Influence of Marketing Mix on Brand Equity
Added on 2020-02-05
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Marketing Principles
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Elements of marketing process.........................................................................................41.2 Benefits and costs of marketing orientation.....................................................................52.1 Analysing macro and micro environment using appropriate tools and techniques..........52.2 Segmentation criteria for products in different markets...................................................82.3 Choosing a target strategy for selected product...............................................................82.4 Impact of buyer behaviour on different marketing activities in different buying situations................................................................................................................................................92.5 Positioning options for selected product/service..............................................................93.1 Development of product to sustain competitive advantage............................................103.2 Distribution Strategy......................................................................................................103.3 Pricing strategy...............................................................................................................103.4 Promotional activity.......................................................................................................11TASK 2..........................................................................................................................................114.1 Marketing Mix for two different segments....................................................................114.2 Differences in marketing products and services to businesses rather than consumers. .12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
ILLUSTRATION INDEXIllustration 1: Micro environment of an organization......................................................................4Illustration 2: Macro factors of business environment....................................................................5
INTRODUCTIONMarketing principle is a process which is very helpful in understanding the customers’requirements and accordingly providing them satisfaction. Because of high competition it is veryimportant to conduct these process as it provides a clear picture regarding audience can beknown. Mainly this process involves four process which are product, price, place and promotion(Constantinides, 2006). Later when time passed on 3p's more were added which are people,positioning and packaging. Present report is about Tesco which is a British multinational retailstore located in UK. This report covers concepts and process which are used in marketing anddifferent concepts which are used in segmentation, targeting and positioning. Further, it alsocovers individual elements of the extended in marketing mix and use of marketing mix indifferent contexts.TASK 11.1 Elements of marketing processMarketing process includes mainly four steps and they all are completed with achievingthe goal of creating value for target customers and in this process, some elements of steps areperformed repetitively (De Chernatony, McDonald and Wallace, 2010). Marketing process ofTesco is described as below:Scanning marketing environment- To scan the marketing environment of Tesco, fewtypes of strategic tools can be used like SWOT, value chain and PESTLE analysis.Market strategy- It this process, three types of strategies are used, that is, segmentation,targeting and positioning. In segmentation, customers are divided in different segmentsby their age or gender. Further, targeting is a concept to target the specific category andpositioning refers to designing of brand image. So, customers understand about thereason for which company stands (Ferrell andHartline, 2012).Marketing tactics- Marketing mix is the main concept of marketing tactics whichexplains the factors that are influencing the demand. In this, 7P's of marketing place,price, product, people, etc. are considered.Monitoring and control- It begins with establishing financial, sales and marketing goalsof Tesco which are totally within their control. These are the main things which Tescohas to do in order to run efficiently in the market.4
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