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MARKETING PRINCIIPLES INTRODUCTION 1 TASK 11

   

Added on  2019-12-03

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MARKETING PRINCIPLES

Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1 Various elements of the marketing process................................................................11.2 Benefits and costs of marketing orientation of Tesco.................................................22.1 Macro and micro environmental factors which influence the marketing decisions ofTesco.................................................................................................................................22.2 Segmentation criteria to be used for the product in different markets........................32.3 Targeting strategy for the selected product.................................................................32.4 Buyer behaviour affects the marketing activities in different buying situations........42.5 Positioning strategies of the selected product.............................................................43.1 Ways in which products are developed to sustain the competitive advantage...........43.2 Ways in which distribution is arranged to provide customer convenience................53.3 Pricing strategy to reflect organization’s objectives and market conditions..............53.4 Integration of promotional activities to achieve marketing objectives.......................63.5 Additional elements of marketing mix.......................................................................6Task 2.........................................................................................................................................74.1 Marketing mix for two different segments in consumer market.................................74.2 Developing Marketing plan for different product and services to businesses thanconsumer...........................................................................................................................84.3 Difference between international and domestic marketing........................................8Conclusion..................................................................................................................................9references..................................................................................................................................10

INTRODUCTIONThere are various departments in the organization and marketing is one of them.Large organizations focus on acquiring large customer base. Marketing principles are the setframework of firms to ensure the best performance. These principles are concerned toidentify the customer needs and the way in which they can be satisfied (Kotler, 2008). Largeorganizations follow these principles to ascertain that whether the needs of customers are metor not. In the present report, one of the leading firms of UK, Tesco has been chosen. Here,various elements and strategies which are necessary to meet the needs and wants ofcustomers are included. Along with that, buying behaviour of customers in differentsituations is studied and various activities to meet the marketing objectives are integrated.TASK 11.1 Various elements of the marketing processThe marketing process consists of various elements on which the organization works.These elements are responsible for the identification of what individuals need and want(Dudovskiy, 2014). Tesco’s marketing process consists of the following elements:Build profitable relationships and create customer delight: Tesco generally identifiesthe market opportunities with the analysis of present and future trends. They understand theneeds and wants of customers to build a better relationship which lead to the creation of thedelightful customers.Design a customer-driven marketing strategy: Tesco identifies the market area inwhich it can operate for selling its products and services while targeting the specific segmentsof customers in order to design the strategy which influences the customer behaviourregarding purchase.Understand the marketplace and customer needs and wants: The strategies are framedin context of understand the needs of the customer as per their wants in the marketplace.Tesco ensure to have the clear understanding about the needs and wants of the customers.Construct integrated marketing program that delivers superior value: Tescodetermines the elements of marketing mix with taking into account to construct the propermarketing program which deliver the best to the customer as per their needs and wants. Thisascertains the availability and distribution of products.Capture value from customers to create profits and customer equality: This element isused in Tesco to capture the valuable response from the customer in order to create the profitsand also offer the same product as the customer are treated equally in Tesco.1 | P a g e

1.2 Benefits and costs of marketing orientation of TescoOrganizations can develop their product in such a manner that it meets the demand ofcustomers. Tesco adopts the market oriented approach which helps to determine thecustomer’s wants. The market orientation proves to be beneficial for Tesco which can be understood bythe following ways:Advantages:Giving response to the existing demand: Tesco responds to the demand of customerswhich prove to be beneficial as wide range of products are made available to them and theycan avoid the forecasting and guessing of the customer needs and demand.Building customer value: Tesco understand the needs and wants of customers andmeet their demand by developing specific product as per their desire and build up thevaluable customer relations.Drawbacks: Deficiency of predictability: The customer base of Tesco is large and it is hard topredict the requirement of them, there are various substitutes that are available and everyindividual has diverse choices.Extensive and expensive: Tesco spend a huge amount to identify the requirement ofcustomers by making surveys. The identification cost is high which determines the needs oftarget market.2.1 Macro and micro environmental factors which influence the marketing decisions of TescoTesco operates in the business environment which has a great influence on marketingdecisions (Mason and Harris, 2006). Various environmental factors which are involved in thisare:MICRO ENVIRONMENTAL FACTORS:Suppliers: They are the key personnel as the business operates due to them only. Theymake the availability of products and services by which the operations take place to meet thedemand of customers.Customers: They are the key elements for the organization. Tesco attracts and holdthem by providing the best products and services.Competitors: Tesco has many competitors so; they should enhance their workenvironment to meet the competition.2 | P a g e

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