi-dimensional brand experience for theconsumer (Peñaloza, Toulouse and Visconti, 2013). The significance of integratedmarketing in Sainsbury's are helping in the branding techniques, customer need andbehavior identification, product development and delivery, making effectivecommunication strategies. SWOT analysis: This aspect is done for the internal audit of the organizational to analyzethe various marketing aspects. The SWOT of Sainsbury's are as follows:Table 1: SWOT analysis of Sainsbury's PlcSTRENGTHWEAKNESSESHigh opportunities to developbusiness Wide growth prospects in themarketstable financial positionstrong internal environment Lack of sales promotionalstrategiesLow sales turnoverLimited growth in market segmentOPPORTUNITIESTHREATSProduct development techniquesOnline market segmentProduct and market expansionReducing market sustainabilityTough trading corporateenvironmentSituational Analysis- It can be defined as a collection of methods which is used bymanagers to analyze firm's internal and external environment so that able to understandthe organization's capabilities as well as customers an d business environment.In otherwords, Sainsbury's is required to understand and analyze two things comprising of itscapabilities as well as an environment in which it is operating (Kotler, 2012). In order toanalyze capabilities of the Sainsbury's, it is required to analyze various external and
internal environmental factors for the company. So for this, company will analyze itscapabilities or resources through internal tools and for this, Sainsbury's will use the BCGmatrix to know what are their required resources. Along with the analysis of capabilitiesand environment the situational analysis should also include present, past and futureaspects of the firm. This element of marketing process also helps in revealing the gap ofwhat are the actual needs of the customers and what they are actually getting. Forexample: if the Sainsbury's has the required budget for its products and services then theyhave to make their plans and marketing process in that required budget. Marketing Strategies- Marketing Strategies can be defined as the strategy whichcombined all the organizational goals to make an effective marketing plan. Thestrategies related to the marketing of the products and services mainly focuses on thecustomer satisfaction by fulfilling their needs and requirements. It will also helps in thesegmenting, targeting, and positioning of the Sainsbury's products to desired customers(Peñaloza, Toulouse and Visconti, 2013). Marketing Mix Decisions- Marketing mix is the set of four decisions which are to bemade in context to the launching of the new products. These four decisions are about theproduct, price, promotion and place.This is another important decision that is to be usedby Sainsbury's to make marketing decisions (Palmer, 2012). It involves Sainsbury'sproduct development, distribution contracts. It also include pricing decision makingpolicies and promotional campaign which are used by Sainsbury's for the development oftheir marketing plan. Implementation and Control- After the final plan has been made and also the producthas been launched in the market. Then the results of above marketing efforts are beingmonitored. So that if any changes is required to be made it can be made within time.Changes have to be made because small change in the needs of customer can affect themarket of Sainsbury at large (East, Wright and Vanhuele, 2013). That is why there iscontinuous need of monitoring and adaptation of the changes in the needs and wants ofthe consumers. When the marketing plan of Sainsbury's will be execute then afterimplementation, controlling will be done. This controlling will be done by taking
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